Major projects that take the Miami real estate market to a new level

Major projects that take the Miami real estate market to a new level

As the $4 billion Miami urban development project reaches a new level in the coming year – and sets records – one of the main developers spoke about how Miami Worldcenter will become Florida's own Rockefeller Center.

According to Dan Cody, CEO of Royal Palm Companies in an interview with Fox News Digital, Miami has unlimited potential. The presence of spacious outdoor areas, large sidewalks, pedestrian paths and everything else is a unique experience that can only be obtained in Miami, and which does not exist in the southeastern United States.

Kodsi's team is leading the construction of two residential buildings that change the perception of work-life balance in Miami Worldcenter, which will open in 2024 and will become the second largest urban development project in America after New York's Hudson Yards.

These buildings include the Paramount luxury high-rise complex, which offers the most extensive package of amenities among all Florida condominiums; and the Legacy Hotel and Residences, which is considered one of the most high-tech medical and preventive wellness residential complexes in the world.

According to the CEO, only a few penthouses remain available for purchase in Paramount residence right now. This building houses an extensive fitness and wellness center, indoor basketball and racquetball courts, the world's first high-altitude soccer field, a golf simulator, a recording studio, a playground for children and a rooftop observation deck.

The former mixed-use hotel and residences are completely sold out, including more than 220,000 square feet of retail space located below. The flagship Blue Zones medical complex, a restaurant with three meals a day and a lively green zone contribute to a balanced lifestyle in high-tech style.

Residents will be able to diagnose and learn more about their health, they will be able to meet with life coaches, and from that moment they will be able to start truly changing their lives.

Miami's real estate market is booming after years of inflation

During the construction process, one of the biggest obstacles faced by contractors was decades of high inflation, as well as delays in the supply chain.

Construction costs increased by more than 30%, and therefore it was extremely difficult to optimize budgets. Initially planned expenses increased dramatically and became unpredictable. The same goes for insurance prices. All these factors together increase the monetary and time costs of project development.

But the demand for housing in Miami remains high, as confirmed by a recent report by Miami Mayor Francis Tsiapeska and ISG World. In this regard, Kodsi noted that people are buying the "concept of new urbanism", which has changed the dynamics of life in Florida over the past 30 years.

"When you come to the state of Florida and places like Miami, they amaze with their ease and freedom in terms of finances. Today, there is still a lot of migration in Florida, because it is easier to do business here than in other, more conservative states", Kodsi notes.

"One of the features of Miami is that we didn't have an oversupply in the real estate sector. So, we didn't rebuild," the CEO continued. "And that's why we don't depend on the offer of developers, as it was during the past recessions".

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