SOUTH FLORIDA: Top Off! Break Ground!
We're not sure we can drive the point home hard enough. South Florida multifamily development is HOT, both rentals and for-sale. This week saw another topping off, at Elan 16Forty, a 261-unit apartment project in Downtown Fort Lauderdale by multifamily giant Greystar (you'd follow them off a bridge, so you should probably follow them to Fort Lauderdale) that will be complete in September. The project has been on a fast-track delivery schedule, with Stiles Construction as the GC. More than 400 workers gathered to for a BBQ lunch and the raising of the evergreen.
Before you top off, you have to break ground (anyone who tried to top off first learned a hard lesson about gravity), and there's plenty of that going on in South Florida, too. Yesterday a JV between West Palm Beach's Eastview Development and NYC-based GTIS Partners turned some shovels for Biscayne Beach, a 399-unit condo in East Edgewater. The 51-story tower will “bring the beach” to the city's core with a private members-only Beach Club overlooking Biscayne Bay (exclusive amenities like that scream international buyers). Cervera Real Estate is handling the sales.