Damac Properties, the Dubai-based developer that purchased the property, has not sold a single unit at its planned luxury condo building, known as Delmore Surfside condo project. The redevelopment has remained controversial, as some community members had hoped the site would instead become a memorial.

High housing prices, low wages, and other financial pressures are driving Miami-Dade residents away. The result is a concentration of wealth: higher-income individuals are moving in, while lower-wage workers are moving out, and overall population growth is beginning to stall. That’s not a healthy trajectory for long-term economic stability.

The company, Iru—an IT security and management platform formerly known as Kandji—leased approximately 78,000 square feet at 3390 Mary Street and an additional 14,000 square feet at 2901 Florida Avenue. Both properties are part of the Mayfair in the Grove mixed-use complex. South Florida’s office market continues to gain momentum as new companies enter the region.

While the Treasure Coast continues to attract attention for its coastal appeal and steady population growth, successful investing in this market requires a clear understanding of the local variables that influence returns, risk, and long-term performance.

Expected to begin within the next few weeks, the aging property will be transformed into a 250,000-square-foot open-air retail center. The project is expected to be completed between 2027 and 2028.