While other cities imposed restrictions that impacted urban development, this city did things differently.
Our activity in Miami over the years has ranged from commercial property branding in Wynwood, to helping launch luxury real estate and one of the hottest restaurants in town. This range has given us the perspective of how unique the boom happening in Miami is right now, and why people should pay attention…
Elevated Properties, Restaurants and Retail
Miami has emerged as one of the hottest markets globally, boasting unparalleled growth and vitality in various sectors.
Here is what we are tracking and why we are bullish on the Magic City scene:
Miami’s High-End Residential Market is Ascendant
We’re watching records break in Miami with the luxury, prestige high-end real estate market:
In 2023, the “Magic City” secured its position as the number one luxury residential real estate market in America, surpassing even iconic cities like Los Angeles and New York City for the first time.
Florida just beat New York for most valuable residential city according to the New York Post, which shows that the trend in migration south during COVID had extreme returns.
Miami reigns over Dubai and Las Vegas for luxury branded high rises - with more than a dozen luxury brand-affiliated buildings set to open in South Florida by 2024. It’s now the unofficial home of the branded building, helped in large part by its international buying demographic. Porsche, Fendi, Missoni, Baccarat and even Major Food Group have developed high-end residential properties and the trend is growing. The New York Times chronicled the advancement of these branded buildings and their amenities and how it might impact a trend beyond South Florida.
The Cause - The Great COVID Migration
The city's meteoric rise can be attributed in part to the remote work culture, which spurred a wave of transplants from major metropolitan areas like NYC - dubbed "the great COVID migration." This influx of talent and capital has injected dynamism into Miami's economy, fueling innovation and entrepreneurship.
Other cities are suffering from a retail bust, while Miami retail is booming.
Moreover, Miami's retail landscape is undergoing a renaissance unlike anywhere else in the world. Unlike other cities, Miami stayed open during the pandemic, and this kept proprietors in business or even better, in growth mode. Vibrant neighborhoods such as the Design District, Mimo, Wynwood, and Brickell have become sought-after destinations, attracting renowned brands and fostering a thriving consumer culture. Recent openings of flagship stores like Kith and Nike's innovative Rise concept shop underscore the city's status as a retail powerhouse.
Cohere is bullish on the scene, and rightfully so. We have major street cred right now having worked with Stephen Starr and Keith McNally to open Pastis.
Less than a year ago we helped open the exciting Pastis Wynwood with a bang. Unexpectedly, Stephen Starr chose Wynwood for the location of Pastis due to the neighborhood's vibrant and dynamic atmosphere, which aligns with the concept of the restaurant. Wynwood is known for its thriving arts and culture scene, making it an ideal setting for a trendy and stylish dining establishment like Pastis. Additionally, the area's mix of creative energy, street art, and diverse community appealed to Starr's vision for the restaurant, creating a unique and exciting destination for guests. The team had a lot of work on their hands outside of replicating the NYC version in this beautiful new space, hiring in a tough labor market and making sure that Miami residents and tourists knew the brand. And, they also had to convince people to go to Wynwood, rather than South Beach, Bal Harbour, Coconut Grove, or the high-end hotel scenes. The place has been packed, and we are honored to have played a small part in the Pastis Miami success.
Besides Pastis, we are now working on some luxury real estate, hotel and restaurant destination projects. You can catch us opening up our new office here, working on artist collaborations, and hosting a few events soon…