Posts Tagged ‘Miami’

1111 Lincoln Road Parking Garage Turning Heads in Miami Beach

Tuesday, November 16th, 2010

Miami Beach garage adds a new twist to finding a parking space.  That eye-catching new building in Miami Beach is not an avant garde hotel but a unique twist on the utilitarian parking garage, with retail on the first floor. Officially known as 1111 Lincoln Road, the garage designed by the Swiss architectural firm of Herzog & de Meuron has seven exposed concrete slabs supported – at first glance rather perilously – by tilted concrete columns.  The structure rises 125 feet from its ground-floor retail to a 5,200 SF penthouse with a sloping terrace.  The building was developed by Robert Wennett, who says that the geometrical dimension makes it seem like minimalist art.  “The idea was it should not look or feel like a garage,” Wennett said.

Thanks to the building’s striking architecture, it was featured in “House of Cars:  Innovation and the Parking Garage” exhibition at the National Building Museum in Washington, D.C.  Additional garages in the exhibition were designed by such luminaries as Frank Lloyd Wright, Paul Rudolph and Miami-based Arquitectonica.  Terence Riley, who previously was director of the Miami Art Museum, said the Herzog garage is a “chance to show Miami Beach that important architecture doesn’t have to be Art Deco.”

An interesting aside is found in the 2005 transaction in which Wennett acquired the site, which then was occupied by an office building.  At that time, Miami Beach zooming regulations would have allowed him to construct a 50,000 SF building.  Because parking is so tight in Miami Beach, however, the city doesn’t include the majority of parking spaces in a building’s square footage for zoning purposes.  By adding parking, Wennett significantly increased the building’s square footage and created an impressive structure that is attracting upscale users to its 13 retail and four restaurant spaces.

Housing Prices Decline Sharply During July

Friday, October 17th, 2008

Housing prices in the United States plunged a record 16.3 percent during July, compared with the previous year.  According to Standard & Poor’s/Case-Shiller Home Price Indexes, this indicates an ongoing home-price decline now in its second year.

The S&P/Case-Shiller composite index of 20 metropolitan areas declined 0.9 percent in July, when compared with June.  That represents a 19.5 percent decline since the housing boom peaked in July of 2006.  According to S&P, the composite index of 10 metropolitan areas fell 1.1 percent in July, representing a 17.5 percent year-over-year decline.  Compared with 2006, the index is down 21.1 percent.

“There are signs of a slowdown in the rate of decline across the metro areas, but no evidence of a bottom,” said David Blitzer, chairman of S&P’s index committee.  Economists see declining home prices -as a result of foreclosures – as one of the biggest threats to America’s financial system and economic growth.

Declines on Las Vegas – the nation’s weakest housing market – hit 29.9 percent compared with last year, and 34.3 percent when compared with its August of 2006 peak, according to S&P.  Yearly declines for Phoenix and Miami were 29.3 percent and 28.2 percent in July, respectively.