The easy days of developing in Miami are over, but that’s not stopping most developers and brokers from pushing forward with skyline-defining projects, and expanding outside of the region.
Land scarcity and construction costs are among the headwinds forcing developers to be more disciplined, even as private lenders such as Tyko Capital infuse billions of dollars worth of debt into the market. Concerns around affordability have only gotten worse, and infrastructure improvements are needed. Those were among the takeaways at The Real Deal’s Miami Real Estate Forum, an annual two-day conference and showcase held at the Mana Wynwood Convention Center on Nov. 4 and 5.
Even Rick Ross chimed in. The rapper and music executive made a surprise appearance at the event, speaking on stage with TRD Publisher Amir Korangy.
“I feel like the time is perfect,” Ross said about building his mixed-use project, EnSima in Miami Gardens, with partners. “I believe Miami is the hottest spot in the world to make these moves.”
The vibes at the event, attended by about 6,000 people, matched.
The expo floor featured decked out booths: JEM Private Residences, Naftali Group’s 67-story luxury high-rise at Miami Worldcenter, brought an arcade-style toy claw machine. But instead of toys, the prize was a Fendi bag, in classic Miami fashion.
A walking robot (meant to replace real estate agents), drones and virtual reality experiences were spotted around the showcase.
In addition to the main stage and the innovation stage, where speakers on more than three dozen panels offered their expertise, guests had access to the VIP room and subscriber room. Within the same complex, industry heads also took the stage during the power breakfasts.
On the main stage, attendees heard from developers Nitin Motwani, Miki Naftali, Nick Pérez, David Martin, Isaac Toledano, Genghis Hadi, Jonathan Goldstein, Michael Stern, Shahab Karmely, Dan Kaplan, Arnaud Karsenti, Taylor Collins, Allie Eichner and Ricardo Dunin.
Hadi, who leads Nahla Capital and its redevelopment of the Raleigh in South Beach, has been working to secure approvals to expand the project.
“Time is a killer,” he said. “We need to move quickly, we need to move responsibly, we need to move in a disciplined way. But we cannot lose time. Time is what kills most deals.”
Top residential agents Dora Puig, Dina Goldentayer and Judy Zeder talked about the wealth boom and how they are finding inventory for their ultra-wealthy clients. Homebuilders Andres Miyares of CC Homes, Dan Grosswald of Mattamy Homes and GL Homes President Misha Ezratti addressed labor issues, shrinking margins and the luxury boom.
Commercial brokers such as Tony Arellano, Cyril Bijaoui, Zach Winkler, Michael Comras and Andrew Trench talked about the retail and office markets.
Other speakers, including Pura Vida’s Brett Damato and Faena Rose’s Pablo De Ritis, offered their perspectives on curating their offerings — whether it’s finding the right location, or programming that no one else has.
On the politics front, Miami-Dade Mayor Daniella Levine Cava spoke with TRD’s Editor-in-Chief Stuart Elliott. Levine Cava touted billionaire Ken Griffin’s $1.1 billion purchase of Mana Wynwood, where he plans to bring Carnegie Mellon University.
She also addressed the affordable housing crisis, how the county will have to react to the property tax cut Amendment 3, which voters approved this year, aging condos and data centers.
“Ken Griffin took this town by storm,” she said, noting the effect of the wealth migration. “More people with the means are wanting to shape their community for the good.”
Read our event recap stories here:
Where Miami’s top developers are placing bets outside the city
“My father almost lost the company”: Nick Pérez, David Martin on offsetting risks
Michael Stern boasts optimism for Miami projects amid legal battles
“Ken Griffin took this town by storm”: Miami-Dade mayor on Wynwood’s $3B Carnegie Mellon campus
Rick Ross drops knowledge on his real estate hustle: “There is no better time than right now”
“We go after it very hard”: Land scarcity, immigration arrests raise costs of new homes in South Florida, home builders say
Biscayne 21 ruling was wrong, Taylor Collins says, as developers dish on condo buyouts complexities
Join the club: Miami developers sell belonging alongside waterfront views
“Rooftops” aren’t enough for retail to thrive. Hotels? Now we’re talking
“Didn’t want it to feel like Disney World”: Motwani on Miami Worldcenter’s 20-year road to reality
#MovingToMiami: Are the Design District and $250 per sf rents the next office-market wave?
Tight inventory, sky-high prices: Miami’s top resi brokers on how they close deals in an ultra-competitive market
No pioneer, but early follower: Miami newcomer Genghis Hadi talks Raleigh prices, branded condos, capital markets
