Miami Heat Brings in the Real Estate Bucks

At Marquis Residences, foot traffic is up about 30 percent

By Willard Shepard
|  Tuesday, Nov 30, 2010  |  Updated 5:00 PM EDT
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Miami Heat Brings in the Real Estate Bucks

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MIAMI, FL - NOVEMBER 29: Dwyane Wade #3 of the Miami Heat shoots during a game against the Washington Wizards at American Airlines Arena on November 29, 2010 in Miami, Florida.

Adriana Rivera's family figured Downtown Miami was the perfect spot them: a new condo overlooking the home of the Miami Heat.

Rivera's husband, a big Heat fan, convinced his wife that a unit across from the world famous Three Kings was the way to go, and so they travelled all the way from Mexico to buy.

“The foot traffic in Marquis Residences where Adriana bought started to increase about 30 percent after the Heat announced it signed Lebron James," said Real Estate expert Alicia Cervera. "Sales have now doubled with the season underway."

Other downtown realtors say that all the publicity worldwide for the Heat has been a shot in the arm for buildings trying to fill up and at the same time ease condo owners' fears of additional assessments.

Retailers, too, report a boost, and some new businesses have snapped up previously vacant real estate downtown.

“The opporunity to fill our rooms and work with the Heat really creates a good opportunity,” said Paul Pebley from the Marriot Marquis Hotel.

The new Marriot Marquis is providing a mixture of new hotels rooms, retail and office space and some novel concepts, like virtual bowling.

The Heat may be working to find its groove, but the world is still talking about them, exactly what business and realtors want.

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