Developer CMC Group is preparing to start construction of a 64-story residential tower in Miami, and will become the tallest all-residential building south of the New York market when it delivers in 2018, according to data published by the Council on Tall Buildings and Urban Habitat.
Brickell Flatiron at 1001 S. Miami Ave. marks the latest example of sky-high development in Miami’s urban core, which is emerging as one of the country’s most densely populated neighborhoods as billions of dollars in domestic and inbound investment transforms the area into a 24/7 residential and commercial district, World Property Journal reports. Downtown Miami’s population has more than doubled – from 40,000 to 80,000 people – since 2000, according to a recent study by the Miami Downtown Development Authority.
As waterfront land in Miami runs scarce and developers increasingly turn to urban infill development, sky-high buildings and the panoramic views they offer are in high demand, according to the report. “All told, Miami’s urban core is now home to 18 towers planned to rise in excess of 492 feet high, which is the threshold for skyscraper status.”
“Downtown Miami’s population growth and surge of vertical development is raising the stakes for the residential market,” said CMC Group founder Ugo Colombo. “We’re proud that our past developments have some of the highest resale values in the market, and we credit much of that staying power to the unique public spaces we’ve created. Our Sky Spa at Brickell Flatiron will continue that tradition more than 700 feet above the city. Years down the road, the Sky Spa will still be a signature feature of the building and a key factor in the tower’s enhanced value.”