- Live Local Act likely to stimulate affordable housing development – Developers should consider taking advantage of the program's tax credits and exemptions, following the enactment of Florida's Live Local Act last year, which aims to increase the supply of affordable housing across the state. is expected. 2024 could see more live local projects moving forward, especially in non-urban core communities like Homestead, Kendall, West Broward, and Lake Worth.
- Further investment in transport and infrastructure – Amid the recent expansion of Tri-Rail and Brightline, areas outside of the urban core markets of eastern South Florida are now attracting high-density development within designated transit station zones. We expect this momentum to carry through into the new year across Miami-Dade, Broward and Palm Beach counties. As the region's population continues to grow, local authorities have been largely cooperative in securing funding for transportation and infrastructure projects.
- Opportunities for redevelopment of government land – Local governments throughout South Florida are increasingly evaluating redevelopment opportunities to maximize the value and best use of their properties, especially those west of urban centers. This has led to an increase in requests for proposals from local governments seeking developers interested in redeveloping state-owned land on long-term leases, making it an attractive option for developers and lenders given today's high interest rate environment. It has become.
- Condominium financing market continues to be strong – Despite the current lending environment, high-quality condominium and mixed-use projects with experienced owners are generally able to attract new construction financing in Florida. A case in point is last year's $430 million loan for the Auberge brand redevelopment of the Shore Club in Miami Beach, one of the largest home construction loans in South Florida history. We expect several other large financings to occur in the coming months, indicating continued strength in the local market.
- Growth of branded housing – The trend of branded homes and luxury condo developments continues across Florida, from Miami Beach and Coconut Grove to Pompano Beach, Jacksonville, Naples, Tampa and West Palm Beach. All luxury hospitality, food and luxury brands such as Aman, Ritz-Carlton, St. Regis, Waldorf Astoria, Pendry, Dolce & Gabbana, Bentley Motors, Casa Tua, Major Food Group and Rosewood Residences. Planting a flag in the state of Florida. Demand for branded homes across the state. The trend is likely to continue with more world-class brands following suit and expanding into additional markets across the state. ”
Gavin M. Loughlin also contributed to this article.
