Posts

Despite the condo market slowdown, developer Shahab Karmely is confident his project and the Miami River are poised for big growth.

Click photo to view video of Shahab Karmely discussing the Miami River and One River Point at the TRD Broward Showcase and Forum panel by TRD’s Alistair Gardiner

In a post-panel interview, Karmely and The Real Deal South Florida’s Managing Editor Ina Cordle discussed One River Point and the river at TRD‘s Third Annual Broward Real Estate Showcase & Forum in April.

Presales at One River Point are about to pass the 18 percent to 20 percent mark. Buyers there are mostly from South America, but also from Georgia, New York and Canada.

“We have headwinds – not us, just everybody else,” Karmely said. “On the other hand, we are financially very secure. We have no financing.”

The Real Deal previously reported that Karmely’s silent partner is Daniel Loeb, the billionaire investor who runs one of the most prominent activist hedge funds, Third Point LLC. Karmely’s KAR Properties has spent more than $112 million on acquisitions along the River, in Wynwood and in Hallandale Beach since 2013, and more on pre-develoment costs.

Karmely was part of a panel discussion on the economics of new development amid a new administration and continuing global market fluctuation.

To watch the panel in full, click here.

 

Source: The Real Deal

A panel of major Miami developers, many of them billionaires, gathered at The Real Deal South Florida’s Real Estate Forum & Showcase to talk about their upcoming projects and give their take on when this real estate cycle will come to a close.

Craig Robins, Jeffrey Soffer, Richard LeFrak, Gil Dezer and Michael Simkins

Craig Robins, Jeffrey Soffer, Richard LeFrak, Gil Dezer and Michael Simkins

In attendance was Richard LeFrak of the LeFrak Organization, Jeffrey Soffer of Turnberry Associates, Gil Dezer of Dezer Development, Craig Robins of Dacra and Michael Simkins of the Innovate Development Group.

The five heavyweights touched on themes like what it means to build a neighborhood and the challenges involved with planning a multibillion-dollar project. However, one topic reigned supreme: is South Florida headed for a crash?

“In the long run, what is going to happen is what always happens: the weak will not survive, the strong will survive, and the ones who survive will thrive,” said LeFrak, chairman and CEO of the LeFrak Orgnization.

To watch the panel from start to finish, check out the video below, or go to The Real Deal‘s YouTube page.

 

Source: The Real Deal