Resort Campus an alternative for Residential Developers in Miami Florida Todays Market or Highland Park Opportunity to Change?

Recently on July 23, 2008 a news article just showed up in the Miami Herald and the Wall Street Journal mentioning the switch of perspective in the developer's mind to favor off campus students towards brand new housing close to major universities. written by By DAWN WOTAPKA, pointed to the obvious:

"The first tenants won't move into Vista del Sol in Tempe, Ariz., until next month, but its nearly 2,000 beds have been preleased for months. Cancellations aren't a concern: There's a lengthy waiting list for tenants eager to live in a resort-like setting with pool, fitness center and theater.

The secret is location, location, location. Vista del Sol is a private development that will house college students on the campus of Arizona State University. Across the country, more colleges are starting to loosen their grip on campus housing and strike deals with specialized developers to help meet housing needs. Modern dorms built and managed by professional real-estate companies can help colleges recruit and retain students while freeing up funds needed to improve classrooms, upgrade facilities and provide financial assistance.

For developers, the sector is considered recession-proof, thanks to generous parents and student loans. "We have been somewhat insulated from the macro economics of the economy," said Bill Bayless, chief executive of Austin, Texas.-based American Campus Communities Inc., which developed and will operate Vista del Sol."

Read the Entire article Here

It is curious to see these type of developments emerge, you wonder but certainly not for me. I have been handling a commercial property in Highland Park a small area off the UM University of Miami Medical School right off the new Miami Health District where hospitals such as JMH Jackson Memorial Hospital, Veterans Hospital and Cedars Hospitals are in Miami Florida.

The property is currently used as an income producing property with 29 units and 22,000 sq ft of land.

(As you can see I am handling other properties as well, which i will discuss later on) As you can see the hospitals are on the other side of the highway which makes this property walking distance to campus.

During the Real Estate Boom in Miami a few properties were demolished in this area including a Travel Inn Hotel right off the 12 avenue bridge, Aragon Plaza, A Rental community was also converted into condos, new residential towers such as the green building shown here Seybold Pointe and Highland Parl Lofts were built, giving an opportunity to student rent and buy apartments in these two complexes, however those seasonal students were left out since condo bylaws did not allow seasonal rentals. At this point a new residential tower is also on the way right off 8 street road with 60 units which it was originally built as a condo building now is re-thinking to opens its doors as a rental community to target to medical college students. Are we heading over to the concept of Vista del Sol but we simply don't know who to start? or how to mold the concept?

There is a need in the area not only for off campus housing and Modern Dorms but also for seasonal stays for rehab patients and family members from out of the state and even out of the country.

The University of Miami has not expressed an interest on building or expanding to the south of the 836 west highway. So who or whom are eyeing an opportunity to built a major development? This must be in the works for Highland Park in Miami since a few investment firms has bought land and demolished the previous structures mainly old homes and income properties. A question remains what is going to happen to the Habitat for Humanity homes in the area? Are those next? is the county thinking on relocated them and get into a deal just what they did with Camillus House? I wonder.

I recently drove by the parcel right off 10 ave road and 836 highways were before was a couple of frame houses and were demolished now sits a sign of Suffolk Construction with trailer and faced lot, there are many rumors that there will be a Marriott Courtyard opening in the near future on this parcel however who knows.

Will this impact the community? many considered this community as a historic community however time has passed and nothing can stop progress at this point.

The commercial properties i am selling sits on a 22,000 sq ft lot adjacent to another 2,000 sq ft lot which the owner who apparently has decided to sell after many many years considering the possibility has recently agreed to put on the market, these two lots could make a great opportunity for construction of off campus dorms or motel in the area improving the quality of living in near by the hospitals and opening a new chapter of greatness in the old highland park.

Do you have any inside info? share it with me.

If you want to see all details of these properties click here

Want so see more info on Seybold Pointe, simply click here