Property investors think this industrial Miami nabe is about to blow up

Miami is a city of perpetual “Next Big Things.” So it’s no surprise that a once meh industrial area studded with warehouses is now bubbling up as the hottest ’hood for luxury living, retail and dining. Introducing, Merrick Park.

Situated smack-dab in the middle of Coral Gables, easily one of the ritziest home market in the US, the Merrick Park District (MPD for shorthand) is seeing a new wave of residential projects, including Merrick Manor, the Henry, Belmont Village, the Watermark, LifeTime, and the latest, the Cassia Residences.

Brown Harris Stevens broker Philippe Diener has personally called the area home for more than 30 years, and he’s witnessed the rapid, yet architecturally tasteful, transformation first-hand.

“The new development in and around the MPD reflects the area’s historic, Mediterranean style,” said Diener, noting that the area’s aesthetic is an antidote to bland contractor-modernism.

Currently, Diener represents local properties like the $4.1 million single-family residence at 4001 Santa Maria St., located on the Riviera Country Club, and a mile away from the heart of the nabe’s fine shops and dining.

Diener touts the district for being “very walkable,” and family-friendly, but acknowledges its drawbacks: “The buildings are almost on top of each other and depending on which line the buyer chooses, it can limit privacy, views and natural light,” he said.

Roger sees the area not only as perch for primary residents, but also as a home base for tourists. Still, he concedes that traffic is already an issue. On the bright side, the MPD is built alongside Miami’s equivalent of the High Line, dubbed the Underline — a 10-mile linear park beneath Miami’s Metrorail serviced by a free trolley to the Coral Gables business district, just a few miles north.

Adding to the real estate momentum in this area, Cassia broke ground in early 2025, with an opening projected for February 2027. Raimundo Onetto, principal and CEO of Alta Developers in Coconut Grove remembers when MPD was a blank slate — now, he’s looking forward to seeing that 12-story, 174-residence building add to the area’s bustle.

Featuring turnkey furnishings packages with RH interior and outdoor collections, Onetto says the property is designed for flexible ownership, with one-, two- and three-bedroom residences coming to market.

“The once-vacant lots have been replaced with thoughtfully designed residential and commercial developments, shaping a thriving, walkable community,” he said. “Now, with only a few lots remaining, Merrick Park has become one of the most coveted areas in Coral Gables.”

Meanwhile, Coldwell Banker broker and co-founder of the Jills Zeder Group in Coral Gables, Nathan B. Zeder, said that luxury is the area’s biggest asset. In 2002. Shops at Merrick Park opened, which now attract some four million visitors a year. In 2008, One Village Place arrived adding to the area’s retail footprint.

“[It’s] where you can shop for a Louis Vuitton purse and an Aston Martin just steps away from each other,” he said. He’s repping 225 Alesio Ave., a $3.34 million mansion built in 1924 with a pool, a gym and Spanish-tiled terraces.

Ena Espino Pereda of ONE Sotheby’s International Realty is another MPD booster, who also credits the Shops at Merrick Park with fueling the growth of the surrounding area. It made way for places like 2022’s Loews Coral Gables Hotel and her firm’s upcoming Ponce Park Residences.

Oscar Roger, president of Roger Development, based in Coral Gables, is at the helm of the company behind the Avenue, the first condohotel in the MPD or Coral Gables. It’s scheduled to open in July 2025.

With two-bedrooms from $2.4 million, that project is slated for 2027. The 58 Mediterranean-style homes will be complemented by ample green spaces, high-end finishes and walkable proximity to Merrick Park’s shops and dining.

On the single-family home front, Espino Pereda’s colleague Michael Martinez reps 641 Almeria Ave., a four-bedroom manse with an inviting courtyard anchored by a beautiful fountain that is asking $3.75 million.

“Merrick Park’s growth has helped transform Coral Gables into a modern, sophisticated urban enclave while still honoring its historic roots,” said Martinez.

Ready to relocate the wife and the rug rats? Best buy soon, he warned. “While Coral Gables’ schools are among the best in the state, spots in these top-rated schools can be extremely competitive, due to high demand,” said Martinez.