North Miami Beach is an up-and-coming submarket in greater Miami and Faith Investment Properties Group and FIP Realty's Roy Faith tells us why.
1. More Interest Overall in North Miami Beach
"We see an expanding demand to live and work in this city,” Roy says. A number of projects are spurring interest: the upscale iPic Theater opening east on 163rd in the Intracoastal Mall, which the Dezer Group recently acquired; the soon-to-be-completed Marina Palms on Biscayne Boulevard; and the proposed new Harbour development by Maule Lake. "What was once an ignored city is becoming a destination."
2. The City's Redevelopment Plan
The NMB Urban Design Plan, which was adopted to guide the design and redevelopment of North Miami Beach, will do exactly that, Roy predicts, especially the development of new mixed-use projects and municipal parks. The green space in particular will make North Miami Beach a more desirable place.
3. A Focus of MOBs
With the planned renovation of Jackson North Medical Center, there's a lot of demand for medical practices in the surrounding area. Recently the FIP Group acquired two more medical office buildings in North Miami Beach for $7M to add to its portfolio: The Venture Center at 16853-16855 NE 2nd Ave, which has a combined 60k SF. "We're already talking to a number of medical groups who like the location off the Golden Glades interchange, which makes it very accessible for patients and doctors,” Roy says. More MOB development in the city is a possibility.
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