“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.
The past is prologue, and Miami’s future is so bright, we gotta wear shades. (Especially in this “hot even by Florida standards” winter!) As we welcome 2015, SFBTN takes a close look at the stories that will have the biggest impact on real estate this year, a year that will be an incredibly significant one for the future of our region. From intra-state transportation to the rise of “mega-projects” to the construction of new landmark buildings, the next 12 months promise to be eventful, controversial and thrilling. So put on your Ray-Bans, turn up the air conditioning and flip those calendars as we launch into this “2015 Look Ahead” edition of South Florida By The Numbers.
6,400: Estimated number of new condominium units (east of I-95) expected to be completed in South Florida over the next 12 months. This represents a five-fold increase in the number of completed units delivered since the current cycle began in 2011. (5,400 of these units will be completed in Miami, alone, in 2015.) [Miami Herald]
90: Approximate number of miles between Cuba and the United States — however, the political and economic distance between the two nations grew much closer in December, after President Barack Obama’s dramatic announcement. The impact of this change could be felt as early as this year, as travel restrictions between the two countries have already been reduced sharply. Miami-area developers Edgardo Defortuna and Armando Codina share their thoughts on future Cuban real estate development in this article. [NorthJersey.com]
$800 million: Estimated cost of All Aboard Florida’s phase one construction, already in progress. The Miami-to-Orlando passenger rail service will rebuild more than 200 South Florida crossings this year, including 19 in Miami. The Miami, Fort Lauderdale and West Palm Beach stations are set to open a few months before service begins in late 2016. [Sun-Sentinel]
83: Once completed, the total number of units in One Thousand Museum, the architecturally-extraordinary condominium project designed by world-renowned Zaha Hadid — her first in the western hemisphere. While a formal groundbreaking was held in December, site work on the building has been confirmed. [The Next Miami]
17: Number of Miami hotels scheduled for completion in 2015, for a combined 2,761 rooms. Over the next three years, a total of 8,472 rooms will come online, which should accommodate the city’s ever-growing demand for additional rooms. [Miami Today]
This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.