Metropica developer revives megaproject with new partners
After five years and a stalled project, Metropica Development CEO Joseph Kavana announced the revival of the Metropica project with new partners for its next phase of construction.
Metropica Development CEO Joseph Kavana announced this week that after five years and a stalled project, construction on the next phase of the Metropica master-planned development in western Broward County will finally begin in October. The developer, known for completing the first condo tower at Metropica, has brought on new partners for the project's retail and residential phases.
Kavana's decision to revive the more than $1.5 billion mixed-use project comes after facing obstacles and delays in the development process. With the help of new partners such as Memphis-based Poag Development for the retail component and Boca Raton-based Waypoint Residential for the residential phases, Kavana hopes to move forward with the project and bring it to completion.
In a statement, Kavana expressed his excitement for the project's future, saying, "We are thrilled to be moving forward with Metropica and have full confidence in our new partners to help us bring our vision to life." However, this revival of the project comes with its own set of challenges and concerns.
While Kavana may be eager to push Metropica forward, some industry experts are skeptical about the project's chances of success. One anonymous developer even stated, "It's going to be tough for them to make money on that project," pointing to the oversaturated market in western Broward County and the oversupply of residential units in South Florida.
Despite these concerns, Kavana and his new partners are moving forward with the project, which is expected to include over 3,000 condos and apartments, 650,000 square feet of office space, and 485,000 square feet of