As the economy continues to make small steps forward, the real estate market is showing signs of improvement, including in the South Florida area. The commercial real estate market may still seem like a tough area for growth, but there are deals to be done and development projects in the works.
There is some good news for the South Florida real estate market as a Kansas-based hotel company has announced plans to purchase land and build several hotels in the area. Value Place is planning to spend $131 million to build 15 corporate-owned hotels in the tri-county region, with construction on the first one scheduled to begin in January of 2014. According to industry experts Value Place’s growth strategy is a good sign that the hotel and lending markets are improving.
According to Value Place’s president of development, the South Florida market is attractive because of its growth in both local and international business. He also noted that it has a strong tourism industry and that its housing market is beginning to strengthen. Value Place plans to build the new hotels over the next two to three years in high traffic areas as the sites are located and approved.
This project from Value Place is another positive sign that the commercial real estate market in South Florida is getting healthier. It is important to note that with any real estate commercial deal there can be many legal aspects that one needs to follow in order to ensure a smooth-flowing process. Working with an experienced commercial real estate attorney is probably a good idea.
Source: South Florida Sun Sentinal, “Kansas hotel chain plans S. Fla. expansion,” Arlene Satchell, Oct. 8, 2013.