A new study released by LendingTree shows that approximately 1,000 new residents are moving every day to Florida, generating significant gains in taxable income for the state. The new residents brought in a net of $17.7 billion in adjusted gross income, including those moving both to and from the state during the year, larger than any other state.
The study concluded that Florida, so far, is the greatest winner in net income gains produced by residents moving from others state. The IRS data from 2016 was applied for the study – even before the State and Local Tax (SALT) deduction cap passed in 2017, which made relocating to Florida much more favorable.
New York, Illinois, New Jersey, Pennsylvania, and Connecticut were the biggest losers in 2016.
Dezer Properties and Related Group, developers of Residences by Armani Casa, have issued a new aerial picture of the tower in Sunny Isles as completion nears. The building is expected to generate a total of $1 billion in real estate sales, with above $800 million already in contract.
The 56-story tower is on track to open in November, according to developers.
The picture was taken a little while ago; more progress has been made since then:
PortMiami, known as the “Cruise Capital of the World,” has been the number one cruise passenger port in the world. It accommodates some of the largest ships and cruise operations in the world and is the busiest port on cruise lines and passenger traffic. Now the port is expanding, and many cruise lines are competing for the post of the best terminal.
Only last year there was more than 5.6 million cruise passenger. The passenger count is expected to overgrow in the upcoming years, which explains the move from the companies to build bigger ships and massive new terminals.
Here is a list of significant developments under construction, planned or recently completed:
1.MSC Cruise Terminal – will become the most significant cruise terminal at PortMiami. Designed by Arquitectonica two of MSC’s biggest ships will be able to dock at the same time, with up to 28,000 passenger movements in a day. Construction will start in early 2020. (Main picture)
2. Norwegian Cruise Line’s ‘Pearl of Miami’ – the $215 million terminal has construction underway now, with top-off recently and completion in spring 2020.
3. Virgin Voyages Palm Grove Terminal – Construction of the $150 million terminal should start this year, with completion in 2021.
4. Royal Caribbean’s ‘Crown of Miami’ – the terminal was built at the cost of $250 million. Royal Caribbean’s passenger count will almost triple thanks to the new terminal, and the world’s biggest cruise ship is based here.
5. Disney Cruise Terminal – Mediations are underway for Disney Cruise Lines to build a new terminal at PortMiami. Plans and an exact location haven’t been announced.
6. Royal Caribbean Global Headquarters – A $300 million state of the art campus will be built to oversee the company’s operations worldwide. Construction should start this month.
7. Virgin Trains station – Negotiations are advancing, and opening could come in 2020.
Wynwood’s first major apartment complex reaches completion and applicants are flooding in to lease apartments, according to developers. Recently opened, Wynwood 25 features micro-units with apartment sizes starting at just 400 square feet; the project has already 40% of the units rented 30 days after the city issued a Temporary Certificate of Occupancy.
The building includes 289 apartments, with pricing for studios starting in the low $1,400s, with three-bedroom prices reaching the low $4,000s. Around 80 percent of units are priced below $2000, and all include smart-home technology and ten-foot ceiling heights.
Wynwood 25 features a fitness center and yoga studio, co-working space, a coffee lounge, a 12,000 square foot green courtyard, dog wash facilities, and a roof terrace with a pool, barbecue, and movie screen.
At the ground floor level is 31,000 square feet of retail. A garage with 340 parking spaces was also built.
East End Capital and Related Group are the developers. Kobi Karp is the architect, with Meshberg Group overseeing the interior design and Naturficial, the landscape designer.
Downtown Miami will pass through some significant transformation in the upcoming years, and Miami Worldcenter, the 27-acre project, is responsible for a large number of developments under construction or in planning. The Worldcenter it’s considered one of the biggest urban development project in the United States, and the plans are still uncovering.
Only last month, two new towers were announced, and more towers should come soon, aside from many projects being built in every direction nearby by other developers.
Here is a look at every project proposed on site:
Paramount Miami Worldcenter – Completed just a few days ago, the 60-story tower has 569 luxury condominiums.
One Worldcenter – With Hines has developer; the project encompasses a 45-story office tower with around 600,000 square feet of Class A office space. Construction to be announced. (main picture)
Marriott Marquis Hotel & Convention Center – A 54-story hotel tower with 1,700 hotel rooms and 500,000 square feet of convention space. Construction to be announced.
Luma – a 43-story tower with 434 luxury rental apartments. Construction started this year and completion is planned for 2022.
Caoba – a 43-story tower with 444 rental apartments, completed earlier this year.
Caoba 2 – a 40-story tower with 411 rental apartments. Construction permits have been filed.
Kenect – 39-story tower with 450 rental co-living apartments, including micro-units. Approval process underway, construction to be announced.
Kenect 2 – 79-story tower to be built as Kenect’s second phase with 468 residential units. Construction start date not yet known.
Fifield Tower – a 47-story tower with 533 residential unveiled a few months ago. Construction to be announced.
CitizenM Hotel – a 12-story hotel with 351 rooms. Construction should start soon.
Block E – Lalezarian Properties of New York recently purchased the property, which includes density rights for up to 2,500 units. Construction to be announced.
Retail – Around 300,000 square feet is under construction, with delivery soon and more planned.
Last week, Miami commissioners voted to reduce the property tax rates in the city, making it the second-lowest over the past three decades, according to Mayor Francis Suarez in a social media video.
With the new budget, the total millage rate for Miami is decreasing from 8.03 in 2018 to 7.99 this year. Nonetheless, the city still sees a jump in tax revenue due to a property boom. Taxable rates are up 10.5% for 2019 when adding new construction while existing prices are up 4.5%.
Adjacent coastal cities with a density of high-value property also have a lower millage rate than the city of Miami.
In 2020 Lincoln Road will celebrate 60 years since it was transformed into an open-air pedestrian mall. The iconic address, which developed practically alongside Miami Beach, features old buildings that marked Miami from the art deco or even earlier periods. Now the destination is preparing itself to be rebuilt with a new design at the cost of $77.4 million.
Miami Beach commissioners have approved a funding deal this past week and construction should start in late spring of 2020, according to the press.
Taxpayers citywide will carry most of the amount necessary to build the project. Property owners in the Lincoln Road area will also help to fund the design since the city is planning a $16 million Special Assessment to be paid by them.
Some of the improvements coming to Lincoln Road are a new landscape and irrigation, enhancement of pedestrian walkways and café zones, performance areas in the 500 and 600 Blocks, corrective renovations to historic structures designed by architect Morris Lapidus, replacement of underground infrastructure, crosswalk enhancements, and more. James Corner Field Operations is managing the design.
Recently Miami Beach further approved zoning changes that would allow some Lincoln Road property owners to build hotels.
Trump National Resort in Doral is a finalist to receive the G7 summit in 2020, according to Axios. It could be the first time Miami would host the meeting of leaders of the world’s most influential countries.
Nonetheless, Trump faces negative comments of his opponents. They already pronounced that hosting the event there could violate the compensation clause of the Constitution since the President would profit from hosting the summit.
In 2012, Barack Obama planned to host the event in Chicago, but had to move it to Camp David due to concerns about safety and protesters in the urban area.
The resort was once Trump’s most profitable business, but lately, the still profitable location is underperforming contrasted to other hotels in the Miami area. Analysts blame on politics, the Washington Post reports.
Commissioners from the city of Miami Beach gave the green light to Alex Blavatnik and Sandor Scher, developers of Ocean Terrace, to build 110 hotel rooms instead of 78. In exchange, they will invest $15 million to turn street portions and a parking lot encompassing the city block, into a public oceanfront park designed by Raymond Jungles, known by the Miami Beach Botanical Gardens and the promenade in front of 1111 Lincoln Road.
Also included in the project is a 58-unit luxury residential building, 18,000 square feet of retail, and a 200-car parking garage partially within the shells of 12 renovated historic buildings. The hotel portion still has no brand, according to Scher.
The developers have eight years to complete the project. The park and streetscape improvements project should start as soon as permits are finalized, the design for the park is already approved by the Miami Beach Historic Preservation Board.
The developers should pay 75 percent of the valet parking expenses to the city until a parking garage is built.
The city will deed portions of 73rd Street, Ocean Terrace, and 75th Street to developers as part of the deal enhancing the developers’ land holdings on Ocean Terrace to 3.3 acres. This will grow their development rights to receive a 110-room hotel, which Scher emphasized is needed to draw a high-caliber brand.
Miami Beach will be granted complete control of the right-of-way, to ensure the public will have full control of the land.