MIAMI—South Florida's aging condominium stock, especially buildings sitting on oceanfront land, is ripe for glitzy redevelopment as developers push to expand a skyline where little to no prime, undeveloped land remains.
Real estate lawyers who specialize in condo terminations reported a busy 2016 season, despite the noted slowdown in the region's luxury condo market. As undeveloped land becomes scarce, builders have turned to more creative measures: Redevelop aged buildings on underutilized sites, preferably near the water.
“Developers are seeing a lot of opportunities particularly along the coast with older condominiums that may have been built in the '50s, '60s and '70s that are now pretty much functionally obsolete,” said Joe Hernandez, a real estate lawyer with Weiss Serota Helfman Cole & Bierman.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 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.
