The Miami River: Teeming with Development
By: Ismael Rodriguez
When strolling around the Miami River, it’s hard to miss the skyline and consortium of restaurants and bars nestled underneath luxurious high-risers. Since the early 2000’s, the charming view and potential for growth have brought a drove of developers and investors to its shores.
The urgency for a slice of the Miami River has paved the way for more than 7,500 residential units sitting along the river’s mouth since 2000, with a total of 9,448 units and 530 hotel rooms in the process of being completed or approved for construction, according to the Miami River Commission.
The river, once known as an industrial waterway, has been decontaminated and beautified over the last decade or so to rebrand itself as a natural asset for residents and developers.
In doing so, the river has attracted some of the finest and tallest buildings in recent years, welcoming developments like the One River Point, a pre-construction condo comprised of 418 luxury units, Miami Riverfront Residences, and the 66-floor Aston Martin Residences, which comes with over-the-top amenities, including a helipad on the rooftop, a super-yacht marina behind the building, and private outdoor pools on balconies for buyers of penthouse units.
“Miami is quite young, and yet, has accomplished so much. In a little over a century, Miami has progressed from a sleepy town on the Miami River, then to a popular tourist destination known almost exclusively for its hotels, beaches and nightlife, and now, to one of the most desirable international cities in the world,” according to a report last fall by ISG World Miami Report, an in-depth analysis of South Florida’s condo market. “Based on the range and acceleration of change Miami has experienced thus far, we can only imagine where the city will be 120 years from today.”
So it’s safe to say that despite space being limited along the river, the acquisitions of land around and near the Miami River have become focal points for Miami-based and international developers looking to capitalize on the American Dream.