South Florida Developers just launched sales for its planned 144-unit townhome community in Florida City, Forest Park, and is planning to break ground soon.
The townhouse project will rise on a nearly 10-acre plot at 1205 Northwest Third Lane, near the U.S.1 entrance into the Florida Keys. Records show Forest Park Development LLC, led by Antonio A. Gonzalez, paid nearly $1 million for the land in 2014.
The developer is also building Tropical Villas, a 64-unit single-family home community in Homestead. BZG International is handling sales of both developments.
Units at Forest Park will range from 1,240 square feet to 1,700 square feet and start at $174,900 for a two bedroom, two-and-a-half bathroom townhome. Forest Park will offer up to four-bedroom townhomes, which are asking $199,900. Residents will have access to 1.5-acre community park.
Brandon Brugal, managing partner of BZG, said the community is geared toward buyers looking for a cheaper alternative to townhouses farther north in Miami-Dade. He adds they could also serve an incoming flock of residents in the Keys who may have been displaced due to Hurricane Irma.
The Homestead developer is expecting to break ground in April. Phase one will be completed by the end of this year.
Other real estate players investing in south Miami-Dade include Starwood Capital, with its recent acquisition of a 312-unit complex in Homestead and home builders like Lennar Corp., which purchased more than 77 acres for $10.75 million in July.
Rents are also on the rise. Homestead experienced some of the fastest-growing rent increases, according to Zumper. As of late last year, rents in Homestead rose by 15.1 percent year-over-year to $1,070 for a one-bedroom.