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.