Walk-to-work ethos driving CBD renaissance

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

Oct.October 01, 2014 04:30 PM

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 Articles

Flagler Street building in downtown Miami sells at premium

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

Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

Florida governor freezes evictions and foreclosures for 45 days

Ken Griffin and the Four Seasons Resort Palm Beach (Credit: Larry Busacca/Getty Images)

Ken Griffin operating trading room at the Four Seasons Palm Beach during hotel closure

Jay Parker, Mike Pappas and Beth Butler

SoFla brokerage execs optimistic, say deals are still closing