South Florida Developers venture statewide for opportunity
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.