The Real Deal Miami

South Florida real estate in brief

June 12, 2009 12:48PM

Delray Beach downtown development to begin
Work on the first phase of redevelopment for two blocks in downtown Delray Beach, adjacent to Veteran’s Park at Atlantic Avenue and Federal Highway, is set to begin this summer. The $325 million project, Atlantic Plaza II, will include retail, residential and Class A office space, according to a press release. Infrastructure work is expected to take about 18 months, and the development will be completed in three phases over five to seven years.

Architecture firm opens new division
Miami architectural firm BCArchitects has launched a healthcare division to work on medical campuses, healthcare and hospital buildings, medical offices, surgical centers and clinics, according to a press release from the firm.

Local developers cut prices, ignite sales
At two new condominium projects in the greater Downtown Miami area, developers have cut condo prices to as low as $189 per square foot. The price needed to break even on a building is usually $250 per square foot, according to a report from real estate consultancy Condo Vultures. Most of these units are selling to investors, the report said. The two projects, which were not named in the report, have closed 46 sales since April. TRD