“The world turned”: Why developers are selling South Florida multifamily sites
A developer planned to complete a 141-unit apartment building in Miami’s Wynwood Norte neighborhood last year. The project was first revealed in the fall of 2022. Yet, instead of starting construction, Evolve Companies listed the six-lot assemblage for sale this spring, asking $14 million. Across South Florida, developers who planned multifamily buildings in recent years are now quietly putting the sites up for sale, according to online listings and experts. “I don’t think it’s a secret that the market cycle for new construction multifamily is ending,” said broker Tony Arellano. “Interest rates are higher, development costs are higher, concessions [to […]This article originally appeared on The Real Deal. Click here to read the full story.
Recent Posts
Boston Children’s Hospital inks deal to open West Palm Beach clinic
California philanthropists pick up Hillsboro Beach mansion for $37M
Weed scheme allegedly paid for $3M in South Florida real estate
Local elections: City land deals, development rules on the ballot in Broward County
Bomar’s proposed Fort Lauderdale megamansion hits market for $100M
Charles Cohen scores $385M for delayed West Palm office project, as South Florida construction loans flow
Luxury hotel group Raffles to brand Mast Capital, BH’s Coconut Grove condo
Developer proposes mixed-use project on one of Jupiter’s last undeveloped waterfront sites
Real Estate Q&A: Can Leased Solar Panels Derail a Home Sale?
AI Can Speed Up Work But Still Needs Your Review
