The Palms is a spec project I am currently working on in the Florida Keys. It is a 7.5 acre property comprised of 6 lots on the water in Islamorada, FL. I am in the process of putting together a proposal for a small gated community catering to families. Growing up in the Florida Keys this is something I saw missing. There are a lot of families looking for the amenities of a gated community but do not want to leave the keys and lose the laid back island life style. My development would have a family friendly club house, pool, park and beach for the residents. Inspirations from Ocean Reef, Angler's Reef, and Truman Annex in Key West, FL.
Multi-Family Project in East Little Havana
Another spec project I am currently working on is a multi-family project in East Little Havana. Primarily because of its location, and given the current trends in the market I feel Little Havana is a place to watch. I chose these properties because of their proximity to Brickell, the Miami River, dense zoning, and the opportunity to acquire adjacent land. My plan would be to purchase the MF properties, renovate them to bring in rental income while I acquired the vacant land. Hold for 5 years and flip to a developer.
In order to examine this I plan to analysis the cost to purchase all of the properties, see if it would produce a higher return to demolish and hold or rehab and rent based on a 5 year hold period then another analysis to see if it's better to sell or refinance and hold for another 5 years given my expectations for the market.