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Proposed Chinatown Development in North Miami Helps Boost Property Values

Things are looking quite good for the proposed Chinatown that will be going up in North Miami, and this is welcome news for many. It is believed that the property values of the neighborhood will increase further. Already, they have gone up 8.6% since the district was designated by the city in February of 2016. Now that things are moving ahead, the value of properties could go up quite a bit more.

Property Values

The Concept of Chinatown

Even though things are technically still in the conceptual stage, it is quite exciting to get an idea of just how things will be changing in the area. The current version of Chinatown will have two gateways featuring a Chinese-style design. It will run between 119th Street and 135th Street. There will be one gateway to the north and one to the south. It is important to remember that things are still in the concept stage right now, of course, and that certain design elements could change.

In addition to the Chinese style designs, there will also be Haitian and American designs displayed in the area. For example, there will be a statue of George Washington in Miami’s Chinatown. The developers in this area are very excited by all the possibilities and believe that it has the potential to make North Miami important not only in the local scene, but also internationally. While things seem to be going well, the final master plan will be presented to the Community Redevelopment Agency’s Advisory Committee in July.

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Property Values Going Up

When Chinatown comes to North Miami, it is believed that the property values in the area will continue to rise. There are several reasons for this. A new 300-room hotel will be coming to the area near the southern gateway, and there are other new real estate developments coming soon. The city hopes that the creation of Chinatown will help to draw more tourists to the city. They also want to bring more technology companies to the area, which means more jobs and more money for the nearby neighborhoods.

Even the streets will be undergoing a makeover. One of the lanes of traffic will be taken away and replaced with a landscaped median. The idea behind this is to reduce the amount of traffic flowing through the area. The actual redevelopment will be on a case by case basis. They promise that development in the area will not have to change the facades of buildings if they do not want to, but grants will be available for those that do want to upgrade.

It will still take some time before everything is complete in the new Chinatown area of North Miami. It does promise to be a fascinating evolution to watch, and investors might want to consider buying properties now before those prices go up much further. It could turn out to be a very wise investment that can pay off in the end.

Resource: https://therealdeal.com

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