Large-scale construction in Miami simply stopped in 2008, mirroring the real estate bust nationwide. Not a single crane was erected over the city for nearly three years. On May 19, 2011, Argentine developer Grupo Melo celebrated the groundbreaking of 23 Biscayne Bay, a high-rise condo building marketed mainly to Latin American buyers. The party for Miami's first major post-crash project was a decidedly ho-hum affair compared with over-the-top events back in the day, says real estate consultant Peter Zalewski: "There was no entertainment.
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