One of the keys to success in real estate is to be ahead of the curve – to watch growth trends forming and then catch the wave.
Now, I’ve lived in Miami my whole life. I’ve had offices all over town and, yes, I watch the market closely and talk to a lot of people who do the same.
I’ve been thinking lately, “Where is the next Brickell Avenue?” Well, Coconut Grove is, in my opinion, already the next Brickell. Old-time Brickell, that is. It’s got a few office buildings, a couple of condos, not a lot of traffic, not many restaurants.
But all that’s changing.
The crazy traffic is already there. My friends at Terra Group are building Grove at Grand Bay, a 96-unit luxury residential project.
Related Group and Terra Group are building three projects on the site of the old Coconut Grove Bank. And a huge infrastructure project is under way along 27th from Dixie Highway to Bayshore.
Watch out. Once the mess is cleaned up and you get access to an area like downtown Coconut Grove, it’ll explode.
There are plans for the old playhouse, and there’s a quiet group assembling land in the urban core. There’s also a group looking to build a really cool boutique hotel downtown.
When the high-end movers and shakers start moving in to buy their condos, it’s going to be a game-changer.
That said, Brickell Avenue isn’t exactly falling into blight. Related, ZOM, Harvey Hernandez, Swire. They’re all active there. That market will continue to evolve unabated.
Brickell will always be Brickell, but the next up-and-coming submarket is Coconut Grove.
Click here to listen to my take on Coconut Grove and where it is heading.