For Sale - Commercial
There are two specific areas where South Florida’s rapid development has produced significant implications. First, some traditionally low-income neighborhoods, namely Overtown and Doral, are experiencing major price surges. The Real Deal reports that in Overtown, one of Miami’s poorest communities, land was selling for about $20 per square foot when developers first started to take interest in the area. Now, land in Overtown is hitting the $150 per square foot range. Why the surge? Overtown is very centrally located. It sits between Downtown Miami and the new and trendy Design District, areas already exploding with development and opportunity. Overtown is also attractive because it is situated near sites for three exciting new projects—All Aboard Florida’s MiamiCentral, Miami Worldcenter, and the proposed Miami Innovation Tower. A handful of developers are rapidly closing deals on properties throughout Overtown, hoping to renovate and improve the area while still allowing those already living there to stay.