Observations on South Florida business
Go ahead and pull out your phone to type Allapattah.
That’s what more than a few people did at a real estate conference organized by The Real Deal recently when developers mentioned they were exploring Allapattah.
You’ll be forgiven if you searched Allapattah on Google. No way you spelled it right the first time, either. And it’s not exactly a destination, unless you have business with the manufacturers or distributors in the largely industrial area.
The Miami neighborhood is named after the Seminole word for alligator. The map shows the area lies to the west of white-hot Wynwood, the arts district that’s seen an explosion of real estate speculation in recent years.
Speaking to hundreds of real estate professionals at The Real Deal event, developer Moishe Mana says he’s talking to investors about Allapattah, where he’s planning to build a significant number of residences and commercial space.
For now, though, the multifamily residential real estate market has softened and developers are hesitating to build new condos. Investors from South America have slowed their purchases of U.S. real estate, especially in Miami.
Still, Mana and others are undeterred by forecasts of a slowdown, so keep your eye on this overlooked area. It may be worth more than a glance the next time you’re driving by.
Blogging for entrepreneurs in Southwest Florida (SoWeFlo)