Downtown Real Estate Market Receives A Serious Amount Of Activity From The Related Group In 2012
Thursday, November 22 2012 @ 04:04 PM MSK
Over the last couple of months, the Downtown Miami real estate market has been receiving a serious amount of activity from the Related Group of developers whose previous development projects have been known to be a smashing success on the property market.
The Related Group of developers are best known for creating a number of outstanding Brickell condominiums which include the Icon and the 500 condominium buildings which remain to be among the best options for high-rise homes within the community.
In the third week of November 2012, the group of developers had reportedly acquired the Infinity II property which is located at 1300 S. Miami Avenue for $18.5 million to add to their roster of remarkable properties within the region.
Many feel that the recent acquisition is indicative of the fact that developers are still actively seeking out the biggest opportunities on todayís market and one of their main targets happens to be the Brickell district which is one of the hotspots for Downtown Miami real estate today.
Property prices on the market have been seen rising quite consistently and are almost at the same peak levels during 2005. Meanwhile, real estate investors who were able to purchase properties during 2010 when the property prices were very low are now cashing in on their investments as developers are picking up from where they left off after the market stumbled a few years ago.
Despite current development projects which include Millecento and MyBrickell, the Infinity II property is going to be yet another exciting opportunity for the Related Group as it is going to provide them with another 56,000 square feet of prime land to develop within the dynamic district.
The property is known to come along with plans to create a 65-story tower which will have an estimated 600,000 square feet of residential space alongside 50,000 square feet of commercial spaces. However, the group of developers has revealed nothing as far as their actual plans are concerned.
There is no doubt that the real estate market is gaining its bearings once again. In fact, during the early part of 2012, a $12.45 million purchase was made on a 49,950 square foot site which is inclusive of Tobacco Road. Even international companies like Swire Properties are quite busy with their own $1.05 billion CitiCentre project which finally broke ground in June 2012.
If you would like to learn about the many different development projects that are on-going within the region, or if you are interested in finding out more information about todayís available selection of Downtown Miami real estate options, you should take the time to contact a professional real estate agent that can provide you with further assistance regarding all of your inquiries.