How Brickell Is Changing: High Investments & High Rises
If Miami is the gem of South Florida, then Brickell is where its true brilliance lies. This district, which was founded in the mid-19th century, rose to prominence in the early 20th century due to its many financial institutions. Lavish mansions lined Brickell Avenue, gave it the nickname “Millionaire’s Row,” though these were eventually replaced by offices, hotels, and apartment complexes starting in the 1970s.
This Miami mainstay has only grown more attractive in recent years thanks to the many influential companies that call it home, and savvy investors have followed to take advantage of Brickell’s renown.
This article will explore the changes up ahead for Brickell – and why you should join the clamor for this high-value area.
Companies Are Eager to Enjoy the Miami Heat
One key reason so many investors want to buy in Brickell is simple: they are following the influx of companies that want to call Miami home.
Career Group Companies, a national staffing agency, opened its Brickell office in 2020 after recognizing key changes in the American marketplace. The pandemic's decentralized work styles have led to remote workers seeking a sunnier lifestyle, which is part of the reason Miami’s population has grown by an incredible 3.03% since 2020. Much of this population change has been due to high-earning workers in the tech and finance industries, who can afford the luxury condominiums springing up all around this high-value area.
Along with game-changers like Career Group Companies are major tech companies hoping to capitalize on the lucrative workforce, including LexerX, Rothschild & Co., and Citadel. Miami's extremely low unemployment rate—just 1.4% in January 2024, well below the nationwide rate of 3.9%—is buoyed by the numerous tech startups that have sought to capitalize on crypto, fintech, and other specialized facets of this industry.
Investments Are Pouring Into the Neighborhood
While many prominent neighborhoods across the country have experienced a post-pandemic slump due to workers leaving for more affordable areas, Brickell has fought off this trend and only continues to grow. There have been significant increases in private investment in recent years, underscoring how significant this neighborhood is for Miami as a whole.
One of the key investments recently made in Brickell is the Brickell City Center unveiled by the Swire Group, which was also responsible for the five-star Mandarin Oriental Hotel. The 4.9 million square foot mixed-use project is one of the largest in Miami, inviting visitors and locals alike.
A 500,000-square-foot open-air shopping center offers upmarket retail that fits in perfectly with Brickell’s clientele, while the 352-unit hotel operated by Swire Hotels provides business travelers, part-time residents, and Miami guests the opportunity to relax in luxury. There are also condominiums and office spaces, all undergirded by the revolutionary Climate Ribbon system, which offers both active and passive environmental control.
This is one of the most significant investments in Brickell in recent years, fitting perfectly with Miami’s overall goal of creating mixed-use spaces that satisfy a variety of needs in this dense urban environment.
Another key established investment is the Mary Brickell Village, a 200,000-square-foot mixed-use property in the heart of Brickell. This showpiece property was at the heart of a major merger between Kimco Realty and RPT Realty, which had purchased the property in 2022. Kimco stated that Mary Brickell Village was the property most poised for growth in the coming years, demonstrating their trust that Brickell would be a key player in their overall real estate strategy.
A Slate of New High Rises Are Set to Be Delivered
Brickell is Miami’s most densely populated neighborhood, so it makes perfect sense that a spate of new high rises would appear to meet the demand. Many of these are not simply properties, though: they come with a swathe of benefits to investors and visitors alike, ensuring a high-class experience for anyone lucky enough to visit.
One of the most highly anticipated projects is Viceroy Brickell - The Residences, which is set to open in 2026. Designed by Arquitectonica and featuring interior design by award-winning New York firm Meyer Davis, the 45-story building will have 496 units, including short-term rental condominium options. Some of its key amenities will include a private marina, perfect for those seeking to head out into Biscayne Bay on their Aviara yacht, as well as an outdoor spa, fitness center, and club room. There is even a wine cellar, so residents will always have the perfect pairing for their meals.
However, Viceroy Brickell is not the only high-rise soon to soar above Brickell Avenue. Others include Cipriani Residences Miami, ORA by Casa Tua, and Lofty Brickell, all designed by some of the best firms in the architecture business.
Brickell Is Poised for Explosive Growth
With businesses flooding into Brickell to enjoy its many investment opportunities, the smart real estate professional will recognize that Miami’s most exclusive community is a clear winner. The Sun Belt only continues to grow sunnier, as evidenced by the major groundbreaking projects taking place in Miami. Thankfully, there are many pre-construction options available for investors who seek to maximize their cash flow with a luxury property.