High prices and the scarcity of raw land are prompting some prominent South Florida developers to do projects elsewhere in the state.
One example is Noah Breakstone’s BTI Partners, a Fort Lauderdale-based company that is one of Florida’s leading real estate developers and land investors. Since 2011, BTI Partners and institutional partners were able to assemble a portfolio of nearly 8,000 acres of land, more than 17,500 units/lots and over 2 million square feet of commercial and retail development with a par value of over $650 million. The assets, acquired at a significant discount, were located primarily in South Florida, Naples, Tampa, Sarasota, Jacksonville and Orlando. As the market recovered, BTI Partners sold most of the ready-to-build land sites to production homebuilders and other large developers. BTI Partners kept some of the land to develop itself.
