Miami's Related Group Now Florida's Largest Multi-Housing Developer, Eight New Projects Announced

Miami's Related Group Now Florida's Largest Multi-Housing Developer, Eight New Projects Announced

» Featured Columnists | By Michael Gerrity | April 27, 2012 11:41 AM ET

Following the closing of their two newest properties in Florida, Veranda II and Channelside, The Related Group announces a development pipeline that is approaching 4,000 units, establishing the multi-family development company as one of Florida's largest.

President and CEO of Related Development, LLC, Steve Patterson, who joined the company in 2010, is spearheading the new multi-housing rental development activities.

"With new apartment production reaching a virtual standstill over the past five years, multi-housing rental projects are projected to be the top performing sector in the commercial real estate market," says Patterson. "The Related Group is responding to a dearth of recent supply and increased demand resulting from lower home ownership rates and higher renter demographic demands."

Veranda II and Channelside represent just the first of eight new multi-housing projects that the company plans to develop throughout Florida. Veranda II, located in Plantation, is designed to be a six-story rental community that is modeled after the neighboring Veranda I condominiums. The 181-unit building and its 16 adjacent townhomes will offer residents a park-like setting that is walking distance to nearby employment, shops, restaurants and a grocery store.

The Tampa-based Channelside apartments are positive news for Tampa Bay, which also realized a significant slowdown in the pace of development in recent years.  Channelside is situated on 5.8 acres of land just east of Downtown Tampa and is set to offer 360 luxury apartment units, oriented around a new urban art park that will be constructed by Related as part of the Channelside development. 

Other projects in the pipeline include communities in suburban and urban locations in Dade, Broward and Palm Beach Counties.  Many of the projects will be mixed-use developments with meaningful retail components that compliment the residential use.  "We are enthusiastic about the near term opportunities presented in the multi-family space, particularly when paired with Related's expertise in the multi-family housing industry and its capital resources.  These are core foundations that we will rely upon as we grow our business," adds Patterson.

In addition to the rental portfolio, Related is armed with a land bank of 12 carefully selected sites for condominium development.  With new financing techniques and a clean balance sheet, The Related Group boasts the groundbreakings of downtown's condominium projects including MYBRICKELL, and at Broward's Apogee Beach. Both properties are 100% under contract and ahead of schedule, while two other projects are in the sales phase.


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