New Miami Worldcenter development brings in thousands of new construction jobs

Construction jobs are coming to some of Miami’s lowest income neighborhoods, building on the previous 12 months of job growth, which already saw a substantial rise in construction sector employment.

From March 2014 to March 2015, construction employment in Greater Miami increased 8.2 percent, according to the U.S. Bureau of Labor Statistics; and it stands to jump even further this year, as the forthcoming Miami Worldcenter, scheduled to break ground in 2015’s third quarter, promises an additional 10,000 jobs, many likely to go to job seekers in the southeast Overtown/Park West and Omni Community Redevelopment areas.

“I am very happy that Miami Worldcenter’s developers followed through with the commitment in helping to support economic opportunities by hosting the first job fair in our historic Overtown community,” said County Commissioner Audrey Edmonson in a conversation with real estate news website GlobeSt.com regarding a job fair that saw nearly 500 Overtown residents gather for a chance at snagging one of the 10,000 construction jobs up for grabs. “I had the opportunity to speak to many of the applicants that were there and saw firsthand the ongoing need for employment in our community.”

According to the most recent Bureau of Labor Statistics data, at 6.3 percent, Miami’s unemployment rate, while an improvement from a year prior (7.1 percent), remains well above the national rate of 5.3 percent, making the expected influx of new jobs a welcome addition to the local economy.

Worldcenter Marks Move Towards Retail Tourism

With a price tag nearing $2 billion, the 27-acre Worldcenter development will radically alter the city’s downtown between South Beach and its Central Business District. Already the development is drawing attention from around the world.

Daniel Kodsi, developer of the PARAMOUNT Miami Worldcenter, an attached luxury condo tower, claimed he’s already received interest from international buyers spanning a long list of home countries.

“PARAMOUNT Miami Worldcenter has drawn buyers from 20 countries around the world and across the U.S.,” he said. “Between our ultra-premium residences, over-the-top amenities and unmatched location at the center of Miami’s newest shopping, dining and entertainment district, we have the most unique project in the downtown Miami market.”

On its website, Worldcenter’s developers provide a snapshot into what the project may ultimately look like and include, promising a healthy mix of retail, hospitality and residential. The fusion of these three once separate aspects of Miami living is the result of what Emilio Perez, vice president of SB Architects, calls a move towards “retail tourism.”

“Miami’s always been a tourist destination,” he said, “but over the years it’s evolved into an international retail destination as well, where people from Brazil and all over will come to Miami just to go shopping.”

Perez went on to add that “smart developers,” like those behind Miami Worldcenter, are becoming more adept at catering to the particular portion of the market, which is why mixed-use developments are becoming such commonplace.