“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.
Very quietly, the emergence of the Miami Health District has become one of South Florida’s most interesting real estate stories. Already the second-largest health district in the United States and one of Miami’s largest employment hubs, the area west of downtown (and along the Miami River) is also evolving as a hub for science and bio-technology research.
Perpetually ignored by retailers and restaurants, the Health District will soon be home to brand new mixed-use centers built by private developers, while institutional investors and local universities also claim prime locations.
Adding to the intrigue is the possibility of a county judicial complex (housing courtrooms and other law enforcement facilities) also being built in the area, which would bring even more highly-paid professionals into the neighborhood.
So eat your vegetables and chicken soup, get plenty of rest and exercise, and remember that laughter is the best medicine as you enjoy this Miami Health District edition of South Florida by the Numbers.
$1.9 billion: According to Andrew Hellinger, CEO of the River Landing Development (considered to be the catalyst for development in the Health District), this figure represents the employment payroll within a one-mile radius of the project. The 8.14-acre development will total 2 million square feet, provide 426,000 square feet of retail and restaurant space, 475 market-rate apartments, and a linear waterfront park on the Miami River. [Globe Street]
1,500: Total lineal feet of River Landing’s waterfront park — if Miami-Dade County approves a proposed land transfer that would convert what is currently a county-owned parking lot into a landscaped, public green space. Under the proposal (already recommended by the county’s Land Use and Development Committee), the River Landing Conservation Foundation, a nonprofit affiliated with the property’s developer, would create and maintain the green space, seawall, landscaping, lighting and riverwalk, which would be open to the public. [Miami Today]
10: Number of acres encompassing the University of Miami’s Life Science & Technology Park, a vibrant urban research center in the northeastern sector of the Health District. Opened in 2011, the UMLSP features 2 million square feet of science labs and research facilities, and is already home to several emerging and successful companies in the fields of life sciences, technology and biotechnology. [Forbes]
100: Number of sales at Terrazas Miami, a luxury waterfront condominium on the Miami River. Purchased for more than $75 million by the Ladder Capital Finance Group in 2013, Terrazas is a two-tower, 324-unit gated community that offers direct access to the river and E.G. Sewell Park. [MetroCitizen]
$365 million: Estimated (early) construction costs for a new Miami-Dade County Courthouse. While several proposals are under development, one plan, led by County Commissioner Juan Zapata, would have the new courthouse built next to the existing Richard E. Gerstein Justice Building, near the Miami River and the Health District. [Miami Herald]
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.