Architecture is a key part of society and culture. Nations and cities are often associated with architectural works of their native land: Paris and the Eiffel Tower, China and the Great Wall, India and the Taj Mahal. Miami has its own historic buildings, but may soon have an iconic symbol in the form of a genuine skyscraper. The Empire World Towers scheduled to be built in 2010 will soar above the Miami skyline, becoming the most prominent building in the city of Miami.
The Empire World Towers will consist of two mega buildings with a "sky bridge" connecting them, somewhat reminiscent of the Petronas Towers in Malaysia. This building will defy conventional heights for Miami skyscrapers by rising an incredible 93 stories or over 1,000 feet. The structure designed by world renowned architect Kobi Karp will be a residential building in the heart of downtown Miami.
Many people believe a lofty investment like this in a fledgling real estate market is ludicrous. The market has been on a steady decline for several years and many fear the worst for South Florida real estate. So how do these investors expect to sell so many units in a troubled market?
The huge condo project was not deterred by sour market reports for one reason: long term investments. South Florida has proven time and time again that it will persevere through any slump and handsomely reward long term investors. The project will also take two years to begin and many, including the NAR, predict the current housing slump will end in the last quarter of this year.
We shouldn't get too excited just yet, the project is still under review from the Miami City Commission. As with any project this huge, there are a lot of crucial issues that need to be debated and addressed. This project will likely have a dramatic effect on the real estate market and most think it will be positive. What effect do you think the Empire World Towers will have on Miami real estate?
