When it comes to commercial real estate and investment in South Florida, there is much more than meets the eye. In Miami and other coastal cities, there are a number of issues to consider beyond simply prices and trendy developments. The Miami Association of Realtors tackled a number of relevant topics at the midyear update focusing on commercial real estate and the economy.
Industry leaders discussed issues facing CRE professionals today including: What you should tell clients about sea level rise, new ways to look at land and repurposing existing buildings and how new accounting changes impact your clients.
Our very own George Cuesta was a panel speaker on the issue of development and repurposing commercial space. He was joined on stage by other leaders in the South Florida development and CRE field including: Augusto Fonte with AJF Properties, Inc., Alexander Tachmes with Shutts & Bowen LLP and Natividad Soto with Ferguson Glasgow Schuster Soto, Inc.
The panel spoke in detail about ways to keep the already crowded Miami Beach real estate scene pertinent. George brought up historical restoration, a specialty of Cuesta Construction. “Historical restoration is key to keeping Miami Beach relevant,” said Cuesta. “Even North Beach preservation is important, even though it may not be the classic and coveted Art Deco look, it is still an important reminder of the style at that time.”
Industry experts also brought up that since there is limited buildable space in Miami Beach, you need to work with existing buildings and the more value you can add with a restoration, the better your investment will be.
The panel also discussed phased permits and using private providers. They agreed that the more you can agree on and decide at the start of the project, the more headaches you will prevent later on. Cuesta noted, “As time passes, the options you have to change certain things becomes limited, so you need to plan everything out right at the start.”
Other panel topics included Sea Level Rise, New Concrete Solutions for Commercial Structures, New Accounting Standards, and Air Rights. Be sure to check out the Miami Association of Realtors website for current events and industry news. (http://www.miamirealtors.com/)