FYI Miami: June 4, 2015
RESIDENTIAL BUILDING DIP: Even as new condo towers continue to rise on Miami’s skyline, contracts for future residential projects slowed down in April in South Florida compared with April 2014, Dodge Data & Analytics reported last week. Future residential construction contracts reported in April were $443.6 million, down 11% from the $487.5 million reported in April 2014. For the year to date, however, future residential contracts in South Florida have risen 19% to total $1.9 billion, Dodge reported. Meanwhile, nonresidential contracts for future work reported in April rose 27% to $344.9 million from $277.1 million in April 2014. For the year to date, total nonresidential contracts have risen 46% to almost $1.2 billion.
PORT CARGO HITS DECADE RECORD: After PortMiami handled more cargo in April than in any month in more than a decade, county officials said dredging of the port’s main harbor channel to a depth of 50 to 52 feet will be complete in summer, allowing the port to handle far more fully laden ships. The 93,400 20-foot equivalent units of cargo the port handled in April was the most since December 2004, officials said. But now the port can only receive ships of up to 9,700 of the units; it is expected to be able to berth ships carrying 13,000 to 14,000 units when dredging is complete. The April cargo level was up 21% from April 2014, and to date this fiscal year port cargo is up 13.5%.
OPA-LOCKA ACQUIRES $7.9 ASSET: The City of Opa-Locka bought Town Center I from JWV Florida Properties LLC for $7.9 million. The four-story, mixed-use office building with ground floor retail is at 780 Fisherman St. Built in 2004, the transit-oriented property is on .48-acres. Miguel Alcivar of CBRE Investment Properties collaborated on the transaction with others from the company.
WORLD CENTER CDD, FOR NOW: Miami-Dade commissioners unanimously agreed on first reading to grant Miami Worldcenter developer’s petition to create a community development district for the project. Member of the clergy, union representatives and residents lined up to speak against the developers Tuesday. The opponents, many of whom wore t-shirts with the words “Black Work Matters,” begged commissioners to defer approval until the developers agree to pay to train unemployed locals, hire them at a living wage and meet with union and community representatives. A number of commissioners said “Yes, for now” when voting. The ordinance, sponsored by Audrey M. Edmonson, is tentatively scheduled for a public hearing before the commission July 14.