3 min read October 2023 — Invest: is joined by Noah Breakstone, CEO of BTI Partners – South Florida, to discuss how the region is welcoming a great influx of population while being mindful of costs and inventory. “We constantly look to technology and modernization to create efficiency, which adds up to sustainability and cost savings for owners,” he says.
What have been your key takeaways from the past year?
South Florida has remained an in-demand location both domestically and internationally due to its business-friendly environment and unique lifestyle appeal. This has driven remarkable resilience with respect to sales activity as buyers battle affordability due to rising interest and insurance rates.
What are some of the most prominent opportunities in Broward County right now?
When you look at the county, it’s essentially built out. The opportunity we see is in the redevelopment or repositioning of older buildings within the county’s cityscapes. Our redevelopment projects in the heart of downtown Hollywood surrounding the ArtsPark at Young Circle are a testament to that.
How is BTI Partners approaching sustainability in its project designs?
As we look to build, develop, and revitalize neighborhoods, we constantly look to technology and modernization to create efficiency in our projects, which adds up to sustainability and cost savings for owners and renters.
What are the asset types you are prioritizing right now?
In Fort Lauderdale, our Urban Development division is prioritizing redevelopment and repositioning opportunities involving dated urban core assets.
What are the most significant challenges facing South Florida right now?
South Florida’s housing supply simply has not been able to keep pace with demand. One of the key problems here is a lack of developable land causing a slowdown in the development of new housing units, which continues to exacerbate the shortage of inventory.
What is your assessment of the regulatory environment in Florida?
From the local to the regional and state levels, there is a need to make the zoning and permitting system more efficient to save time and pass those savings onto buyers and tenants. What we are finding more now is that Florida is looking for better ways to work with the development community to make those processes more streamlined and it is part of what is attracting companies here.
What is your outlook for the next three to five years?
If you’ve been in the business long enough, you know there are ups and downs. It’s just the nature of the game, whether it’s a geopolitical situation, recession, or hurricane, South Florida has proven to be truly resilient.
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