MIAMI—Even as the next wave of condo construction gets underway in Downtown Miami, developers are eyeing the perennial potential of Miami Beach. Indeed, developers have proposed three new condo/multifamily projects in South Beach and Middle Beach. If approved, it means hundreds of new residential units coming online in the next two to five years.
The Related Group, Crescent Heights and Lionheart Capital are proposing developments on Miami Beach, according to CondoVultures. The Related Group has proposed a mixed-use project with 32 residential units on South Pointe Drive in the South of Fifth Neighborhood, Miami Beach records show.
Meanwhile, the Miami Herald reports that Crescent Heights is choosing a design firm for a mixed-use project that includes 200,000 square feet of condo space at the intersection of Alton Road and Fifth Street in South Beach. Finally, Lionheart is proposing a residential multifamily project for the almost vacant nine-story Miami Heart Institute medical facility at Alton Road and 48th Street.
“It seems like a race right now for any and all developers to try to get in to the next wave of development any way they can,” Peter Zalewski, principal at CondoVultures, tells GlobeSt.com. “Developers realize that most of the product probably will not be delivered until 2014, 15 and 16. If and when it all goes forward they want to be able to participate.”
The big question is whether or not so many developments are sustainable. Zalewksi isn’t sure. In fact, he’s not even sure whether or not all the condo and multifamily projects proposed in South Florida will actually move forward. But there’s one thing he’s sure of: there’s plenty of optimism among developers.
“It looks, tastes and feels the same as the early stages of the last boom,” Zalewski says. “You can bet that many of those rental projects that are being announced and positioned to take advantage of the strong rental market will be converted into condominiums as soon as the market allows.”
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