Miami’s real estate segment continues to show signs of strong solidity, even with the slowdown seen in recent months. Large market players have already realized that the “Magic City” has a life of its own and may be immune to the global scenario of high interest rates and reduced demand. The Chetrit Group, a large construction company in New York, bets on a permanent “boom” in Miami and moves forward with its plans to start selling units in a multi-billion dollar project in the city as early as next year.
Cherit is known for building luxury condominiums and for being the parent company of the Hotel Chelsea. The group is expanding its presence in South Florida and has stepped up work on its River District project, a tower that will offer 378 units in Miami. The tower is expected to be delivered in 2026, but the group already wants to start booking in 2023.
In an interview given to Bloomberg, Michael Chetrit, who helps manage the family group, said that “Miami is a market that is here to stay”. Michael understands that this is not a wave similar to others that Miami has experienced. “This is a permanent wave”, he projects.
About the River District
The River District development will be a mixed-use complex, with residences and offices, in an area of more than 25,000 m2. There will be almost 3 thousand m2 destined to commercial spaces, restaurants and entertainment points. A marina with a capacity for 2,000 boats is planned to be attached to the project.
Miami’s real estate market has taken off in recent years due to its beautiful climate, outdoor spaces, nature and low taxes. Several companies, especially in the technology and financial sectors, have chosen South Florida to base their operations. The change of large corporations has a direct impact on the real estate sector, as employees, collaborators and their families come in search of properties to establish residence in Miami.
In 2021 Florida received more than 1000 new residents per day. It is estimated that the “Sunshine State” will receive, by 2026, about 850 new residents on average, coming from other US states.
It is, therefore, an optimistic scenario for developers, who seek to capitalize on new developments for this large public.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida. If you want to know more about real estate opportunities in Miami and Orlando, get in touch right now and chat with me via WhatsApp: +1 305 318 6968 (Heloisa Arazi).