WATCH: Gil Dezer on land banking for the next SoFla cycle

Developer said most of his preconstruction units are sold, leaving him in a favorable position

New York /
Oct.October 25, 2016 02:55 PM

You might know Gil Dezer as the developer of flashy South Florida condo towers with outlandish amenities like a 60-story car elevator. But his firm Dezer Development is also wrapped up in another business: land banking.

Dezer checked in with The Real Deal South Florida Managing Editor Ina Cordle at TRD‘s Miami Showcase and Forum to give an update on his current projects, and explain how his firm is positioning itself to take advantage of the next demand wave when it comes.

“We are tremendous land bankers,” he said. “That’s always been our business. We buy stuff to hold for the future.”

The developer is under contract to buy roughly three acres of waterfront land from Publix in Sunny Isles Beach. The deal has at least two years left to close, giving credence to Dezer saying that his firm is in no rush to sell out their remaining projects and launch a new building.

Dezer is one of several major luxury developers who launched their projects earlier in the cycle when demand was still high, allowing them to sell out the majority of their preconstruction units, secure financing and begin construction. He said his Porsche Design Tower is slated to be completed within the six to eight weeks, Armani/Casa is more than 60 percent sold and still has 30 months to open, and Hyde Midtown is more than 85 percent sold with an expected completion date of late 2017.

“I’ve been in this movie for so long,” he said. “The buyers will slow down today, the next year they’ll come back.”


Related Articles

arrow_forward_ios
RXR Realty head Scott Rechler and CBRE Tri-State CEO Mary Ann Tighe
Rechler, Tighe know which real estate players will go extinct
Rechler, Tighe know which real estate players will go extinct
The Real Deal's Hiten Samtani with Gil Dezer, Keith Menin, Jon Paul Pérez and Todd Michael Glaser
This time is different? South Florida condo market won’t bust, builders claim
This time is different? South Florida condo market won’t bust, builders claim
Moishe Mana, Eugene Lemay and the Mana Contemporary (Getty, Wikimedia)
Moishe Mana employee indicted in $7.8M tax avoidance scheme
Moishe Mana employee indicted in $7.8M tax avoidance scheme
Miami's real estate market is being covered by Artificial Intelligence (iStock
Miami Herald brings on AI to cover real estate sales
Miami Herald brings on AI to cover real estate sales
1 South Pine Island Road in Plantation, FL (Nottingham Pine, Getty)
Pandora Papers ties Miami multifamily investor to offshore trusts linked to disgraced Catholic order
Pandora Papers ties Miami multifamily investor to offshore trusts linked to disgraced Catholic order
Developer Bill Hutchinson, seen here in court and alongside his mugshot (Getty, Highland Park Police Department)
Facing assault charges, developer sells Miami home, lists Cali properties
Facing assault charges, developer sells Miami home, lists Cali properties
A rendering of Archer's proposed air taxis from REEF’s parking garages (Archer/Twitter)
REEF Technology and Archer Aviation to run air taxis from parking garages
REEF Technology and Archer Aviation to run air taxis from parking garages
Bungalow CEO Andrew Collins (Bungalow, iStock)
Eyeing Sun Belt expansion, shared-living startup Bungalow raises $75M Series C
Eyeing Sun Belt expansion, shared-living startup Bungalow raises $75M Series C
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...