Little Haiti will be South Florida s hottest neighborhood in 2017, report says

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2 Little Haiti will be South Florida's hottest neighborhood in 2017 Miami Herald 2/27/17, 4(15 PM REAL ESTATE NEWS JANUARY 5, :49 PM Little Haiti will be South Florida s hottest neighborhood in 2017, report says " 1 of 3! Haitian street aritst/muralist Serge Toussaint's murals are displayed on the walls of local stores and business throughout Little Haiti. CARL JUSTE - cjuste@miamiherald.com BY NICHOLAS NEHAMAS nnehamas@miamiherald.com The Little Haiti area will be South Florida s hottest residential neighborhood in 2017, even as the wider region cools down, according to a report released Thursday by real estate website Zillow. The company predicts home values in the gentrifying area north of downtown Miami will rise 4.6 percent this year. (Zillow included Little River, Buena Vista and the area around the Design District together once known as Lemon City in its analysis.) That s the fastest rate in Miami-Dade, Broward and Palm Beach counties. But South Florida as a whole will grow at a 1.6 percent clip, Zillow said. Miami s growth rate puts it at number 90 of the country s 96 largest metro areas, according to Zillow projections. Little Haiti, the next Wynwood With Brickell and the Beach overbuilt, developers are now zeroing in on under-valued neighborhoods close to the urban core. This could be the next Wynwood is the mantra of many investors and home flippers crowding into Little Haiti. The average home there is valued at $191,500, up 19.6 percent over the last year, according to Zillow. Just south of the booming neighborhood, the Archdiocese of Miami wants to sell the 15-acre campus of Archbishop Curley-Notre Dame High School in Buena Vista. Developers have also unveiled plans for large, mixed-use projects. And restaurants and commercial business are Page 1 of 4

3 Little Haiti will be South Florida's hottest neighborhood in 2017 Miami Herald 2/27/17, 4(15 PM p g, p j moving in, too, most recently Entercom Communications, one of the country s biggest radio broadcasters, which signed a lease in Little River. $191,500 Average home value in Little Haiti Some business owners and residents are worried they could be forced out by the wave of cash, and that Little Haiti s unique cultural heritage is under siege. In March, with the support of many Haitian Americans, the city of Miami officially recognized the area roughly between 54th Street and 79th Street, and Northwest Sixth Avenue and Northeast Second Avenue, as Little Haiti. Zillow predicts the other top neighborhoods in South Florida in 2017 will be the 441 corridor in Hollywood (the residential area south of the Seminole Hard Rock Hotel & Casino); South Middle River in Fort Lauderdale; Highland Garden in Hollywood; and Liberty City in Miami. South Florida slowdown The overall slowdown in South Florida might come as a surprise after years of big gains. Fueled by foreign investment, real estate in Miami Beach, Brickell and other high-rise havens recovered quickly after the housing bubble burst, leaving less fashionable areas behind. Over the last year, home values in the Miami metro grew 8.8 percent. WE RE EXPECTING A DRASTIC SLOWDOWN. Svenja Gudell, economist But now that a strong dollar has cooled the condo market, overall growth is plummeting compared to other major metro areas. We re expecting a drastic slowdown, said Svenja Gudell, chief economist at Zillow. Miami was the one market where I was starting to get concerned about a bubble because of the foreign investment flowing in and prices becoming so unaffordable. A slowdown is actually a good thing because it could allow incomes to catch up. The volume of home sales in Miami-Dade fell by double digits in three of the four months leading up to November s presidential election. Zillow also found that Miami has a higher unemployment rate and slower projected wage growth than other big cities. Recession in Latin America prevented Miami s economy from booming at the rapid clip experienced in other parts of Florida and the Southeast in The metro areas projected to experience the biggest increases in home values this year are Nashville, Tennessee; Seattle; Provo, Utah; Orlando; and Salt Lake City. MORE REAL ESTATE NEWS SUGGESTED FOR YOU Photos: The Obamas New D.C. Mansion PoliticsChatter Photos: Inside Ivanka Trump And Jared Kushner s D.C. Mansion PoliticsChatter The Extended Family Of President Obama PoliticsChatter Celebs Who Got Their Start In Porn CelebChatter Page 2 of 4

4 Citadel Food Hall Miami Food Halls River Oyster Bar 10/3/17, 9)58 AM Sections! The River Seafood Oyster Bar, others to open at the Citadel food hall in Little Haiti this winter Also announced: Green G Juice Bar and Taquiza May 17, :15PM Rendering of the Citadel The Citadel, a food hall planned for the Little Haiti/Little River neighborhood of Miami, announced a slate of new tenants, including the River Seafood Oyster Bar. Joining the River oyster bar is Green G Juice Bar and Taquiza, according to a press release. Developers Thomas Conway and Nicholas Hamann plan to open the Citadel, a roughly 60,000-square-foot space at 8300 Northeast Second Avenue, in the winter. Other food and beverage concepts planned for the food hall include Stanzione 87, Bianco Gelato and Smashing Avo s. The Citadel will have up to 22 food and beverage tenants ranging from 100 square feet to 400 square feet, Hamann previously said. Green G will offer cold-pressed juices, smoothies and Acai bowls. Taquiza will sell tacos, street food and beer. It will be the second location for the River oyster bar, which is located at 650 South Miami Avenue near the Miami River and Brickell City Centre. Property records show Hamann s Uptown Miami 8300 LLC paid $2.7 million for the 1951-building in The food hall will take up about a third of the Citadel building, across the street from MADE at the Citadel. MADE is a co-working space Conway and Hamann opened about two years ago. Last year, Entercom, one of the largest radio broadcasting companies in the U.S., inked a 22,500-square-foot lease for the rest of the Citadel. The area, which is west of Biscayne Boulevard, is attracting significant investment. Recently proposed developments in Little Haiti include Eastridge special area plan that would take over 22 acres, a proposal to redevelop Archbishop Curley-Notre Dame High School, and the $1 billion Magic City project. The food hall craze is just hitting South Florida. La Centrale at Brickell City Centre, a three-story, 38,000-square-foot Page 1 of 2

5 Entercom broadcasting company leaves Miami Gardens for Little Haiti Fourth largest broadcasting company is expanding from 15,000 sf to 22,500 sf January 03, :00PM By Katherine Kallergis «PREVIOUS NEXT» Rendering of the Citadel building. Inset: Doug Abernathy, vice president and general manager of Entercom Miami, and Donna Abood Miami s Little Haiti neighborhood has attracted a new tenant. Entercom Communications Corp., one of the country s biggest radio broadcasting companies, is moving from Miami Gardens to Little Haiti. Entercom inked a lease for 22,500 square feet at the Citadel, a redeveloped, mixed-use, 62,000-square-foot building at 8300 Northeast Second Avenue, according to Avison Young. The brokerage s principals and managing directors Donna Abood and Michael T. Fay and senior associate Joe Abood represented Entercom in the lease, which will take up the second floor of the building with offices, studios, meeting rooms and a performance space for up to 200 guests. Asking rent for the 22,500 square feet in the building was $30 per square foot, according to December 2016 data from the CoStar Group. About 5,500 square feet of ground floor retail space is still available. Overall, the average asking office rent in Little Haiti is nearly $40 a foot. Urban Atlantic Group and Conway Commercial Real Estate own and redeveloped the property. Thomas Conway, principal and managing director of his company, represented the Conway and Urban Atlantic. The two firms also own MADE at the Citadel, a two-story, 26,000-square-foot co-working building across Northeast Second Avenue. That opened less than two years ago. New development plans are sprouting up all over the neighborhood. There s the proposed Eastridge special area plan that would take over 22 acres, a proposal to redevelop Archbishop Curley-Notre Dame High School, and the $1 billion Magic City project. Entercom, a publicly traded broadcasting company based in Bala Cynwyd, Pennsylvania, calls itself the fourth-largest radio company in the United States, with more than 125 radio stations in 27 media markets. It s leaving its 15,000-square-foot space at Northwest Second Avenue and will move into the Little Haiti location in the fall, according to a press release. TRD Researcher Eda Kouch contributed to this report. Tags: donna abood, Little Haiti

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