(To read more on the multifamily market, click here.)

CHICAGO-Having already branched out into Florida, condominium converter and mixed-use developer MCZ Development Corp. has targeted Orange Beach, AL; Scottsdale, AZ; Washington, DC and Jersey City, NJ for new projects. One common denominator, says company president Michael Lerner, is support from local government for redevelopment.

Condominium conversions have begun in Scottsdale, as the Phoenix suburb is in the midst of a $2.4-billion redevelopment effort. MCZ Development plans to begin selling units in a Jersey City condominium conversion project later this year, as well as a 40-story Coral Reef condominium building in Orange Beach. Although home prices are leveling off in the nation’s capital, Lerner sees a market for “reasonably priced” condominiums, and MCZ Development has two sites in the area where it can build to meet that market.

The 21-year-old development company has two projects under way in its hometown–Park Millenium at Columbus Drive and South Water Street as well as the 18-unit No. 10 Lofts at 1040 W. Adams St. However, its Florida projects in development include buildings in Miami, Orlando and Sarasota, as well as two in Hollywood.

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