Two absolutely awesome experts in neighborhood revitalization came on the show recently to talk about how they approach urban place-making in a way that’s both affordable and profitable.
Real estate entrepreneur Avra Jain said location is, by far, the first consideration when she’s evaluating a neighborhood for a new project. That, along with accessibility. infrastructure and zoning.
Then comes the “fun stuff,” she said, which means she contemplates the aesthetics of the location – the water, the air, the light, the views.
Carlos Rosso, President of the Condominium Development Division at Related Group, said Biscayne Boulevard not only provided the “fun stuff” but also another important consideration – the ability to create units at half the price you’d find on Brickell.
“We try to understand how cities progress,” he said. Obviously in Miami, there were some established neighborhoods like Brickell. Edgewater for us was the next Brickell, and that’s why we aggressively moved in that neighborhood and now are creating some of the most fantastic projects including the Paraiso Bay neighborhood, a completely new neighborhood of close to 1,400 units that we are really proud of.”
For Jain, the prospect for adaptive reuse and urban infill also makes a potential project enticing. For example, she transformed The Vagabond, an area landmark, from a decrepit motel to quaint and popular hotel.
“We think there’s a value in recognizing the past. We think part of that fun stuff is what I call ‘soul’ and ‘texture’. Up on Biscayne Boulevard, knowing the history there and being able to take advantage of that has been fantastic,” she said.
In addition to Biscayne Boulevard, Rosso said Hollywood and the Hallandale area have garnered the attention of Related Group.
“We see a lot of value. We see great sites and great locations with amazing access to the same beach, the same sand, that we have on South Beach. The only difference is that it’s called ‘Hallandale’ or ‘Hollywood’. If it was called ‘South Beach,’ it would probably cost five times or six times the price,” he said.
Now, you might be inclined to think that folks like Rosso and Jain are fierce competitors in the real estate arena. Perhaps, but more important is that they’re admirers of each other’s work.
“That’s an interesting point that people should realize. We all play in the same sandbox, and we like playing in the same sandbox. People sometimes get the impression that it’s competitive, and it really isn’t. In the end, we’re all trying to build community. And as Miami does, we all do,” Jain said.
It’s probably hard to believe, but Miami once suffered from the so-called “brain-drain” phenomenon. The best and brightest were leaving for greener pastures in more mature and interesting places.
That’s changing, Rosso and Jain said. The transformation of Miami into an international business location is causing talented people to stay and return.
Which, of course, creates an opportunity for lifestyle-oriented development and neighborhood revitalization.
“We’re getting some really interesting jobs here. What I’m finding is that a lot of people are moving back to Miami. Like kids who had gone away – who had grown up here and are coming back. You’re not seeing that quote ‘brain-drain’ anymore,” Jain said.
Accordingly, Rosso said, Related Group is preparing itself for more sales to local buyers.
“We are seeing more and more American buyers. It’s interesting what Avra just mentioned, because we are looking at other neighborhoods like Midtown or even Wynwood where we think there is a play for the local market. We are designing some very funky buildings for that younger generation that wants to come back to Miami,” he said.
“We can do that in a way that’s affordable,” Jain added. “When I graduated from college, people picked where they were going to live based on their job offer. These days, the younger people are picking where they want to live and then picking their jobs, because lifestyle is more important than it’s ever been.”
This was a great conversation, so click here to listen to the full interview with Carlos Rosso of Related Group and real estate entrepreneur Avra Jain.
