New York developers are pouring money into Fort Lauderdale, betting that Miami’s soaring real estate prices and a growing population of younger residents will fuel the city’s emergence as a new South Florida luxury hub, according to a report.
uncertain
prices → pour → report
Nearly half of Fort Lauderdale’s downtown development footprint is now tied to New York firms, which account for 4.6 million square feet, Bloomberg reported Friday.
asserted
Bloomberg → tie → feet
The surge marks a sharp change from the past few years.
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surge → mark → years
New York builders represented about 13% of completed projects from 2021 through 2024, according to the report.
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builders → represent → report
Now they are planning luxury condos, rental towers and sprawling mixed-use projects while bringing financing from Wall Street with them.
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they → plan → them
Among the New York developers expanding into Fort Lauderdale are Dependable Equities co-founders Isaac Schlesinger and Simon Dushinsky, whose home borough is Brooklyn.
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borough → expand → Lauderdale
The pair previously developed luxury condos across several Brooklyn neighborhoods and are now pursuing three developments in Fort Lauderdale.
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pair → develop → Lauderdale
Their first, Ombelle, is a two-tower, 754-unit project expected to be completed around 2028.
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first → expect → 2028
One of the towers is already 45% presold, Schlesinger told Bloomberg.
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Schlesinger → tell → Bloomberg
The project is slated to house Fort Lauderdale’s first Equinox gym.
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project → slat → gym
Developers are counting on Fort Lauderdale attracting buyers seeking a less expensive and less hectic alternative to Miami.
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Lauderdale → count → Miami
The median sale price of a Fort Lauderdale home is about $70,000 less than Miami, according to Redfin data cited by Bloomberg.
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price → accord → Bloomberg
“For some people, Miami became too hectic, too busy, too noisy,” Miki Naftali, whose New York-based firm is developing more than 250 condos and a rental building in Fort Lauderdale’s Flagler Village, told Bloomberg.
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firm → become → Bloomberg
“So Fort Lauderdale is a fantastic city for those that just want one notch down.”
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that → want → those
Naftali predicted the city is still in the early stages of its transformation.
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city → predict → transformation
“In five to 10 years,” he said, “you will see a lot of price appreciation, because we are just at the beginning of the story.”
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we → say → story
Situated roughly midway between Miami and Palm Beach, Fort Lauderdale offers developers a comparatively less expensive way to capitalize on South Florida’s growing population and influx of wealth.
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Lauderdale → situate → wealth
New York remains the leading source of interstate newcomers to the downtown area, according to the local development group cited by Bloomberg.
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York → remain → Bloomberg
More than 125,000 New Yorkers relocated to Florida between 2018 and 2022, taking nearly $14 billion in adjusted gross income with them, according to a Citizens Budget Commission analysis.
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Yorkers → relocate → analysis
About 41,250 of those transplants settled in the South Florida counties of Miami-Dade, Palm Beach and Broward, which includes Fort Lauderdale.
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which → settle → Lauderdale
Meanwhile, the number of adults under 45 living downtown has surged 25% since 2020.
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number → live → 2020
Improving transportation links are also adding to the city’s appeal.
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links → improve → appeal
Brightline trains can reach downtown Miami from Fort Lauderdale in about 40 minutes, while airlines have increased service at the local airport following Spirit Airlines’ shutdown.
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airlines → reach → shutdown
The Aporia
