Americans love progress, and real estate is a big part of that. There is no denying that commercial real estate affects the day-to-day life of Florida residents in positive and negative ways. The goal, however, is the overall urbanization of cities to improve the quality of life for everyone.
What is Urbanization and How Does it Occur?
Urbanization refers to cities growing and more people migrating to the area. Often it occurs when real estate developers tear down crumbling buildings and replace them with more modern, affordable apartments, condos, or houses. It may also include developing recreational spaces like parks, shopping malls, cultural centers, theaters, sports arenas, and entertainment complexes.
Benefits of Urbanization in Real Estate
There are vast benefits to urbanization if it's done right. Some of the benefits of urbanism include:
- The ability to bring people of all different backgrounds together in one place.
- Improved conditions for individuals living in poverty.
- It reduces the need for vehicles and long commutes, which positively impacts the environment.
- It encourages a sense of community that suburban life seems to be rapidly losing.
Examples of Urbanization at its Best
There are dozens of examples of urbanization achieving its goals. A few quick examples include:
Miami World Center
Urbanism is caused by redevelopment success stories such as the Miami World Center, which has brought together some top medical institutions, museums, The Bayside Marketplace, Freedom Tower, the American Airlines Arena, the Adrienne Arsht Center, and more. The Miami World Center calls itself "a confluence of retail, dining, culture, & entertainment experiences. It is a perfect example of how real estate contributes to improving life in urban areas.
Cocowalk is an open marketplace located in Coconut Grove, Miami. The mall opened in 1990 as a unique shopping and cultural experience. The developers tightly integrated this marketplace with the area's tropical gardens and natural surroundings. Cocowalk is home to boutique shops, retail outlets, and office space.
The Underline is Miami's 10-mile linear park, urban trail, and public art destination, just below the city's Metrorail. It includes dozens of urban offerings such as a gym, gathering spaces, health & wellness plaza, cultural and educational programs, as well as entertainment for kids. The entire space has been reimagined and refreshed to unite the surrounding communities with the natural landscape.
The Future of Urbanization
Commercial developers have witnessed and recognized these benefits and have responded accordingly. If more cities/municipalities and communities allow this type of urbanization, real estate developers will continue to expand this vision.
Doing so will bring an influx of new interest to areas that have previously not been able to benefit from redevelopment, such as Allapattah, the hospital district, Little River, West Little River, and El Portal.