Billionaire Ken Griffin says Miami could unseat New York as the world's financial center
MiamiMiami-Dade County
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The issue is the zoning code. Along coral way in The Roads its rated for midrise. However everything else is zoned for single family homes. These homes are already being built for almost $4M. There isn't going to be enough political capital to rezone the lots anytime soon.
Meanwhile most of the single family homes close to existing stations aren't as high end and there is already a political movement to appease the transit folks and rezone these locations to higher density. As I've mention as this is happening there is so much room for develoment that it would take decades to exhaust these locations so luxury inner city neighborhoods like The Roads, Buena Vista, etc aren't going high density in our lifetimes.
You know more than me since you actually live in Miami and therefore know more than me. But you have to look at the history of New York and San Francisco had a lot of mansions in Manhattan and close to Downtown SF and a lot of those mansions were demolished for bigger, taller dwellings.
If there was a preservation movement in the early 20th century, we wouldn't see a lot of skyscrapers today that we see now. It was perfect timing that the preservation went full steam during the 60's when the old Penn Station in 1964 was demolished for the current Madison Square Garden.
Nowadays, nobody better think of demolishing that sports Mecca, since a lot of sports history has been made in that arena. I wish I could save every single family house in Miami because a lot of them are nice, but it's impossible to save it when the city of Miami is trying to grow into a full fledged metropolis.
That's just the price to pay when you're trying to grow bigger, and I just don't see the Roads being a low density neighborhood in the next two decades. I wish Miami was twice as big that what it currently is, but when you have only 35 sq. mi. of land and you have the biggest skyscraper construction boom in Miami's history, there will be a lot of victors and a lot of losers, and because the Roads is just too close to a high density neighborhood like Brickell, it would be next to impossible that the Roads remains the same until next century, especially when the city want to grow in population.
Quote:
Originally Posted by gixxer1000
Again, this is about zoning. We're already at a shortage of single family homes and its only going to get worse. They aren't going to rezone single family lots when we have enough lots zoned for high rise to last us 100+ years.
If Miami was 72 sq. mi. rather than the 36 sq. mi., I could see a neighborhood like the Roads remain untouched, but with Edgewater being mostly built out and South Brickell planning on being built with taller skyscrapers, having a low density neighborhood very close to downtown like the Roads isn't going to be in Miami's future. East Little Havana is basically mid density, and in order for East Little Havana to remain a Latino enclave, planners and developers are going to have to build more multifamily dwellings, apartment buildings, and cooperatives in East Little Havana as well as in Overtown, Wynwood, Allapattah, and other places.
I believe the future development for the Roads will reflect the current income levels of the people who reside there, which means a lot more upper middle class multifamily dwellings, condos, and luxury housing. Maybe a few single family houses will remain, but everything changes. As much as I'd love to relive the 80's, 90's and the 2000's and maybe even visit the late 60's and the 70's, nothing lasts forever, we can only grow and adapt to the current situation, and the best situation for Miami to be like Paris, Buenos Aires, and even Manila when it comes to density.
Quote:
Originally Posted by gixxer1000
The only reason they are even making the current changes to the code is encourage transit oriented develoment which utilizes our existing rail system.
There isn't much need to expand the rail system currently. We should be focused on increasing developments near existing rail stations. Once we are on track to exhaust all those locations then we should be looking to expand.
That's up to the residents of Coral Way and Coral Gables to decide whether an elevated rail line is needed. I believe that the North Extension to Hard Rock stadium is a great start to expand, especially since there's a great need to have heavy rail service in that part of Miami-Dade County. The best rail expansion would be a rail line along Dolphin Expwy to Doral and University. Maybe that's enough for now. I just don't want the city of Miami to
still be mostly dependent on the car like many cities. A line to Coral Gables may happen in the future, but I guess a Dolphin Expwy line is what's needed for right now.
Quote:
Originally Posted by gixxer1000
"While you personally don't mind some outsiders to live in those places", lol. People have the right to live wherever they want to live.
It's more than just race, color, and ethnicity. Somebody's going to reside in a particular area, and I'd hate for Miami to be fully gentrified like NY, Boston, DC, parts of Chicago, LA, and especially SF. If there was a place where gentrification is needed, it's close to the water. The average family makes around $40K per household and a majority of people that don't make as much money are black and Latinos. A majority of the Cubans that reside in Miami aren't the elite but a lot of working class and middle class Cubans. Everybody that's Cuban ain't rich. There's more people that want to live in downtown Miami and Miami Beach than those who want to live in Liberty City, Little Haiti, and Little Havana.
If that's the case, then why not build more residential skyscrapers in places like Miami Beach and the Port District? If anything, I pray that the majority of Boomers who currently inhabit Miami Beach just die out only because they're holding up the potential of Miami Beach from being a much smaller major city into a privileged enclave of mostly the wealthy.
I'm all for preserving the historic structures in Miami Beach, but everything that was built in 1940 shouldn't be salvaged because of it's age. You have to expand, and the more skyscrapers that are built in Miami Beach, the more people it can hold in a 100 ft x 100 ft plot of land, the more population Miami Beach can hold, therefore the more revenue Miami Beach can collect through real estate taxes. All those towers that are being built in Sunny Isles Beach should've really been built in Miami Beach, but the NIMBYs continue to have an outdated view of Miami Beach to the point here the city has been declining since 1990 plus it's not as diverse in demographics as the city of Miami, anyways. Miami Beach needs a regime change and Boomers are holding it hostage!!!
You know more than me since you actually live in Miami and therefore know more than me. But you have to look at the history of New York and San Francisco had a lot of mansions in Manhattan and close to Downtown SF and a lot of those mansions were demolished for bigger, taller dwellings.
If there was a preservation movement in the early 20th century, we wouldn't see a lot of skyscrapers today that we see now. It was perfect timing that the preservation went full steam during the 60's when the old Penn Station in 1964 was demolished for the current Madison Square Garden.
Nowadays, nobody better think of demolishing that sports Mecca, since a lot of sports history has been made in that arena. I wish I could save every single family house in Miami because a lot of them are nice, but it's impossible to save it when the city of Miami is trying to grow into a full fledged metropolis.
That's just the price to pay when you're trying to grow bigger, and I just don't see the Roads being a low density neighborhood in the next two decades. I wish Miami was twice as big that what it currently is, but when you have only 35 sq. mi. of land and you have the biggest skyscraper construction boom in Miami's history, there will be a lot of victors and a lot of losers, and because the Roads is just too close to a high density neighborhood like Brickell, it would be next to impossible that the Roads remains the same until next century, especially when the city want to grow in population.
If Miami was 72 sq. mi. rather than the 36 sq. mi., I could see a neighborhood like the Roads remain untouched, but with Edgewater being mostly built out and South Brickell planning on being built with taller skyscrapers, having a low density neighborhood very close to downtown like the Roads isn't going to be in Miami's future. East Little Havana is basically mid density, and in order for East Little Havana to remain a Latino enclave, planners and developers are going to have to build more multifamily dwellings, apartment buildings, and cooperatives in East Little Havana as well as in Overtown, Wynwood, Allapattah, and other places.
I believe the future development for the Roads will reflect the current income levels of the people who reside there, which means a lot more upper middle class multifamily dwellings, condos, and luxury housing. Maybe a few single family houses will remain, but everything changes. As much as I'd love to relive the 80's, 90's and the 2000's and maybe even visit the late 60's and the 70's, nothing lasts forever, we can only grow and adapt to the current situation, and the best situation for Miami to be like Paris, Buenos Aires, and even Manila when it comes to density.
That's up to the residents of Coral Way and Coral Gables to decide whether an elevated rail line is needed. I believe that the North Extension to Hard Rock stadium is a great start to expand, especially since there's a great need to have heavy rail service in that part of Miami-Dade County. The best rail expansion would be a rail line along Dolphin Expwy to Doral and University. Maybe that's enough for now. I just don't want the city of Miami to
still be mostly dependent on the car like many cities. A line to Coral Gables may happen in the future, but I guess a Dolphin Expwy line is what's needed for right now.
It's more than just race, color, and ethnicity. Somebody's going to reside in a particular area, and I'd hate for Miami to be fully gentrified like NY, Boston, DC, parts of Chicago, LA, and especially SF. If there was a place where gentrification is needed, it's close to the water. The average family makes around $40K per household and a majority of people that don't make as much money are black and Latinos. A majority of the Cubans that reside in Miami aren't the elite but a lot of working class and middle class Cubans. Everybody that's Cuban ain't rich. There's more people that want to live in downtown Miami and Miami Beach than those who want to live in Liberty City, Little Haiti, and Little Havana.
If that's the case, then why not build more residential skyscrapers in places like Miami Beach and the Port District? If anything, I pray that the majority of Boomers who currently inhabit Miami Beach just die out only because they're holding up the potential of Miami Beach from being a much smaller major city into a privileged enclave of mostly the wealthy.
I'm all for preserving the historic structures in Miami Beach, but everything that was built in 1940 shouldn't be salvaged because of it's age. You have to expand, and the more skyscrapers that are built in Miami Beach, the more people it can hold in a 100 ft x 100 ft plot of land, the more population Miami Beach can hold, therefore the more revenue Miami Beach can collect through real estate taxes. All those towers that are being built in Sunny Isles Beach should've really been built in Miami Beach, but the NIMBYs continue to have an outdated view of Miami Beach to the point here the city has been declining since 1990 plus it's not as diverse in demographics as the city of Miami, anyways. Miami Beach needs a regime change and Boomers are holding it hostage!!!
Knocking down the old Penn Station was an abomination that should never be forgotten. Complete tragedy.
Knocking down the old Penn Station was an abomination that should never be forgotten. Complete tragedy.
It's tough, but Gen X (1965-1990) kids like myself don't remember the old Penn Station, we remember MSG being on top of Penn Station and didn't pay no mind nor the history of the old Penn Station.
Knocking down the old Penn Station, however, did jump start the preservation movement. I don't see MSG ever disappearing from the map unless America goes through some nuclear bombs because the people of NY, sports athletes, and fans alike will never see MSG disappear like that as it's a part of NY's public conscience, especially since it's the oldest basketball and hockey arena to date, similar to Lambeau Field in Green Bay, Wrigley Field in Chicago, and Fenway Park in Boston!
I'll put this in here, but Indxx is moving their HQ to Miami from NYC and all employees (100) have apparently relocated to Miami. From what it sounded like, that includes people from their offices overseas too. It has not been formally announced yet.
Same arguments as others, lower taxes, weather and they don't have to spend as much on salaries, either. I've actually met Rahul a few times, he strongly dislikes NYC. He still thinks it will remain the global financial centre and Miami won't overtake it, but does like the added competition.
I'll put this in here, but Indxx is moving their HQ to Miami from NYC and all employees (100) have apparently relocated to Miami. From what it sounded like, that includes people from their offices overseas too. It has not been formally announced yet.
Same arguments as others, lower taxes, weather and they don't have to spend as much on salaries, either. I've actually met Rahul a few times, he strongly dislikes NYC. He still thinks it will remain the global financial centre and Miami won't overtake it, but does like the added competition.
I believe that competition brings out the best in everybody, and if it will force NYC to reconsider their upcoming plan on congestion pricing in Manhattan below 60th St, as well as force NYC to lower some taxes and real estate prices throughout the city, then so be it.
Miami (the South) will not become the financial center in America, but one of the financial centers in America, along with NY (East Coast), Chicago (Midwest), and SF (West Coast)!
^ Agreed, I think NYC will still be the global financial centre, top 1 or top 2 globally. S.F will connect Asia with the U.S, Miami will be LatAm, Chicago will be a secondary global centre for the U.S
As expected, Miami has competition and money is placed on Dallas. I mentioned earlier that cities in Texas have a better chance of being a true "Wall Street South" and this article just confirms what I've been hearing for a while (and again, I was right on the money). Texas in general has seen an insane boom, in another thread, I showed how 3 of the top 5 cities to gain the most relocated HQ's were in Texas.
Wall Street’s new favorite satellite location is Dallas: The staff are cheaper and there’s space to build bespoke offices
As expected, Miami has competition and money is placed on Dallas. I mentioned earlier that cities in Texas have a better chance of being a true "Wall Street South" and this article just confirms what I've been hearing for a while (and again, I was right on the money). Texas in general has seen an insane boom, in another thread, I showed how 3 of the top 5 cities to gain the most relocated HQ's were in Texas.
Wall Street’s new favorite satellite location is Dallas: The staff are cheaper and there’s space to build bespoke offices
Hmmmm! The factors is that many financial centers are practically at of close to a major body of water. London is 2 1/2 hours from Dover while Paris is three hours away from Le Havre. Both Britain and France are practically closest to The Atlantic Ocean, hence the reason why those two countries have had colonies in the New World.
Tokyo, Hong Kong, Singapore, Mumbai, and Dubai are all adjacent to a major body of water, and ditto for NY, SF, Miami, and Buenos Aires. São Paulo is basically about 2 hours from Santos, the largest port in South America. Only issue with Dallas is that it has just the Trinity River as it's major body of water and is completely landlocked. Dallas is also a much bigger version of Denver w/o the Rockies in the background and a more robust economy than Denver.
I still believe Miami will have a more dynamic economy than Dallas due to the number of int'l banks HQed there as well as Miami being the closest city to Latin America and the Caribbean, a major air hub, a major seaport (once again, Dallas is landlocked), a growing rail infrastructure, and because it's on the Eastern Seaboard, a quicker and more direct connection to Europe and Africa than Dallas.
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