It is reported that property values might increase as Miami anticipates a large quantity of construction projects in late 2011.
Since 2008, the county has experienced an overall decline of 24 percent in taxable values, said Miami Today.
Miami developers seem to feel the time is right, as projects are once again scheduled to begin.
Developer Tibor Hollo plans to build a 35-story Sonesta Mikado Hoted & Residences, MDM Development Group adds to the mix with plans to erect a Whole Foods, a movie theater and a parking garage.
Swire expects to construct a 4.6 million-square-foot center which will cater to varying needs with a shopping center, hotel, two condo towers and an office among the extensive construction plans.
Former Miami Herald property, which was recently sold to Genting Malaysia Berhad for $236 million, will soon undergo extensive construction plans involving the construction of a hotel, shops and a convention center.
Key Biscayne is expected to begin construction of four oceanfront residential towers, replacing the Sonesta Beach Hotel.
“Although these projects have different timelines and some could take years to finish, these developers are confident about starting construction soon. As project phases are completed, they would be added to the tax roll,” said Miami Today.