A look at South Florida’s emerging neighborhoods
For anyone who has sat in South Florida traffic, it may seem there is no more land left to develop. Even from the air, the limitations are clearly defined by the expanse of the Everglades to the west and the Atlantic Ocean to the east. South Florida, it might seem, has been fully developed from sea of grass to shining sea.
Not so fast, say many developers, investors, and municipalities. There are, in fact, many South Florida locations jockeying to take their rightful place on the list of the region’s emerging neighborhoods.
Miami-Dade: Allapattah
Allapattah, one of Miami’s oldest and most industrial neighborhoods, is coming into its own as prices and buildings rise in neighboring Wynwood. Full of existing warehouses, the area is reminiscent of New York’s Meatpacking District or Chicago’s West Loop.
While some developers have already seized on affordable opportunities there and the Rubell Family Art Collection Museum has announced its move from Wynwood to Allapattah, there are still deals to be found.
Spurring further development is the fact that Allapattah is adjacent to some of Miami’s biggest employers who will be able to enjoy new retail and dining opportunities as they commute between work and home. In addition, the neighborhood sits on higher ground – and that is a big deal for developers and investors concerned about sea level rise.
Broward County: Pompano Beach
With Miami the perpetual jewel of South Florida, Hollywood in the throes of a renaissance, and Fort Lauderdale moving up, it seems only natural for Pompano Beach to make its mark on the real estate market.
The centerpiece of the city’s aspirations is the Innovation District, an idea that has been decades in the making. The location, underused acreage along Atlantic Boulevard, will be home to 750,000 square feet of office space, 16,500 square feet of retail space, 35,000 square feet of restaurants, 1,500 residential units, two hotels with a combined 420 rooms, and cultural arts venues. Tying it all together will be a system of self-contained, self-circulating waterways – a sort of Amsterdam with palms.
Along the beachfront, the city also plans to develop the pier with the Pompano Beach Fishing Village, featuring two restaurants, retail space, and a Hilton hotel.
Palm Beach County: Boynton Beach
If South Florida neighborhoods want to revitalize, it seems a good first step is to invite artists. Such is the case with Boynton Beach. Located between the high-end homes and retail centers of Boca and the entertainment and dining mecca that is Delray’s Atlantic Avenue, Boynton Beach needed to do something to make itself unique from its neighbors. The city needed to look no further than artists who had been priced out of Miami.
As a result, the Boynton Beach Art District was born and now features studios, galleries, murals, monthly events, and breweries. With this success, investors have noticed the area’s eastside, where there is a wealth of developable real estate along Federal Highway.
Honorable Mentions
- South Middle River: This pocket neighborhood, just north of downtown Fort Lauderdale, is one of many small residential areas that suffered during the recession and are making a comeback.
- A stone’s throw from booming Wilton Manors and Flagler Village, South Middle River provides residents with the same entertainment, shopping, and nightlife opportunities as people living in those more expensive locations – but without the bank-breaking cost. It also helps that it’s within walking distance to pedestrian-popular NE 13th Street.
- East Edgewater: Once upon a time, this neighborhood north of downtown Miami was a shining star on Biscayne Bay. As other Miami neighborhoods developed, though, East Edgewater faded with neglect. That’s all changing, as more and more buyers are searching for luxury waterfront accommodations that do not carry the hefty price tags found in Miami and Miami Beach.
- Little Havana: For this iconic South Florida neighborhood, the draw is location, location, location. Close to downtown Miami and Miami Beach, Little Havana in a perfect spot for those wanting to enjoy city life without the high rents in neighboring Brickell. The trick, though, will be for new growth and planned projects to not erase the cultural flavor that defines the Calle Ocho vibe.
Finding South Florida’s best opportunities
At Morris Southeast Group, we believe that South Florida’s opportunities cannot be limited by the region’s Atlantic and Everglades boundaries. In our view, there are gems around every corner – and our team of professionals can help you find the match that’s perfect for you.
For a free consultation or to learn more about our property investment opportunities and/or other services, call Morris Southeast Group at 954.474.1776. You can also reach Ken Morris directly at 954.240.4400 or via email at kenmorris@morrissegroup.com.
Tags: Investing Outside Of The Box
