New York-based Goldman Properties, founded in 1968 by Tony Goldman, its CEO, has made its mark in real estate by developing, revitalizing, and making urban neighborhoods habitable. Some of Goldman’s notable projects include converting abandoned buildings — such as the Soho Building in New York City — into luxury lofts, buying up Miami’s Wynwood district and creating a community centered around art and dining, there, as well as restoring 25 properties in Philadelphia’s City Center.
Goldman Properties has offices in New York, Boston, Philadelphia and Miami Beach, employing over 250 people. With dozens of projects to his credit, Goldman Properties’ revenue is an estimated $75 million. Goldman talked to The Real Deal about where he believes the Miami real estate market is today and the best opportunities for development.
Where do you think the Miami market, overall, is right now?
I believe it’s strong in some areas like the residential rental market, moderate in the commercial office market, strong in retail, and moderate to weak in warehouse/industrial. Areas of the city will differ.
What is the climate for development like?
Not yet ready — two to three years away for rentals; longer for condos and new office buildings.
What are the best opportunities for development?
Adaptive reuse of quality, well-located buildings.
What is the most overrated part of the Miami market?
There is no overrated part of Miami. To the contrary there are plenty of underrated markets all over the city.
What are your biggest concerns about the market?
The banks and financing criteria.
What is the most surprising thing about the Miami market right now?
Its resilience. It’s a city with many issues like any city, but it is the international city of growth.
Wynwood Kitchen & Bar opened in the vicinity of Joey’s – a restaurant your son opened — with both restaurants in the once flagging Miami district of Wynwood. What future projects, or ideas, do you have for the area?
This year we will unveil the Wynwood Building, the district’s first industrial, cool office and retail building. We have activated NW 26th Street connecting NW Second to Fifth avenues with several projects on 26th Street. We have expanded Wynwood Walls and added many world-class street art murals to the district.
What is the status of the 14,000-square-foot performance studio in a warehouse on Northwest 26th Street, for an arts group called the Miami Light Project?
The Light Box at Goldman Warehouse is open [since April 2011] and operating and a superb addition to the neighborhood adding an ongoing collaboration of our growing local arts organizations and performances.
What are you doing for Miami Marine Stadium off of the Rickenbacker Causeway on Virginia Key?
Working with the Friends [Friends of Miami Marine Stadium -- a volunteer organization committed to preserving the landmark] to assure a big vision approach to the whole place, stadium and surroundings.
Compiled by John Zur