Miami river goes from dump to goldmine
Looking at the towers going up fronting the Miami River throughout Downtown Miami, it’s hard to believe that decades ago, this wasn’t prime property.
The reality is that the pristine waters of the Miami River and off the coast of the city didn’t use to be as clean as they are now. Miami was the last metropolitan city in the United States to directly dump its sewage into the river and ocean. Like Chicago, whose rivers and canals also had a dirty reputation, Miami cleaned up and dredged its river in the last few decades.
What the city probably couldn’t have predicted would be the explosion in real estate development along the banks of the river. Development accelerated starting in 2010, when the last piece of a $89 million (USD) dredging project was finished.
It’s a testament that neither new grown marine wildlife, existing residential neighbourhoods or the cargo freight that passes from Miami International Airport and the Port of Miami have been disrupted while skyscrapers and high rises have risen along the waterfront. Almost all the sites along the river have been developed, with the prestigious Aston Martin Residences at the mouth of the river being one of the last parcels available.
31 buildings have lined the Miami River since 2000, producing over 8,612 residences (both regular and luxury). Another 14 buildings are on the horizon.
The cleaning of the river has also rejuvenated other luxury industries, from hotels and restaurants to the superyacht industry, as cruising up the river becomes a pleasurable experience, as opposed to a smelly one.
Interested in investing in the South Florida market? Copperstones is the exclusive UK agent for the Aston Martin Residences in Downtown Miami. Contact us today to learn about your options.
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