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9Dec/100

Developers creeping back into South Florida as demand for rentals increases!

Two respected Palm Beach County -based homebuilders are planning new rental communities in South Florida. The moves are a further sign that developers are tiptoeing back into the housing market.

Kolter Group LLC has dusted off plans to build a rental community near Lake Worth. In addition, Ram Development Co. of Palm Beach Gardens is scouring South Florida for apartment sites.

Kolter will build a 204-unit garden apartment complex on U.S. 441, north of Lantana Road. The complex, dubbed Woodwinds, will consist of one-, two- and three-bedroom apartments. Rental prices have not yet been set but they will be around $1.10 per square foot for the units, which are expected to start at $750 square feet for the one-bedroom units, said Bob Vail, Kolter vice president.

The move comes as Kolter has decided to build 4001 North Ocean, a condominium on State Road A1A, just north of Gulf Stream. 4001 North Ocean is the first newly planned condominium in the county since the real-estate bust, and it may be the first newly planned condo in the Southeast United States. The project will consist of 34 condos and four villas, with prices ranging from $1.4 million to $3 million.
Vail said Woodwinds was approved for development a couple of years ago, but Kolter didn't start building. Instead, the company had the land under contract to an unidentified buyer, who ultimately did not close.

With the housing market mired in foreclosures, Kolter began to notice the rising demand for rentals. So the West Palm Beach-based company has decided to develop Woodwinds after all.

While we wait for these properties to materialise why not check out some to the great villas already available to rent in Florida with Bargain Villas.

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