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Start the engines! Now it’s official. The Miami Grand Prix has been approved and will be part of the new Formula 1 calendar starting in 2022, for the next 10 years! The event, which had been negotiated for years between Miami officials and F1, has a special significance for the city, which is projected as a World-Class City. The impact on Florida’s real estate sector is considerable, attracting the attention of global investors.
With this super event on the Miami calendar, the city is preparing itself like no other destination in the world for an aggressive post-restrictions resumption. Formula 1 joins three other global mega-events. They are: 1 – Art Basel (December), 2 – Miami Boat Show (February) and 3 – Miami Open (March). The date of the Grand Prix in Miami has not yet been set.
The great exposure brought by the Formula 1 season 2022 for Mami and the entire state of Florida with new waves of global visitors is extraordinary. Professionals in the tourism and real estate sectors are already preparing to capitalize on the new qualified public.
Miami will be the second race on the Formula 1 calendar in the United States. The GP has been held in Austin, Texas, since 2012. The event also in Florida was a dream, both from the authorities of the “Sunshine State” and from F1.
Where and what will the F1 circuit in Miami look like?
The discussion of where the new Miami Grand Prix circuit was going has been going on since 2017 when, at the time, Grand Prix officials and officials chose Downtown to host it. The decision was strongly opposed by residents and associations. Formula 1 and Apex Circuit Design, the company that designs the different circuits of the Grand Prix, started to carry out various studies playing with combinations in Google Earth, in addition to several visits to the places.
Over 70 variations have been proposed! After several options were discarded, 36 layouts were drawn until the end result was a walk around the Hard Rock Stadium, home to the Miami Dolphins football team.
The circuit will have 5.41 km and 19 curves, from steeper curves to sections that allow greater speed. The new track will provide an exciting spectacle, with several overtaking opportunities and sections that will allow speeds of up to 320 km / h, with an average speed of 223 km / hour.
See below in this simulated video how was the final circuit of Formula 1 2022 in Miami:
F1 2022 and the impacts on the Florida real estate market
The benefits that the F1 Grand Prix 2022 bring to Florida, more specifically to the city of Miami, are not limited to an event day. A Formula 1 GP is seen as an annual must-see ritual, which attracts thousands of tourists and creates tremendous exposure, attracting investors from around the world.
It is said in the Florida real estate market that Miami’s insertion into the Formula 1 season calendar equates to a Super Bowl exhibition for 10 years. The comparison is based on the projection that the city gained after hosting the Super Bowl in 2020, with overnight stays in hotels now costing more than 1000 dollars.
The Miami real estate market is already looking forward to major acquisitions of luxury apartments, penthouses and mansions by pilots, team members and the entire category of direct and indirect professionals, extremely financially qualified, who certainly want to have a home facing the city. sea in one of the most beautiful and vibrant destinations in the world.
Miami and the passion for fancy cars
Miami still brings an extra glamor to car lovers. The city is known worldwide in the real estate sector for housing some of the most luxurious condominiums in the world, signed by brands such as Porsche Design Tower, Aston Martin and, soon, Bentley Residences.
Miami could not fail to have this appeal with the luxury automobile sector, since the first thing that a luxury property owner does, after purchasing the property in Miami, is to acquire a car that matches his needs. Lifestyle.
The Porsche tower in Miami, on the island of Sunny Isles Beach, offers residents the possibility to park their vehicles inside the apartment. This comfort, practicality and privacy that the building provides is possible thanks to the so-called “Dezervator”, an exclusive high-tech elevator, which identifies the owner’s unit using a sensor.
Exotic cars and luxury sports combine with the high-end style of real estate in South Florida. The arrival of the Grand Prix in Miami will certainly bring thousands of new potential buyers. For construction companies, real estate and the hotel sector, the opportunities for new revenues, sponsorships, events and partnerships seem endless.
“You can bet we will be there with a strong presence”
The phrase is by Gil Dezer, partner at Dezer Development and also collecting cars. As one of the largest construction companies in South Florida, Gil Dezer is responsible for some of Miami’s most vibrant condos. They are: Porsche Design Tower, Residences by Armani Casa, Trump Towers and, soon, the Bentley Residences.
Dezer understands that the race will attract a different audience from all parts of the world, who enjoy and follow Formula 1. In the same way that Art Basel Miami brings collectors and art lovers who end up investing in real estate in the region, Formula 1 will do the same. Dezer believes that the impact of Formula 1 on the city will be much greater than the investments brought by the Super Bowl in 2020, especially due to the fact that the contract with the local authorities is for the next 10 years.
Formula 1 completes Miami’s tradition of sports
It is difficult to think of an important American sport that the city of Miami does not participate in with a team. Starting with the Miami Dolphins, whose stadium will be surrounded by the new Formula 1 circuit. And basketball? Miami has the Miami Heat, from the NBA. In baseball, we have Miami Marlins and in football (soccer) Inter Miami, David Beckham’s team. And to complete, Miami still has the Florida Panthers, from the National Hockey League.
It does not stop there! The city is home to the Miami Open, one of the largest tennis tournaments in the world, whose stage is the Hard Rock tennis center, next to the Miami Dolphins stadium.
In 2020, Miami received the Super Bowl and now Formula 1 arrives to stay for at least 10 years, projecting the city in the global sports world. Formula 1 is now considered the world’s leading automobile event.
About AMG Realty
AMG International Realty is a full-service brokerage firm specializing in the Florida real estate market. If you want to learn more about investing in Miami, Orlando or another Florida market, contact us right now and chat with me via WhatsApp: 55 11 981112555 (Carlos Barros).