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Our neighbor to our north, South Miami, has embarked on bold plans to redevelop Holsum Bakery, er, Bakery Centre, um, Shops at Sunset Place. The 25-year-old shopping mall, which used to have a giant Virgin Records music store and lines outside its AMC IMAX movie house, has been reduced to a ghost-town with just a scant few businesses remaining. To some, the site seems cursed for failure. So why will it work this time?
Set to have demolition start in Q1 of 2026, the new Sunset Place will consist of seven towers ranging from 12 to 33 stories, including 1,513 residences, a 287-room hotel and a 1,300-seat movie theater and performing arts stage. The urban center will be redesigned to create a more pedestrian-friendly environment with smaller shops, restaurants, and public plazas. The City of South Miami is betting big on its future, expecting that the newly visioned live-work-play zone will revitalize the struggling retail area. Midtown Development (buyer in 2021 for around $65.5M) is leading the effort with design by London’s Heatherwick Studio and ODP Architecture & Design. Local firm Zyscovich is involved in the mixed‑use remodel phase.
The City of South Miami believes enough in the private project that they will redevelop next door to the new Sunset Place. Called the Link at SoMi, they will redevelop the city’s municipal complex. When complete, there will be a five-story building housing City Hall, the Police Department, and their library. Along with that, two 15-story residential towers offering 670 units geared towards affordable workforce housing.
Tangential to the construction in the area, Deli Lane and Sunset Tavern, staples to the area since 1988, are in the crosshairs of the project. Thankfully, they will be given new life by the building owner, who is redeveloping some buildings just to their west so they can just move over instead of permanently closing.
The first phase, including streets and a condo-hotel, is expected by 2029, with condo sales launching soon and demolition starting in early 2026, pending permits and successful pre-sales. The project is scheduled to be completed by 2035. South Miami Mayor Javier Fernández said a lot rides on the success of the new project as a whole.
“The challenge is now on the developer to deliver a project that works for all of us,” he said. “A lot of people’s futures and success rides on how they execute the project.”
“This time will be different,” said South Miami Mayor Javier Fernández, who is up for re-election in November. Even with the optimism of new construction for the high-profile spot, Sunset Place’s condo component might face a challenging economy. Condo sales fell by 19% year-over-year in September in Miami-Dade County, according to the latest monthly housing report by the Miami Association of Realtors.
Fewer Buyers Are Looking
It’s not like I haven’t said this before, but coming out of the hyper-charged real estate market of 2020-2022 we are now paying the piper. Unrealistic expectations, high interest rates (relative to COVID, mind you), high insurance rates and inflated assessed values for property taxes has led us to a very trepidatious time.
In May, it was reported that the imbalance between active sellers and buyers was more than 500,000, making it the largest such imbalance since 1973. I have hosted three recent open houses for listings in Pinecrest and Palmetto Bay with only a few potential buyers walking through the front door. Most of them told me they were looking, but weren’t really in the market to buy until more certainty returned to the United States.
Upon reflection, all of the factors listed above really all lead to one thing – uncertainty. And, just like the stock market, buying a car or any major purchase, people are cautious when they feel uncertain. My advice for sellers is simple: Don’t panic! The marketing strategy I have developed over the last 20 years remains viable. Yes, there are fewer buyers out there, but the marketing message works. Price right and your buyer will come, albeit likely taking more days on market.
Real Estate Update
As of 7/16/25, there were 173 properties for sale in Pinecrest, 11 homes pending sale and 12.4 months of inventory. If you’re ready to move, contact me to get the best local expertise, truthful guidance and realistic expectations. It’s easy to get started at miamihal.com/getstarted. I invite you to view past episodes of my The MiamiHal Real Estate Show at miamihal.com/the-miamihal-real-estate-show to hear from experts and get the latest real estate news.
Hal Feldman (MiamiHal) is a Realtor with RE/MAX Advance Realty. You can contact him with your story ideas or real estate questions at www.MiamiHal.com, Hal@MiamiHal.com or www.facebook.com/MiamiHal.
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