MIAMI—With more than 20 years of experience in the rental housing market, Greg West, president and Chief Development Officer of ZOM, has been directly responsible for over $3.5 billion of development, including 27 projects that ZOM has started since the financial crisis across the US, particularly in South Florida. As such, he has his finger on the pulse of multifamily in the region.

GlobeSt.com caught up with Greg West, president and Chief Development Officer of ZOM, to get his thoughts on challenges and opportunities in the market in part two of this exclusive interview. You can still read part one of this interview: How and Why Multifamily Development Is Different In This Cycle.

GlobeSt.com: I understand mobility is an area of focus for Urban Land Institute's Southeast Florida chapter. What initiatives is the organization driving to help improve mobility in the region and why has this become a central focus?

West: The pace of investment in mobility in South Florida is happening at an unprecedented pace and with that comes better access to public transportation within the urban nodes of South Florida. Take Miami Central Station, which is compiling four rail services—Brightline, Metrorail, Metromover and Tri-Rail—in one public transit hub. Brightline will bring high-speed rail service that will connect the south and central parts of the state with stations in Miami-Dade, Broward, Palm Beach and Orlando.

Also, the Wave streetcar system, which will soon start construction in Fort Lauderdale, is another multi-million-dollar investment that will help accelerate the value and growth of this urban area. Further investment in public transportation makes sense when the pattern of real estate development supports it. For example, transit-oriented development generates riders and that provides top-line revenue for the transit agencies.

South Florida, with a combined population of 6 million people, has always been somewhat disconnected. This investment in public transportation allows us to position South Florida more as a region and brand around it.

ULI has been part of advocating for this process. For example, the recent filing by South Florida for the Amazon headquarters bid is an example of how by linking our communities sets a bridge for opportunity in economic development. ULI aims to stimulate and facilitate continued discussions across geographical borders and bring the players to the table to collaborate rather than compete.

GlobeSt.com: With South Florida experiencing robust commercial and residential development activity in recent years, what do you consider some of the advantages and also challenges that such fast-pace growth poses for the market?

West: Florida will always have structural advantages in the form of climate and a favorable tax structure. That is engrained in the region's DNA and will always fuel some measure of economic development.

The significant investment in infrastructure improvements is fueling that economic engine. The fast pace of development we are experiencing today is driven by the investments underway to improve airports and seaports, bridges and public transportation, as well as in cultural amenities including new museums and public parks.

Major cities worldwide are facing similar challenges as a result of steady growth. We need to continue to improve infrastructure in these areas and ensure this remains a continued, long-term efforts to help secure the region's competitive advantage and preserve quality of life.

(Read about a common multifamily lending myth—and get the truth.)

Instant Insights /

This Trend is Rising at an Unprecedented Pace

Related Stories

Recommended For You