Downtown Miami is America’s fourth-fastest growing neighborhood, according to a new Realtor.com analysis. Realtor.com looked at places where job opportunities abound, new households are forming, and new homes are being built to meet the growing demand.
Downtown Miami finished No. 4 because of its massive urban development and population growth. Projects such as Miami Worldcenter and Brickell City Centre have brought tens of thousands of new residents to the area. Millennials are attracted to the increased nightlife options, restaurants, shopping, ability to walk to work, free Metromover rail system and much more.
A Thriving Metropolis
Once a quiet 9-to-5 job district, downtown Miami has transformed into one of America’s most exciting, thriving areas. A growing population of young professionals are living, working, and playing in downtown, which today boasts the highest concentration of cultural institutions in the Southeast and almost 400 restaurants and bars.
Downtown Miami’s stunning amount of recent commercial real estate development and world-class cultural additions have helped alter South Florida’s image. South Florida is no longer a resort town known only for its beaches. Today, South Florida is a leading global center with world-class amenities. Several of these amenities sit in downtown along picturesque Biscayne Bay.
The breathtaking Adrienne Arsht Center for the Performing Arts and the internationally-acclaimed Perez Art Museum opened in downtown in 2006 and 2013, respectively. South Florida’s new science wonderland — the $300 million Patricia and Phillip Frost Museum of Science — is being built adjacent to Perez Art. When the science museum opens in the summer of 2016, Downtown Miami will feature three of America’s top cultural facilities, all within close proximity.
Downtown’s commercial real estate boom has also resulted in more restaurants, hotels, and retail centers. Downtown, which had few stand-alone restaurants 20 years ago, now features 392 restaurants and bars. Several new hotels, including the 54-story Epic Hotel & Residences and the luxury JW Marriott Marquis, and condo buildings have opened within the last six years.
Downtown’s growing population — 80,000 live in Greater Miami — will have plenty of shopping opportunities as more than 2 million square feet of retail is planned. About half of that retail space belongs to the Miami Worldcenter, which will comprise 27 acres of retail, residential and hospitality uses in the heart of downtown Miami. It’s expected to open in 2017.
All Aboard Florida, the downtown Miami-to-Orlando passenger train, is also being built with 163,000 square feet of commercial and retail space. When All Aboard Florida starts running trains in 2017, it will only add another dimension to one of America’s fastest evolving downtowns.
New Hotels Coming to Downtown Miami
Downtown Miami’s improved public transit and surging population are attracting major hotels to the area. Four new hotels will open in downtown Miami by 2018. The developments are further signs of downtown’s transformation into one of America’s top metropolises, a place where world travelers can be in close proximity to art and culture.
The new Langford hotel and ME Miami, which is part of Spain’s ME by Meliá brand, will open in downtown this spring. A 250-room Yotel hotel and Miami Worldcenter’s two-tower hotel with 1,700 rooms have plans to open in the coming years.
Downtown’s public transit, cultural institutions and growing population are encouraging many of these developments. Miami’s Metrorail Orange Line now takes travelers from the airport to downtown. Also, All Aboard Florida is building a MiamiCentral downtown station, which will run 32 trains a day to Orlando with stops in Fort Lauderdale and West Palm Beach by 2017.
The new downtown hotels will be in close proximity to world-class art and culture. Downtown has the Adrienne Arsht Center for the Performing Arts and a new waterfront art museum. A new science museum will open later this year.
Downtown’s growing population is a chief impetus for the development.
The number of downtown residents grew from 40,000 to 80,000 from 2000 to 2015, according to the Miami Downtown Development Authority. Most of the growth is coming from millennials. Residents ages 25 to 44 comprise half of the downtown’s population.
The investments in Miami’s urban core are bolstering South Florida’s already strong tourism industry while encouraging more international and domestic consumers to relocate to one of America’s most dynamic cities.