Developers Plan New Innovation Center for MiamiMay 11, 2015
Long the center of commerce, culture, and hospitality, Miami is now seeking to raise its profile in yet another thriving sector: tech and research. Visionary developers, city planners, and entrepreneurs are coming together to create the first “Silicon Beach”.
The effort is being spearheaded by the Miami Innovation District, a $2 billion project developed by the prominent Simkins family. Aiming to attract big tech companies like Google and Yahoo!, this dedicated science and research center will be located in the heart of city and promises state-of-the-art features.
According to The Miami Herald, the Simkins have already spent $120 million to acquire 10 acres of land near the downtown area, which will be part of the 7 million-square-foot district, which includes 4 million square feet of office space, 250,000 square fee of retail and 2.4 million square feet of residential units.
The “innovation hub” is intended to incubate ideas for both start ups and established tech giants, promising to create 13,000 high-paying jobs in the process.
“Miami is on everybody’s radar,” Simkins told the Herald from his family’s Miami Beach offices. “The question that comes around is, what is needed? What do we need to move the ball? My answer to that question is a major technology company.”
Detailed plans were submitted to city last month, and call for the Innovation District to be designed by SHoP Architects, a New York-based firm working on similar projects in Botswana, Kenya, and other countries.
With its curving buildings, sleek design, and seamlessly integrated open spaces, the district looks appropriately futuristic. It will offer performance and exhibition zones, “micro” units that appeal to young professionals, and a 633-foot tower that will include restaurants, observation decks, and even a ground-level amphitheater.
With tech companies reportedly leasing office space faster than any other business in Miami, the Miami Innovation District will no doubt be a popular new addition to the city. It is a symbol of the region’s growth into a major center of opportunity for all sorts of lifestyles and pursuits.
This real estate update was brought to you by Miami Beach Luxury Real Estate expert Matt Crane. To learn more about the amazing opportunities available in the rapidly expanding Miami market, contact (305) 203-0000.