Westroads
City of Miami, Florida
Property Summary
Project Land and Partners are committed to the ground-up development of Westroads Townhomes, a twin unit development in the City of Miami, Florida, about two miles west of Downtown Miami and about three miles east of Downtown Coral Gables.
On a strategic level, this investment fits within Project Land’s creation of housing in cities with a supply shortage thesis. Miami is expected to continue to grow faster than the national average, increasing demand for new housing. Population growth in this area is attributable to the area’s proximity to both Downtown Miami and Downtown Coral Gables, as well as job growth in the financing industry.
Business plan
Project Land plans to pre-sell one of the units and hold the sale of the other until after construction completion. The expected time for permitting and construction is estimated to be 10-12 months.
Investment Attributes
Experienced, local partner: Based locally, Project Land specializes in the development of residential assets. Having acquired and developed multiple properties in the South Florida Market, Project Land has valuable experience and knowledge of the local market.
Strong Local Economy: Florida's no personal income tax and low corporate taxes are luring finance and tech firms to relocate to South Florida. Full-time employees working for registered investment advisers in Downtown Miami has increased 55%, to 1,326 over the previous five years. Total assets under management have 61% to $75 billion.
Housing Shortage – There are fewer simple-fee properties for sale in South Florida, but low interest rates are creating a high demand.