Despite ongoing market uncertainty, Florida’s home builders are forging ahead with ambitious residential developments, including billion-dollar projects poised to add thousands of new units to the South Florida landscape. These initiatives signal a strong commitment to the region’s growth, even as inventory levels and sales paces suggest a shifting market dynamic.
Key Takeaways
- Major developers like Lennar are launching significant new communities.
- A "mini-city" development in Sunrise will introduce 3,000 new condos and apartments.
- South Florida’s condo market shows varying inventory levels across its tri-county region.
New Residential Frontiers in South Florida
Lennar, a prominent home builder, is spearheading new residential projects in Miami-Dade County, signaling continued investment in the region. While specific details on the total investment for Lennar’s City Park community are not fully elaborated, the company’s commitment underscores a belief in the long-term housing demand in South Florida.
The Metropica Megaproject
In Sunrise, the ambitious Metropica project is set to significantly expand the housing stock with an additional 3,000 apartments and condos. This development is more than just residential; it’s envisioned as a "mini-city" incorporating four office towers, two hotels, and a variety of retail and dining establishments. Developer Joseph Kavana, leading K Group Holdings, describes Metropica as a "megaproject" and a "dream community" designed with extensive on-site amenities and 24/7 concierge services. The project, which began in 2017, is expected to be a 15-year endeavor, with its first phase opening in 2020. Metropica’s completion is anticipated in approximately seven more years.
Navigating Market Conditions
The influx of new construction comes at a time when the South Florida condo market is experiencing varied inventory levels. As of early 2025, the tri-county region had approximately 25,315 condo units listed for resale, with a notable portion being older buildings. The overall market holds about 11.4 months of supply, indicating the time it would take to sell current listings at the prevailing pace. Miami-Dade County shows a slightly higher inventory at 12.5 months, followed by Broward at 11.5 months, and Palm Beach at 10.1 months. The luxury segment, for condos priced over $1 million, has a regional inventory of nearly 11.7 months. Some sub-markets, like Greater Downtown Miami, are seeing even higher resale supply, approaching 16 months, which suggests a dynamic market influenced by ongoing new construction.
Sources
- Lennar plans City Park home community in Miami-Dade, The Business Journals.
- South Florida to add 3,000 new condos at Metropica | Lifestyle, IslanderNews.com.