Major Retail Developers Flock To Miami’s Commercial Market

Local market experts recently said at the recent Realtors Commercial Alliance (RCA) Midyear Update hosted by the MIAMI Association of REALTORS® (MIAMI) that major retailers and developers are choosing South Florida for significant projects as the region’s brand and population grows. “Miami is the place to be,” Ronald Kohn of Kohn Commercial said. “You can go around the world and you don’t have to say you’re American. Just say you’re from Miami and everybody knows it.

In Miami, CBRE Project Management had recently announced the unveiling of the new AC Hotel by Marriott in Aventura, Florida. Developer Norwich Partners LLC hired the firm to manage the design and construction of the 233-key hotel. Norwich Partners invested $35 million to finance the development. The Marriott AC Hotel is located at 20805 Biscayne Boulevard and scheduled to open in November 2016.

“With so much construction going on in South Florida, one of the biggest challenges is ensuring permits are issued in a timely manner and projects stay on budget, which is where our local expertise and previous hospitality experience provides value to our clients,” said CBRE’s John Smotryski, director of project management in South Florida.

The Aloft hotel is another CBRE Project Management for Norwich Partners which is scheduled to be completed. The new hotels will be located directly across the street at the Aventura Park Square mixed-use development. Groundbreaking for the 207-room Aloft is slated for April 2016.

“Big name retailers see Miami as a must place to be,” said Juan Roberto DeAngulo of Elion Partners. “It’s less of an economic decision and more of a marketing decision.”

According to RCA Miami, Downtown Miami, which has more than doubled its population to 80,000 in the last decade, is the site of two major mixed-use projects: the $1.05 billion Brickell City Centre and the $1.7 billion Miami Worldcenter. The projects are just two of the various under construction projects in the region. The United States’ largest mall, the proposed 200-acre American Dream Miami, may also be coming to Miami-Dade, if approved by the county.

About RCA MIAMI

The REALTORS Commercial Alliance of MIAMI (RCA MIAMI) seeks to serve commercial members and to shape and unify the commercial real estate brokerage and service industry in South Florida. With about 2,000 members, RCA is the only association of REALTORS dedicated exclusively to commercial real estate interest throughout Miami-Dade County. The Alliance provides member services, including a legislative voice, education opportunities, a code of ethics, and networking opportunities that provide enhancement of the commercial REALTORS knowledge base and ability to service their clients. RCA MIAMI participation facilitates networking opportunities. The Alliance hosts the Annual Commercial Super Conference and Expo, the largest commercial expo in South Florida.

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Jennifer Lynn

Jennifer Lynn

Jennifer is a business journalist and has over 15+ years of professional experience working in technology, financial, hospitality, real estate, healthcare, manufacturing, not for profit and retail sectors. Specializations in the field of analytics, management consulting serving global clients from medium & large scale organizations. She is a proficient and passionate business executive; manager utilizing analytics data to drive smart business decisions. Technology, Finance, Investments, Retail, Management, Consulting, Strategy. Have published on Forbes.com, Investing.com, and many others. Currently the Commercial Real Estate Contributor for Retail Solutions Advisors.