Despite coming from distinct real estate legacies, developers Rishi Kapoor and Alex Witkoff see eye-to-eye on the future of real estate in Miami.
“We’re at the teenage years of Miami,” said Witkoff, executive vice president of development at Witkoff. “Miami used to be a boom-and-bust market. Now it’s much more stable.”
Location Ventures founder and CEO Kapoor and Witkoff spoke on the Next Generation panel at The Real Deal’s South Florida Showcase + Forum at Mana Wynwood in Miami on Thursday. TRD South Florida Managing Editor Ina Cordle moderated the conversation.
The pair agreed that the pandemic was transformational for South Florida. The mass migration that began two years ago has been sustained with corporate relocations, creating entire ecosystems of real estate needs, they said.
“It’s creating demand up and down the spectrum,” said Kapoor, whose projects include the condo development Villa Valencia in Coral Gables; and The Edition Residences Fort Lauderdale, with 65 condos. He is also managing partner of URBIN, a co-living, co-working and wellness brand.
Witkoff emphasized that the pandemic wave is subsiding, but South Florida is still drawing droves of people.
“Miami has low taxes, incredible sunshine … Florida is a state that is winning,” said Witkoff, whose projects include redeveloping the former Diplomat golf club into a private golf club with 100 branded residences and a boutique hotel; 700 North Miami, a mixed-use residential project at Miami Worldcenter; and the redevelopment of the historic Shore Club in Miami Beach.
Kapoor highlighted that the influx of people presents an opportunity to serve multiple price points, something Location Ventures is keen to do.
“For us, what’s really exciting is [being able] to tap into who is coming,” he said.
The pair also acknowledged the rough seas ahead, with a likely recession looming and banks tightening purse strings. Kapoor reiterated discipline, and building relationships with subcontractors as key to weathering harder times.
“Storm clouds are gathering across the country,” he said. “We call it sunny-side Florida for a reason.”
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