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The Real Deal Miami

Asian companies helping Miami CRE

July 12, 2011 10:19AM

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]