From city to city, certain neighborhoods wind up tapping into something that makes them irresistible. Sometimes that can be hard to quantify; at others, it’s relatively easy to pin down why a neighborhood or district has suddenly become hot. A new article in The Hollywood Reporter explores the rise of Miami’s Coconut Grove neighborhood — which, the article notes, has been seeing a steady increase in home values, up to a $2 million median price by November 2022.
What’s responsible for this? The article makes a number of good arguments, from the climate to the walkability. But it also sounds like there’s an even simpler reason for why people are clamoring to live and dine there — there’s been a lot of money put into making the neighborhood a destination.
This has led to two Michelin-starred restaurants, Ariete and Los Félix. But the last few years have also seen an uptick in high-profile, high-end residences — two 20-story buildings made from twisting metal, for instance, or a number of retro-futuristic residential structures elsewhere in the neighborhood.
The Hollywood Reporter‘s article cites a redevelopment project that cost $150 million as being at the heart of the neighborhood’s increased profile. At present, it seems to have reached a compelling equilibrium between historic and modern — an impressive balance, if you can achieve it.
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