Insider Brief
- The recent summit highlighted the transformative impact of digital twin technology on urban development and real estate.
- Miami International Airport’s $9 billion renovation showcases the technology’s use in infrastructure, while Coral Gables’ public digital twin system provides real-time city data to boost economic growth.
- Experts like Sharon Chen of Akila pointed to net-zero building regulations as a catalyst for broader adoption, while the unveiling of the MiamiVerse initiative signals Miami’s ambition to lead in digital urban planning.
Digital Twin technology was a key topic at the Miami Digital Real Estate Summit earlier this month with its use in helping cities manage climate issues as a focus.
“We’re facing increased climate challenges and digital twin technology will allow us to better simulate climate and disaster scenarios, optimize evacuation plans, improve regional resilience and ensure Miami is a climate-ready economy,” Miami-Dade County Director of Economic Development James Kohnstamm said at the Miami Digital Real Estate Summit, according to Refresh Miami.
The summit, hosted at the Frost Museum of Science by Magma, Logos Capital Akila, Propy, Synplanet, Filecoin and in collaboration with Emerge Americas “showcases how digital assets empower stakeholders from design and construction to operations in creating a sustainable urban future,” the event’s schedule of events touted.
A digital twin is a virtual replica of a physical asset, using sensors to collect real-time data that helps predict maintenance needs, test scenarios, and streamline operations.
“It’s a digital representation of a physical building,” said Philip Panaro, former CEO of BCG Platinion, during a panel discussion reported by Refresh Miami. The data gathered can monitor systems like water pipes, flagging potential issues early to prevent costly repairs.
The technology is already in use in South Florida. Miami International Airport is undergoing a $9 billion renovation with digital twin technology playing a key role. The airport’s Building Information Model (BIM) integrates with asset management systems to track and manage facilities more effectively. Quiroz told the summit that each design consultant and contractor will create a BIM model that works seamlessly post-construction management.
“Regulatory has pushed the needle on many of these commercial developers or private developers,” Sharon Chen, head of go-to-market for North America at Akila, said of the technology’s growing adoption. “Boston just passed new regulations on new builds that need to be net zero. So that also helps push the needle.”
Coral Gables also embraced the technology in 2022 with a public digital twin that provides real-time information on traffic, parking availability, and city infrastructure. The system has helped businesses analyze data to boost revenue and drive economic development.
The rise of digital twins is part of a broader technological shift in Miami’s real estate sector. Propy, a Miami-based real estate tech firm, is pioneering blockchain-based property transactions, attendees were told. The company uses smart contracts to handle title and escrow services more efficiently while ensuring secure, tamper-proof records via Filecoin, a decentralized storage system.
Miami’s tech ecosystem has evolved significantly over the past decade. Ten years ago, it was impossible to get investors, explained Melissa Medina, CEO of eMerge Americas. The city ranked in the top 25 of the Global Financial Centers Index for the first time in 2023.
Summit attendees also got a glimpse of the MiamiVerse, a new digital twin initiative that offers a 3D SmartCity Viewer and augmented reality tools. The project, part of the Miami Beta City collaboration, will allow residents, businesses, and public agencies to engage with the city in innovative ways. The unveiling included a signed pledge designating February 11 as Miamiverse Day, recognizing the growing role of digital infrastructure in Miami’s development.
