From left: MIA's new North Terminal and its aging Central Terminal
Sales are booming in concessions at Miami International Airport’s new North Terminal, the Miami Herald reported, and that’s prompted Miami-Dady County commissioners to consider soliciting bids for new shops and restaurants for the aging Central Terminal. [more]
International Distribution Center at Doral
Distribution company Intcomex has signed a 172,926-square-foot lease extension at its headquarters in the Doral, according to Transwestern, which represented International Distribution Center at Doral in the deal. “With Miami International Airport continuing to post strong freight volume and the domestic economy strengthening, distribution-focused tenants are positioning themselves in key Class A facilities for the long term,” said Transwestern’s Walter Byrd, who handled the deal along with Ben Eisenberg and Thomas Kresse. [more]
A rendering of the new Element hotel
A host of new hotels are sprouting up around Miami International Airport, along with a number of properties that are being renovated, according to the Miami Herald. A new Comfort Suites opened last month, and the new Element hotel, a Starwood property, will open east of the airport this month. “The airport and its surrounding hotels are in better shape than ever,” said Rolando Aedo, chief marketing officer for the Greater Miami Convention & Visitors Bureau. “I think the timing is very fortuitous. In essence, you have a new airport, you have a new hotel product.” This summer, a Best Western Plus is also slated to open in the area. [Miami Herald]
Miami Central StationConstruction begins today on Miami Central Station, according to the South Florida Business Journal. The Florida Department of Transportation intends to complete work on the $147 million, 16.5 acre station by 2013, creating the region’s first ground transportation hub.
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The Tri-Rail Miami Airport Station will close for two years starting Sept. 12 in order to allow for construction of the Miami Intermodal Center mass transportation hub, the South Florida Business Journal reported. The station will be rebuilt and then connected to Miami International Airport via a people mover, the Journal said. Tri-Rail says closing the Miami Airport Station will decrease the construction time of the Miami Intermodal Center by almost two years. The center will feature a rental car center, MIA Mover and Miami Central Station with access to Tri-Rail, Metrorail and Amtrak. [SFBJ]
While South Florida’s retail industry is struggling, the real estate at
Miami International Airport is in high demand, as retail properties like
Lincoln Road’s Icebox Cafe and Shop Britto, a store selling the work of
noted artist Romero Britto, have opened in the airport. Books &
Books, a bookstore-cum-restaurant that has locations in Coral Gables and
South Beach, also has opened in the airport, along with South Florida
mainstay Sushi Maki. They join longtime airport tenants La Carreta and
Cafe Versailles. [Miami
Herald]
After more than a decade of delays, cost overruns and occasional
corruption, Miami International Airport’s makeover is nearly done,
complete with new terminals, shops and a new Skytrain on a 1.4-mile
track. The ultimate bill for the project is nearly $6.3 billion, an
amount that will likely be on the books for 30 years. County officials
are coming up with plans to pay off the debt, which probably will not be
paid off until 2041. One idea is to install slot machines in the
terminals. Another is to mine rock on county-owned land in the
northwestern areas of Miami-Dade County. [Miami
Herald]
The future of Miami’s industrial real estate market lies, in large part, in Rio, the leading city of an emerging Latin American economic power whose fortunes are tied to a U.S. city that functions as the southern region’s financial capital. It will take some time before Miami once again benefits from its ties to the southern region.
Walter Byrd, managing director with Transwestern’s South Florida office, expects 2010 to be similar to 2009 in Miami, which is to say, somewhere between challenging and dismal. The market has been hit by domestic declines and diminished international economic activity, and the combination has been particularly rough on Miami’s heavily industrialized area near Miami International Airport, a cargo and passenger hub. [more]
Four parcels of land at the entrance to Miami International Airport are slated for a $665 million transformation in the Miami-Dade Aviation Department’s quest for additional revenue. Following a call for proposals from developers, a team led by construction firm Odebrecht is set to build a commercial complex on the site. “Airport City,” for which the proposal could change over the course of a six-month negotiation period, is currently expected to include a Florida International University medical compound, a 400-room Pullman Hotel, a lounge for cruise passengers, a 1,900 space parking garage, and an energy supply center. The county must give its final approval before the project can move forward. [Miami Today News]
Developers flocking to revamp Miami International Airport’s aging
terminal could get a bigger piece of the action as officials ponder
allowing slot machines in buildings. Plans for the renovation wouldn’t
include building until 2017. The long-term concession deal could be
central to carrying out the renovation plan, but the gambling concept
is in formative stages, Aviation Director José Abreu said. The concept
hasn’t been analyzed and the airlines would need a say. Miami-Dade
Aviation doesn’t yet have a license for slots. The state is processing
a quarter-horse racing application that’s a legal prerequisite. [more]
