More Developers Look To Sell Miami Site They Once Hoped To Build On

Developers in South Florida are increasingly opting to sell entitled development sites instead of proceeding with construction, amid escalating market uncertainties. Factors such as rising construction costs, fluctuating interest rates, and tariff disputes are prompting developers to liquidate projects they had previously invested years in entitling. This trend is particularly evident in Miami, where shovel-ready sites are being listed for sale as developers seek to capitalize on current market conditions before potential downturns. (Miami-Dade Development Site Listings Surge Since December)

For instance, North Carolina-based Evolve Cos. has listed two sites in Miami’s Wynwood and Midtown neighborhoods, initially intended for multifamily developments, due to challenges in securing financing and escalating construction expenses. Similarly, Scott Robins Cos. and Philip Levine have put their Wynwood Easel site on the market, a project that had undergone several revisions but ultimately was not pursued further. These developers, while still interested in the South Florida market, have determined that these particular projects no longer align with their strategic objectives.

Industry professionals note that developers are increasingly seeking to monetize their entitled sites at a premium, capitalizing on the value of fully permitted properties. This approach allows them to mitigate risks associated with ongoing construction and market volatility. As a result, the market is witnessing a surge in listings for entitled development sites, indicating a strategic shift among developers in response to current economic challenges.