Walk-to-work ethos driving CBD renaissance

Rockefeller Group’s John Petricola says he is banking on business districts

TRD MIAMI /
Oct.October 01, 2014 04:30 PM

John Petricola of the Rockefeller Group and the Rockefeller Group’s 252-unit apartment tower in Ft. Lauderdale

There is an “urban resurrection” occurring in South Florida’s central business districts, according to John Petricola, senior vice president and Southeast regional development officer for the Rockefeller Group.

“The ability of someone to live within walking distance of their place of work and lunch, dinner and entertainment venues really drives the desire to be in the CBD,” Petricola told GlobeSt. “People in general have a lot less free time. If they can get rid of a car expense or leave it in the garage and walk to work it allows them that much more time and energy.”

That dynamic is particularly true in the Southeast, Petricola said, noting that public transportation in that “car-centric” region is generally “not as robust” as it is in other areas of the country.

Petricola as points to new projects like the a 252-unit apartment building — name pending — that just broke ground a block away from the CBD in Fort Lauderdale. Another example is Miramar Town Center, built on 40 acres in 2005 in what was the bedroom community of Miramar. The Rockefeller Group created a 500-plus unit apartment, 45,000 square feet of office and 175,000 square feet of retail, essentially creating its own self-sufficient mini-CBD.

“We created an urban environment in miniature that would attract not only residents but business owners as well,” he told GlobeSt.com. “Each use supplements and supports other uses.” [GlobeSt]Christopher Cameron


Related Article

arrow_forward_ios

Flagler Street building in downtown Miami sells at premium

Ryan Shaw

Site in the Arts and Entertainment District listed for $24M

Placeholder image

Law firm renews Southeast Financial Center lease

Placeholder image

Miami office vacancy at 20.4 percent in Central Business District: report

Placeholder image

U.S. commercial real estate market to improve in 2011: Cushman

A rendering of the project

MSC Cruises gets green light for $300M terminal project at PortMiami

Former Miami mayor Maurice Ferré dies, banks seek to revise Adam Neumann’s credit line: Daily digest

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

(Credit: iStock)

Hot demand: Pembroke Pines self-storage facility sells for $13M

Robert Matthews and Palm House Hotel

Embattled Palm House developer Robert Matthews agrees to federal securities charges

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

From left: Jay Roberts, Keith Menin andRussell Galbut

Russell Galbut, Keith Menin ink deal with short-term rental operator Domio

Publix plans to build and open a grocery store in Hollywood (Credit: Getty Images, Pixabay)

Boaters, rejoice: Waterfront Publix with boat access moves forward

arrow_forward_ios