FYI Miami: August 11, 2016
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
DOWNTOWN PRICES STEADY: Miami’s Downtown Development Authority has released its mid-year 2016 report, and it contains some good news for renters and potential buyers. Conducted by Integra Realty Resources, the report covers the period from January to June 2016, and says that prices “will continue to hold for new, under construction, and delivered inventory.” There are exceptions, of course: Brickell City Centre raised prices on average by 9% this quarter.
DORAL MOVING SLOWLY TOWARD ONE-WAY STREETS: City of Doral officials have yet to conduct a study approved by county commissioners in March regarding turning some of the city’s two-way roads in one-way streets. The city has received a grant from the county’s Metropolitan Planning Organization that stipulates that the city match 20% of the value of the study, said Doral City Manager Edward A. Rojas. The item is up for approval later this month, he said, after which the study meant to determine the feasibility of the traffic clearing measure will be conducted.
RENTS DROPPING: Rents in Miami were down by 0.4% in July, according to a report this week by Apartment List, an online company that publishes renter and house-related news stories. The median rent price for a two-bedroom apartment for August is $2,350 and rent for a one-bedroom is $1,860, 1.1% lower than they were in July 2015, according to the report. Rents in coastal cities continue to be the nation’s most expensive, the report says, with New York City and San Francisco boasting the highest rents in the nation.
SPOTLIGHT ON SMALL BUSINESS: The City of Coral Gables, in conjunction with the Coral Gables Chamber of Commerce and the Business Improvement District of Coral Gables, has launched a campaign focused on encouraging retail shoppers to “shop local” at small businesses unique to the city. The first event tied in with last weekend’s Florida 2016 Sales Tax Holiday, but Family Day on Aragon – a free block party – and the Summer Sidewalk Sale will be hosted on Aug. 13 and Aug. 20.
WHEELS DONATION: City commissioners approved donating a Ford E350 one-ton Econoline van to Attachable Inc., a 501(c)(3) non-profit. The 2004 vehicle, declared as surplus by the city’s chief procurement officer, will be used to enrich the community, a staff report says. Attachable Inc. aims to improve the lives of youth facing challenges within the juvenile justice system, local economy and educational system, the report says.