MIAMI—Amidst less-than-ideal market conditions, South Florida's real estate market continues to flourish, thanks to the unwavering confidence of international investors. Miami, in particular, has become a favored destination for global capital, attracting prominent figures who remain bullish on the city's potential.
One notable example is Mariano Borges, the CEO and Founder of Menessee International, renowned for his successful real estate ventures in Mexico. After two decades and an impressive portfolio of over 1,500 units in the Riviera Maya, Borges made the decision to immigrate to Miami.
Recently, he finalized the acquisition of a prime parcel in the coveted Brickell financial district for $6 million. With ambitious plans in mind, the Argentinian-born entrepreneur intends to develop the 17,500-square-foot site into a luxurious boutique condominium, with prices starting at $3 million.
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While domestic developers express concerns about market headwinds, Borges remains unwavering in his optimism. He cites three key factors that contribute to his positive outlook. Firstly, he highlights manageable inflation, projecting it to reach 5% in 2023, in stark contrast to Argentina's alarming annual inflation rates of over 100%. Secondly, Borges commends the clear and straightforward regulations and processes in place in the United States, emphasizing that following the prescribed steps ensures a smooth development journey. Lastly, he emphasizes the long-term potential of markets like Miami and South Florida, emphasizing their ever-increasing size and demand.
Borges adds his name to the growing list of international developers who have been captivated by the allure of sunny South Florida. Renowned figures such as Miky Grendene of Casa Tua, Argentine visionary Alan Faena, and Italian entrepreneur Ugo Colombo have all recognized the immense opportunities presented by Miami's thriving real estate market. As international rainmakers continue to flock to the "magic city," South Florida's real estate sector remains a beacon of hope amidst uncertain times.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, 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.
