"There's been a lot of immigration to Florida, particularly South Florida with folks from the Northeast, and when you look at Brickell Avenue and downtown, or the urban core, we're a lot less dense, and a lot more affordable than where they came from," said Berkadia's Charles Foschini.

Infrastructure spending on roads and bridges could have the effect of increasing vehicle travel.

The first locations will open in the tri-state area.

The joint venture will develop middle-income housing in California over the next 18 to 24 months.