What's New in Doral's Commercial World

With the economy in an upward swing and with interest rates low, it seems that brokers are overwhelmed trying to meet the demands of buyers seeking to purchase commercial property in the Doral area. Property owners can't understand why brokers are knocking at their doors to what seems to be 'just another listing'. But the reality of this frenzy is simply that Doral's commercial real estate market has become one of the most highly demanded areas for companies to operate from.

Recently more new companies have moved into the Doral area than ever before, such as distribution and import/export businesses that find Doral's location ideal. Doral is situated right between the Palmetto and Dolphin Expressways, within close proximity to both the seaport and Miami International Airport.

Property foot values in Doral have dramatically increased. Warehouse space per square foot currently ranges from $80-$100, depending on location and condo vs. free-standing buildings. Developers are unable to keep up with the demands of the market and prices are quick to reflect the scarcity of land. New condo-warehouse developments are currently being offered from $110-$125 per square foot.

Viktoria Telek sees this as an opportunity for owners to sell and obtain top value. One of her most recent transactions includes a 7,700 SF warehouse off the Palmetto in which she represented the seller. Viktoria was able to bring a full price offer from a buyer she procured within two weeks! This is a great example of why now is the time for owners to consider selling their property and take advantage of the opportunity to obtain the highest value for their property.

For a free market analysis on your property contact Viktoria Telek.

New Viaduct in Doral

The northwest area of Miami-Dade County historically has been the designated “hot spot” for the cargo industry especially the import / export business. This cargo traffic normally uses N.W. 25th Street as its transportation corridor for access to / from SR-826 (Palmetto Express) and the Miami International Airport.

Over 48,200 vehicles (20% are trucks) a day travel the 25th Street corridor from N.W. 67th Avenue to N.W. 87th Avenue. When you add to this traffic flow railroad tracks, it can take over 20 minutes to cross this two mile link.

In response to the dramatic freight volume on N.W. 25th Street, generated by both the Miami International Airport Cargo and SR-826 (which is the principal surface of conveyance of goods and people through out Miami-Dade County), the Florida Department of Transportation (DOT) with a $100 million budget is in the beginning bid stage of a two component improvement on the NW 25th Street corridor. These improvements will be a new elevated roadway (viaduct) and the widened reconstruction of the roadway at grade.

The viaduct component calls for construction of two-lane 45-50 feet excusive bridge over SR 826. This amazing structure will run from Miami International Airport over SR 826 onto 25th Street and end around 82nd Avenue. It will be a 1.18 mile viaduct built on a series of concrete and steel piers. Traffic moving westbound will have the option to enter onto the Expressway or resume onto 25th Street till 82nd Avenue

The second component is the grade improvement for N.W. 25th Street which includes widening the road to six lanes from N.W. 87th Avenue to N.W. 72nd Avenue and four lanes from N.W. 72nd Avenue to N.W. 67th Avenue.

Improvements include increased turning radii for trucks at all intersections, signalization, double left turn at major intersections, landscaped median, improved lighting and drainage and enhanced access to adjacent businesses

According to DOT all eminent domains on the 30 affected properties (mostly small pieces) have taken place. The bids for this project will start late summer of this year and construction should begin January 2006 with a 3 year construction time line. In order to minimize any delays to normal traffic, DOT also stated that the construction will be done mostly at night or weekends.

As a Commercial Real Estate Specialist in Doral, I feel that this project will not only be beneficial and necessary for cargo haulers but will help aid in the future development west of the turnpike. One industry that may see dramatic results is the flower industry. Presently when companies are scurrying to make their last drop off around 1:30PM it can take over half an hour to go less then four miles. With the viaduct and expanded 25th Street, the flower industry and others will have the ability to move products more quickly, thus factoring westward growth and providing more efficiency and convenience for those in distribution.

According to the City of Doral Mayor, Juan Carlos Bermudez, “This is one of the few major projects in Miami-Dade that appears to have little opposition.” As we all are aware, the long term benefits of this project definitely outweigh any short term inconveniences.