Happy Friday, Miami!

In this week’s update:

🛳️ New Nationwide Cruise Passenger Record: Figures unveiled last week show that the port recorded 8,233,056 passenger boardings and arrivals during the year. The prior record was 7,299,294, set last year.

🌃 The Ultimate Wynwood: This ambitious project is set to bring 1,300 residential units and 21,601 square feet of commercial space to the area, designed to meet the needs of Miami’s growing population and provide affordable housing options under Florida’s Live Local Act.

🏢 New Deadlines for Condo Reserves: Florida requires all condo associations with three-story buildings or higher to file an inspection report that focuses on different parts of a building and the expected cost to renovate or maintain them.

In case you missed it

🎥 What’s it REALLY Cost to Live in Miami in 2024

In this video, I will unveil the true cost of living in Miami in 2024. Making a comparison between the 3 major grocery shopping destinations: Trader Joe's, Whole Foods, and Publix.

🏙️ Live Local Plans Submitted For a Pair of 36-Story Towers Dubbed Ultimate Wynwood

Driving the news: Plans are underway for Ultimate Wynwood, a transformative new project in Miami's Wynwood neighborhood. This two-tower development will add 1,300 residential units, with a significant portion dedicated to affordable housing, alongside 21,601 square feet of commercial space, making it one of Wynwood’s largest residential projects to date.

Details:

• 1,300 Residential Units: A range of housing options including compact micro-units, studios, one-bedroom, and a few two- and three-bedroom apartments, offering something for everyone.

• 40% Affordable Housing: In alignment with Florida’s Live Local Act, 524 units will be income-restricted, providing affordable housing options for Miami’s growing population.

• Commercial Space: Over 21,000 square feet are allocated for retail, bringing more business opportunities and community spaces to the area.

• Parking Solutions: Two basement levels and parking across floors two through five provide 1,099 spaces, with a 30% waiver requested to maximize usage.

Why it matters: With Miami’s population growth driving up demand for housing, Ultimate Wynwood addresses both affordability and accessibility, bringing much-needed affordable units to an increasingly popular area. Located in the heart of Wynwood, the development also supports local businesses and provides a walkable, mixed-use environment, aligning with the neighborhood's focus on arts, culture, and community connection.

The big picture: As one of Miami’s most significant recent residential developments, Ultimate Wynwood highlights Miami’s commitment to urban housing solutions that prioritize community-centric growth. This project reflects Wynwood’s unique character, incorporating both high-density housing and vibrant commercial spaces to further enrich the area.

What’s next: The proposal for Ultimate Wynwood is scheduled for a hearing with the Wynwood Design Review Committee on November 18. If approved, the project will mark a milestone in Wynwood’s development and set a precedent for future community-focused, sustainable housing initiatives.

The bottom line: Ultimate Wynwood stands to bring exciting new housing and commercial opportunities to Miami’s arts district, making affordable urban living more accessible and boosting the area’s economic vitality.

Real Estate Insights

What to do this weekend

⭐️ An Evening of Icons: The Commodores, Pointer Sisters, and The Spinners (Nov 15) – Enjoy a nostalgic night with legendary music groups performing their greatest hits.

🍻 North Miami BrewFest (Nov 16) – Sample a variety of craft beers from local breweries and enjoy food trucks and live music at this popular festival.

🎭 The Happening: A Theatrical Mixtape (Nov 16-23) – This theatrical production combines various performance styles for a unique experience.

🎙️ Whose Live Anyway? (Nov 17) – Enjoy an improv comedy show featuring cast members from the popular TV show "Whose Line Is It Anyway?"

🎸 The Avett Brothers Concert (Nov 17) – Join the folk-rock band for an evening filled with their signature sound and heartfelt lyrics.

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Have a great weekend!!

-Joe