Driving the company's growth is its heightened focus on developing upscale, market-rate rental communities and luxury condominiums, in addition to the affordable rental communities the company has developed since its inception.
Last year, The Cornerstone Group, founded in 1993, developed 2,937 units. The percentage of market-rate units started in 2002 grew by 10%, compared with the year before.
"Our corporate goal is to steadfastly remain on the forefront of providing the most innovative, highest quality, but most efficient multi-family housing," Stuart I. Meyers, chairman of The Cornerstone Group, says in a statement.
Jorge Lopez, co-chairman of The Cornerstone Group, said, "We are continuing to expand our focus on upscale, luxury rentals and condominiums to capitalize on the current market demand for such product."
Cornerstone recently completed development of several luxury rental apartments including the 355-unit San Marino in Naples, FL, and the 355-unit San Marino at Laguna Lakes in West Palm Beach, FL. The company also has more than 35 other rental properties in Florida with 24 more in the planning stage or under construction. Among them: the 312-unit Villa del Sol in Boynton Beach; the 270-unit Portofino at Village of Palm Springs; and Cornerstone's first mixed-use project, St. Croix, in Lauderdale Lakes. That project features 256 rental units and 16,000 sf of commercial space.
Also, the company's first luxury condo project, the 326-unit La Perla Ocean Residences in Sunny Isles Beach, FL, is set to break ground this month. And demolition of three motels to make room for another condo project in Fort Lauderdale, called Vue is scheduled for early this summer.
In addition, The Cornerstone Group has more than doubled its number of employees to approximately 350 in the last three years. The Cornerstone Group's development and management portfolio is nearly $1 billion, which represents more than 15,000 rental and condo units.
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