More Multifamily Construction In Miami Last Year Than Anywhere Outside Of New York

Miami ranked second in the nation for new multifamily construction in 2014, behind only New York City, according to Dodge Data & Analytics.

The rankings were done by dollar value of construction. Rounding out the top five were Washington DC, Los Angeles CA, and Boston MA.

The report also claims that a $675 million mixed-use Miami tower broke ground in December, which includes $208 million for the multifamily portion and a $304 million office portion. No other details on the project were listed.

 

(photo:centro/plaza construction)

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Obviously
6 years ago

“The report also claims that a $675 million mixed-use Miami tower broke ground in December, which includes $208 million for the multifamily portion and a $304 million office portion. No other details on the project were listed.”

If there is a development that cost $675 million and just recently broke ground in Miami and TNM doesn’t even know about it, it can only mean one of two things, either somebody made a mistake in their reporting, or this development is extremely hush-hush.

Edin Corlic
6 years ago

Its Panorama tower,I guess.

Obviously
6 years ago

Nope Edin, Panorama broke ground in June 2014.

Obviously
6 years ago

also Edin, the Panarama tower is proposed to contain:
•208 hotel rooms
•821 rental apartments
•100,000 square feet of medical office space

Al Czervik
6 years ago

Details details…the Dodge Data & Analytics report says $208M is attributed to Multifamily of the $675M mixed use project.
TNM assumed that 675-208=must be office.
This must be Panorama Tower.
Demolition began June, foundation work began December (?) maybe.
$675M sounds right for a really tall building work retail, hotel, office, and Multifamily.

Obviously
6 years ago

The Dodge Data & Analytics report stated “Additional multifamily projects in December included $208 million for the multifamily portion of a $675 million mixed-use tower in Miami FL.”

I don’t think TNM is miscontruing the report’s content because the report does start out saying “December 2014 construction starts.” I think TNM is right in not assuming that the report is referring to the Panaroma tower and reporting it as fact.

Is it the Panaroma tower? Maybe.

Is the report too vague about the tower it’s reporting on? Yes.

marc
6 years ago

$675 million sounds wrong.

Al Czervik
6 years ago

Remember all hotel rooms are totally finished with FF&E, and the Multifamily will be delivered mostly finished with flooring & fixtures. It won’t be a “decorator ready” delivery.
$675M is about right for a real tall building in that tight envelope.