A multi-billion-dollar metamorphosis is sweeping through North Miami and Aventura, ushering in a new era of progress marked by burgeoning housing developments, educational institutions, retail establishments, transportation enhancements, and more. These vibrant communities are embracing change on an unprecedented scale, setting the stage for a promising future.
The residential landscape in North Miami has witnessed a remarkable surge, boasting a staggering 400% increase in residential units from 2019 to 2022. This growth trend shows no signs of slowing down, with more projects on the horizon. The city has also been instrumental in fostering education, with seven new schools contributing to its educational landscape. Additionally, North Miami’s commerce sector has received a boost, with nearly 20% of its approximately 2,300 businesses launching since the beginning of 2022.
Aly-Khan Merali, President and CFO of Turnberry Associates, attributes North Miami’s boom to several factors: addressing the evolving needs of a growing population, embracing a future-oriented approach, and offering tailored lifestyle opportunities for both established and incoming residents.
The neighboring city of Aventura mirrors this growth trajectory. Median single-family home prices have surged by an impressive 25%, escalating from $990,000 in 2022 to $1.237 million in the first quarter of 2023, as per a market report by ONE Sotheby’s International Realty. Aventura’s population has witnessed steady growth over the years, swelling from 15,000 in 1990 to approximately 40,000 residents today. Similarly, North Miami’s population expanded from around 50,000 in the 1990s to nearly 60,000, maintaining a steady presence since.
Capitalizing on this regional surge, developers are actively shaping the landscape with a myriad of housing projects at various stages of development. Among the most significant endeavors is the SoLé Mia community, spanning 184 acres and led by Turnberry Development and LeFrak Organization. This ambitious undertaking envisions thousands of residential units, 1.5 million square feet of retail and commercial space, and a 10-acre University of Miami UHealth Medical Center slated to open in 2025. The crown jewel of residential offerings within SoLé Mia is the 33-story ONE Park Tower by Turnberry, overlooking South Florida’s first seven-acre swimmable lagoon.
North Miami’s development portfolio is equally compelling, featuring projects such as Aliro Luxury Apartments, Allure of North Miami, La Maison, NoMi Square, North Miami Condos, and Oleta, each contributing to the city’s transformation.
Meanwhile, Aventura is undergoing a parallel wave of growth and infrastructure enhancements. Projects include upgrades to Aventura Mall, the introduction of a new Brightline train station, a forthcoming Hyatt House Hotel, and an array of new dining establishments, retail outlets, and luxury residences.
While these developments augur well for the region’s future, concerns have arisen over potential changes to land development regulations. Residents have expressed apprehensions about potential traffic increase and high-rise developments along the coast. Notably, a change.org petition seeking to “stop excessive development in Aventura” has garnered over 1,400 signatures, illustrating the depth of community sentiment.
Despite these considerations, the resounding truth remains: North Miami and Aventura are vibrant hubs of growth and transformation, beckoning both residents and developers to engage in a new era of development.
Original Article By Patrick Regan South Florida Agent Magazine