The Real Deal Miami

Cooper City development shrinks

March 30, 2009 10:41AM

Now that Cooper City developer Tousa has filed for bankruptcy, the new
owner of the 400-acre, proposed $1 billion development plans to scale
back the mixed-use Monterra project. Jim Carr, of Coral Gables, will cut the
proposed number of homes from 1,910 to fewer than 1,800, and will build
two- and three-story buildings instead of five-story buildings. A dense
mixed-use project would not make sense in Broward County right now,
said real estate analyst Jack McCabe. There is too much surplus
inventory already and real estate values are still declining, he said.