The news that Espacio USA will build a $412 million mixed-use development at 1400 Biscayne Boulevard is a big win for Miami’s real-estate market and broader economy. It’s also a sign that the cultural corridor now under development in downtown Miami is serving as a magnet for new investment.

Since the Adrienne Arsht Center’s debut in 2006, development plans totaling more than $5 billion in new public and private investment have materialized in the immediate neighborhood, fueling downtown Miami’s transformation from an overlooked 9-to-5 district into a vibrant 24/7 residential and commercial community.

Great arts institutions have served as anchors for urban revitalization and engines for business in cities around the world, from New York to Sydney. Now it’s happening in Miami.

Just 10 years ago, the area around the Arsht Center was largely vacant. Then our community set out to construct a performing-arts campus that would play host to the world’s best artists, educate children and adults and fuel economic growth in one of America’s most diverse cities.

Today, the Center’s Cesar Pelli-designed campus is the heart of Miami’s thriving urban core.