The Miami-Dade transit system is launching into a new investment launching Miami into modernization.
Miami is not the most walkable city in the US so Miami city officials, local politicians and developers are working together to connect Miami in a way that it's been not previously considered. These officials are looking at joining the city through biking and walking trails with more compact shopping and business centers and better public transportation.
With the addition of 'All Aboard Florida', the intercity passenger rail between downtown Miami and Orlando, this project will hope to create a multiblock complex adjacent to the County Government Center called MiamiCentral. This project will be a primary or central hub offering amenities for those traveling by long-distance or for daily commutes. This will include buses, trolleys, bike rentals and more. It's designed to provide access and transportation to the car will not be necessary. This development represents just another move by Miami to offer a more walkable and accessible city.
MiamiCentral will consist around the central station and provide to residential towers offering over 800 dwellings with affordable studios and one bedroom apartments. This is designed to attract a younger working group offering the prospect of a live/work and play environment. Parking spaces will be available for those that prefer the additional freedom of their own vehicle but the main goal is to eliminate a lot of the congestion and traffic and provide a wide variety of transportation options. The construction of the station base is expected to be finished within 2014 and further progress is designed for 2015. The first trains are projected to run in 2017 and the towers will be moving in their first tenants by March 2017 as well. [Source]
In related news, construction spending in Miami was up this past October in both private and public spending. Month over month, in October, nearly all construction sectors saw spending growth. This construction is due to the Miami World Center, Resorts World Miami, train stations, numerous expansive construction projects and residential. [Source]
In addition, qualifying incomes are surprisingly reasonable in Miami and more buyers are finding it easier and easier to obtain a home loan with an extremely affordable mortgage rates. All of this combined with the growth and new construction means that Miami is on the verge of an explosive housing market and economy. Now would be an excellent time to consider investing in real estate and building equity for future purchases.