Miami's Top Construction Firms: Who's Still Building in the Magic City?

It's the end of an era for Miami's development boom, and the city's top construction firms are feeling the effects. According to Martin Melo, a principal at Melo Group, a Miami-based development and general contracting firm, the market has significantly calmed down since the pandemic began.

"I think we are at the end of the cycle for projects that began shortly after the pandemic," Melo told The Real Deal. "There is still a lot of inventory being built in the [condo and apartment] sectors, but the market seems much calmer."

This slowdown is evident when analyzing the city of Miami's active permits. The rush to add more buildings to the Magic City's skyline has now turned into a jog, with fewer new projects in progress.

One notable firm experiencing this slowdown is Swire Properties, the developer behind the massive Brickell City Centre project. In the past year, the company has only received one permit for a small interior renovation, a significant decrease from previous years.

Meanwhile, major players like Related Group and Mast Capital have also seen a decrease in active permits, signaling a winding down of the development boom.

However, some firms are still moving forward with new projects. For example, Fortune International Group recently received approval for a new condo project in North Beach.

This slowdown in development is not necessarily a bad thing for the city, as it allows for a more balanced real estate market and prevents overdevelopment. As Melo puts it, "It's good for the market to take a break and for the inventory to be absorbed."

Originally reported by