Asian companies are behind the two largest commercial projects in Miami this year, with Hong Kong’s Swire Pacific obtaining approval for Brickell CitiCentre, and Genting Malaysia Berhad paying $236 million for the waterfront site of the Miami Herald. The Brickell project is a $700 million plan of retail, hotel, residential and office space. According to Mayor Tomas Regalado, the Swire project will bring in $2 million in permit fees next year, along with $5.5 million in annual property taxes. Regalado visited Taiwan in May, and city officials are planning a trip to Peru in November. In all, overseas buyers bought $447.9 million worth of commercial property in the first half of this year in Miami, according to Real Capital Analytics. “The large-scale projects indicate the interest to stay in the market a significant amount of time,” said Ben Thypin, market-analysis director at Real Capital. “I think of Miami along the lines of a San Francisco or Manhattan.” [Bloomberg]
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