Few cities in the world have the power to evoke as vivid the image of a multi-layered playground for the rich and famous as Miami does.
To many a glittering parure of exotic beaches, iconic art deco structures, sizzling nightclubs, posh hotels and avant-garde cultural spots, this urban patchwork of accents, flavors and colors has indeed more to offer to visitors and residents alike, than mere glitz and glamour. After all, it did not get nicknamed “The Magic City” without a reason.
Incorporated as a city as recently as 1896, Miami is still young and bold; a lady in her prime, bursting with confidence and sex appeal, out on a date with stardom.
The city has indeed come a long way from the spring of 1980, when Cuban President Fidel Castro opened the Port of Mariel to those who wanted to flee the island, unleashing over 100,000 “Marielitos” to the Sunshine state, and quickly turning Miami into one of America’s most crime-ridded urban conglomerates.
Throughout its history, Miami’s evolution process has been one studded with challenges. So much so, that the city is viewed by many as a role model of resilience and seemingly inexhaustible vitality. Three Seminole wars, the Mexican-American War, two mass influxes of Cuban refugees in 1959 and in the 80s, a savage drug war at the end of the 90s that caused nearly two dozens fatalities, multiple real estate bubble bursts, riots and devastating hurricanes are just some of the hurdles the city had to overcome to secure its survival.
In just over three decades, it has championed a spectacular turnaround from being one of America’s most dangerous urban centers to one of its most sought-after destinations. While it may be hard to assess where such seemingly inexhaustible vitality comes from, most of its inhabitants would agree that both its core identity and its adaptability, are a by-product of its Cuban component.
“Cubans were the first immigrants that started shaping Miami into the cosmopolitan and multilingual community it is today. One of the things they gave us was a very strong work ethics, as well as a very pronounced Latin soul, with all the color, flavor, music and style that that entails. It is very much thanks to the Cubans if Miami has become one of the most diverse and welcoming places in the world”, says Ron Shuffield, President of EWM Realtors, one of South Florida’s premier Residential firms.
Among its many accomplishments, Miami has succeeded to carve out for itself a reputation as one of the world’s ultimate destinations for luxury living.
Again, Schuffield notes, “When it comes to upscale real estate, Miami remains one of the world’s best deals. If you compare us to London, which averages $3200 Per Sq Ft for a downtown condo, Miami is selling at just $735 Per Sq Ft. So on a per-square foot basis we are 4 times cheaper, which means that you can buy 4 condos in Miami for the price of one condo in London. Not to mention a market like Montecarlo, which is up to 12 times higher than us”. With these figures on hand, Shuffield makes his argument a hard one to debate. With nearly four decades of experience in Miami-Dade’s upscale property market, Shuffield can certainly speak with some authority about the subject. “Today around one third of buyers are foreigners, a clear indication of how global a brand Miami has become”, he concludes.
With this shift in its perception, Miami’s other labels of “Gateway to the Americas” or “Latin America’s US capital”, are perceived by an increasing number of people to be limitative of its ever-expanding global horizon and ambitions.
While in fact the above definitions reflect the city’s undeniable role and socio demographic makeup – Miami remains THE hub of choice for those who wish to effectively penetrate the Caribbean and Latin American region – the city is now ready to move past the trite stereotypes and clichés of the past, and let the world know it.
But, all perceptions and aspirations aside, is Miami truly up to the task?
How would the city fare as a serious contender to some of the long-established centers it often likes to compare itself to, such as Hong Kong or Singapore?
Or to places like London, Paris or New York? How close or how far is Miami to claiming its seat at the table of the world’s great cities?
The city is just beginning to recover from one of the most severe housing bubbles of its history, which saw the economy nearly succumb under the whiplashes of mass foreclosures and bank repossessions.
While most local developers are still wearing the scars from the last market crash though, they all declare to feel bullish about the prospects lying ahead. Miami is once again in the running, and it appears to be enjoying every minute of it.
“We are in the middle of a renaissance in real estate that is coming back with a vengeance, following the downturn in our economy and the bubble burst”, says Barry Johnson, the Greater Miami Chamber of Commerce’s CEO.
Johnson’s statement may be a well-founded one; the recent development of a number of cutting-edge luxury developments and oceanfront projects north of South Beach, and the addition of over 23,000 condos and 78 buildings in greater downtown, have accelerated Miami’s gentrification process to unprecedented levels, opening the way to a new flow of fresh capitals from the four corners of the globe.
Christie’s International Real Estate (CIRE), the luxury real estate arm of fine art auction house Christie’s, recently ranked Miami among the world’s top 10 luxury destinations. And real estate consultancy firm Knight Frank, in its “Wealth Report 2013”, once again headed by London, places Miami at No.8, one spot ahead of Paris. The fourth-largest urban area in the country and the most populous metropolis in the Southeastern United States after Washington, D.C., greater Miami is currently home to approximately 5.5m inhabitants and still growing. Its ongoing cultural hybridization has given birth to a new concept of global city: a salad bowl of intersecting cultures, constantly struggling to merge the need to reinvent and redefine itself with the desire to safeguard its core identity. FDI Intelligence, a specialist division of the Financial Times, recently ranked Miami No9 among the leading North American cities of the future.
While some may wonder what the future holds in store for this chameleonic community, few question that the in coming decades Miami will be the region’s leading center for urban research, development and innovation.
Indeed, the city is no longer just a playground for the rich and famous, but also for an increasing number of starchitects who have chosen to leave their signatures in the Miami of the future. As it is, the city boasts already one of the highest concentrations of star architects in the world; internationally acclaimed names of the caliber of Rem Koolhouse, Carlos Ott, Robert Stern, Philip Stark and Zaha Hadid, among others, have chosen Miami as the ideal platform to showcase the best of their exterior and interior creations. This has enhanced the city’s perception as the ultimate urban laboratory of the 21st century, drawing the interest of an increasing number of foreign buyers who are willing to bet on Miami’s future.
The environmental future of Miami however, it must be noted, lies on a frail ground; rapid urban growth, rising water levels and a number of weather threats have been placing the community under increasing pressure over the years.
First of all, Miami must look at ways to reduce its vulnerability to nature’s, both predictable and unpredictable, course. A number of resiliency goals and climate-related regulations have been set, with the adoption of stronger building codes. The sprawling, low-lying developments that characterised the second part of the last century are likely to get gradually replaced with more solid and more energy-efficient vertical constructions. As real estate expert Peter Zalewski observes, “We have hit our Urban Development Boundary line (UDB) so we can only go vertical. We are a bit like Manhattan if you will, we are an island with the Atlantic on one side and the Everglades on the other, so we have no choice but to go vertical“.
One thing is sure. If Miami truly aspires to become the ultimate 21st century metropolis and the role model of urban development it claims it is, its key administrators, entrepreneurs, developers, architects and activists will need to come together and embark on the common, long-term mission of getting Miami fully suited for its new role, without stripping it of its core identity.