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Owners are looking for coverage from lenders or selling assets to avoid high insurance costs. Rates are unlikely to fall, but moderation may be on the horizon.
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Developers in Miami are converting planned apartment towers into condos as rents peak and lenders sour on multifamily projects.
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Miami is the only South Florida market to keep pace with last year's leasing activity, while Broward and Palm Beach have seen deal flow slip by more than 20%.
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JDS Development Group began construction on the 791-unit Mercedes-Benz Places in 2020 in Brickell, Miami's financial district.
An interview with TotalBank's Marti Mang
Dezer, Related and Other Condo Developers Trumpet Return of Optimism In Miami Condo Market
One business co-owned by Barlington Group lost $100K after being forced to shut down for two weeks over certificate of use 'misunderstanding.'
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Archeologists have discovered a human cranium as well as evidence of a prehistoric structure on the site of the project in the Brickell neighborhood.
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The region has seen the number of deals slow to a trickle but high-quality asset sales have pushed up the amount of cash trading hands.
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