The $4-plus/gallon of gas threshold hit this summer has pushed the real estate industry in unforeseen ways -- fundamentally altering how it behaves and its understanding of markets. It is changing the way brokers market property, how brokerages charge clients, how managers budget improvements, how tenants decide where to locate, how local governments are approaching development and transportation issues, how consumers decide where to spend money, how logistics firms manage their distribution centers, how landlords calculate their expense pass-throughs, and how lenders fund construction projects and acquisitions. It has investors adjusting their acquisition criteria and has asset managers recalculating cash flows. And these are just a few of the ways.
Written by Mark Herschmeyer
Costar Group
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NW 25th Street Reconstruction and Viaduct Project Begins Mid July 2007
Miami, FL – In mid July 2007, the Florida Department of Transportation (FDOT) is scheduled to begin the NW 25th Street Construction project between the Palmetto Expressway (SR 826) and NW 67th Avenue (FIN No.’s 251185-2-52-01, 405665-3-52-01 and 251185-2-56-01). This project is expected to last approximately four years and cost an estimated $115 million. The project is designed to improve the flow of traffic and facilitate the movement of goods in and out of the cargo facilities at Miami International Airport (MIA) and will include:
· Total reconstruction of NW 25th Street from the Palmetto Expressway (SR 826) to NW 67th Avenue;
· Widening of NW 25th Street from just west of NW 70th Avenue to the Palmetto Expressway (SR 826) adding an additional westbound lane;
· Construction of a viaduct (an elevated bridge) situated along the north side of NW 25th Street which will have one eastbound and one westbound lane from just east of the Palmetto Expressway (SR 826) to NW 68th Avenue and NW 22nd Street, the area known as MIA’s West Cargo Area;
· Construction of a new road over the North Line Canal at NW 74th Avenue providing direct access to NW 25th Street;
· New signalization, street lighting, landscaping, water and sewer main and pedestrian features.
During construction there will be four lanes of traffic (two eastbound and two westbound) open from the Palmetto Expressway (SR 826) to NW 72nd Avenue and two lanes of traffic (one eastbound and one westbound) open from NW 72nd Avenue to NW 67th Avenue on NW 25th Street. In order to complete
key construction activities, lane closures will occur at various locations during the hours of 8:00 p.m. and 5:30 a.m., Sunday through Saturday. In addition, detours will be necessary to construct the viaduct over NW 25th Street at NW 68th Avenue and over NW 72nd Avenue. Information on these and any other detours will be provided well in advance. Access to businesses will be maintained at all times throughout the project.
The Project’s Public Information Specialist, Oscar Gonzalez, will be located at the FDOT Construction Field Office which will be at NW 25th Street and NW 68th Avenue. Please feel free to contact him at 786-280-0983 or the Senior Project Engineer, Nelson Perez at 305-216-5112 for additional project information. You may also visit www.fdotmiamidade.com for additional information and project updates.
The following tips will help ease travel through the construction zone: seek alternate routes if possible; allow extra time to reach your destination; drive the posted speed limit – reduced speed limits are strictly enforced; and obey all signs posted within the construction zone.
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