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

TRD 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

Fake sultan sentenced after allegedly defrauding Miami real estate billionaire and others

Larry Silverstein unplugged: Developer talks potentially building 2 World Trade Center on spec, Hudson Yards

Here are the tallest projects proposed in Miami

State of the market

State of the market: Real estate execs talk demand, pricing and more at TRD showcase

SLIDESHOW: Developers grapple with a changed environment while startups look toward an uncertain future at TRD forum

From left: The Real Deal's Jill Noonan, L&M CEO Ron Moelis and Slate Principal David Schwartz

Moelis, Schwartz talk up the steady upside to affordable development, and the “amazing” NYCHA real estate

New York real estate’s tough talk is like “fresh air” for proptech entrepreneurs

From left: Industrious CEO Jamie Hodari, Common CEO Brad Hargeaves, Cushman & Wakefield's Global Brokerage chairman Bruce Mosler and Newmark Group CEO Barry Gosin (Credit: Emily Assiran)

Even with an economic downturn looming, the flex-space industry will grow explosively: TRD forum panelists

arrow_forward_ios