International Parking & Mobility Institute

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Revitalizing Miami

Arquitectonica / shutterstock / Callahan

Miami’s Real Estate Sector is Inextricably Linked to our Local Economic Base

A vibrant logo featuring a majestic palm tree against a backdrop of tropical colors, representing the essence of Miami's thriving real estate market and bustling economy.

According to a South Florida Regional Planning Council report, Southeast Florida will be home to 8.5 million people in 2030, 2.4 million more than today. We are the fifth most congested region in the United States, costing us more than two billion dollars annually. Even though we are surrounded by water, fresh water for our communities is limited, and projected demand exceeds capacity.

The significant population growth and shifting demographics presage opportunities to ignite the engines of imagination and innovation. In addition, the influx of newcomers attracted during COVID by Florida’s relatively low tax rate, subtropical climate, cultural diversity, and international trade and commerce continue to fuel our local economy.

A vibrant logo featuring a majestic palm tree against a backdrop of tropical colors, representing the essence of Miami's thriving real estate market and bustling economy.

Nonetheless, smart, transit-oriented development, rebuilding aging infrastructure, updating land-use policies and resiliency plans, and investments in various transportation modalities are critical to supporting this growth. Fundamentally, Miami is well-positioned to become the blueprint for the city of the future.

At Miami Parking Authority (MPA), we do our part to help crystalize this vision! As Rosabeth Moss Kanter, professor of business at Harvard Business School and director and chair of the Harvard University Advanced Leadership Initiative, said, “To stay ahead, you must have your next idea waiting in the wings.”

Watching from my window the daily rising of building cranes, signaling the start of new vertical construction around our office, kept me thinking about two of the 50+-year-old garages in our portfolios. College Station and Cultural Center garages were built more than five decades ago on what are today two of the most highly-coveted parcels of land in downtown Miami.

Rendering of the entire tower: Conceptual rendering of M Tower (former Cultural Center garage)
Conceptual rendering of M Tower (former Cultural Center garage)

Cognizant of the potential costs of patching and repairing these decaying structures and that redeveloping the aging urban infrastructure is critical to economic expansion to attract and retain residents, entice new businesses, improve road mobility, and increase the community’s quality of life, we decided to rebuild the garages under two public-private partnership agreements.

Several factors were at play in our decision to build the two mixed-use projects almost simultaneously, some of which were: the fast-evolving state of the parking business, the “hot” Miami real estate market, people bullish on the city, and the continuous demand for housing in the urban core, including workforce units, prompted MPA to jump at this opportunity.

Almost concurrently, there is another idea waiting in the wings. Shortly, MPA will issue a letter of intent to develop a small “boutique” garage in Miami Modern (MIMO). This neighborhood spans 27 blocks on Biscayne Boulevard between Northeast 50th and 77th Streets. MIMO’s neighborhood in the quaint Upper East side of the city presents MPA with a unique opportunity to be part of the synergism occurring in the area.

MIMO was a largely historic residential district until recently. However, rapid growth and investments have fueled the redevelopment of hotels from the 1950s and 60s, which are now being renovated into new retail stores, hotels, and fine-dining restaurants. Hence, this real-estate market effervescence is creating an undersupply of parking in the area.

To round up the furor of the Miami real estate market is the upcoming Waldorf Astoria’s stacked glass cube tower, slated to become the tallest building south of Manhattan. Rising 1,049 feet across historic Biscayne Bay, the property abuts a series of interconnected parking lots managed by MPA in the center line of one of the most critical downtown roadways.

To balance the stark canyons of concrete in downtown Miami, the Waldorf Astoria developer, PMG, approached MPA to create a best-in-class green urban space in a parking lot across from the property. The green installation will integrate parking with native trees and shrubs, inviting benches, decorative lighting, and pavers. In addition, the design plans include an elegant teahouse that will offer beverages, pastries, and other prepared food.

Rendering of the garage entrance: Conceptual rendering of the garage entrance of the future M Tower.
Conceptual rendering of the garage entrance of the future M Tower.

This project gave impetus to create an oasis amid the hustle and bustle of the urban core that is expected to foster a sense of place and improve the quality of life of the downtown community. We are pleased to collaborate with a world-class design team to create a green-space intervention to promote social interaction, walkability, and a healthier lifestyle for all who live, work, and visit downtown Miami.

With these initiatives, we are taking steps to collaborate with our partners in the public and private sectors to ensure that we contribute to the future of Miami as a city with a first-rate quality of life that is resilient, connected, socially engaged, and prosperous.

People are the lifeblood of cities. In all these projects, we envision a legacy for the Miami of tomorrow, an urban identity that will redefine its character, heart, and soul for future generations.

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