Nearly 4,200 New Condos Planned Between Miami River And MacArthur Causeway In Greater Downtown Miami
A review of 2023 condo statistics shows that about 46 percent of the nearly 9,100 new condos announced for Greater Downtown Miami are slated for the Central Business District submarket.
Developers have announced plans to build nearly 4,200 new condos in the Central Business District (also known as Downtown) submarket of Greater Downtown Miami since 2021, according to an analysis based on statistics from CondoVultures.com.
This represents more than a 50 percent increase in the total number of units in the Central Business District submarket that stretches one-mile long from the Miami River north to the Gen. Douglas MacArthur Causeway, according to the stats.
In terms of market share, the number of units planned for the Central Business District submarket represents about 46 percent of the nearly 9,100 new condos announced for Greater Downtown Miami in the last few years, according to the stats.
Fueled by an influx of corporate relocations and work-from-home employees who have flooded into South Florida since the pandemic, this latest development boom could push Greater Downtown Miami’s total supply of condos to more than 52,800 units since 1963 when condos were first permitted to be sold in Florida, according to a report from CondoVultures.com.
It is worth noting, the 52,800-unit mark excludes the thousands of new rental apartments that are planned, under construction or recently completed by companies - publicly traded or privately owned - that intend to rent out and not sell off their residential units in Greater Downtown Miami.
For context, Greater Downtown Miami is a 60-block stretch comprised of three submarkets - Brickell Avenue Area, Central Business District also known as Downtown and the Biscayne Boulevard Corridor - that extends from the Eddie Rickenbacker Causeway north to the Julia Tuttle Causeway, and Biscayne Bay west to Interstate 95, according to boundaries established for internal statistical purposes by CondoVultures.com in 2006.
From south to north, the Brickell Avenue Area submarket is defined as the Rickenbacker Causeway north to the Miami River.
The Central Business District submarket - also known as Downtown - is an area that extends from the Miami River north to the MacArthur Causeway.
The Biscayne Boulevard Corridor submarket - which includes the neighborhoods of Edgewater, Midtown and Wynwood - stretches from the MacArthur Causeway north to the Tuttle Causeway.
It is unclear how many of the nearly 9,100 new units will ultimately be built in Greater Downtown Miami.