Joseph Kavana on playing the long game in real estate: VIDEO

Developer said Metropica will break ground on retail portions in September

Apr.April 25, 2016 03:45 PM

Video by TRD’s Alistair Gardiner

Back in the 1990s when the city of Sunrise was known for little more than the Sawgrass Mills mall and sleepy suburbs, Joseph Kavana and his company K Group Holdings started assembling land. Roughly two decades later, on that very same assemblage, Kavana and his partners have broken ground on the $1.5 billion mixed-use Metropica project. “We are patient investors,” Kavana said during a one-on-one interview with New York-based managing web editor Hiten Samtani at The Real Deal’s Broward Event.

With one of eight residential towers coming out of the ground and construction set to begin on Metropica’s 400,000-square-foot retail portion in September, Kavana said he’s confident buyers will come once the project starts opening its doors.

“We always knew that there was going to be a down cycle,” he said in the interview. “But we’re prepared for that.”

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