The Real Deal Miami

New Cooper City housing community project forges ahead

January 20, 2010 01:07PM

At arguably one of the worst times to put 1,600 new Broward County homes on the market, Armando Codina and Jim Carr of CC Devco Homes believe their Monterra community will draw new buyers to Cooper City. Monterra is the first giant housing development launched in Broward County since the housing market collapsed. Construction began last week on the model homes, and finished products will range from the low $200,000s to around $400,000. The developers said they can stay competitive against short sales and foreclosed properties while delivering high-quality new housing. Monterra began as a project of bankrupt builder Tousa, and CC Devco purchased the site, which had several dozen homes already built, for $50 million and assumed another $167 million in debt. [Miami Herald]