In the past 36 months, developers of the Greater Downtown Miami area have announced their plans. The plans have to do with the creation of 65 new Towers; while the Fort Lauderdale area has sat by unproductive. This, however, was changed with news released last week. In a report provided by the Sun-Sentinel, the partnership group that manages the Galleria Mall in Fort Lauderdale has disclosed a Billion reinvention plan. The Galleria region will get a make-over that includes 1,600 new condos in 7 new towers.
CraneSpotters.com, a preconstruction condo projects website, stated that after the announcement the number of prospective new apartments in the Downtown Fort Lauderdale and Beach market region has more than doubled; from the previously 850 units to 2,450 units. The proposal for revamping the Galleria mall with new condos has put the Downtown Fort Lauderdale area in the third spot in South Florida for the most active market of new condos. The Greater Downtown Miami is in first place with 18,300 units. And, Hollywood/Hallandale Beach is second with 3,600 new units or more.
Prior to the announcement, Fort Lauderdale was ninth in the new condo market boom; just behind Coral Gables with 1,073 planned new units. But, in front of the 717 units of Boca Raton. The expected building of altogether 38,150 new units in 278 new towers will happen in Palm Beach, Broward, and Miami-Dade County east of I-95 thus far. During this condo boom, Palm Beach County represents 9 percent of the developing new units in the tri-county coastal region. Broward County represents 17 percent, while Miami-Dade leads with an incredible 74 percent of all new units.
In the previous condo boom, there were 49,000 new units constructed in the South Florida coastal sector. And, 21 percent of those units were constructed in Broward County. However, the big question still stands; whether this huge redevelopment endeavor of the Galleria area will spark the interest of future developers for Downtown Fort Lauderdale and Beach Market. Or, if it will send them running for the hills.
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