MIAMI—It’s no secret that multifamily is the hottest ticket in commercial real estate—and developers are eyeing South Florida as they pursue new development opportunities. AREA Property Partners and CC Residential announced a strategic partnership to develop multifamily communities in South Florida.
The AREA-CC venture is developing The Signature at Doral, a 352-unit community in northwest Miami-Dade County. The JV is also underway with The Signature at Davie, a 350-unit community in central Broward County.
“We believe that increasing demand for apartments driven by economic and demographic trends in South Florida support multifamily investment and development,” Richard J. Mack, North America CEO of AREA, said in a statement. “The partnership between AREA and CC Residential will allow us to enhance and expand our commitment to the communities throughout South Florida.”
Located on the corner of Doral Boulevard and the Florida Turnpike Extension, The Signature at Doral, formerly Lakeside at Doral, will offer eight four-story class A buildings with 352 units that will feature best-in-class amenities and finishes. The community is located minutes from major thoroughfares, A-rated public schools and major employment centers. Construction is underway with completion estimated for September 2013.
The Signature at Davie, formerly Toscana at Davie, is across the county line on Davie Road between Southwest 31 and 29 streets in Davie. The multifamily project will offer 350 apartments. The groundbreaking for the property took place in April 2012 and construction is also underway.
“South Florida has effectively diversified its business and investment base, both in terms of international activity and the size of the businesses that call South Florida home,” says Ezra Katz, CEO of The Aztec Group in Miami. “With that has come the diversification of our labor market.”
Katz says the next step needs to be long term, sustainable job growth. He predicts the real estate and hospitality industries will continue to serve as one of the foundations for the larger economy.
“We have not only attracted businesses, but also have expanded our cultural community which has been acknowledged both internationally and nationally,” Katz says. “It’s created a destination beyond South Beach.”
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