MIAMI—Florida's multifamily developers are shrinking units, inflating amenities and maneuvering around traditionally accepted parking requirements to keep rents high and building costs down in today's pricey construction market. That is according to a recent article from GlobeSt.com sister publication, ALM's Daily Business Review.
“Units will get smaller,” said William Hamilton, executive vice president of Boston-based Winthrop Management. “And they have to be sexy.”
The major players shaping Florida's multifamily arena gathered Thursday to forecast what's in store for the rental realm over the next year. About 700 attendees were expected at the fifth annual Florida Multifamily Summit in Hollywood.
According to the Daily Business Review article, with construction costs at an all-time high and thousands of apartments under construction in South Florida, Art Falcone said lenders are pulling back in response. He is CEO and chairman of the Falcone Group and a principal of Miami Worldcenter Associates, which is developing a sprawling mixed-use project in downtown Miami.
“I will tell you that capital providers have pulled back dramatically so, on the condo side, that is drying up very quickly,” he said.
But is the spigot completely off? Find out by clicking here to read the full article.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
MIAMI—Florida's multifamily developers are shrinking units, inflating amenities and maneuvering around traditionally accepted parking requirements to keep rents high and building costs down in today's pricey construction market. That is according to a recent article from GlobeSt.com sister publication, ALM's Daily Business Review.
“Units will get smaller,” said William Hamilton, executive vice president of Boston-based Winthrop Management. “And they have to be sexy.”
The major players shaping Florida's multifamily arena gathered Thursday to forecast what's in store for the rental realm over the next year. About 700 attendees were expected at the fifth annual Florida Multifamily Summit in Hollywood.
According to the Daily Business Review article, with construction costs at an all-time high and thousands of apartments under construction in South Florida, Art Falcone said lenders are pulling back in response. He is CEO and chairman of the Falcone Group and a principal of Miami Worldcenter Associates, which is developing a sprawling mixed-use project in downtown Miami.
“I will tell you that capital providers have pulled back dramatically so, on the condo side, that is drying up very quickly,” he said.
But is the spigot completely off? Find out by clicking here to read the full article.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
