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Wednesday, March 2, 2016

Coming soon, over 10,000,000 Sq.Ft. of retail. S. Florida is about to explode.

New construction on South Florida retail is just about everywhere you look.  Existing malls are expanding, new centers are being built, and mixed use developments are being created.

Currently there are ten projects that are either under construction our should be shortly that would total 10,798,000 Sq.Ft. of retail space to the South Florida market.  Yes, you read that correct, 10.8 million square feet of new retail in the Dade/Broward market.

Now, if you are like most people, you are asking your self why?  In a day then on-line retail is taking so much market share, why is so much retail being brought online.  Who will be shopping when many of the tourist that will be, or would be, visiting come from a location where their economy is suffering.

The average dollar per square foot for retail in Miami-Dade is $33 PSF, that is double the national average.  Brickell is over $80 and Miami Beach is over $70.  A spot on Lincoln Road will set you back over $300 PSF.

The world has changed, South Florida used the have single story homes with small to medium sized retail centers within a 5 mile radius that they could visit.  Now, the trend is build up and put the residents on top of the mall.  You now can live and play in walking distance, at a minimum an short Uber away.  Hopefully you leave the car at home and the road will not be as crowded.  All we need now is to embrace public transportation.

In a few years, South Florida will have more shopping options than it knows what to do with.  We have the weather, beaches, dining, night-life, people watching, money, cars, life-style, shopping and more.  We bring them in as tourists and many will wind up moving here of buying a second home.

As long as we can escape another bubble, the future looks bright for South-Florida, real estate is doing great, homes/condos are full (Condo market is showing signs of slowing), tourists are here, and no Hurricanes for over 10 years (just a tornado or two).  Lets keep South Florida on the right track.

Some of the centers that will be helping to (over) saturate the market are:
 
     Brickell City Centere
     500,000 Sq.Ft.
     Fall 2016


   










     Aventura Mall
     Additional 300,000 Sq.Ft. (currently 2.7 million Sq.Ft.)
     Will becoming 2nd largest Mall in the U.S.
     2017








   
     Bal Harbour Shops
     Additional 200,000 Sq.Ft. (currently 450,000 Sq.Ft.)
     Known as one of the most profitable malls





 




   
     Miami World Center
     450,000 Sq.Ft.






   

   
     SoLe Mia Miami (formerly old Biscayne Landing)
     1,000,000 Sq.Ft. retail







   



   
     Lincoln Road
     Outdoor enhancements









   
     Miracle Mile
     Outdoor enhancements






   


   
     Flagler Street
     Outdoor enhancement






     CityPlace Doral
     250,000 Sq.Ft. of retail (mixed use development)






   

     American Dream Miami
     6,200,000 Sq.Ft.
     Would be largest US mall @ 200 acres






   

Broward:

     Plantation's Fashion Mall
     Set to be torn down and new open air mall to be built
     1,300,000 Sq.Ft.






   

   
     Sawgrass Mills
     planning new wing
     118,000 Sq.Ft. (full-price retail + 2 restaurants)
     2018






   
   
     Metropica
     Next to Sawgrass Mills
     480,000 Sq.Ft. mall (mixed use)








References:
www.herald.com
www.curbed.com
www.therealdeal.com
www.bizjournals.com

   

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