The real estate market in South Florida recently reached a milestone. The 50th and 51st condo buildings erected east of Florida's Interstate 95 during the current real estate cycle that started in 2011 were completed in November. This shows that the commercial real estate market is continuing to flourish in this part of the state.
The 50th condo building is part of phase two of a project featuring six buildings located west of a medical center. The building project's first phase was completed back in July. The first deed for phase two of the six-building real estate project was recorded in November.
The 51st condo building is part of a yacht club and residential home project that features a north tower of 25 stories. A twin tower on the south is being constructed right now. To date, developers have built about 4,000 condo units east of Interstate 95. The construction activity this year is greater than it was in past years. A total of 13 new condo buildings featuring over 900 units were finished in 2014, while just five buildings featuring 150 condos were completed in 2013.
An additional 123 brand new condo buildings featuring over 12,000 units are under construction right now. The fact that the commercial real estate market is booming in South Florida may pique the interest of developers who are interested in taking advantage of a potentially promising market today. Proper legal guidance may help these individuals to tackle issues such as zoning matters and contract drafting so that their deals will ultimately succeed in the Sunshine State.
Source: therealdeal.com, "Completed South Florida Condo Projects 2015", Peter Zalewski, Dec. 1, 2015