Why All Eyes (Including Developers’) Are On the Miami River
They say every great city has a great river. While it may not be as majestic as the Seine or as stately as the Thames, the Miami River has a unique history as long and vibrant as that of our city. After all, the River is our birthplace. And with all the hoopla about Miami evolving into an international city, it seems about time we turned our focus to the River and gave it the attention it deserves.
The Miami River: Where Past and Present Coexist
Charting a course down the River cross-sects a wide variety of Miami life and is a bit like taking a journey through time. The upper river is rough and industrial, with boatyards and old marinas that remind us that the River has been a smuggler’s paradise for decades.
At the middle river, you will find Spring Garden, a lovely green oasis of historic homes marooned by industry on all sides. Farther downstream, pass under the Flagler and 5th Street bridges, the banks rise up hundreds of feet as the River meanders through a canyon of the latest residential condo boom.
The Latest Riverfront Real Estate Projects
While the last building cycle brought many buildings near to the Miami River’s shores, the scope of new real estate developments planned right now looks as if it will change the River’s character forever.
444 Brickell, renamed One Brickell, across from the Viceroy/Icon will be developed by The Related Group, with three buildings, one of them 80 stories.
Just upstream on the same side will be Miami Riverwalk developed by the Chetrit Group and Ari Pearl, designed by Kobi Karp. Karp sees the River as the “hearty, historical spine or backbone” of Miami and instead of turning his back to it, as many projects have done, he plans to feature the River as the highlight of the project, making it its “front yard.”
Finally, much farther up toward the “Health District,” will be River Landing, developed by Andrew Hellinger, which will feature 426,000 s.f. of retail, 475 apartments and 1,500 linear feet of riverfront park.
In fact, the Miami River Commission mandates that any new development must put forth 50 feet from the River’s edge for the public riverwalk, but many projects are giving more space, such as FAR Properties, developing the River Point park parcels on the north side, which will be designating 65-78 feet of public space in front of the River. That project calls for twin 60-story towers, a mix of condos, commercial and lodging.
A total of 9,448 residential units and 530 hotel rooms are either previously approved or undergoing permitting.
But Real Estate Isn’t the Sole Focus
Other notable new projects along the River are Sea Vault, a mega-yacht marina for 14 lucky ships. The marina will have slips up to 230 feet long with a three-story ancillary support building at the end of each slip with separate crew and captain’s quarters.
Miami preservationist and hotelier Avra Jain has recently purchased the Historic Miami River Inn just south of the Flagler Bridge. Ms. Jain has been largely responsible for the successful restoration of the MiMo hotel district along Biscayne Boulevard. It is rumored she has hired acclaimed designer Stephane Dipoux (Nikki Beach, Pearl, Buddha Bar) for the project. Inspired by the roaring success of Seaspice (formerly Seasalt & Pepper), a number of new restaurants will be dotting the shores, including Sushi Samba and British sensation Duck and Waffle.
Miami Is Getting Its River Back
It appears the Miami River is the next big thing and, thankfully, the Miami River Commission is doing great work reviewing projects and funneling funds and energy in the right directions. At this point, all of the River has been cleaned and dredged, with the exception of Wagner Creek, which will begin a $20 million cleanup this year.
Because most of the real estate along the River is privately owned, the River has long been hidden from public view. As these waterfront parcels change hands, it makes a unique opportunity for development to allow access and enjoyment of our historic treasure and feature our River front and center.
As the city grows, it seems we are coming full circle back to where we started. All eyes are turning to the Miami River, its residential developments and new projects. If you’re interested in buying real estate along the river, talk with our specialists to get started.