via Four Seasons
You can't drive through South Beach, Downtown Miami or Brickell anymore without the sea of cranes and construction impeding your view. Head north along I-95 and you'll see firsthand Fort Lauderdale is amid a dynamic transformation itself, to the tune of about $1.5 billion in residential and hotel development per the Greater Fort Lauderdale Convention and Visitors Bureau.
The Wall Street Journal ran a feature on South Florida's rising city to the north, one that's becoming more luxurious and appealing by the day. The new Four Seasons - South Florida's fourth - located at 521 North Fort Lauderdale Beach Boulevard is pursuing an average of $1,500 per square foot for its condo residencies. That's 40 percent less than its sister establishment goes for on South Beach.
Hotel occupancy is at an all-time high of 78 percent and daily rates are expected to climb by at least five percent in each of the next three years, according to PKF Consulting USA. There's a slew of hotels in development - the Four Seasons, Melia Costa, and an Element by Westin, to name a few.
From Miami to Fort Lauderdale, South Florida is rapidly evolving. Cranes are becoming as common as mojitos. The question becomes what's the ceiling on the supply boom?