This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Development Blooms Again in Miami Beach

MIAMI, Fla. ( MainStreet) -- On a Monday morning in Miami Beach the sidewalks swell with the party crowd as the noise of bulldozers and cranes fills the air along Collins Boulevard like a techno soundtrack. Building sites are covered with glossy new ads of real estate developments to come, replacing the ripped and torn ones that -- much like the projects they promoted -- didn't make it through the worst real estate slump in recent history. But that was then, and now Miami rises again with bold hotel and condo projects that look to take advantage of a strong tourism demand and steady stream of buyers from South America.

According to STR, Miami has shown one of the strongest increases in revenue per available room in the country for the first two months of 2012, with year-over-year room rates up 15.8%, to $148.71. A respite in hotel openings in recent years saw many ambitious hotel projects, such as the Cipriani, come to a standstill, and left historic buildings such as The Saxony in dusty concrete surrounded by chain-link fence.

Miami is building again, including at the former Ritz Plaza, putting up bold hotel and condo projects on renewed strength in tourism and a steady stream of South American buyers.

For the former Cipriani, better days are indeed on their way; an ambitious project unfolds by Buenos Aires fashion-designer-turned-hotelier Alan Faena, who's ridden a less-than-direct wave to success with his Faena Hotel + Universe -- a top hotel draw in the Argentine capital. Despite his own real estate missteps, including a scrapped Rio property that ultimately became Fasano Hotel Rio, Faena is a master of reinvention. His work includes a $350 million revamp of this Art Deco waterfront palace rebranded as Faena Saxony Hotel.

In lieu of a canopy of cranes, only the perimeter of the hotel shows sign of a name change, with its colorful graphic windscreen gripping a chain-link fence around the building like a fashionable belt. All proposals for the Faena Saxony Hotel are in the development phase, but plans submitted to the city include a glamorous condo tower by Foster + Partners that puts a retro nautical spin on a tapered midrise structure that would be suspended over a living water garden. Given the strong demand by South American buyers in today's resurgent Miami condo market, the name Faena would add even more allure.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $130.28 0.00%
FB $79.19 0.00%
GOOG $532.11 0.00%
TSLA $250.80 0.00%
YHOO $42.94 0.00%

Markets

DOW 18,010.68 -115.44 -0.64%
S&P 500 2,107.39 -13.40 -0.63%
NASDAQ 5,070.0260 -27.95 -0.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs