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$1 billion project focused on development of Miami strip

On Behalf of | Mar 15, 2017 | Commercial Real Estate |

Many commercial developers in Miami have an eye for finding the perfect area to execute their vision. Wealthy businessman Alan Faena, along with billionaire Len Blavatnik, were no different when they began a $1 billion project in 2013 to develop a once-forgotten piece of the Miami strip. The area is now known for its glamorous hotels and condos, as well as a performing arts center. Commercial real estate development like this requires extensive planning and careful consideration of land use regulations, though, in order to be successful.

The heart of this area is the luxury Faena Hotel, whose interior décor is designed by famed director Baz Luhrmann. The hotel has undergone many over-the-top renovations, but has maintained the original Art Deco structure of the Saxony Hotel, which was built there in 1947. Rooms at the hotel start at $745, but there are cheaper rooms at the Casa Faena guesthouse nearby. The area also includes the Faena Forum, which was inspired by Rome’s Pantheon. Real estate experts would like to see the area become more pedestrian friendly in the future but are generally thrilled with how much the district has done for Miami arts and culture.

When developers set out to build new hotels and restaurants, they need to make sure that their structures adhere to land use and zoning regulations. These regulations ensure that the all buildings in an area are somewhat similar and that areas of historical significance are well protected. Land use regulations in particular are intended to help plan future developments. Some land use restrictions limit the use of property or require that a certain property only be used for certain purposes. Anything a developer does must be based on the official plan and cannot be in violation of any of these regulations.

Any violation could delay or halt an otherwise profitable venture. For this reason, developers should think about what they can do to ensure their desires are carried out as flawlessly as possible, which may mean seeking assistance from a qualified legal professional.

Source: Beloit Daily News, “Neglected Strip of Miami Beach Gets Glamorous Makeover,” Adriana Gomez Licon, March 14, 2017