Search
 

New Ownership Takes Rentals in New Direction

MIAMI-MCZ/Centrum purchased the Village on Bayshore Drive, which is under construction, and plans to convert the originally planned luxury rental units into condominiums to be completed this fall. The project also includes 19,000 sf of ground-floor retail space.

By Melissa Bogdany | Updated on June 03, 2004

MIAMI-A Chicago-based development partnership has embarked on its second South Florida venture with its recent purchase of the Village on Bayshore Drive, a 435-unit residential property under construction in the city. The community was planned as a luxury rental community; however, the new owners, MCZ/Centrum, are planning to convert it into a condominium community called Cité.

MCZ/Centrum, a joint venture between two developers, Centrum Properties and MCZ Development Corp., purchased the building when it was under construction from the Finger Cos., a luxury apartment developer based in Houston. The project is scheduled to be completed in the fall.

Condominium conversion–as well as new development– has been strong in South Florida in recent months. But according to industry executive Brett Chwick, condos continue to sell well. “Dade County’s got some very healthy population growth that continues, so it’s always going to be a pretty strong market,” says Chwick, director of multifamily brokerage for locally based Terranova Corp. “I don’t think there’s a danger in the market becoming saturated as long as the interest environment remains favorable.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.