Have New York Investors Found the Next South Beach?

Is Downtown Miami—home to historic Flagler Street—the next South Beach? For decades, public and private investment has avoided Downtown, where buildings of historic value were decaying and much of the available retail space was leased to tenants hawking luggage, electronics and cheap clothes. While navigating Flagler Street, particularly at nighttime, you may find it hard to imagine that Downtown Miami could duplicate the renaissance that South Beach’s Art Deco district experienced nearly three decades ago. But the signs forecasting such a future are emerging.