The Future of Bicentennial Park and Bayside Marketplace

Despite theMiami Bayside 150x150 The Future of Bicentennial Park and Bayside Marketplace enormous luxury high rises that dominate the landscape along the stretch along Biscayne Blvd. known as Biscayne Wall from 1st to 11th street, Bayside Marketplace, and Bicentenial Park, which are situated across the street, remain unattractive even given their prime waterfront location.

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That is about to change. Miami Science Museum is about to get a new home in Bicentennial Park which will afterwords be know as Museum Park and judging by the pictures it is going to be an impressive structure with some very interesting exhibits. It has been in the making for some time but finally with an additional $35,000,000 donation from the Frost Family it is on the fast track scheduled for a late 2014 completion. It will probably take longer as these things are never on time but it seems safe to say that it will be in fully operation in 5 years.

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Bayside Marketplace hasn’t been known for its fine dining with establishments like Hooters and Hard Rock Cafe but it now has the population to support much finer dining. The opening of places like Largos, is a step in the right direction and I suspect that we will see a gradual revamping of the tenant base as leases expire and lower quality tenants are pushed out. Even though occupancy rates and population density are much higher than two years ago, there will likely be an even greater potential market as the remaining 20% gets filled.  This will increase the demand for Bayside retail space and I fully expect the location to get significantly revamped in the coming years ultimately reaching the status of a Lincoln Road or superior by the end of the decade.

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