What Donald Trump hath wrought in Miami Beach: Height limits and the boutique boom
Alexei Barrionuevo has a fascinating column in Curbed that looks at how height limits are changing Miami Beach.
After Donald Trump and others lobbied for tall buildings (in Trump's case a 100-story hotel-casino), residents pushed back, forcing city officials to impose height restrictions in the late 1990s.
Nearly 20 years later, the result, Barrionuevo writes, is a "botique boom". Tall buildings are out. Modestly-sized, but exorbitantly-priced luxury condos designed by starchitects like Renzo Piano are in.
The trend of the rich moving back to cities and what that might mean has been well reported by several outlets, including the Tampa Bay Times. But Barrionuevo touches on an all-together different phenomenon -- the super rich building exclusive communities on entire city blocks (beach front in this case) filled with only a few dozen residents, if that many.
It's not just that the price of much of the prime urban landscape is going up, it's that they are getting emptied out of people who actually live there. That's what happens when you limit a commodity -- the price goes up, and fewer people can afford it.
Piano's 87 Park, for instance, has 16 floors for a grand total of 68 units. One bedrooms start at $1.6 million and four bedrooms fetch $10 million. That's such an exclusive neighborhood that the marketing of these projects is targeted not to the 1 percenters, but to the .01 percenters.
"You are not denying anyone to walk into the sales office," one sales agent tells Barrionuevo. "Are you specifically targeting certain people? Yes. But that is not discriminatory, it is strategic."
Read all about it here.