The city center is transformed into the Miami World Center, a destination driven by real estate developments such as JEM Private Residences, which seek to be the balance between tourism and luxury.
(MIAMI, Florida) - In a city where cranes and moving beams have been a constant in the last decade, the creation of a new district is being cooked. The Miami World Center, a micro-city within downtown in one of the most recognizable places in the world, has begun to take shape after decades of beginning to be glimpsed.
The road from starting to fractionate the land at the beginning of the excavations to the "coming soon" signs – on sideboards in front of pedestrian walkways already adorned with sculptures and palm trees – seems long, but the real estate developers behind the buildings that plan to become emblems have stepped on the accelerator, mainly after the pandemic, when the now so-called digital nomads realized that Miami could not only be touristed, but to live, explains Peggy Olin, CEO of One World Properties, a real estate agency that has sold more than 3,000 units in the city.
However, a piece of the puzzle was needed to make development a reality. The government's contribution with the I-95 bridge that will be an emblem, was signed, companies such as Apple with one of its largest stores in the world had announced its arrival, the works of art of the corridor were being installed and unique spaces in the world such as the Villa One Tequila Room, by Nick Jonas, were setting aside their premises.
But housing moved in two extremes, the increasingly smaller, luxury units, designed for the investor who bets on participating in the short-term rental model, and the condominiums of hundreds of square meters, with a minimum cost of 5 million dollars, designed for a very limited sector of the population.
The sector that likes conveniences and has a high purchasing power — enough to reside in downtown Miami — that is looking for a space large enough to make a home, but without wasted space, lacked options. Ironic, when it is precisely this market that the Miami World Center is aimed at.
For this reason, real estate development decided to take the baton and now, behind the scenes, it plays a fundamental role in the transformation, with the creation of spaces that respond to the needs of a new generation of urban residents.
The development of the Miami World Center marks the evolution of the city. This ambitious 30-acre (12-hectare) project is transforming what was once considered the "doughnut hole" in the heart of Miami. "Everything was developing around it, however, downtown was being forgotten having so many characteristics that could help to be something important in the city," explains Olin.
So the government, businessmen and developers wondered, why leave aside the center that is connected to everything else? This is how the area, previously dangerous and lost to crime, began to be transformed.
Peggy Olin says that it was a couple of construction companies that decided to start with the project and, looked at with eyes of little faith, developed the first properties of a higher category, with a long-term vision and planning.
The idea was to be much more than a tourist destination or a real estate investment center. It was about creating a true neighborhood, a place where people can live, work, and enjoy a wide range of urban experiences, all on foot.
With further progress on the project came Naftali Group, famous in New York for owning buildings such as El Plaza, to put the icing on the cake with JEM Private Residences, a luxury development, but more "livable", which combines amenities designed for well-being, but that do not seek to enclose a resident who will have, around him, all the attractions of Miami World Center.
This residential building, designed by Arquitectonica, offers larger than the average downtown unit (no more than 70 square meters), with approximately 160 to 170 square meters and spaces ranging from salt sauna, steam, gym and swimming pool, with an average price of 1.5 million dollars.
This is far from the trend not only in the city or in the world, where cities are looking for more touristic approaches to boost the economy and real estate developments are created thinking about short-term rentals, with smaller units that have a lower total price, with the idea that the investor can acquire several of them and put them up for rent.
Or on the other side of Miami, where stars of the stature of Marc Anthony and Shakira live in properties of hundreds of square meters with a level of luxury that only a handful of people in the world can access.
"We are going to offer an affordable luxury, but the units that are not smaller are a little bigger where you can really live it, if you can really enjoy them having a very high category of design," says Peggy Olin, in charge of marketing the project.
This approach responds to a growing demand for spaces that combine the comfort of a home with the amenities of a luxury building and the convenience of urban living.
For the management of One World Properties, the mix has been a success. The apartments began their pre-sale in the first quarter of 2024 and by July it has 20% of the units sold, most of them acquired by the Latin American market and, especially Mexican, characterized by its search to "make home".
But there is not enough housing without foundations to inhabit its surroundings, which is why the Miami government has played a crucial role in this transformation. Investment in infrastructure has been significant, with the creation of new green areas, the improvement of public transport and the renovation of basic services.
The new I-95 bridge will not only improve connectivity and become a landmark for the city, which it lacked, but will also incorporate green space, adding approximately three acres of recreational areas to the city.
The Miami Central Station is another key element in this urban renewal. "There's no other city where you can walk and go on a train that takes you to West Palm Beach, you can go to the airport, you walk to see a basketball game, you walk to see a theater," Olin says. This improvement in mobility is attracting both residents and businesses, cementing downtown as a vibrant and connected urban center.
The district also includes a careful selection of shops, restaurants and entertainment spaces designed to create a complete urban experience. The decision to abandon the concept of a large shopping centre in favour of a high street retail model, with shops at street level on pedestrian corridors, allows for a more organic integration of commerce with public space.
The new resident he is targeting, who comes with the establishment of companies around the world, values the possibility of living without relying on the car, of having access to a wide range of urban amenities and experiences, and of being part of a diverse and dynamic community. Developments are responding with designs that prioritize quality of life, incorporating large terraces, common areas for socializing, state-of-the-art gyms and other amenities designed for day-to-day use.
Despite the boom, Miami faces challenges in its transformation. Education, for example, is an area that requires attention. The demand for quality private schools is outstripping supply, which could become a limiting factor for some families, says Peggy Olin. However, these areas of opportunity are attracting new investment, with recognized names in education considering opening campuses in Miami.
The city is at an inflection point, evolving beyond its image as a tourist and party destination to become a sophisticated and diverse urban center. Real estate development is playing a key role in this transformation, creating spaces that respond to the needs of a new generation of urban residents.
