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<\/a>Rendering of the Miami River Landing<\/p><\/div>\n
It\u2019s\u00a0Allapattah<\/strong>, part of what is commonly known as the \u201cHealth District,\u201d and it is being spurred by the largest retail project now under construction in Miami:\u00a0River Landing Shops & Residences.<\/strong><\/p>\n The name of Allapattah<\/strong> has an unlikely derivation for shoppers. It comes from a Seminole Indian language word: alligator. Beyond that, Allapattah<\/strong> is home to the Health District<\/strong>, the center of the city\u2019s medical, research and biotechnology industries and known as the largest concentration of medical-research facilities after Houston.<\/p>\n In the past year, home values rose 25% in\u00a0Allapattah<\/strong>, which is roughly a five-square-mile neighborhood bordered by 6th Avenue NW to 27th Avenue South and from NW North River Drive to 38th Street. The neighborhood is next to Wynwood<\/strong>, about five miles from the Miami International Airport<\/strong>. In addition to residents, the area\u2019s population is swelled by thousands of medical personnel who work there, many of whom are highly paid.<\/p>\n It is surrounded by major highways and serviced by the Metrorail<\/strong> and Metrobus<\/strong> transit systems. In common with other similar areas, it has an overflow stock of underutilized industrial and commercial properties. A familiar new trend is for buyers to buy and renovate industrial warehouse properties.<\/p>\n The neighborhood has been described for decades as a retail desert. But it is becoming one of the state\u2019s busiest employment hubs. It is also getting renewed attention from retailers such as Publix Super Markets, TJ Maxx, Hobby Lobby and others. River Landing<\/strong> is said to be the largest retail project now under construction in Miami<\/strong>.<\/p>\n The 2 million-square-foot development along the Miami River<\/strong> is the first large-scale retail project to enter the neighborhood. One of its major advantages is proximity to downtown Miami and access to major thoroughfares.<\/p>\n Promoters say the Allapattah<\/strong> area is joining the likes of other hot neighborhoods. They cite comparisons to areas such as Brickell<\/strong>, the urban area that in modern times has evolved into one of the nation\u2019s largest financial districts, and also near-downtown areas of Edgewater<\/strong> and Wynwood<\/strong>.<\/p>\n The later is a former industrial district known today for its variety of shops, entertainment district and artwork. Adjacent Edgewater<\/strong> is generally viewed as a dominant residential neighborhood with population-swelling high-rises that have helped draw retailers.<\/p>\n Hellinger<\/strong> and partner Coralee Penabad<\/strong> are the developers of River Landing Shops & Residences<\/strong>.<\/p>\n Since River Landing<\/strong> began to go vertical a few months ago, the 8.4-acre development has spurred real estate investors and developers to the area. They are obviously looking to serve millennials who want to work, live and shop in the same neighborhood. While the area itself has no more than 50,000 residents, it\u2019s retail appeal is vastly enhanced by the thousands of medical personnel. One example recently of its popularity: Robert Wennett<\/strong>, the developer behind the area\u2019s most famous parking garage at 1111 Lincoln Road<\/strong> in Miami Beach<\/strong>, partnered with Danish starchitect Bjarke Ingels<\/strong> to redevelop a site in Allapattah<\/strong>.<\/p>\n\n
\u201cWe are speaking with numerous retailers and restaurants that want to have a presence in Allapattah and the Health District because that\u2019s where a large majority of our population works and lives,\u201d says Ken Krasnow<\/strong>, executive managing director of Colliers International South Florida<\/strong>.<\/h3>\n<\/blockquote>\n
Some Reports Say Home Appreciation Surpassing Miami Beach<\/h3>\n
Area Compares Favorably to Brickell and Wynwood<\/h3>\n
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\u201cThe River Landing project is a smart market for retailers because the customer base is a growing sector of the local economy, yet there are barriers to enter the market,\u201d says Andrew Hellinger<\/strong>, a principal of Coral Gables-based UrbanX Group<\/strong>.<\/h3>\n<\/blockquote>\n
Appealing to Millennials with 24-hour City<\/h3>\n