FYI Miami: May 29, 2014
HOTEL FIGURES STRONG: Hotels in Miami-Dade County showed double-digit gains in both revenue per available room and average daily room rates in April, with revenue per available room climbing 15.8% to $168.07 and average daily rate rising to $206.83, the Greater Miami Convention & Visitors Bureau says. Average occupancy rose 2% during the period to 81.3%. Nationally, the area’s hotels ranked second to New York in average revenue per available room, third behind New York and Oahu Island in average daily room rate and third behind New York and San Francisco in occupancy percentage.
ON TRACK: Miami commissioners have approved a resolution supporting the Tri-Rail Coastal Link Commuter Rail Service. The resolution says that the Florida East Coast Railway historically operated passenger rail service along Florida’s East Coast, many cities are developed around passenger stations, and large portions of the region’s population and businesses are concentrated within those cities “where roadway traffic congestion is now degrading the quality of residents’ lives and stifling the growth of trade and commerce.” Commuter rail service would help mitigate the worsening traffic congestion, improve air quality and reduce fuel consumption in an environmentally sustainable manner, the resolutions states. Also, it says, commuter rail service would provide jobs, expand the tax base and increase revenues to strengthen local and regional economies, while providing improved access to job opportunities and greater mobility for the transit dependent members of the community. The commission agreed to “study a means” for providing a local share of funding for capital and operating costs for Tri-Rail.
LIVE AND WORK: New residential construction in the Wynwood Arts District can begin soon, after recent city commission approval of two ordinances that would change the land use of property on Northwest 24th Street from light industrial to general commercial and change the zoning classification from Workplace to Urban Core Zone-Open. Wynwood 250 LLC, owner of property at 230, 234 and 250 NW 24th St., plans a mixed-use, phased project to include ground floor retail, with live-work and multifamily residential units above the ground floor. Phase 1, already in design and permitting, calls for a six-story mid-rise building, including retail on the ground floor, with five stories of live-work or multifamily apartments. Phase 2 would probably be an eight-story building with retail on the ground floor and seven stories of multifamily apartments and supportive parking.