The Problem With America’s Next Megacity

Miami is in the middle of a Renaissance the city's been dubbed the Wall Street of the South as Financial firms relocate on mass to Florida they've been drawn in by the lacks covert restrictions amid the pandemic warmer weather and lower taxes the massive influx of people is having real-world effects there are now nine super tall skyscrapers in the works and the first has already broken ground these buildings will be the tallest on the US East Coast outside of New York at the same time rents are surging and some residents are being pushed further into the outer suburbs and all of this is taking place against the backdrop of climate change the impacts of climate change are already being felt well first of all Margaret it's not theoretical for us in the city of Miami it's real Miami sits right along the ocean it's in the middle of a skyscraper building boom and some here have questioned if the city will even be around in a matter of decades so how are you trying to construct America's next Mega City when its entire future may be at risk Miami's always been an attractive City it's warmer weather outdoor lifestyle and lower taxes have been steadily drawing people in for a long time but the pandemic accelerated things in the last two and a half years basically since the pandemic Miami has become this magnet for the well-heeled in Tech in finance and many other Industries and startup land and it's it's really a dramatic change in the quality of tenants and the type of people that are going 2020 saw a surge in people from other states buying lockdown retreats to escape the restrictions and forced at home there's also been a wave of office leasing from major companies like Microsoft and Amazon and in 2021 Florida saw the second biggest population increase in the entire country this in turn creates more business opportunities once the big firms have established themselves smaller firms that would never have considered Miami before have flocked to the city to work with these larger companies but the reason Miami now has this moniker Wall Street South is because the sort of the kind of firms that are moving and moving in droves not it's no longer a little office here and there it is actually signifying intent to make that the major base if not the headquarters experts are now saying Miami could become a major player in the tech and finance worlds putting it on par with Silicon Valley and London within a decade regardless of rising sea levels right now Miami is reaping the benefits of becoming the Wall Street of the South and the construction industry is at the Forefront of its new identity due to break ground in 2023 this 317 meter super tool skyscraper will become the tallest office building in the state one Brickell City sensor will feature 148 000 square meters of office space as well as the largest floor plates for a class A office tower in Miami but its rain is the state's tallest office building might not last long the proposed one Bayfront Plaza is coming in at 320 meters to match this slate of commercial buildings large-scale luxury residential developments are popping up all over the skyline too there's the 319 meter skyscraper proposed for 888 Brickell Avenue that'll include 259 condos spread over 82 stories then there's the Crown Jewel of the city's newly minted super tall skyscrapers the Waldorf Astoria Hotel and Residences designed as a stack of glass boxes Rising a hundred stories high the Waldorf will include 360 private residential condo units as well as 205 hotel rooms and Suites there'll also be a restaurant and ballrooms and construction work has already begun before we get too far into this shiny new Miami in the making let's take a minute to tell you about our sponsor for today's video nordvpn if you're a vitamin D deprived Brit like me you might dream about one day living at the top of a Floridian skyscraper surrounded by palm trees and sunshine if you want to browse real estate listings in Miami then give yourself some peace of mind that your personal data and internet activity is secure especially if you're on public Wi-Fi there are a lot of cyber security threats out there nordvpn works at super fast speeds to keep you private and secure online by hiding your IP address and routing your internet traffic through an encrypted connection to a VPN server you can connect up to six devices to access TV shows movies and games that aren't available in your country from anywhere in the world right now users can get a huge discount on a two-year plan and if you sign up through nordvpn.com forward slash tomorrow's build you'll get an additional four months free with a 30-day money-back guarantee again that's nordvpn.com forward slash tomorrow's build now let's get back to the video everywhere you look there is construction on a scale the city has never seen before there's investment in new businesses which should help boost the local economy but it's a bit of a double-edged sword for locals there are now record rent hiked in the city they've gone up 45.8 percent over the last year that makes it the highest increase in rent in the entire country and has earned Miami the title of the most rent burden city in America renters here devote nearly 60 of their income to paying for housing that's pushing locals further and further out congesting roads and swelling up the outer suburbs it's a phenomenon seen in major cities all over the world growing pains on wami's way to becoming a major International Metropolis where it might become unsustainable is when your development and your excitement and your Capital meets your infrastructure realities Miami is not a real City in that sense right the roads the public transit all of those other things that fall in I mean it's essentially designed uh as a quaint little town and now is trying to be a city so is all this growth in construction ultimately short-sighted what will this city look like at the end of the century or even in just a few decades well Miami could be wiped off the map by 2100 and may be unlivable even sooner than that at least according to to a report called the Florida climate Outlook put together by an independent research group sea levels are expected to rise by up to 79 centimeters by 2060 and the pace of that Rising is getting quicker a new study claims that Miami Beach Key West in the upper and lower Keys could soon be underwater in an effort to make sure Miami is still around in 50 years it's now spending four billion dollars over the next 40 years to build new sea walls elevated roads and higher capacity pumps and drainage systems to alleviate flooding but even that might not be enough some areas will have to adopt a strategy of managed Retreat within two decades these areas will be too expensive to maintain and will have to be abandoned Florida's position at the end of the Atlantic Ocean's Hurricane Alley makes the state twice as vulnerable to these devastating superstorms than any other in 2017 alone Cyclones contributed to an estimated 265 billion dollars worth of damage in the state as storms become more frequent and more deadly it'll only become a more expensive place to stay these factors have led to the coining of a new term in Florida real estates climate gentrification first popularized by a Harvard study of Miami house prices in 2018 the phrase refers to a sudden increase in the value of elevated land across the city in 2012 the average home in Little Haiti cost 99 600 today the price is 414 000 just over what you'd find at Miami Beach the reason for this Little Haiti is 2.1 meters above sea level compared to Miami Beach's 1.2 meters those extra 90 centimeters are converting to Dollars and quickly these higher elevated areas are also historically black working class and poorer the people living here are now finding themselves pushed out for Mega luxury developments like that of Magic City Innovation districts in Little Haiti a billion dollar six hectare site that would have been unheard of in the area just a few years ago now it's the norm there's no question that Miami is a city on the rise an explosion in growth has led to record construction and towering super tool skyscrapers unseen on the East Coast outside of New York at the same time it's been declared as the front line of America's climate crisis it'll be one of the city's worst affected by Rising seas and increasing hurricanes it remains to be seen how the city will fight its looming future but for right now it needs to build in a way to weather the oncoming storm this video was made possible by nordvpn you can learn more about that at the link below and as always if you liked this video and you want to learn more about where construction is headed make sure you're subscribed to tomorrow's build thank you foreign

Channel: Tomorrow's Build

Views: 137,951

Keywords: construction, architecture, engineering, Tomorrow's Build, tomorrowsbuild, TomorrowsBuild, tomorrows build, B1M, The B1M, Fred Mills, building, future, Miami, climate change, skyscrapers, flooding, sea level rise, Waldorf Astoria, luxury, gentrification, little haiti, calle ocho, little havana, florida, real estate, penthouse

Id: fcjNCYn9vxw

Length: 9min 43sec (583 seconds)

Published: Tue Oct 25 2022

Reddit Comments

[u/Headweirdoh]

The pandemic was really the worst thing to happen to Miami.

[u/mytimelineforever]

The only thing rising in Miami is the water

[u/Folk-Herro]

Construction that kicked out my community that has no one from there will benefit from

[u/freshbeat64]

Loved the part where he said, “Miami is just pretending to be a city”

[u/OGistorian]

It’s a shame the streets will be fully under water in the next 20 to 50 years.

[u/Proof-Abroad-8684]

The streets are flooding on sunny days due to king tide..