GFS Developing, Buying 1,600 Condo Units

CORAL GABLES, FL-At a time when condominium developments and conversions are abundant here, locally based GFS Corp. is in the process of developing or purchasing more than 1,600 such units in the area. Scott A. Greenwald, in real estate for 50 years, heads J. Max Development, the development arm of GFS Corp., a full-service real estate investment and development company.Among the projects on the company’s plate is the development of a 50-story building on Biscayne Boulevard in Downtown Miami. This project will consist of nearly 500 condo units plus 25,000 sf of commercial space, according to Michael Entel, an assistant with GFS Corp. At press time, the project was called 330 Biscayne. The developers expect to break ground on this project in a year, he says, and a sales office should open in about six months. In addition, the company anticipates finishing the 325-unit Lighthouse Cove project in Tequesta, FL, just north of West Palm Beach, in a couple of months, Entel says.A third project is called the Lexi. This 164-unit development is scheduled to break ground at 1700 Kennedy Causeway in North Bay Village in December and be completed in spring 2006. Plans call for units ranging from 1,658 sf to 2,421 sf and priced from the mid-$300,000s to the mid-$500,000s. The project’s on-site sales center is open. For another project, to be located across the street, GFS is obtaining final approvals to develop a 225-unit condo, according to Entel.Additionally, the company is purchasing a 400-unit project in Palm Beach County for conversion to condos, he says. Entel adds that he expects the projects to do well despite all the new units coming to South Florida.GFS Corp. does about 50% conversions and 50% new development, says Entel. The company has developed and owns more than one million sf of commercial space. In the past two years, GFS has built or converted more than 500 units with a sellout value of more than $100 million.