Miami real estate is being reshaped by the New York capital in pursuit of South Florida’s growing population
MIAMI, Florida, United States, Feb. 3, 2021 /EINPresswire.com/ — New York families aren’t the only ones migrating to Florida in search of tax cuts, better quality of life and of a warm climate all year round. Since the start of the pandemic, an increasing number of New York real estate developers have redirected their attention – and their capital – to Miami. Some also move to the Magic City. Despite COVID-related economic uncertainty, developers are advancing plans to acquire or expand commercial properties and residential projects in South Florida.
Yair Levy is one of the New York developers who made the move. Levy began transforming an iconic building in the heart of downtown Miami into a luxury jewelry exchange. His New York-based company, Time Century Holdings, is transforming a ruined city block into the jewel of downtown Miami’s diamond and jewelry district. The $50 million renovation of the 225,000 square foot building will make way for the Time Century Jewelry Center, slated for completion in the second quarter of 2022.
Levy caters to a new wave of residents and businesses who come from the Northeast, California and other tax-burdened states. For example, New York-based private equity firm Blackstone just announced that it will lease 41,000 square feet of office space at 2Miami Central, a building near the Time Century Jewelry Center. Levy supports the trend towards internal migration. He recently moved from New York to Miami to closely oversee his projects and investments in Miami and Orlando.
He is not alone. New York-based JDS Development Group recently unveiled plans for a mixed-use project in Miami’s booming Brickell neighborhood. The two 64-story towers known as One Southside Park have 1,175 multi-family units on approximately 1 million square feet; a 110,000 square foot hotel with 200 rooms and 6,000 square feet of meeting space; 200,000 square feet of office space; 100,000 square feet of health and wellness; and 11,000 square feet of restaurants. To top it off, One Southside Park includes a fire station.
New York real estate developer Michael Shvo is also optimistic about the Miami real estate market. He recently revealed plans for a three-acre masterplan development of the Raleigh Hotel. The project will include the South Seas and Richmond hotels at South Beach in Miami Beach. Shvo, founder, president and CEO of SHVO, plans to operate the combined properties as a luxury hotel and condominium in addition to constructing a 175-foot beachfront residential tower.
New York-based Kushner Companies is also betting big in South Florida. Led by the family of Jared Kushner, Donald Trump’s son-in-law and former senior presidential adviser, the company has released renderings of a three-tower, 1,100-unit project north of downtown Miami. The towers, which will be built in phases, will have luxury rentals with high-end amenities, according to the company’s website. Kushner Companies is also planning projects in Miami’s trendy Wynwood neighborhood and Fort Lauderdale.
Kushner’s buying spree continues. Last week, it was reported that Kushner was acquiring two properties in Palm Beach County for an industrial project and a multi-family mixed-use development. The Kushner Companies are expanding their footprint in South Florida at the same time Jared Kushner and his wife, former first daughter Ivanka Trump, are moving to Miami after leaving the White House. The power couple recently signed a lease to occupy a condominium in one of the city’s most prestigious developments and also purchased a $32 million plot on Miami’s exclusive Indian Creek Island to build a home.
The list of New York developers gravitating to South Florida goes on. Late last year, real estate investment and development firm Witkoff, which was previously exclusively based in New York, announced the opening of an office in Miami. Some of Witkoff’s employees in New York will be moving to Miami, where the company has several yet-to-be-announced projects underway.
Several leading financial firms, including Goldman Sachs and JP Morgan, are also considering moving south and adding a presence in South Florida. Miami’s decades-long dream of becoming “Wall Street South” is one step closer to realization.
Statistics show that New York has seen a significant exodus since the Great Recession. Census data shows that in the 2010s, New York lost nearly 1.38 million people, more than any other state, with California ranking second.
To arrange an interview with Time Century Holdings developer Yair Levy, contact Top of Mind PR at [email protected]
Paola Iuspa Abbott
Top of Mind RP
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