Broward Seeing Rapid CRE Transformation

Written by on 05.23.17 in Investment Trends, Land, MultiFamily, Office, Retail - No comments

Broward County is undergoing a rapid transformation from as far South as Hallandale to as far north as Oakland Park, with Downtown Fort Lauderdale leading the way.

Vacant lots and rundown buildings are being replaced with high-rise condos and mixed-use developments, and new neighborhoods like Flagler Village are starting to emerge in the urban core.

GlobeSt.com sat down with Adam Bedzow, a managing principal of Ceiba Groupe, to find out what makes him bullish on Broward County in Part One of this exclusive interview. (In Part Two, he will discuss some of the trends making Fort Lauderdale’s commercial real estate market hot).

“The two main factors that we look at are demographics and job growth,” Bedzow tells GlobeSt.com. “Our company builds residential developments for people who live and work in our communities. For the most part, we don’t cater to foreign investors so it is very important that we build in areas near employment hubs.”

Bedzow points out Broward has several areas near employment centers where land is still affordable to build innovative and pioneering projects. His firm is currently building a townhome community in the heart of Flagler Village because the area is evolving into a trendy district in Downtown Fort Lauderdale.

Ceiba Groupe is betting heavily on compelling statistics. Greater Fort Lauderdale had the largest year-over-year employment increase among all 32 metropolitan divisions in the county, according to the US Department of Labor in 2016. Greater Fort Lauderdale’s growing markets include aviation, life science and technology, which tend to generate high-paying jobs and boost the local economy.

“Another area that is experiencing a boom is Downtown Davie,” Bedzow says. “The Davie corridor is undergoing an amazing transformation and its evolution continues. That’s why we decided to build the proposed Suede Downtown Davie, which will replace aged and decaying structures.”

The corridor is home to Broward College, Florida Atlantic University, NOVA and other college and university campuses attracting thousands of people to the area on a daily basis. Davie, Bedzow notes, is a perfect example of a town with growing demographics.

“Last year, Davie’s population surpassed 100,000 for the first time between 2014 and 2015, according to the US census,” Bedzow says. “We also acquired land in Oakland Park, where we are planning another residential project. Broward has tremendous potential for smart development and developers with a vision to capitalize on its bright future.”

 

Source: GlobeSt.

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