Just about every city in America is building new skyscrapers in their downtown and urban areas. But much is foreign drug money responsible for the success of those towering neighborhoods in the sky?
Miami, a city known for South Beach, night life, and expensive real estate is also well known for building residential or mixed-use towers for money laundering foreigners.
Rapoza adds, “Not too long ago, Miami was just a place to park money and leave. You came here on weekends from Sao Paulo or Caracas. Today, more of them are moving here to stay. Some are just using these homes as their own private hotels, not much different from what the rich Latinos have been doing since the 1980s. Except nowadays they have much more to do in town. Miami is booming and building in order to better serve them, and by doing so, it is becoming a whole new city.”
But the BCC is not the only Miami tower that’s been built by foreign investment. The Miami Worldcenter is also a city tower that boast features to include nearly 30 acres of land with 450k square-feet of retail space, 500k square feet of convention space, and office and residential offerings.
Ten years ago, Wells Fargo’s “Wachovia banking division got them in trouble for laundering Mexican drug money into the United States.” Many wonder if that money went into major real estate deals.
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