Mixed-Use Developments Transforming South Florida: Key Projects and Trends for 2024

In recent years, mixed-use developments have emerged as a dominant force in urban growth, particularly in South Florida.

These integrated spaces seamlessly combine residential, retail, and commercial spaces, offering a one-stop solution for urban living. The demand for such projects is fueled by the region’s rapid population growth and the changing preferences of people looking for convenience, community, and sustainability.

In South Florida, notable mixed-use developments are taking shape, contributing to the area’s urban revival and providing walkable, vibrant communities. These projects are more than just residential or commercial ventures; they are reshaping South Florida’s urban landscape.

This article will explore some of the major mixed-use developments in South Florida, highlight industry trends driving these projects, and provide insights from real estate experts like Kevin Krueger and Mario Rodriguez.

Spotlight on Notable Mixed-Use Developments in South Florida

1. Soleste Midtown, Homestead

Soleste Midtown emerges as a highly anticipated mixed-use development in Homestead, South Florida. Featuring 354 apartments and substantial commercial space, this project underscores the growth potential of South Miami-Dade County. Estate Companies and Midtown Group, under the leadership of Jon Samuel, have collaborated on this venture. Approved by the city of Homestead in September, the 20.8-acre development is slated for completion by 2026.

The Soleste Midtown development stands out for several reasons:

• Residential Growth: The six five-story residential buildings will accommodate various apartment sizes, ranging from 676 to 1,131 square feet, appealing to young professionals, small families, and retirees alike.
• Commercial Vibrancy: The commercial outparcels along Campbell Drive will feature restaurants and retail, creating a vibrant social and commercial hub in an area currently underserved by high-quality retail spaces.
• Investment Potential: South Miami-Dade, including Homestead, offers attractive real estate prices, positioning this project as a crucial element in the area's transition from a suburban outpost to a fully integrated urban environment.

2. Centrocity, Miami

Terra’s Centrocity represents an ambitious mixed-use development revitalizing Miami-Dade County. This project comprises 1,200 residential units and 300,000 square feet of retail space. With a focus on community-centered amenities, Terra is attracting key retailers like Target, positioning Centrocity as a prime example of Miami’s urban redevelopment efforts.

Key highlights include:

• Community Engagement: This development addresses residents’ needs with amenities centered on health, wellness, and social interaction.
• Retail and Residential Synergy: The inclusion of major retailers like Target will provide convenience to residents while increasing foot traffic, fostering a self-sustaining ecosystem.
• Long-term Growth: Centrocity represents a step toward reshaping Miami’s urban landscape by offering affordable yet modern living spaces within a dynamic retail environment.

3. Overtown Mixed-Use Development

The Overtown Mixed-Use Project is a 1.8-million-square-foot endeavor poised to transform the economic and cultural landscape of Overtown. Designed by Arquitectonica, this project comprises three 12-story apartment buildings and a three-story residential complex offering over 1,215 units. The Overtown project is part of a phased development effort expected to unfold over several years.

Key features include:

• Affordable Housing: This development aims to integrate market-rate, workforce, and affordable housing, making it accessible to a diverse demographic.
• Economic Revitalization: Overtown, a historically African-American neighborhood, will benefit from the influx of residents and businesses this development will attract.
• Cultural Significance: Overtown has long been a cultural hub in Miami, and this development preserves that heritage while steering the community toward contemporary urban growth.

4. MiMo District Development, Miami

The MiMo District in Miami is recognized for its historical significance and eclectic architecture. The forthcoming mixed-use development in this district aims to preserve the area’s cultural integrity while introducing 145 residential units alongside commercial spaces to bolster the local economy.

Key considerations include:

• Cultural Preservation: The project integrates the district’s distinctive architectural heritage, enhancing Miami’s standing as a city that harmonizes the old with the new.
• Economic Impact: The commercial elements of this project will increase foot traffic and stimulate local businesses, further establishing MiMo as a cultural and economic hub.
• Residential Appeal: The residential units are designed to attract young professionals and artists who are drawn to MiMo’s creative, vibrant ambiance.

5. The Shops at Pembroke Gardens

Pembroke Gardens continues to set a benchmark for integrating residential and retail spaces in South Florida. Featuring luxury shopping, dining, and residential options, this mixed-use space serves as a community hub.

The ongoing development focuses on:

• Community-Oriented Spaces: The Shops at Pembroke Gardens provide more than just a venue for shopping or dining; it offers a gathering place for the community, with walkable areas and public spaces that encourage social interaction.
• Economic Growth: By catering to both residents and visitors, this development significantly contributes to the local economy, creating employment opportunities and supporting long-term growth.

The Plaza at Coral Gables - Kevin Krueger Recommendation

The Plaza at Coral Gables represents a flagship project for RISE Realty, led by Kevin Krueger and his team. This expansive seven-acre mixed-use development is a pivotal focus for the company, offering a sophisticated blend of office, residential, retail, and hotel spaces. It stands as one of the most comprehensive developments in South Florida, attracting attention from leading businesses and residents alike.

Key elements of The Plaza include:

• Diverse Spaces: With Class A office towers, luxury residential apartments, retail areas, and a hotel, The Plaza serves as a premier destination for businesses, residents, and tourists.
• Business Magnet: It has started drawing top businesses and retail tenants, establishing its reputation as a significant player in Coral Gables' commercial real estate market.
• Community Integration: The design features a two-level paseo that connects the hotel with retail spaces, fostering a pedestrian-friendly environment and encouraging neighborhood exploration for both residents and visitors.

Kevin Krueger's recent collaboration with JLL’s broker aims to foster opportunities for partnership and content sharing, potentially enhancing the Plaza’s growth and development. By engaging with key real estate sector stakeholders, RISE Realty is positioning itself as a leader in this transformative submarket project.

Mario A. Rodriguez ?? Insight on Emerging Submarkets and Underdeveloped Areas

Kevin Krueger and Mario Rodriguez provide valuable insights into the mixed-use trend in South Florida, emphasizing RISE Realty’s strong market presence.

1. Homestead’s Untapped Potential

Krueger and Rodriguez identify Homestead’s untapped potential as a significant driver for South Florida’s real estate growth. Its extensive land availability and competitive pricing are particularly attractive to developers.

• Affordable Land Prices: Homestead presents notably lower land costs compared to Miami’s urban core, offering developers opportunities for large-scale investments.
• Future Growth Prospects: With South Florida’s population on the rise, mixed-use developments like Soleste Midtown in Homestead are essential for accommodating this growth.

2. Revitalization of Overtown

Overtown, a historically marginalized area, is experiencing renewed interest from developers. Krueger and Rodriguez stress the significance of initiatives like the Overtown Mixed-Use Development.

• Social and Cultural Impact: These projects aim to revitalize the community, preserving cultural heritage while promoting economic growth.
• Economic Benefits: The influx of new businesses and residents will create jobs, boost local spending, and enhance Overtown’s economy.

3. MiMo District - Preserving Culture Amidst Growth

The MiMo District exemplifies the balance between cultural preservation and growth. Krueger and Rodriguez highlight developments that incorporate architectural elements reflecting the area’s unique history, serving as a model for responsible urban expansion. RISE Realty’s insights underscore their strong market presence and commitment to thoughtful development in the region.

Trends Driving Mixed-Use Development in 2024

1. Community Integration

Mixed-use developments blend living, working, and leisure spaces, making them ideal for fostering community engagement. Developers are focused on creating environments that encourage social interaction through walkable spaces, public parks, and community centers.

• Walkability and Accessibility: Residents prefer areas that offer easy access to work, school, and leisure activities, reducing dependence on automobiles.
• Shared Spaces: By integrating shared spaces like parks, plazas, and retail hubs, these developments foster a sense of community often lacking in traditional suburban sprawl.

2. Sustainability and Eco-Friendly Design

Sustainability is now a necessity in modern urban development. Mixed-use projects incorporate eco-friendly design features to meet the demand for green living.

• Energy Efficiency: Developers are integrating features such as solar panels, energy-efficient appliances, and green roofs into these projects.
• Public Transportation Access: Proximity to public transportation minimizes the need for car ownership, enhancing the eco-friendliness of these developments.

3. Convenience as a Key Factor

Today’s residents prioritize convenience, and mixed-use developments meet this demand effectively.

• All-In-One Living: Residents can live, work, and shop in one location, reducing commute times and improving work-life balance.
• Proximity to Amenities: Mixed-use developments offer a wide range of amenities, from fitness centers to grocery stores, enhancing residents' convenience.

4. Economic Growth and Emerging Markets

Mixed-use developments play a critical role in economic revitalization, particularly in emerging markets like Homestead and Overtown. Developers are leveraging these underdeveloped areas to provide affordable housing while stimulating local economic growth.

• Job Creation: These developments generate jobs during construction and long-term employment through the businesses and services they accommodate.
• Boosting Local Economies: By integrating retail and commercial spaces, mixed-use developments ensure a steady stream of economic activity, benefiting the surrounding community.

5.Flexible Living Spaces

The post-pandemic world has led to an increased demand for flexible living spaces, where home and work environments can coexist. Mixed-use developments are rising to meet this demand by offering home-office combinations and coworking spaces.

Can We Expect More Mixed-Use Developments in South Florida's Future?

Kevin Krueger and Mario Rodriguez’s insights demonstrate the continued growth potential of mixed-use developments in South Florida. As urbanization continues, developers will seek to transform underutilized areas into thriving communities.

The region’s strong economic outlook, combined with RISE Realty’s expertise, makes it likely that we will see more transformative projects like Soleste Midtown and Overtown Mixed-Use Development in the years to come. W

ith its focus on community integration, sustainability, convenience, and economic growth, mixed-use development is undoubtedly a trend that will continue to shape South Florida's commercial real estate market in the future.

As emerging submarkets like Homestead and Overtown continue to attract attention, mixed-use developments will play a crucial role in shaping their growth and revitalization. With RISE Realty leading the way in responsible development practices, South Florida is poised for continued success in this sector.

FAQs

How are mixed-use developments impacting office space and medical office space in South Florida?

Mixed-use developments are significantly transforming South Florida by integrating office space and medical office space into vibrant communities. These developments create opportunities for businesses to thrive alongside residential and retail outlets, fostering a dynamic environment in areas like Miami Beach and Fort Lauderdale.

What role do retail outlets play in the community development of South Florida's mixed-use projects?

Retail outlets are a crucial component of community development in South Florida's mixed-use projects, offering convenient shopping and dining options to residents and visitors. This blend of amenities enhances the urban experience in areas such as Delray Beach and Boca Raton, contributing to the "live local act" ethos.

How does transit oriented development influence mixed-use projects in Miami Beach and Fort Lauderdale?

Transit oriented development plays a pivotal role in shaping mixed-use projects in Miami Beach and Fort Lauderdale by prioritizing accessibility and reducing reliance on cars. This approach encourages sustainable growth and connectivity, making residential project more appealing and practical for daily commuting.

What are some key mixed-use developments to watch in South Florida for 2024?

Key mixed-use developments transforming South Florida in 2024 include Southplace City Center and innovative projects in Boca Raton. These developments combine residential, office, and retail spaces, along with features like shopping mall, to create holistic communities that cater to diverse urban lifestyles.

Conclusion

The ongoing transformation of South Florida’s urban landscape, driven by mixed-use developments, reflects a broader trend toward integrated living, convenience, and sustainability. Projects like Soleste Midtown, The Plaza at Coral Gables, and the Overtown Mixed-Use Development are leading the way, offering a glimpse into the future of urban living.

As developers continue to tap into emerging markets, enhance community engagement, and prioritize sustainability, mixed-use developments will remain at the forefront of South Florida’s growth. RISE Realty is excited to play a pivotal role in this urban evolution, working closely with developers, clients, and businesses to shape the future of the region.

For inquiries or to learn more about how RISE Realty can assist with mixed-use development projects, reach out to our team today.

Links and Blogpost:

(The Real Deal, Miami Luxury Real Estate)

• Ken Griffin's Supertall in Brickell: Ken Griffin, founder of Citadel, has been heavily investing in South Florida. He submitted plans in July 2024 for a $1 billion mixed-use tower in Brickell. His companies have spent over $670 million on properties in the area, including a $363 million Bayfront lot

• Anand Khubani's $100M Miami Beach Purchase: In September 2024, Anand Khubani purchased a $100 million waterfront assemblage in Miami Beach. The deal includes multiple lots and an existing home, showcasing ongoing demand for prime waterfront properties

• Blackstone’s Affordable Housing Portfolio: In 2024, Blackstone acquired 13 affordable rental communities across Miami-Dade, Broward, and Palm Beach counties for over $300 million. This is part of the firm’s broader affordable housing investment strategy

• Starwood Capital Group's Multifamily Expansion: Starwood Capital, headquartered in Miami Beach, has been investing heavily in multifamily residential properties in South Florida. Their focus on both residential and commercial real estate reflects the region's growing demand for rental housing

• Goldman Sachs' Office Expansion in Brickell: Goldman Sachs continues to expand its Miami presence, leasing large office spaces in the Brickell area. This move is part of a broader trend of major financial institutions relocating operations to South Florida