Miami’s commercial, multifamily construction dropped in 2017

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Rendering of Seminole Hard Rock Hotel
Rendering of Seminole Hard Rock Hotel

Reduced activity was recorded for commercial and multifamily construction starts in many of the leading U.S. metropolitan areas in 2017 compared to levels reported during 2016, according to a report from Dodge Data & Analytics.

Commercial and multifamily construction starts for the Miami FL metropolitan area fell 20% following a 25% gain in 2016, the report said.

During the year, multifamily housing plunged 50% in 2017, compared to the robust volume in 2016 that included 12 projects valued at $100 million or more, led by the $403 million multifamily portion of the $485 million Brickell Flatiron mixed-use high-rise in Miami and the $315 million Armani/Casa Condominiums in Sunny Isles Beach.

For 2017, there were three multifamily projects valued at $100 million or more that reached groundbreaking – the $190 million Koi Residences in Pompano Beach, the $160 million multifamily portion of the $175 million Midtown 8 mixed-use building in Miami, and the $115 million River Landing residential complex in Miami.

Commercial building in 2017 soared 40%, due primarily to the boost coming from the $900 million expansion of the Seminole Hard Rock Hotel in Hollywood, with this allocation by project type – hotel at $575 million, stores at $143 million, and commercial garage at $26 million.

Other projects that contributed to the commercial building increase in 2017 were the $145 million River Landing retail building in Miami and the $109 million Dania Pointe retail and entertainment complex in Dania Beach.

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