The Parking Advisors team has provided parking investment advisory services throughout Miami and southern Florida. We’ve consulted on projects in many of the city’s neighborhoods including Downtown, South Beach, Brickell and Wynwood.
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Differences Between Submarkets
The drivers that impact parking vary significantly depending on the submarket:
The Brickell submarket has over 7 million square feet of office space, making office parking demand the largest demand driver. Retail, hotel, restaurant and night life drivers also generate parking demand. There are three large mixed use projects in the submarket. Brickell City Centre is located west of Brickell Avenue and has 500,000 square feet of shopping, 780 condominium units, 263 hotel rooms and 2,600 parking spaces. Brickell Heights / SLS Lux is comprised of 680 residential units, 78 hotel rooms and 4 restaurants and bars. Mary Brickell Village is a lifestyle center with numerous retail shops and restaurants.
The Miami Beach Convention Center, beachgoers, hotels, restaurants and service industry workers are Miami Beach’s main parking demand drivers. The City owns and operates a number of parking facilities (https://www.miamibeachfl.gov/city-hall/parking/parking-garages-lot-locations/). The City’s mandate is to provide public parking and sells a limited number of monthly passes. The City’s parking rates are lower than private garages; therefore, the City’s garages generally fill first on busy days. Hotel valet storage is an important revenue generator since many hotels do not have onsite parking. The weather also has a significant impact on parking revenues. Rainy days discourage beachgoers, negatively impacting parking revenues.
Downtown Miami has a diverse set of demand drivers. Office demand is largely concentrated along Biscayne Boulevard and the Miami River. Other demand drivers include FTX Arena (home of the NBA Miami Heat), Miami Dade College, MiamiCentral Station and numerous courthouse and government buildings.
Wynwood is a relatively new parking submarket. Known for its art galleries, restaurants, bars and clothing boutiques, developers are building apartment, retail and office projects throughout the submarket. These demand drivers generate parking demand as well as Wynwood Walls, an open-air street art installation covering more than 80,000 square feet of abandoned warehouse walls.
Metrorail, Metromover and Metrobus provide public transportation in Miami. The Metrorail is a 25-mile elevated rail system that connects downtown Miami with Miami International Airport. Metromover is a free service that has three loops: Omni Loop, Inner Loop and Brickell Loop. Metrobus has 95 bus routes that cover Miami as well as Miami Beach, Key Biscayne, Homestead, Fort Lauderdale and the Florida Keys. While Miami has multiple modes of transportation, driving is still the preferred method to get around the Miami area.
A 7% sales tax is applicable to all parking transactions. This includes the state and county components of the tax.
The City of Miami also charges a 15% Parking Surcharge on each parking transaction. The surcharge is applicable to all parking facilities, public or private, that charges a fee. The 15% surcharge is charged on the parking fee as well as the sales tax.
Miami Beach does not have a surcharge; however, the 7% sales tax is applicable to parking transactions in Miami Beach.
Events have a meaningful impact on parking demand in Miami’s submarkets. These events include Ultra Music Festival, Miami International Boat Show, Miami Yacht Show, Art Deco Weekend, Art Basel, Miami Sailing Week, Miami Fashion Week and South Beach Wine & Food Festival. Some of these events, have moved cities over the years. For example, the Ultra Music Festival moved from Bayfront Park in downtown Miami to Virginia Key Beach Park in 2019. This left a significant gap in parking revenues for downtown parking garages in 2019. The festival is expected to return to Biscayne Park in 2022.
Miami World Center
Miami World Center is the largest development in Miami. Expected to cost $4 billion, the 27-acre development will include residential units, hotel rooms, retail and parking. The development is adjacent to the Brightline train station and will occupy 10 city blocks. The development is led by a partnership that includes Art Falcone, Nitin Motwani and CIM Group.