The building will also help out the surrounding areas by adding retail to the street level and providing a pedestrian-friendly atmosphere. It will consist of two levels of retail closest to ground level, with hotel and office space occupying most of the building. This is an important step in Miami's office boom, as now that the real estate bubble has burst and condos are no longer in as much demand, the only way that Miami is going to continue its urban growth is with the construction of tall office towers in downtown. Back in the 1980s, a major office boom occurred, similar to the one that is just beginning now. Out of that came two of the Central Business District (CBD)'s two most impressive and famous buildings, Bank of America Tower and the Wachovia Financial Center (formerly Southeast Financial Center). Out of the condo boom between 1995 and 2005, only Four Seasons Tower is as impressive in height and design as these two towers. And that residential boom produced a lot more urban density and total number of buildings that the office boom of the '80s. So, with that in mind, just imagine how great the coming office boom could be with the approved 903-foot Brickell Financial Center, Brickell CitiCenter, and the One Bayfront Plaza discussed above. Brickell Financial Center is most important because it will be located at the epicenter of the city, on Biscayne Boulevard near Flagler Street, and immediately adjacent to a public transit station, the existing Wachovia Financial Center, Bayfront Park, and the emerging retail district. With all of the new residents that are going to be moving into downtown's condos in the next few years, they will need a place to work, so office buildings are needed.
Brickell Financial Center has gained approval recently from the Miami city commission but will need approval from the Federal Aviation Administration (FAA) in order to be built. With a new ordinance being introduced to allow taller buildings in this area, and the fact that the developer is working closely with the approval board to ensure that it meets all of the necessary standards, at this point there is a very good chance for approval. Developer Tibor Hollo traditionally only does one project at a time, however, so we'll have to wait for him to complete his twin 55-story Villa Magna towers in Brickell before One Bayfront Plaza gets underway. That will probably occur around the year 2011. Before that happens, Bayfront Plaza must be imploded, the tower must gain FAA approval, engineering work must be done, and the interior planning must be finalized.
Below is a photo shopped image of what Miami will look like in 5-10 years when all of the buildings that are currently under construction are completed and when projects like this (realistic proposals) are also completed.
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