The Real Deal Miami

Experts: Foreign investment spreads north to Broward

Real estate leaders discuss county's growth at Metropica grand opening celebration

November 07, 2014 12:00PM
By Eric Kalis

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Metropica's Jordan Kavana addresses crowd while (from left: Arnaud Karsenti, Carlos Rosso, Peggy Fucci and Reginald Fairchild look on

Metropica’s Jordan Kavana speaks while (from left) Arnaud Karsenti, Carlos Rosso, Peggy Fucci and Reginald Fairchild look on

The international investors who have historically focused on Miami are now venturing north into Broward County, which is experiencing its own development influx.

That was one of the main themes of a panel discussion hosted by The Real Deal during Thursday’s grand opening celebration for the $1 billion Metropica development across from Sawgrass Mills in Sunrise. More than 800 real estate professionals and other guests attended the event, which included the unveiling of Metropica’s sales gallery at 1800 Northwest 136th Avenue. Participants in the spirited discussion included One Sotheby’s International Realty executive vice president Reginald Fairchild, One World Properties president and CEO Peggy Fucci, 13th Floor Investments managing principal Arnaud Karsenti, Metropica’s Jordan Kavana, managing partner of K Group Holdings, and Related Group condominium division president Carlos Rosso.

Karsenti, whose firm is developing the Central Parc single-family community in Tamarac and partnering with Related and Key International on a condo-hotel project in Hollywood, said foreign investors are seeking value opportunities in a market where available debt is scarce. He noted that high-end product in Broward is significantly cheaper than Miami’s offerings on a per square foot basis.

Fucci, who is handling sales at Encore Housing Opportunity Fund’s Paramount Fort Lauderdale Beach, said half of the project’s preconstruction buyers are international. About 50 percent of Paramount’s 95 units are presold.

Last weekend’s Fort Lauderdale International Boat Show gave Related a golden opportunity to promote its various projects to ultra-wealthy buyers, according to Rosso. Related has more than $1 billion in new development for thousands of units throughout Broward.

Metropica’s developers anticipate the mixed-use project, which includes eight residential towers, will gain traction with Latin American buyers who typically look for seasonal residences in Weston and other high-end communities in Broward. For the first condo tower at the 65-acre master-planned project, Metropica Residential and the Trillist Cos. are partnering with YOO Studio on the 28-story, 263-unit YOO at Metropica. YOO’s interior designs are inspired by architect Chad Oppenheim, Metropica’s lead designer.

  • jason

    guys seriously stop having all these panel discussions. These developers keep repeating the blatant obvious and its really starting to annoy readers. Broward is cheaper? REALLY? Foreign investors have cash? REALLY? come on start interviewing new and different people that are finding true NICHES not what every other developer is doing.

    • Ted

      Thank you! Same bat time, same bat channel. The panalists, while experienced, have nothing new to say. An intern could come up with these answers. Please stop for the sake of all that it credible.

  • Guest

    Yawn!

  • Not something to brag about

    The only reason there are so many international buyers in Florida is because the natives aren’t buying the properties. That is not a good thing, nothing to be proud of. In places like NY for example, yes foreigners buy properties, but there is also a larger number of natives who buy there.

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