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 Developer...