And soon to break ground: a 20-story condo companion to the new Mr. C Miami-Coconut Grove, the latest property in the upscale Mr. C hotel chain.
But housing is also needed for the working class.
A solar-powered mixed-use project, under construction at the Metrorail station, will have 400 apartments, including market-rate, co-living and affordable units. The $320 million project, Grove Central, is being developed by Terra and Grass River Property, another local firm.
Residential development has spurred retail and office development. New restaurants, cafes and stores have opened, a mix of national brands (Warby Parker, Bonobos) and local companies (Books & Books, Fireman Derek’s Bake Shop).
A waterfront development in the works from the TREO Group will encompass a marina, restaurants and a food hall in hangars that were originally part of a naval air station and later used by Pan Am Airways, which operated seaplane flights to Cuba.
Terra just completed a five-story office building known as Mary Street — a reuse of a municipal parking garage — and Related is erecting an eight-story office building. Madison Marquette, which is based in Washington, paid $47.4 million for two existing office buildings.
Even established neighborhood hot spots are getting a refresher.
Federal Realty Investment Trust, based in Rockville, Md., is working with Grass River and the Comras Company to breathe new life into CocoWalk, an upscale, open-air mall that dates to the 1990s. When it reopens this summer it will have a recalibrated mix of stores and restaurants (the Cheesecake Factory, out; a vegan restaurant, in). This time around, the mall will have an office component that will house, among others, the co-working company Spaces.
An investment fund of Brookfield Asset Management, which is based in Toronto, recently bought the eclectic Mayfair Hotel, which has a facade inspired by Gaudí’s Barcelona buildings, stained glass by Louis Comfort Tiffany and Moorish tiles. Brookfield declined to discuss plans for the property.