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NEIGHBORHOOD DESCRIPTION (Continued) <br />The following is a summary of the neighborhood demographics. <br />E}e.m.ographiGs > <br />1 mile <br />.8 miles. <br />Population: <br />4V39. <br />148,634 <br />Households: <br />19,705 <br />66;05fi' <br />Median Age <br />49.80 <br />47.60 <br />Median HH Gioame <br />$57,915 <br />$59;981 <br />Daytime Employees <br />9;904 <br />65,793 <br />Population Grow, iit 'N4 -,'29 <br />6.32°/0 <br />0:G1 % <br />Household Growth 24-29 <br />+5.91% <br />3.61% <br />Source: CoStar. <br />The population on Sunny Isles Beach increased substantially over the past decade. The demographic <br />data indicates a projected population growth of 6.32% over the next five years, along with a 5.91% <br />growth in households. Both the median and average household incomes have also increased by <br />nearly 30% over the past decade. The influx of new residents from the northeastern United States, <br />as well as, international migration has created demand for new luxury condominium projects, similar <br />to what is being experienced throughout the coastal regions of South Florida. The majority of the <br />new household formations will be higher income families. The projected increase in households is <br />1,165, of which, 80% will fall into the luxury category. Currently only 622 condominium units are <br />in the development pipeline. An additional 300 are in the early planning stages. <br />Over the past few decades the retired population has been decreasing and many of the older ocean <br />front condominiums and hotels have been replaced with said high-rise condominium projects. The <br />ocean front condominium projects appear to be marketed towards a mix of international investors <br />and domestic residents. <br />The City is well located and can be accessed via two causeways, ( the William Lehman and the <br />Sunny Isles Causeway), at the northern and southern boundaries. Both extend east from Biscayne <br />Boulevard, a major business artery through eastern Miami -Dade County. The Lehman Causeway <br />extends only between Collins Avenue and Biscayne Boulevard. Sunny Isles becomes NE 163 Street <br />and continues west through the City of North Miami Beach. This road is a major business corridor <br />and connects with I-95 to the west. <br />Fill <br />558 <br />