The international investors who have historically focused on Miami are now venturing north into Broward County, which is experiencing its own development influx.
That was one of the main themes of a panel discussion hosted by The Real Deal during Thursday’s grand opening celebration for the $1 billion Metropica development across from Sawgrass Mills in Sunrise. More than 800 real estate professionals and other guests attended the event, which included the unveiling of Metropica’s sales gallery at 1800 Northwest 136th Avenue. Participants in the spirited discussion included One Sotheby’s International Realty executive vice president Reginald Fairchild, One World Properties president and CEO Peggy Fucci, 13th Floor Investments managing principal Arnaud Karsenti, Metropica’s Jordan Kavana, managing partner of K Group Holdings, and Related Group condominium division president Carlos Rosso.
Karsenti, whose firm is developing the Central Parc single-family community in Tamarac and partnering with Related and Key International on a condo-hotel project in Hollywood, said foreign investors are seeking value opportunities in a market where available debt is scarce. He noted that high-end product in Broward is significantly cheaper than Miami’s offerings on a per square foot basis.
Fucci, who is handling sales at Encore Housing Opportunity Fund’s Paramount Fort Lauderdale Beach, said half of the project’s preconstruction buyers are international. About 50 percent of Paramount’s 95 units are presold.
Last weekend’s Fort Lauderdale International Boat Show gave Related a golden opportunity to promote its various projects to ultra-wealthy buyers, according to Rosso. Related has more than $1 billion in new development for thousands of units throughout Broward.
Metropica’s developers anticipate the mixed-use project, which includes eight residential towers, will gain traction with Latin American buyers who typically look for seasonal residences in Weston and other high-end communities in Broward. For the first condo tower at the 65-acre master-planned project, Metropica Residential and the Trillist Cos. are partnering with YOO Studio on the 28-story, 263-unit YOO at Metropica. YOO’s interior designs are inspired by architect Chad Oppenheim, Metropica’s lead designer.