Climate Change Causing Miami Developers to Build at Higher Elevations
For example, developers Tony Cho and Bob Zangrillo, with Plaza Equity Partners and Cirque du Soleil founder Guy Laliberte, are planning a mixed-use development in Little Haiti on land between Northeast 60th and 64th streets and Northeast Second Avenue. The $1 billion project will span 17 acres. Home values in waterfront areas are also decreasing in value due to the risk of rising seas.
The trend is resulting in a phenomenon being called “climate gentrification,” whereby longtime residents in those areas are being pushed out. These individuals have historically been drawn to these areas over areas closer to the shore.
“Across Miami-Dade County, the higher elevation you are, the faster the rate of price appreciation, across the entire county,” Harvard’s Jesse Keenan told Public Radio International of the phenomenon activists are calling “climate gentrification.”