Developers snap up multifamily sites despite higher costs, overbuilding

A pair of developers scooped up two separate multifamily project sites, as South Florida construction costs stay elevated and the region has barely emerged from years of oversupply in the rental market.  In the bigger deal, an affiliate of Brickell-based North Development paid $32.8 million for the 0.6-acre lot on the northwest corner of North Bayshore Drive and Northeast 21st Street in Miami’s Edgewater, according to property records and real estate database Vizzda. The lot is immediately west of the Biscayne 21 condominium that was the subject of a protracted legal battle until recently between holdout unit owners and the […]

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