Construction of single-family homes in South Florida is on the rise, despite the hindrance of foreclosures that continue to roll through the court system. Jupiter, Florida, where the Florida Regional Center is working on the completion of Harbourside Place, a mixed-use complex on U.S.1, is expected to be an area of high growth as well, according to local real estate firms.
Nader Salour, of Jupter-based Cypress Realty, acknowledged efforts to develop a 300-acre tract of land formerly known as Parcel 19, which was reportedly purchased in 2011 for $6 million. Also the master planner of Abacoa in Jupiter, Salour reported plenty of buyers were interested in purchasing a new home, rather than investing in a foreclosed property.
Other sites in north Palm Beach County are experiencing a boost in investments, as the Omphoy Ocean Resort in Palm Beach was recently rescued from foreclosure. The property, which fell into foreclosure in 2011, was purchased for $66.6 million. As the investor restructured the hotel’s business model, incorporating a full-time in-house chef as well as house-managed spa, the luxury hotel is flourishing. The newly-redeveloped The Spa at the Omphoy, was ranked No. 1 of 270 spas in North America, the Caribbean, Hawaii and the Sea by readers of Condé Nast Traveler. Bookings at the luxury hotel are up from last year as well.
Other projects expected to enhance property values and redevelop Palm Beach County as a tourist and business destination include the incoming luxury outlet center in West Palm Beach, to be located on Palm Beach Lakes Boulevard, as well as the coming of American Top Team (ATT), one of the largest and most active mixed martial arts teams in the world, located on Okeechobee Blvd.
These developments, paired with the rise in home values and sales, and increase in new housing projects serve as preliminary signs that the northern region of Palm Beach County is redeveloping itself into a worthwhile destination for both residents and visitors. The market is phenomenal for those who are ready to invest in a home located in a rebounding and regenerating region. Furthermore, as a result of South Florida’s rebounding economy, Florida Regional Center has experienced an increase in interest from investors.
Florida Regional Center, located in Palm Beach Gardens, Florida, holds strong ties to the area’s development projects. Established as an agent of the 1990 Congress-approved EB-5 Regional Center Program, FRC works with foreign investors and their families to obtain visas and permanent residency in exchange for investments in community development and economy boosting campaigns. Florida Regional Center has helped to create Harbourside Place, a project that is expected to create over 2,400 jobs, Water Pointe Project, ESI Jupiter Technology Park Project and the Tequesta Village Center project.
For more information on Florida Regional Center, visit visaeb-5.com.