The state of real estate development today in Miami-Dade is fueled by expectations of strong returns. One need only look at the number of cranes dotting our regional high-rise commercial and residential zones of Miami, Miami Beach, Coral Gables and elsewhere to recognize the intensity. Currently, metropolitan Miami has the third tallest skyline in the country, and nearly every commercial neighborhood has construction of some kind occurring.
The great challenge and opportunity for developers and investors has been twofold since most are seeking near-term returns that satisfy their investors. Generally, there are two considerations on their minds: when is the right time to purchase and develop property, and what barriers to entry are manageable. Although some local developers have the cash and strategy to be more patient and wait for two to 10 years to move forward with projects on land they own, that is not commonplace.