Miami is known as the Gateway to Latin America. But the West Broward market has surged in popularity with international and Latin American buyers and investors.
Scott L. Leventhal, president and CEO of The Trillist Companies, tells GlobeSt.com they are attracted to this area by five key factors:
- Strong real estate fundamentals
- Stability of pricing structure
- Strategic location surrounded by four counties and five expressways
- Strong corporate presence
- And the increasing abundance of area amenities.
Historically driven to the Miami Dada area, he says, the Latin market is now focusing on Broward, as Miami has extended north and is now the heart of South Florida.
“We are currently developing, and will be breaking ground soon on YOO at Metropica, in the burgeoning Sunrise area of South Florida and located within the Metropica master-planned community,” says Leventhal. “When completed, Metropica will encompass 65 acres and 4 million square feet of world-class residential, commercial, hotel, conference and public spaces, and we anticipate it to become the urban heart of the West Broward area.”
Trillist has already seen significant interest in YOO at Metropica from the Central and South American markets including Venezuela, Ecuador, Colombia, Brazil, Mexico, Costa Rica and Guatemala. What’s more, Leventhal reports interest from Chinese investors.
“They are excited about the area and identify this market as a safe haven for their investment and not subject to the same volatility neither as their local currencies, nor with the amount of competition as other areas of South Florida,” he says. “These buyers are already familiar with the nearby Sawgrass Mills, the 2.2 million square-foot mall which is the second largest tourist attraction in Florida, the largest single-story mall in the United States, and which generates more than $1 billion in sales annually.”
Leventhal also points to the nearby BB&T Center, one of the preeminent sports and entertainment venues in Florida. American Express is building a brand new 440,000 square-foot headquarters directly across from the site, which will bring 3,000 jobs to the area.
On top of that, the HBO Latin America Group is expanding its technical production facility in Sunrise. And with companies such as Grant Thornton, Cigna Healthcare, Coventry Healthcare, New York Life and Sawgrass International Corporate Park nearby, we anticipate increasing demand from discerning buyers seeking upscale housing in the area.
“Broward County added 25,690 jobs in 2014, indicating a 3.1% annual growth in the labor force, as well as a 6.6% employment growth in professional and business services,” Leventhal says. “The unemployment rate has declined steadily, reaching 5.1% in May 2015, down from 5.9% a year ago. By 2022, Broward County expects to increase employment by 11.5%, indicating positive long-term projected growth in the region.”
Source: GlobeSt.
