It wasn’t that long ago—2008 to be exact—that Macy’s was sitting on the fence about making a long-term commitment to Downtown Miami. Wal-Mart passed over a bayfront site near the Adrienne Arsht Center for the Performing Arts that same year. And a flood of high-rise condo development (along with about two million square feet of soon-to-arrive office space) led many to predict the urban core would become a class A ghost town.

To say that Downtown Miami’s revitalization efforts met with mixed reviews in the face of tremors from the global recession would be an understatement. The predictions were often of doom and gloom in the wake of the real estate boom.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.