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Spanish developer shifts strategies in an ailing economy

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From the South Florida Web site: Miami real estate developer Rilea Group spread its commercial risk across multifamily properties, shopping centers and offices. Now all three sectors are suffering, so Rilea is shifting strategies. On the multifamily property front, the developer is catering to the business traveler by renting luxury condo units at One Broadway at Brickell, a 36-story residential tower with 371 units and 15,000 square feet of retail space, on a short-term basis. The Real Deal caught up with Ojeda, a native of Spain, to talk about
the state of multifamily property, how the economy is impacting its new
projects, and what the real estate industry needs to learn from the
meltdown.