RED Group’s projects are centralized in “special situation” areas where a number of factors combine to make each venture a win for both the group’s investors and for the local area.
In Miami Beach, for instance, RED has sought to not only maintain the integrity of the area’s Art Deco aesthetic, but is improving resiliency against climate-related threats. At the same time, the growth of tourism, combined with the strict regulation around short-term rentals, has laid the foundation for RED to build a unique and highly valuable portfolio. In only four years, the group has amassed the biggest licensed suite hotel assemblage in Miami Beach by identifying, acquiring and developing buildings with proper zoning.
In Miami’s Wynwood neighborhood, recently voted “coolest neighborhood in the world” by Vogue magazine and arguably Miami’s most sought-after real estate market, RED has established its footprint amongst favorable NRD zoning with, for instance, prime real estate located at the entrance to what will be the neighborhood’s first Woonerf.
In Panama’s Casco Antiguo, RED remains one of the most active players, having anticipated the area’s explosive growth. As a first mover, RED Group managed to acquire several buildings in an area with much sought-after yet very limited supply, all benefitting from Panama’s Law 53 — a law incenting investment in revitalization by way of a 10-year exemption from income tax for Casco Antiguo developments.
As RED looks to the future, it plans to continue its pursuit of projects benefitting from special situations. By keeping a constant pulse on the global landscape, the group remains one step ahead and ready to act as new opportunities present themselves. Currently, the team is investigating U.S. opportunity zones and Brazil’s affordable housing market as a means of identifying its next most promising endeavor.
Miami Beach Short-Term
A short-term vacation rental is any dwelling unit or residence, including but not limited to, any unit or group of units in a condominium, cooperative or apartment building that is rented in whole or in part to a transient occupant for a period of less than 30 days or one calendar month, whichever is less.
Complete standards and requirements for short-term vacation rentals can be found in Section 33-28 of the Miami-Dade County Code of Ordinances. It is the responsibility of all property owners in unincorporated Miami-Dade County, or their responsible parties who wish to rent out their home for short periods of time, to know and comply with all the requirements of the ordinance. For properties located within a municipality, the owner or responsible party must contact the respective municipal government for its regulations.
Wynwood's NRD Zoning
The Wynwood BID led an effort, in partnership with the City of Miami Planning Department and PlusUrbia, to create the City of Miami’s first Neighborhood Revitalization District plan. The NRD Plan sets forth new zoning regulations for Wynwood that encourage new, mixed-use residential and office developments, creates dedicated funding for neighborhood improvements, promotes pedestrian-focused streets, and preserves the area’s unique artistic and industrial character. The plan has received national accolades from the American Planners Association because of its forward-thinking nature; involvement of property owners who took the initiative to plan for the future of the neighborhood responsibly; and many smart development components. Learn More.
Panama's Law 53
In 1997, UNESCO named Panama’s Casco Viejo historic area a World Heritage Site. From that moment, the restoration of its streets and colonial buildings — largely neglected since the 17th century — kicked off, and in the last 10 years, the processes have intensified, as well as the investments in the area. Today, both tourists and Panamanians are returning to Casco Viejo, making it one of the country’s most expensive residential and commercial districts.
All of this commercial activity and the boom in the rehabilitation of the Casco Viejo prompted the adoption of Law 136 in 2013, through which tax incentives are offered to landlords, tenants, owners and individuals or entities that invest in the rehabilitation and value of the historic area. Learn More.