In 2003, Tony Goldman and his son, Joey, began buying more than 20 properties in Wynwood and attracting restaurants, galleries, and retailers—part of their plan to turn the area into a 24-hour live-work neighborhood. They’re even more explicit about their belief that art adds bankable value to a neighborhood under development. In 2005, they donated to Miami’s Museum of Contemporary Art a 12,000-square-foot warehouse that they had completely renovated, creating a world-class turnkey exhibition space.  

Still, for these neighborhoods to flourish, there must be shoppers in the stores, patrons of the arts, diners in the restaurants, and tenants in the buildings. Just east of Wynwood, a half-dozen cranes rise above the condos under construction on Biscayne Bay. The Goldmans and Robins are counting on future residents of those buildings to support the new district.

“The housing cycle will have a higher peak and a lower trough than in the early ’90s, when speculation wasn’t as prevalent,” says Lafakis. “In 2006, Miami had the highest percentage of subprime loans of anywhere in the nation. That exerts extra pressure on the way up in terms of home prices and exacerbates the trough on the way down.”

The developers say that they aren’t concerned. Goldman isn’t interested in selling buildings yet but buying them. “In a marketplace like this, there are always opportunities to buy,” he says. “Hopefully even our competitors can come in and buy.”

“If you have a neighborhood that has a unique and special character, the current economy will slow its growth. But that doesn’t mean the neighborhood will fail to prosper,” Robins says. “During the late ’80s and early ’90s, one of the worst economic times since the Depression in real estate, South Beach managed to appreciate at 20 percent a year. The Design District is one of the most exciting areas in Miami. It will keep going, only slower.”

On a recent Saturday afternoon in the Design District, only a handful of shoppers wandered among the galleries and showrooms, and nearly every third building had a FOR LEASE sign in the window. Later that night, however, scenesters and art lovers of all ages crowded into the galleries here and in Wynwood for the all-night art party known as Second Saturday. Diners waited an hour for a table at the courtyard hotspot Michael’s Genuine Food & Drink, and D.J.’s spun records on the crowded sidewalks. But if you build it, will they come to live—and not just to visit?

For now, Miami’s artists may be the biggest beneficiaries of the developers’ dreams. Wendy Wischer, a sculptor who shares a 4,000-square-foot studio provided by Robins, says the free space had a huge impact on her work.

“I was able to start working a lot bigger. It allowed me to work on multiple things at one time and bring in an assistant,” she says. “It’s easier to do studio visits because we’re more centrally located. Being able to get messy is very important. There were also opportunities that happened—such as studio tours as part of Art Basel. Before, my living room was my studio. Sometimes I’d lay stuff on my stove and couldn’t cook for a couple of weeks.”