Lionel Messi’s signing with Inter Miami CF has been a boon for the local economy in more ways than one. With soccer interest at an all-time high for the area, ticket sales have increased for the club, but so has international real estate interest in South Florida. Messi’s arrival has resulted in a surge of demand from potential Argentine buyers for one of North Bay Village’s new luxury residential projects. The project at 7918 West Drive is also actively marketing towards this demographic to take advantage of the growing popularity of Inter Miami CF.
In March 2023, Argentina accounted for 7.05% of all international searches on MiamiRealtors.com, according to a Miami Association of Realtors report. The 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members also revealed that Argentina purchased the most real estate in South Florida among foreign countries in 2022, with a share of 16% of all international purchases. The area of North Bay Village, located near Miami Beach’s Normandy Island and North Beach, is also known for having a significant population of Argentineans.
The North Bay Village City Commission recently granted its final approval to a proposal allowing for the development of certain areas of Miami Dade County Public Schools’ Treasure Island Elementary School in North Bay Village. One of the projects entails the construction and management of the Argentine Football Association’s (AFA) U.S.-based headquarters and soccer complex. The AFA intends to operate a youth soccer training program on the land. The proposed complex will feature soccer fields, a new community center, offices, sports facilities, and a park. The partnership with AFA will include scholarships and discounts for North Bay Village children and a free after-school soccer program at select times of the day. The Miami-Dade County School Board has also approved the project.
In February 2023, North Bay Village experienced the first groundbreaking in ten years with the development of a state-of-the-art luxury waterfront condo project at 7918 West Drive. The 21-story building will house 54 luxury residences on a 33,600-square-foot lot on the Intracoastal Waterway. Developed by Pacific & Orient Properties, LLC, an international leader in integrated technology solutions, the project is expected to be completed by the first half of 2025. The company has its U.S. headquarters based in Lauderdale-by-the-Sea and has locations in Kuala Lumpur, Malaysia; London, England; and Bangkok, Thailand.