Updated 4 yearss ago
From office complexes to sports stadiums, airports, seaports, luxury condominiums and massive mixed-use developments, Florida is once again in the midst of a building boom.
In the tri-county south Florida market alone, 117 residential towers with 11,527 units are under construction, according to a mid- October report from Peter Zalewski, a real estate consultant who tracks local trends on CraneSpotters.com.
“The entire state of Florida is benefiting from accelerated population growth, strong job growth and recordbreaking tourism — a trifecta of economic conditions that is generating a great deal of optimism on the part of developers and those in commercial real estate,” says Mary Jo Eaton, president/Florida and Latin America at CBRE Group.
“That, coupled with the availability of financing is creating an optimal environment for large development projects, with the only headwind being the rising cost of construction.”
Miami Design District, Phase 3
The last phase of the $2-billion mixed-use development will be completed by the end of 2016. Among the highlights is the extension of the pedestrian Paseo Ponti north to 41st Street, anchored by Paradise Plaza, and a host of retail buildings and restaurants.
All Aboard Florida
Florida East Coast Industries’ private passenger rail service is constructing stations in downtown Miami, Fort Lauderdale and West Palm Beach and at Orlando International Airport, along with 235 miles of connecting tracks and other facilities. Work on the downtown stations and in the Orlando airport’s South Intermodal Center began earlier this year. The project includes MiamiCentral, a two-acre, mixeduse development that incorporates All Aboard Florida’s Miami station, two apartment buildings and a 200,000-sq.-ft. office building. The total cost of the project is estimated at $1.5 billion.
Brickell City Centre
The $1.05-billion, 5.4-million-sq.- ft., mixed-use project in downtown Miami is being developed by Hong Kong-based Swire Properties, which partnered with Whitman Family Development for the 500,000-sq.- ft. Luxury retail component. The development includes Two Brickell City Centre, a 129,676-sq.-ft. office tower, and Three Brickell City Centre, a 12-story tower with 134,552 square feet of office space expected to open in this quarter. The project also includes additional retail space, two residential towers, a hotel and an elevated trellis that will connect all components of the development.
Codina Partners and Lennar Commercial expect to finish the first phase of Downtown Doral, a $1-billion, mixed-used development in the Miami suburb of Doral, in December. The 120-acre project includes 80,000 square feet of restaurants, shops and other commercial space. Downtown Doral includes about 400,000 square feet of office space and a charter school that opened in August, as well as condominium tower.
The $800-million, 83-story residential tower by Florida East Coast Realty under construction in the Brickell market will be the tallest residential building on the East Coast south of New York.
Frost Science Museum
In downtown Miami’s Museum Park, the $300-million Patricia and Phillip Frost Museum of Science is moving toward completion in 2016. The multi-story, 250,000-sq.- ft. Structure includes a planetarium, aquarium, galleries and ducational spaces.
Midtown Doral, a mixed-use project with residential, commercial and entertainment space is under construction, with its first phase scheduled for completion in September 2016. When all three phases are fully completed, Midtown Doral will be a community of 1,547 residential homes, 300,000 square feet of retail space, an office building, a clubhouse and a spa and fitness center.
Monarc at Met 3
Zom is building the 32-story mixeduse tower with 462 residential units in downtown Miami. Another Zom project, Avant at Met Square, consists of 391 apartments in a 43-story high-rise that includes two levels of restaurants below a 19-screen luxury “SilverSpot” cinema. A third Zom project, Solitair Brickell, is a 50-story, 438-unit apartment tower in the Brickell corridor.
Sinai Residences of Boca Raton
The Jewish Federation of South Palm Beach County is nearing completion of Sinai Residences of Boca Raton, a $250-million project with 237 independent living units and 132 units for residents needing to transition to various stages of assisted-living care. Amenities include a pool, spa, fitness center and salon.
Hilton West Palm Beach
Construction is under way on the $105-million Hilton West Palm Beach at the Palm Beach County Convention Center. City officials have said the 12-story, 403-room hotel will help bring more visitors and businesses to West Palm Beach. New York-based Related Cos. Is developing the convention center hotel, which will include 24,000 square feet of meeting SOUTHEAST FLORIDA space, pool deck, restaurant and other amenities. It is expected to open in mid-2016.
NSU Center for Collaborative Research
Nova Southeastern University is building a Center for Collaborative Research that will house an IBM supercomputer, one of Florida’s largest wet labs, the NSU Technology Incubator and research office space. Located on NSU’s main campus in Davie, the $80-million, 215,000-sq.-ft. facility is scheduled for completion in the first half of 2016. The center will also house NSU’s Institute for Neuro-Immune Medicine; Rumbaugh-Goodwin Institute for Cancer Research; the Emil Buehler Research Center for Engineering, Science and Mathematics; U.S. Geological Survey office space; and Broward County’s only private incubator for information security businesses.
Ram Realty Services and Pinnacle Housing Group are building the $60-million, 336-unit Sheridan Station apartment project in Hollywood. Completion of the project near the city’s Tri-Rail station is expected in late 2016.
A 186,000-sq.-ft. Walmart Supercenter will be the anchor tenant of the 37-acre retail development just west of I-95 in Fort Lauderdale. Gatlin Development expects the store to open later this year in the first phase of this $50-million development, which will also include small and midsize retailers.
Located west of U.S. 41 in North Naples, Kalea Bay is a 480-acre residential development with five towers overlooking Wiggins Pass, Turkey Bay and the Gulf, and resortlike amenities and wetland preserves. The first residential building, now under way, is a $140-million, 22-story high-rise with 120 residential units.
Bay Kolter Group is developing the $120-million project with two 18-story towers, one with 141 Condominium units and one with a 255-unit Westin Hotel.
Moorings Park at Grey Oaks
The $106.5-million, 16-acre continuing care retirement community, being developed by the Moorings, includes 12 four-story buildings designed for independent senior living.
Wyndham Grand Resort
In January, Kiran Patel, founder of Tampa-based WellCare, broke ground on the 450-room Wyndham Grand Resort Clearwater Beach. The $98-million resort, with 24,000 square feet of event space, will have one of the largest banquet and meeting facilities in Pinellas County.
Marriott’s Crystal Shores
Marriott is building two more timeshare towers on Marco Island. The $80-million expansion project will have 152 new units with completion expected in late 2017.
500 Harbour Island
Three Tampa developers — Forge Capital Partners, Intown Group and Framework Group — have teamed up to build 500 Harbour Island, a $60-million, 21-story high-rise that will include 235 studio, one-bedroom and twobedroom apartments, and two-story townhouses.
A $20-million mixed-use project, Rosemary Square, is expected to help revitalize Sarasota’s Rosemary District just north of downtown. The development will include 50 condominium units and 30,000 square feet of retail and office space in four buildings. The Sarasota Opera plans to use 30 units for its artists and a boutique theater.
Daytona International Speedway
One of the world’s most famous racetracks is getting a $400-million overhaul as part of a project known as Daytona Rising. The largest single investment by International Speedway Corp. will include expanded entrances, escalators and elevators and spacious social areas, or “neighborhoods,” along the nearly mile-long front stretch. The renovated Speedway will have about 101,000 permanent seats, twice as many restrooms as it had and three times as many concession stands along with more than 60 luxury suites with track side views and a revamped hospitality area for corporate guests.
Zom, in partnership with AIG Global Real Estate, is constructing Baldwin Harbor, a 483-unit luxury lakefront community in the Orlando masterplanned community of Baldwin Park. The $100-million development will have two four-story buildings with parking and a clubhouse with two pools.
Johnson & Johnson Vision Care
The Jacksonville-based company is investing $300 million to add 35,000 square feet to the manufacturing complex over the next seven years, including five new production lines, a 3-D printing center and a site for medical device laboratory test method development.
Skanska Construction is building an Ocala FedEx hub facility on 150 acres in the Ocala/Marion County Commerce Park. The project includes a $75-million, 410,000-sq.-ft. building as well as 30 acres for parking.
This Salamander Beach & Spa Resort in Destin is scheduled to open The Henderson in 2016. Cost of the resort is estimated at $300 million, including future residential development.
In Panama City Beach, Mimosa Capital Partners has begun construction on a $65-million tower called Calypso, the third tower in the development. The 23-story building has 250 units and is the first new condo tower to be built in eight years in Panama City Beach.
Jefferson Street Apartments
In Pensacola, Quint and Rishy Studer are developing a $50-million apartment building with 260 units. It’s scheduled for completion in late 2016.
PUBLIC INFRASTRUCTURE PROJECTS
Orlando International Airport
Orlando International Airport has launched a $1.1-billion expansion that includes renovations of its terminal and baggage facilities, a parking garage and the All Aboard Florida train terminal. Construction is under way on the six-story garage and train station, as well as a people mover connection between the train station and the main terminal a mile to the north.
Tampa International Airport
Tampa International Airport has broken ground on a $953-million expansion, the airport’s largest construction effort since 1971. Major components include an expanded main terminal, automated people mover and 2. 6-million-sq.-ft. rental car center. Recent completion of two new facilities to service rental cars will allow contractors to demolish old buildings that will make room for the new rental car customer center.
JaxPort recently launched its $43.5-million Mile Point harbor improvement project, which will help larger ships travel the channel. Construction is scheduled for completion in late 2016.
Having just completed a $25-million remodeling of cruise terminal 4, Port Everglades in Fort Lauderdale began construction on an $18-million, 250-foot extension of the adjacent dock to accommodate larger cruise ships. Both projects are part of the port’s $1.6 billion, 20- year master plan that includes five new cargo berths and deepening and widening the port’s navigation channel.