The Miami Downtown Development Authorityâ€™s Population & Demographic Profile Study indicates that 57 percent of residents were age 20 to 44 and had a per capita income that is higher than both Miami and the county. The study also shows the number of households has increased 93 percent since 2000.
There were 23,000 new residential units delivered in Miami between 2003 and 2010. The areaâ€™s population stands at about 72,000 people as of midyear, representing a 9 percent increase, year-over-year, and outpacing the 6.8 percent growth rate experienced during the previous decade, according to the DDA.The areaâ€™s per capita income grew by 39 percent from 2000, and far exceeded that of the city of Miami and Miami-Dade County. Additionally, more than 65 percent of employed downtown residents work as professionals, with an average household income of $43,992.
â€œThe influx of new residents is transforming the area into a 24-7 urban community and is having a ripple effect by attracting additional investments to the area,â€ DDA Executive Director Alyce Robertson said in a statement.
According to the report, downtown Miamiâ€™s rapidly expanding population is generating growing demand for retail, restaurants, entertainment and cultural facilities, as well as enhancing the areaâ€™s drawing power as an international destination for business and tourism. As a result of this population growth, retail has flourished, with more than 200 new restaurants and shops opening since 2005, with many catering to the younger demographic.
Major mixed-use projects such as Genting Groupâ€™s Resorts World Miami, Swire Propertiesâ€™ Brickell CitiCentre and Espacio USAâ€™s 1400 Biscayne Center project are examples of international developers betting big on downtown Miamiâ€™s future. The $3.8 billion Resorts Worth Miami might include gambling if the Florida Legislature approves it.
New residential condominiums are also in the works, with both Newgard Development Group and The Related Group .. planning towers.
â€œDowntown Miamiâ€™s vibrancy is unheralded considering the general state of the U.S. economic recovery,â€ said report co-author Craig Werley, of Focus Real Estate Advisors, in a statement. â€œThis report confirms the districtâ€™s long-term viability and role as Floridaâ€™s most critical economic engine.â€
Oscar Pedro Musibay Reporter â€“ South Florida Business Journal
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