The Florida Land Boom Of The 1920s

Christopher Knowlton, author of Cattle Kingdom and former Fortune writer, takes an in-depth look at the spectacular Florida land boom of the 1920s and shows how it led directly to the Great Depression. The 1920s in Florida was a time of incredible excess, immense wealth, and precipitous collapse. The decade there produced the largest human migration in American history, far exceeding the settlement of the West, as millions flocked to the grand hotels and the new cities that rose rapidly from the teeming wetlands. The boom spawned a new subdivision civilization—and the most egregious large-scale assault on the environment in the name of “progress.” Nowhere was the glitz and froth of the Roaring Twenties more excessive than in Florida. Here was Vegas before there was a Vegas: gambling was condoned and so was drinking, since prohibition was not enforced. Tycoons, crooks, and celebrities arrived en masse to promote or exploit this new and dazzling American frontier in the sunshine. Yet, the import and deep impact of these historical events have never been explored thoroughly until now. In Bubble in the Sun Christopher Knowlton examines the grand artistic and entrepreneurial visions behind Coral Gables, Boca Raton, Miami Beach, and other storied sites, as well as the darker side of the frenzy. For while giant fortunes were being made and lost and the nightlife raged more raucously than anywhere else, the pure beauty of the Everglades suffered wanton ruination and the workers, mostly black, who built and maintained the boom, endured grievous abuses. Knowlton breathes dynamic life into the forces that made and wrecked Florida during the decade: the real estate moguls Carl Fisher, George Merrick, and Addison Mizner, and the once-in-a-century hurricane whose aftermath triggered the stock market crash. This essential account is a revelatory—and riveting—history of an era that still affects our country today.

During the Roaring Twenties, millions of Americans moved to the Sunshine State seeking quick riches in real estate. Many made fortunes; others returned home penniless. Within a few years thousands of residential subdivisions, palatial estates, inviting apartment buildings and impressive commercial complexes were built. Opulent theaters and imposing churches opened, along with hundreds of municipal projects. A unique architectural theme emerged, today known as Mediterranean Revival. Railways and highways saw a renaissance. New cities—Boca Raton, Hollywood-by-the-Sea, Venice—were built from scratch and dozens of existing communities like St. Petersburg, Fort Lauderdale and Orlando were forever transformed by the speculative fever. Florida has experienced numerous land booms but none more sweeping than that of the 1920s. This illuminating account details how one of the greatest migration and development episodes in American history began, reached dizzying heights, then rapidly collapsed.

During the Roaring Twenties, millions of Americans moved to the Sunshine State seeking quick riches in real estate. Many made fortunes; others returned home penniless. Within a few years thousands of residential subdivisions, palatial estates, inviting apartment buildings and impressive commercial complexes were built. Opulent theaters and imposing churches opened, along with hundreds of municipal projects. A unique architectural theme emerged, today known as Mediterranean Revival. Railways and highways saw a renaissance. New cities--Boca Raton, Hollywood-by-the-Sea, Venice--were built from scratch and dozens of existing communities like St. Petersburg, Fort Lauderdale and Orlando were forever transformed by the speculative fever. Florida has experienced numerous land booms but none more sweeping than that of the 1920s. This illuminating account details how one of the greatest migration and development episodes in American history began, reached dizzying heights, then rapidly collapsed.

Boca Raton, Florida, was a tiny farming community on the southeastern coast of Florida when the state’s 1920s real estate boom grew into a national phenomenon. Investors and new residents were drawn to the state from all over the country, a time Floridians referred to as “the Boom.” In April 1925, well-known Palm Beach society architect Addison Mizner revealed his plans for an ambitious new development in Boca Raton. The plans included a gigantic oceanfront hotel, elegant mansions, golf and polo grounds, and palm-lined boulevards. The popularity of Mizner’s projects stimulated many similar developments within the region, increasing the population of the town from 100 to several hundred residents. By the fall of 1926, however, the Florida land boom came to an end. Boca Raton returned, for the most part, to its small-town agricultural heritage by 1930. By the end of the 20th century, boomtime dreams were fully realized and Boca Raton became one of Florida’s most prestigious addresses.

In the 1920s, a tremendous land boom gripped Florida, and waves of people descended upon the Sunshine State. Between just 1923and 1925 an estimated 300,000 people came to permanently settle in the state, and over a dozen new counties were created in this single decade. Fueled by postwar prosperity, tourists and new residents poured money into the state’s economy and dramatically increased the demand for land, homes, hotels, industry, recreation, commerce, and services. At the height of the boom, when many believed that the bubble had to burst, there came news that a new resort city was under development on the Gulf Coast below Sarasota, and all eyes turned to Venice. Over the decades since its creation, Venice, with its balmy climate, unlimited boating and fishing, and pristine mainland beach, has grown to be a Mecca for thousands of tourists, snowbirds, and retirees. Carved out of a tropical wilderness by America’s oldest and wealthiest union, the Brotherhood of Locomotive Engineers, Venice was made into a Gulf Coast oasis with Spanish-style architecture, beautiful landscaping, and a friendly network of tree-lined streets and boulevards. Visual documentation of this early era has captured a city in its infancy and a valuable piece of Venice’s heritage.

Even when lawsuits disclosed the chicanery, state and federal regulators misled the public. Despite the official denials, the public panicked. The ensuing runs caused the banking crash.

Florida's railroads emerged in the 1830s amid Native American upheaval and territorial colonization. Many periods of development marked this fascinating heritage, but one era towers above the rest: the 1920s. It was then that Florida experienced a colossal land boom, one of the greatest migration and building stories in American history. People poured into the state as never before, real estate traded hands at breakneck speed, and the landscape added countless new homes, hotels, apartments, and commercial buildings. Florida's biggest railroads--the Atlantic Coast Line, Seaboard Air Line, and Florida East Coast--were unprepared for the tidal wave of traffic. Thus, the "Big Three" had to rapidly expand and increase capacity. Dozens of projects unfolded at great cost, by one estimate over $100 million. When the building frenzy ended, the railway map of the state stood at its greatest extent--some 5,700 miles. Further, the frequency of railway service within and to the Sunshine State reached an unprecedented level, never again to be repeated.

Only Yesterday: An Informal History of the 1920s by Frederick Lewis Allen is a history textbook about the lively gloriousness of Roaring 20s America. Contents: "II. BACK TO NORMALCY III. THE BIG RED SCARE IV. AMERICA CONVALESCENT V. THE REVOLUTION IN MANNERS AND MORALS VI. HARDING AND THE SCANDALS VII. COOLIDGE PROSPERITY VIII. THE BALLYHOO YEARS IX. THE REVOLT OF THE HIGHBROWS X. ALCOHOL AND AL CAPONE XI. HOME, SWEET FLORIDA."