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If retail real estate is a dying field Aventura Mall, Sawgrass Mall and American Dream are very healthy “ghosts”

Aventura mall

Aventura mall

We all hear and read stories about how “retail is suffering” and how the Amazons of the world are killing the brick and mortar stores. Banks are shying away from financing strip malls and anything that has the word “retail” is looked at with a wrinkled forehead. As usual and as is true in most areas of life, generalizations don’t work except for the old adagio “location, location, location”. Trends are not the same everywhere and I can confidently say that Miami is a completely different animal. Think about the 2008 crises: Miami bounced back in less than 18 months while other areas took years and years to recover!

When it comes to retail, the habits and culture of the local population make a huge difference. In Miami a great deal of the population is composed of tourists and part time residents from all over the world, and in particular Latin America. These are serious shoppers, prices in their countries are so ridiculously high that they do shopping tourism in Miami. The fact that Aventura mall is the mall with highest sales per square foot in the whole country is good evidence of that. I have never seen in any other mall in the world people walking with suitcases because they buy so much that its easier than carrying bags. Aventura mall keeps expanding and the more it grows the busiest and more successful it seems to be. Zara has the largest store in the US at Aventura Mall.

Sawgrass Mall is another good example of successful retail in the Miami/Broward area. I have yet to meet a Brazilian or Argentinian that leaves Miami without a visit to Sawgrass Mall. They have shuttles picking up buyers from as far as South Beach (smart move!).

American Dream is about to build the largest mall in the country in Miami, a mega entertainment and shopping destination and I bet they did their research.

When it comes to strip malls the picture also looks good. That maybe the reason why a company like RK owns 8,000,000 ft of strip malls and holds on to all of them.

Do people buy stuff online? sure! I do (I can say my Prime membership is duly amortized). But now and ever, the pleasure of going shopping in person with your girlfriend or loved one followed by a cafecito or lunch is irreplaceable and the culture of shopping in Miami is stronger than ever. Madonna would be proud of us…. we are all material girls!

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Miami Shopping Malls

Miami-Design garage

Miami Shopping Malls

Miami is unique and full of paradoxes: A city chosen by the old to retire and by the young to party. A place where people do business in shorts and 12 year olds wear legitimate Chanel handbags. The land of  beach parties and everyday multimillion dollar transactions where Bentleys coexist with skateboards and a new sophisticated art scene  born in the reign of the kitsch makes a mark in the world.

Miami shopping keeps adding to the list of breaking US records. We are quickly climbing the ladder of the top 5 in many areas, from the number one cruise capital to the most active airport. But without doubt, the most salient feature of Miami culture is a special emphasis in shopping, so we are also breaking records with the mall that sells the most per square foot (Aventura Mall) and now the largest shopping mall in the country: American Dream Miami Mall. The land deal for 82 acres in NW Miami Dade County by Interstate 75 and Florida Turnpike just closed, and Triple Five Group is moving to the next stage in the process of bringing to life this mega mall and theme park. The entire project is 225 acres, impressive size even for Miami shopping standards!

Bal Harbor Shoppes which used to be “the” destination for shoppers that walk in Louboutin shoes is expanding to keep up with the fierce competition for the attention of the privileged few, who are not so few in Miami any more. Aventura Mall has the largest Cartier store in the country along with many other luxury designers. Brickell City Center will allow the financial private banking crowd to shop without leaving the area. The Design District, an open shopping mall valued at $2.2 billion  has a hard to match glamour for those who prefer the outdoor Latin and European shopping style. After all, the temperature is irrelevant when you are wearing Hermes and parking at a garage that is a piece or architectural art. The Design’s District 283,000 ft City View garage wows shoppers from the moment they park  with two public art pieces by John Baldessari and a jaw dropping facade by Leong Leong and Iwamoto Scott.  And of course, for the bargain hunters there is always Sawgrass Mall.

The impact of Miami Shopping goes far beyond a fashionista dream, bringing jobs, infusing life and potential to the real estate around it and creating interesting possibilities for developers and investors. Whether you wear Prada sunglasses or not, if you are serious about investing in Miami real estate, Miami shopping trends are something to watch…

Contact us at buymiamirealestate@gmail.com and let’s discuss intelligent options for real estate in Miami.

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Size matters…American Dream Miami

american dream miami

American Dream Miami

Developer Triple Five, builder of the largest mall in the US announced he plans to outdo himself in Miami with a four million square foot project called American Dream Miami. Miami Dade commissioners approved the project 11-2.

American Dream Miami is planned to have a huge theme park with water slides, a ski slope and submarine tours, and will be located where I-75 intersects Florida’s Turnpike near Miami Lakes. Triple Five needs an 82-acre parcel that’s owned by the state. The county would buy the land as an intermediary for the developer. Commissioners approved the $12 million needed for the county to purchase the land from the state. Not all is a bed of roses, if the developer fails to create at least 7,500 jobs, (let’s say if he can’t get the necessary zoning or regulations for the mall) he risks a $5 million fine.

According to Miami Herald,The Miami-Dade County school district will get $7.2 million to give up a lease of about half of the 82 acres, in addition to a $1 million contribution to academic programs and internships for students.

More jobs, more money for schools, and another mega destination for local and tourist shopaholics of the world makes this an interesting proposition within the frame of a strong market that seems to find a way to continue growing, using an advantage that few other important cities in the world have: an expanded geographic area. Think Manhattan for example, there is a very limited supply of land. Miami, on the other hand, is a conglomerate of different cities and areas that allows for an unusual potential for expansion and growth. Oceanfront properties are a limited resource of course, but areas like Weston and Sawgrass, and probably soon American Dream Miami are living proof that locals and foreigners are willing to go inland and enjoy the weather from their pool, go golfing, shopping, wear flip flops all year round and be part of the Miami dream.

There are so many possibilities if you are looking to buy a property in Miami that you need a trusted expert in the field, so don’t be shy…call us and we will help you find the perfect one!