Who is the Biggest Developer in Miami?
Several different developers have been involved in the development of Miami. These include Terra Group, Butters Group, Swire Properties, Civic Construction, and more. But which is the most prominent developer in Miami?
Terra Group
Founded in 2001, Terra Group is a Miami-based real estate developer company. It has been involved in several high-profile projects in South Florida. It has an extensive portfolio of over five million square feet of space.
The company’s projects include development in Doral and Miami Beach. Its portfolio also has properties in Miami-Dade County and Broward County. The company’s projects range from luxury residential buildings to commercial space. The company’s vision is to create design-driven communities and facilities that support the individual inhabitants of those communities. It integrates green space, transportation connectivity, and renewable energy.
Brickell
During the recent real estate boom, Miami’s Brickell neighborhood has seen unprecedented development. It is now a rapidly growing community with over 92,000 residents. It has become a prime location for financial firms to move their offices. This has prompted developers to beef up the housing in the neighborhood.
One of the most recent developments in the neighborhood is a condominium tower known as the Brickell Flatiron. The tower will be the tallest residential building in the United States once it is finished. It will be located in the Brickell Financial District.
Related Group
Founded in 1979 by Jorge Perez, the Related Group is one of the largest privately-owned real estate companies in the U.S. The firm has a portfolio of more than 40 billion dollars in development projects, including residential communities, commercial properties, and luxury high-rise condominiums.
While the Related Group is best known for developing luxury condominiums in Florida, the company specializes in market-rate rentals and affordable housing. It has built and managed over 100,000 rental units in Florida, including over 50,000 in Miami-Dade County.
The Related Group recently partnered with Integra Investments to launch sales for the second tower in The St. Regis Residences, Miami, a luxury development that will redefine the Miami skyline. The firm also plans to develop a luxury office building on Terminal Island.
Swire Properties
Founded in 1979, Swire Properties Inc is a leading international developer in South Florida. With a presence in Miami for over four decades, the company is known for its master-planned development of Brickell Key.
Swire’s latest Miami project is a redevelopment of a plot of land which once housed local stores. The project is expected to attract buyers due to its proximity to Brickell City Centre. The project also has a vital sustainability component.
Swire Properties continues to be a driving force in the development of Brickell City Centre. The site is located in the fast-growing Brickell district of the Greater Downtown Miami area. The product comprises luxury residential towers, shopping, dining, and entertainment spaces.
Butters Group
During the last 32 years, Butters Construction & Development has developed over $1 billion in projects. The company has built over 18 million square feet of commercial and industrial space in Florida. Its projects include industrial, office, retail, and hotel projects. It has a presence in Miami-Dade county and Broward county.
Butters has received numerous awards from the NAIOP, including “Developer of the Year” five times. The company has also received a Diamond Award from the South Florida Business Journal. The company has also been inducted into the Entrepreneur Hall of Fame at Florida International University.
Civic Construction
Among Miami-based real estate developers, Civic Construction is the largest. The company has partnered with developers such as Mast Capital and AEW Capital Management on two significant projects in Miami Beach. The company is also working on a 45-story, 520-room hotel in Brickell.
Civic Construction also has two projects in Miami Beach: 1 Southside Park and Waterline Miami River phase II. It’s also building luxury rentals in Coral Gables.
The company’s newest project, 830 Brickell, is the first Class A office tower to break ground in Miami’s Financial District in over a decade. The building is designed by Adrian Smith + Gordon Gill, an architecture firm known for creating the Burj Khalifa in Dubai.
Magellan Housing
Developing in the Miami multifamily market is an ambitious undertaking. While the number of condos for rent has increased to 7,000, rents have remained relatively flat. This is likely because several national banks are pulling back on market-rate multifamily lending. However, more units are expected to enter the market if developers hit pre-sale numbers.
In North Miami, The Atala is a mixed-income workforce housing development that will be built on 6.32 acres of land owned by the city. It is expected to generate 134 new jobs in the first year. The project will also generate $172,900 in North Miami tax revenue in the first year.