Asian companies helping Miami CRE

Asian companies are behind the two largest commercial projects in Miami
this year, with Hong Kong’s Swire Pacific obtaining approval for
Brickell CitiCentre, and Genting Malaysia Berhad paying $236 million for the
waterfront site of the Miami Herald. The Brickell project is a $700
million plan of retail, hotel, residential and office space. According
to Mayor Tomas Regalado, the Swire project will bring in $2 million in
permit fees next year, along with $5.5 million in annual property taxes.
Regalado visited Taiwan in May, and city officials are planning a trip
to Peru in November. In all, overseas buyers bought $447.9 million worth
of commercial property in the first half of this year in Miami,
according to Real Capital Analytics. “The large-scale projects indicate
the interest to stay in the market a significant amount of time,” said
Ben Thypin, market-analysis director at Real Capital. “I think of Miami
along the lines of a San Francisco or Manhattan.” [Bloomberg]