{"id":1622,"date":"2025-11-07T15:30:03","date_gmt":"2025-11-07T20:30:03","guid":{"rendered":"https:\/\/www.brickellsold.com\/blog\/erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum\/"},"modified":"2026-04-13T10:41:43","modified_gmt":"2026-04-13T14:41:43","slug":"erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum","status":"publish","type":"post","link":"https:\/\/www.brickellsold.com\/blog\/erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum\/","title":{"rendered":"Erik Rutter Bruce Menin: 7 Proven Miami Multifamily Developers: Erik Rutter and Bruce Menin on South Florida&#8217;s Housing"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.brickellsold.com\/blog\/erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum\/#The_True_Issue_for_South_Floridas_Multifamily_Market\" >The True Issue for South Florida&#039;s Multifamily Market<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.brickellsold.com\/blog\/erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum\/#Read_more\" >Read more<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.brickellsold.com\/blog\/erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum\/#Miami_market_relevance\" >Miami market relevance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.brickellsold.com\/blog\/erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum\/#Erik_Rutter_Bruce_Menin_What_to_Plan_Before_You_Start\" >Erik Rutter Bruce Menin: What to Plan Before You Start<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.brickellsold.com\/blog\/erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum\/#FAQ_Erik_Rutter_Bruce_Menin\" >FAQ: Erik Rutter Bruce Menin<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.brickellsold.com\/blog\/erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum\/#What_should_be_planned_first\" >What should be planned first?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"The_True_Issue_for_South_Floridas_Multifamily_Market\"><\/span>The True Issue for South Florida&#039;s Multifamily Market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>South Florida&#8217;s multifamily developers, Erik Rutter, Bruce Menin, and Joe Lubeck, shared their perspectives on the region&#8217;s housing market trends during The Real Deal <a href=\"https:\/\/www.brickellsold.com\/blog\/miami-poised-for-potential-influx-of-wealth-as-high-net-worth-new-yorkers-evaluate-relocation-optionsmiamis-luxury-real-estate-sector-is-closely-observing-developments-in-new-york-city-parti\/\">Miami<\/a> Real Estate Forum 2025.<\/p>\n<div id=\"the-content\">\n<p>Multifamily developers Bruce Menin, Erik Rutter and Joe Lubeck say South Florida needs more housing, but skittish equity investment is among the many barriers to entry.\u00a0<\/p>\n<p>The trio, who spoke during <em>The Real Deal<\/em> <a href=\"https:\/\/www.brickellsold.com\/blog\/miami-poised-for-potential-influx-of-wealth-as-high-net-worth-new-yorkers-evaluate-relocation-optionsmiamis-luxury-real-estate-sector-is-closely-observing-developments-in-new-york-city-parti\/\">Miami<\/a> Real Estate Forum 2025, pushed back on the notion the tri-county region is struggling with a supply overhang due to hefty completions in recent years. Instead, demand is high and supply is low for the highest quality apartments, the developers said.\u00a0<\/p>\n<p>Last year, a record 18,600 apartments were completed in South Florida, outpacing 15,000 net new leases, according to CoStar Group. Developers started construction of another 14,515 units in the year that ended Sept. 30, outpacing construction starts during the same period of last year.\u00a0<\/p>\n<p>The notion that developers are saturating South Florida has been an ongoing theme in the region\u2019s history, Lubeck, CEO of Tampa-based American Landmark, said at the \u201cToo Much, Too Fast? Rethinking South Florida\u2019s Apartment Boom\u201d panel hosted by <em>TRD<\/em> commercial real estate reporter Francisco Alvarado.\u00a0<\/p>\n<p>\u201cFor the last 10 years \u2026 they said, \u2018It\u2019s overbuilt, it\u2019s overbuilt, it\u2019s overbuilt.\u2019 But it\u2019s really not overbuilt,\u201d Lubeck said. \u201cThere\u2019s certainly ebb and flow in the ability to raise rents and, of course, construction costs and the like. But overall, it\u2019s all about job growth and population growth.\u201d<\/p>\n<p>And the tri-county region has both residential and employment growth, the panelists said. Roughly 80,000 households are projected to move to South Florida in the next five years, with 40 percent of them expected to rent, according to Menin, founding principal of Miami-based Crescent Heights.\u00a0<\/p>\n<p>\u201cWe know that our nation is under-supplied in housing,\u201d Menin said.\u00a0<\/p>\n<p>American Landmark subsidiary Electra America and the Toledano family\u2019s BH Group are redeveloping a portion of Cutler Bay\u2019s Southland Mall into South Place City Center with roughly 5,000 apartments, a hotel, medical offices, retail on outparcels and a community amphitheater. They are renovating a portion of the existing mall and demolishing some of the retail buildings, including Sears and Kmart.\u00a0<\/p>\n<p>Crescent Heights completed the 40-story, 588-unit Forma Miami apartment tower in Edgewater last year. The building, which is at least 97 percent leased, is billed by developers as a premier quality tower setting a new standard for the area. This is the first of six towers on 9 contiguous acres Crescent owns, Menin said.\u00a0<\/p>\n<p>Rutter is co-founder of Oak Row Equities, which has two multifamily towers under construction in Miami\u2019s Edgewater, and this year completed the mixed-use Wynwood Plaza with 509 apartments.\u00a0<\/p>\n<p>Multifamily analysts and leasing companies say South Florida\u2019s hefty building completions are concentrated in top Miami areas such as Edgewater and Wynwood, or exactly where Oak Row is developing. But Rutter countered the idea that these areas are over-supplied, arguing the issue is a lack of top-quality apartments that are in high demand.\u00a0<\/p>\n<p>\u201cThere was a big wave of supply that came online between 2018 and call it 2021, and the vast majority of that was low-rise. Maybe some of the corners were cut to get projects out of the ground, quickly delivered [with] very small units,\u201d Rutter said. \u201cThe renter pool has grown more sophisticated.\u201d<\/p>\n<p>At Wynwood Plaza, which Rutter described as \u201cunquestionably the best\u201d building in Wynwood, demand is strong, with leasing velocity of about 35 units per month, he said. Yet, he conceded Oak Row is offering a month free to incentivize leasing.<\/p>\n<p>\u201cThere\u2019s other projects that have just delivered surrounding us. Of course, there are some concessions in the market. That\u2019s marketing,\u201d he said, adding this will probably be phased out once the building is 75 percent leased.\u00a0<\/p>\n<p>The true issue for South Florida\u2019s multifamily market is skittish equity, the panelists said, again arguing that only top sponsors and projects in premier neighborhoods can get investment.\u00a0<\/p>\n<p>Debt markets are \u201crobust,\u201d but investment has dried in \u201cthe traditional pure play common [limited partner] equity, Rutter said, adding that may not be a bad thing. \u201cIt\u2019s going to quell supply naturally, and then institutional capital markets are going to open up again, cycle back in.\u201d\u00a0<\/p>\n<p>The trio differed in their views of developing in Broward and Palm Beach counties.\u00a0<\/p>\n<p>Palm Beach County has prospered with the \u201cstaggering\u201d number of corporate moves and wealth in-migration, but it\u2019s more difficult to justify development of high-end apartments in Fort Lauderdale, Rutter said. Because construction costs are so expensive, Oak Row would have to charge the same rents as it does in Miami\u2019s Edgewater.\u00a0<\/p>\n<p>\u201cI can\u2019t extrapolate why you are going to get that in Fort Lauderdale,\u201d he said.\u00a0<\/p>\n<p>Lubeck is more open to suburban areas such as west Broward, Jupiter and Palm Beach Gardens.\u00a0<\/p>\n<p>\u201cI am very concerned about overbuilding on the side of the river\u201d in Fort Lauderdale, he said, referring to the New River.\u00a0<\/p>\n<p>In September, Crescent Heights\u2019 Russell Galbut, through his GFO Investments, and InSite Group, Atlas Hill Real Estate and Prime Finance paid $73 million for the Galleria Fort Lauderdale, with plans to redevelop the mall.\u00a0<\/p>\n<p>\u201cWe\u2019re planning several thousand units,\u201d Menin said. \u201cWe wouldn\u2019t have picked up just any site. But this is a placemaking opportunity.\u201d\u00a0<\/p>\n<p>Menin, who lives in Manhattan, also offered a more tempered view on the consistent topic of discussion at the forum of whether Zohran Mamdani\u2019s mayoral win will prompt an influx of New Yorkers to South Florida.<\/p>\n<p>\u201cPeople love Miami. They love New York. There\u2019s a similar DNA to the kind of people that are attracted to both markets. \u2026 I think people are going to continue to move back and forth,\u201d Menin said. \u201cI think we have to take a little bit of a wait and see.\u201d\u00a0<\/p>\n<section class=\"ReadMoreSection_root\">\n<h4 class=\"ReadMoreSection_title\"><span class=\"ez-toc-section\" id=\"Read_more\"><\/span>Read more<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<article class=\"BlogrollPost_container\">\n<figure class=\"BlogrollPost_image FeaturedImage\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/figure>\n<div class=\"BlogrollPost_content\">\n<div class=\"BlogrollPost_heading\">\n<div class=\"MarketSectorLabel_categoryCityLabelWrapper\">\n<p>\n\t\t\t\t\t\t\t\t\tDevelopment\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n<\/p>\n<\/div>\n<\/div>\n<p>\u201cTop of mind for New Yorkers\u201d: Developers Ugo Colombo, Camilo Miguel talk Mamdani\u2019s win, Miami\u2019s condo market\u00a0<\/p>\n<\/p>\n<\/div>\n<\/article>\n<article class=\"BlogrollPost_container\">\n<figure class=\"BlogrollPost_image FeaturedImage\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"200\" height=\"133\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/Miami-Real-Estate-Forum-Panelists-Give-View-On-Office-Sector-12-200x133.jpg\" class=\"FeaturedImage_image wp-post-image\" alt=\"Savills Florida&#039;s Donna Abood\" loading=\"lazy\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t<\/figure>\n<div class=\"BlogrollPost_content\">\n<p>\u201cWe thought, OK, we\u2019re gonna plateau. Nope\u201d: Experts dissect South Florida\u2019s office market\u00a0<\/p>\n<\/p>\n<\/div>\n<\/article>\n<article class=\"BlogrollPost_container\">\n<figure class=\"BlogrollPost_image FeaturedImage\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"200\" height=\"133\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1105_140847-6581_ALIVE-200x133.jpg\" class=\"FeaturedImage_image wp-post-image\" alt=\"\" loading=\"lazy\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t<\/figure>\n<div class=\"BlogrollPost_content\">\n<div class=\"BlogrollPost_heading\">\n<div class=\"MarketSectorLabel_categoryCityLabelWrapper\">\n<p>\n\t\t\t\t\t\t\t\t\tResidential\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n<\/p>\n<\/div>\n<\/div>\n<p>What brokers want: Elliman\u2019s Liebowitz, Side\u2019s Gal sound off on resi shakeups<\/p>\n<\/p>\n<\/div>\n<\/article>\n<\/section>\n<\/div>\n<p>{&#8220;props&#8221;:{&#8220;pageProps&#8221;:{&#8220;hamburgerMenu&#8221;:[{&#8220;url&#8221;:null,&#8221;label&#8221;:&#8221;News&#8221;,&#8221;external&#8221;:false,&#8221;childItems&#8221;:{&#8220;nodes&#8221;:[{&#8220;label&#8221;:&#8221;All Markets&#8221;,&#8221;url&#8221;:&#8221;\/latest\/&#8221;,&#8221;external&#8221;:false,&#8221;childItems&#8221;:{&#8220;nodes&#8221;:[{&#8220;label&#8221;:&#8221;San Francisco&#8221;,&#8221;url&#8221;:&#8221;\/san-francisco\/&#8221;,&#8221;external&#8221;:false,&#8221;__typename&#8221;:&#8221;MenuItem&#8221;},{&#8220;label&#8221;:&#8221;New York&#8221;,&#8221;url&#8221;:&#8221;https:\/\/therealdeal.com\/new-york\/&#8221;,&#8221;external&#8221;:false,&#8221;__typename&#8221;:&#8221;MenuItem&#8221;},{&#8220;label&#8221;:&#8221;South 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developers Bruce Menin, Erik Rutter and Joe Lubeck say South Florida needs more housing, but skittish equity investment is among the many barriers to entry.u0026nbsp;u003c\/pu003enu003cpu003eThe trio, who spoke during u003cemu003eThe Real Dealu003c\/emu003e Miami Real Estate Forum 2025, pushed back on the notion the tri-county region is struggling with a supply overhang due to hefty completions in recent years. Instead, demand is high and supply is low for the highest quality apartments, the developers said.u0026nbsp;u003c\/pu003enu003csection id=&#8221;trd-gallery-block_3ef451ea0371c1bd94029acce76ea324&#8243; class=&#8221;trd-gallery&#8221;u003eu003cdiv class=&#8221;trd-gallery-slides&#8221;u003eu003cfigure class=&#8221;wp-block-image size-full&#8221;u003eu003cimg loading=&#8221;lazy&#8221; decoding=&#8221;async&#8221; width=&#8221;4000&#8243; height=&#8221;2667&#8243; src=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135727-9527_ALIVE.jpg&#8221; alt=&#8221;&#8221; class=&#8221;wp-image-999423&#8243; srcset=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135727-9527_ALIVE.jpg 4000w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135727-9527_ALIVE-300&#215;200.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135727-9527_ALIVE-700&#215;467.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135727-9527_ALIVE-200&#215;133.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135727-9527_ALIVE-768&#215;512.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135727-9527_ALIVE-1024&#215;683.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135727-9527_ALIVE-1400&#215;933.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135727-9527_ALIVE-50&#215;33.jpg 50w&#8221; sizes=&#8221;auto, (max-width: 4000px) 100vw, 4000px&#8221; \/u003eu003c\/figureu003eu003cfigure class=&#8221;wp-block-image size-full&#8221;u003eu003cimg loading=&#8221;lazy&#8221; decoding=&#8221;async&#8221; width=&#8221;3262&#8243; height=&#8221;2175&#8243; src=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135801-9560_ALIVE.jpg&#8221; alt=&#8221;&#8221; class=&#8221;wp-image-999431&#8243; srcset=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135801-9560_ALIVE.jpg 3262w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135801-9560_ALIVE-300&#215;200.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135801-9560_ALIVE-700&#215;467.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135801-9560_ALIVE-200&#215;133.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135801-9560_ALIVE-768&#215;512.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135801-9560_ALIVE-1024&#215;683.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135801-9560_ALIVE-1400&#215;933.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135801-9560_ALIVE-50&#215;33.jpg 50w&#8221; sizes=&#8221;auto, (max-width: 3262px) 100vw, 3262px&#8221; \/u003eu003cfigcaption class=&#8221;wp-element-caption&#8221;u003eThe Real Dealu0026#8217;s Francisco Alvarado (Photos by Alive Coverage)u003c\/figcaptionu003eu003c\/figureu003eu003cfigure class=&#8221;wp-block-image size-full&#8221;u003eu003cimg loading=&#8221;lazy&#8221; decoding=&#8221;async&#8221; width=&#8221;2836&#8243; height=&#8221;1891&#8243; src=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141248-0202_ALIVE.jpg&#8221; alt=&#8221;&#8221; class=&#8221;wp-image-999425&#8243; srcset=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141248-0202_ALIVE.jpg 2836w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141248-0202_ALIVE-300&#215;200.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141248-0202_ALIVE-700&#215;467.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141248-0202_ALIVE-200&#215;133.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141248-0202_ALIVE-768&#215;512.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141248-0202_ALIVE-1024&#215;683.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141248-0202_ALIVE-1400&#215;933.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141248-0202_ALIVE-50&#215;33.jpg 50w&#8221; sizes=&#8221;auto, (max-width: 2836px) 100vw, 2836px&#8221; \/u003eu003cfigcaption class=&#8221;wp-element-caption&#8221;u003eThe Real Dealu0026#8217;s Francisco Alvarado with Crescent Heightsu0026#8217; Bruce A. Menin, American Landmarku0026#8217;s Joe Lubeck and Oak Row Equitiesu0026#8217; Erik Rutter (Photos by Alive Coverage)u003c\/figcaptionu003eu003c\/figureu003eu003cfigure class=&#8221;wp-block-image size-full&#8221;u003eu003cimg loading=&#8221;lazy&#8221; decoding=&#8221;async&#8221; width=&#8221;3605&#8243; height=&#8221;2403&#8243; src=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135830-9595_ALIVE.jpg&#8221; alt=&#8221;&#8221; class=&#8221;wp-image-999430&#8243; srcset=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135830-9595_ALIVE.jpg 3605w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135830-9595_ALIVE-300&#215;200.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135830-9595_ALIVE-700&#215;467.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135830-9595_ALIVE-200&#215;133.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135830-9595_ALIVE-768&#215;512.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135830-9595_ALIVE-1024&#215;683.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135830-9595_ALIVE-1400&#215;933.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_135830-9595_ALIVE-50&#215;33.jpg 50w&#8221; sizes=&#8221;auto, (max-width: 3605px) 100vw, 3605px&#8221; \/u003eu003cfigcaption class=&#8221;wp-element-caption&#8221;u003eCrescent Heightsu0026#8217; Bruce A. Menin (Photos by Alive Coverage)u003c\/figcaptionu003eu003c\/figureu003eu003cfigure class=&#8221;wp-block-image size-full&#8221;u003eu003cimg loading=&#8221;lazy&#8221; decoding=&#8221;async&#8221; width=&#8221;4000&#8243; height=&#8221;2299&#8243; src=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141317-0249_ALIVE.jpg&#8221; alt=&#8221;&#8221; class=&#8221;wp-image-999424&#8243; srcset=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141317-0249_ALIVE.jpg 4000w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141317-0249_ALIVE-300&#215;172.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141317-0249_ALIVE-700&#215;402.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141317-0249_ALIVE-200&#215;115.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141317-0249_ALIVE-768&#215;441.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141317-0249_ALIVE-1024&#215;589.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141317-0249_ALIVE-1400&#215;805.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_141317-0249_ALIVE-50&#215;29.jpg 50w&#8221; sizes=&#8221;auto, (max-width: 4000px) 100vw, 4000px&#8221; \/u003eu003cfigcaption class=&#8221;wp-element-caption&#8221;u003eThe Real Dealu0026#8217;s Francisco Alvarado with Crescent Heightsu0026#8217; Bruce A. Menin, American Landmarku0026#8217;s Joe Lubeck and Oak Row Equitiesu0026#8217; Erik Rutter (Photos by Alive Coverage)u003c\/figcaptionu003eu003c\/figureu003eu003cfigure class=&#8221;wp-block-image size-full&#8221;u003eu003cimg loading=&#8221;lazy&#8221; decoding=&#8221;async&#8221; width=&#8221;3477&#8243; height=&#8221;2318&#8243; src=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140021-9664_ALIVE.jpg&#8221; alt=&#8221;&#8221; class=&#8221;wp-image-999429&#8243; srcset=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140021-9664_ALIVE.jpg 3477w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140021-9664_ALIVE-300&#215;200.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140021-9664_ALIVE-700&#215;467.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140021-9664_ALIVE-200&#215;133.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140021-9664_ALIVE-768&#215;512.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140021-9664_ALIVE-1024&#215;683.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140021-9664_ALIVE-1400&#215;933.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140021-9664_ALIVE-50&#215;33.jpg 50w&#8221; sizes=&#8221;auto, (max-width: 3477px) 100vw, 3477px&#8221; \/u003eu003cfigcaption class=&#8221;wp-element-caption&#8221;u003eAmerican Landmarku0026#8217;s Joe Lubeck (Photos by Alive Coverage)u003c\/figcaptionu003eu003c\/figureu003eu003cfigure class=&#8221;wp-block-image size-full&#8221;u003eu003cimg loading=&#8221;lazy&#8221; decoding=&#8221;async&#8221; width=&#8221;3744&#8243; height=&#8221;2496&#8243; src=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140446-9899_ALIVE.jpg&#8221; alt=&#8221;&#8221; class=&#8221;wp-image-999427&#8243; srcset=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140446-9899_ALIVE.jpg 3744w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140446-9899_ALIVE-300&#215;200.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140446-9899_ALIVE-700&#215;467.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140446-9899_ALIVE-200&#215;133.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140446-9899_ALIVE-768&#215;512.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140446-9899_ALIVE-1024&#215;683.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140446-9899_ALIVE-1400&#215;933.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_140446-9899_ALIVE-50&#215;33.jpg 50w&#8221; sizes=&#8221;auto, (max-width: 3744px) 100vw, 3744px&#8221; \/u003eu003cfigcaption class=&#8221;wp-element-caption&#8221;u003eOak Row Equitiesu0026#8217; Erik Rutter (Photos by Alive Coverage)u003c\/figcaptionu003eu003c\/figureu003eu003c\/divu003eu003c\/sectionu003eu003cpu003eLast year, a u003ca href=&#8221;\/miami\/2025\/01\/24\/after-record-south-florida-rental-completions-lease-ups-slow\/&#8221;u003erecord 18,600 apartmentsu003c\/au003e were completed in South Florida, outpacing 15,000 net new leases, according to CoStar Group. Developers started construction of another 14,515 units in the year that ended Sept. 30, outpacing construction starts during the same period of last year.u0026nbsp;u003c\/pu003enu003cpu003eThe notion that developers are saturating South Florida has been an ongoing theme in the region\u2019s history, Lubeck, CEO of Tampa-based American Landmark, said at the \u201cToo Much, Too Fast? Rethinking South Floridau0026#8217;s Apartment Boom\u201d panel hosted by u003cemu003eTRDu003c\/emu003e commercial real estate reporter Francisco Alvarado.u0026nbsp;u003c\/pu003enu003cpu003e\u201cFor the last 10 years \u2026 they said, \u2018It\u2019s overbuilt, it\u2019s overbuilt, it\u2019s overbuilt.\u2019 But it\u2019s really not overbuilt,\u201d Lubeck said. \u201cThereu0026#8217;s certainly ebb and flow in the ability to raise rents and, of course, construction costs and the like. But overall, itu0026#8217;s all about job growth and population growth.\u201du003c\/pu003enu003cpu003eAnd the tri-county region has both residential and employment growth, the panelists said. Roughly 80,000 households are projected to move to South Florida in the next five years, with 40 percent of them expected to rent, according to Menin, founding principal of Miami-based Crescent Heights.u0026nbsp;u003c\/pu003enu003cpu003e\u201cWe know that our nation is under-supplied in housing,\u201d Menin said.u0026nbsp;u003c\/pu003enu003cpu003eAmerican Landmark subsidiary Electra America and the Toledano family\u2019s BH Group are redeveloping a portion of Cutler Bay\u2019s Southland Mall into u003ca href=&#8221;\/miami\/2024\/11\/26\/electra-bh-score-125-loan-for-southplace-city-center\/&#8221;u003eSouth Place City Centeru003c\/au003e with roughly 5,000 apartments, a hotel, medical offices, retail on outparcels and a community amphitheater. They are renovating a portion of the existing mall and demolishing some of the retail buildings, including Sears and Kmart.u0026nbsp;u003c\/pu003enu003cpu003eCrescent Heights completed the 40-story, 588-unit u003ca href=&#8221;\/miami\/2025\/10\/15\/crescent-heights-nabs-238m-refi-for-forma-rental-tower\/&#8221;u003eForma Miamiu003c\/au003e apartment tower in Edgewater last year. The building, which is at least 97 percent leased, is billed by developers as a premier quality tower setting a new standard for the area. This is the first of six towers on 9 contiguous acres Crescent owns, Menin said.u0026nbsp;u003c\/pu003enu003cpu003eRutter is co-founder of Oak Row Equities, which has two multifamily towers under construction in Miami\u2019s Edgewater, and this year completed the mixed-use u003ca href=&#8221;\/miami\/2025\/06\/12\/amazon-expands-lease-at-wynwood-plaza-in-miami\/&#8221;u003eWynwood Plazau003c\/au003e with 509 apartments.u0026nbsp;u003c\/pu003enu003cpu003eMultifamily analysts and leasing companies say South Florida\u2019s hefty building completions are u003ca href=&#8221;\/miami\/2025\/10\/31\/are-developers-overbuilding-apartments-in-south-florida\/&#8221;u003econcentratedu003c\/au003e in top Miami areas such as Edgewater and Wynwood, or exactly where Oak Row is developing. But Rutter countered the idea that these areas are over-supplied, arguing the issue is a lack of top-quality apartments that are in high demand.u0026nbsp;u003c\/pu003enu003cpu003e\u201cThere was a big wave of supply that came online between 2018 and call it 2021, and the vast majority of that was low-rise. Maybe some of the corners were cut to get projects out of the ground, quickly delivered [with] very small units,\u201d Rutter said. \u201cThe renter pool has grown more sophisticated.\u201du003c\/pu003enu003cpu003eAt Wynwood Plaza, which Rutter described as \u201cunquestionably the best\u201d building in Wynwood, demand is strong, with leasing velocity of about 35 units per month, he said. Yet, he conceded Oak Row is offering a month free to incentivize leasing.u003c\/pu003enu003cpu003e\u201cThere\u2019s other projects that have just delivered surrounding us. Of course, there are some concessions in the market. Thatu0026#8217;s marketing,\u201d he said, adding this will probably be phased out once the building is 75 percent leased.u0026nbsp;u003c\/pu003enu003cpu003eThe true issue for South Florida\u2019s multifamily market is skittish equity, the panelists said, again arguing that only top sponsors and projects in premier neighborhoods can get investment.u0026nbsp;u003c\/pu003enu003cpu003eDebt markets are \u201crobust,\u201d but investment has dried in \u201cthe traditional pure play common [limited partner] equity, Rutter said, adding that may not be a bad thing. \u201cIt\u2019s going to quell supply naturally, and then institutional capital markets are going to open up again, cycle back in.\u201du0026nbsp;u003c\/pu003enu003cpu003eThe trio differed in their views of developing in Broward and Palm Beach counties.u0026nbsp;u003c\/pu003enu003cpu003ePalm Beach County has prospered with the \u201cstaggering\u201d number of corporate moves and wealth in-migration, but it\u2019s more difficult to justify development of high-end apartments in Fort Lauderdale, Rutter said. Because construction costs are so expensive, Oak Row would have to charge the same rents as it does in Miami\u2019s Edgewater.u0026nbsp;u003c\/pu003enu003cpu003e\u201cI can\u2019t extrapolate why you are going to get that in Fort Lauderdale,\u201d he said.u0026nbsp;u003c\/pu003enu003cpu003eLubeck is more open to suburban areas such as west Broward, Jupiter and Palm Beach Gardens.u0026nbsp;u003c\/pu003enu003cpu003e\u201cI am very concerned about overbuilding on the side of the river\u201d in Fort Lauderdale, he said, referring to the New River.u0026nbsp;u003c\/pu003enu003cpu003eIn September, Crescent Heights\u2019 Russell Galbut, through his GFO Investments, and InSite Group, Atlas Hill Real Estate and Prime Finance paid u003ca href=&#8221;\/miami\/2025\/09\/24\/russell-galbut-jv-paid-73m-for-fort-lauderdale-mall\/&#8221;u003e$73 millionu003c\/au003e for the u003ca href=&#8221;\/miami\/2025\/09\/19\/russell-galbut-and-partners-buy-galleria-fort-lauderdale\/&#8221;u003eGalleria Fort Lauderdaleu003c\/au003e, with plans to redevelop the mall.u0026nbsp;u003c\/pu003enu003cpu003e\u201cWeu0026#8217;re planning several thousand units,\u201d Menin said. \u201cWe wouldnu0026#8217;t have picked up just any site. But this is a placemaking opportunity.\u201du0026nbsp;u003c\/pu003enu003cpu003eMenin, who lives in Manhattan, also offered a more tempered view on the consistent topic of discussion at the forum of whether Zohran Mamdani\u2019s mayoral win will prompt an influx of New Yorkers to South Florida.u003c\/pu003enu003cpu003e\u201cPeople love Miami. They love New York. Thereu0026#8217;s a similar DNA to the kind of people that are attracted to both markets. \u2026 I think people are going to continue to move back and forth,\u201d Menin said. \u201cI think we have to take a little bit of a wait and see.\u201du0026nbsp;u003c\/pu003enu003csection class=&#8221;ReadMoreSection_root&#8221;u003entu003ch4 class=&#8221;ReadMoreSection_title&#8221;u003eRead moreu003c\/h4u003enttttttttu003ca class=&#8221;BlogrollPost&#8221; href=&#8221;\/miami\/2025\/11\/06\/ugo-colombo-camilo-miguel-speak-at-trds-miami-forum-2025\/&#8221;u003enttttu003carticle class=&#8221;BlogrollPost_container&#8221;u003entttttu003cfigure class=&#8221;BlogrollPost_image FeaturedImage&#8221;u003entttttttttttttu003cimg decoding=&#8221;async&#8221; width=&#8221;200&#8243; height=&#8221;133&#8243; src=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1106_112007-7215_ALIVE_1-200&#215;133.jpg&#8221; class=&#8221;FeaturedImage_image wp-post-image&#8221; alt=&#8221;&#8221; loading=&#8221;lazy&#8221; \/u003etttttttttttu003c\/figureu003entttttu003cdiv class=&#8221;BlogrollPost_content&#8221;u003enttttttu003cdiv class=&#8221;BlogrollPost_heading&#8221;u003entttttttu003cdiv class=&#8221;MarketSectorLabel_categoryCityLabelWrapper&#8221;u003enttttttttttttttttu003cdiv class=&#8221;MarketSectorLabel_sectorLabel&#8221;u003entttttttttDevelopmentttttttttu003c\/divu003enttttttttttttttttttttttttu003cdiv class=&#8221;MarketSectorLabel_marketLabel&#8221;u003entttttttttSouth Floridattttttttu003c\/divu003entttttttttttttttu003c\/divu003enttttttu003c\/divu003enttttttu003cdiv class=&#8221;BlogrollPost_title&#8221;u003e\u201cTop of mind for New Yorkers\u201d: Developers Ugo Colombo, Camilo Miguel talk Mamdani\u2019s win, Miami\u2019s condo market\u00a0u003c\/divu003entttttu003c\/divu003enttttu003c\/articleu003entttu003c\/au003enttttttu003ca class=&#8221;BlogrollPost&#8221; href=&#8221;\/miami\/2025\/11\/06\/miami-real-estate-forum-panelists-give-view-on-office-sector\/&#8221;u003enttttu003carticle class=&#8221;BlogrollPost_container&#8221;u003entttttu003cfigure class=&#8221;BlogrollPost_image FeaturedImage&#8221;u003entttttttttttttu003cimg decoding=&#8221;async&#8221; width=&#8221;200&#8243; height=&#8221;133&#8243; src=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/Miami-Real-Estate-Forum-Panelists-Give-View-On-Office-Sector-12-200&#215;133.jpg&#8221; class=&#8221;FeaturedImage_image wp-post-image&#8221; alt=&#8221;Savills Floridau0026#039;s Donna Abood&#8221; loading=&#8221;lazy&#8221; \/u003etttttttttttu003c\/figureu003entttttu003cdiv class=&#8221;BlogrollPost_content&#8221;u003enttttttu003cdiv class=&#8221;BlogrollPost_heading&#8221;u003entttttttu003cdiv class=&#8221;MarketSectorLabel_categoryCityLabelWrapper&#8221;u003enttttttttttttttttu003cdiv class=&#8221;MarketSectorLabel_sectorLabel&#8221;u003entttttttttCommercialttttttttu003c\/divu003enttttttttttttttttttttttttu003cdiv class=&#8221;MarketSectorLabel_marketLabel&#8221;u003entttttttttSouth Floridattttttttu003c\/divu003entttttttttttttttu003c\/divu003enttttttu003c\/divu003enttttttu003cdiv class=&#8221;BlogrollPost_title&#8221;u003e\u201cWe thought, OK, we\u2019re gonna plateau. Nope\u201d: Experts dissect South Florida\u2019s office market\u00a0u003c\/divu003entttttu003c\/divu003enttttu003c\/articleu003entttu003c\/au003enttttttu003ca class=&#8221;BlogrollPost&#8221; href=&#8221;\/miami\/2025\/11\/06\/ellimans-michael-liebowitz-sides-guy-gal-on-resi-brokerage\/&#8221;u003enttttu003carticle class=&#8221;BlogrollPost_container&#8221;u003entttttu003cfigure class=&#8221;BlogrollPost_image FeaturedImage&#8221;u003entttttttttttttu003cimg decoding=&#8221;async&#8221; width=&#8221;200&#8243; height=&#8221;133&#8243; src=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/REALDEALMIAMI2025_1105_140847-6581_ALIVE-200&#215;133.jpg&#8221; class=&#8221;FeaturedImage_image wp-post-image&#8221; alt=&#8221;&#8221; loading=&#8221;lazy&#8221; \/u003etttttttttttu003c\/figureu003entttttu003cdiv class=&#8221;BlogrollPost_content&#8221;u003enttttttu003cdiv class=&#8221;BlogrollPost_heading&#8221;u003entttttttu003cdiv class=&#8221;MarketSectorLabel_categoryCityLabelWrapper&#8221;u003enttttttttttttttttu003cdiv class=&#8221;MarketSectorLabel_sectorLabel&#8221;u003entttttttttResidentialttttttttu003c\/divu003enttttttttttttttttttttttttu003cdiv class=&#8221;MarketSectorLabel_marketLabel&#8221;u003entttttttttSouth Floridattttttttu003c\/divu003entttttttttttttttu003c\/divu003enttttttu003c\/divu003enttttttu003cdiv class=&#8221;BlogrollPost_title&#8221;u003eWhat brokers want: Elliman\u2019s Liebowitz, Side\u2019s Gal sound off on resi shakeupsu003c\/divu003entttttu003c\/divu003enttttu003c\/articleu003entttu003c\/au003enttttu003c\/sectionu003enntt&#8221;,&#8221;noAds&#8221;:false,&#8221;alternativeHeadline&#8221;:{&#8220;subheadline&#8221;:&#8221;Trio outlined barriers to new construction at The Real Deal Miami Real Estate Forum 2025\u00a0&#8220;,&#8221;__typename&#8221;:&#8221;AlternativeHeadline&#8221;},&#8221;updatedPost&#8221;:{&#8220;updated&#8221;:false,&#8221;date&#8221;:&#8221;2025-11-07T19:37:00+00:00&#8243;,&#8221;__typename&#8221;:&#8221;UpdatedPost&#8221;},&#8221;aiSummary&#8221;:{&#8220;summary&#8221;:&#8221;u003culu003ernu003cli style=&#8221;font-weight: 400;&#8221; aria-level=&#8221;1&#8243;u003eu003cspan style=&#8221;font-weight: 400;&#8221;u003eMultifamily developers Bruce Menin, Erik Rutter and Joe Lubeck argue that South Florida is &#8220;really not overbuilt,&#8221; pushing back on the notion of a supply overhang, and stating that demand is high, especially for top-quality apartments.u003c\/spanu003eu003c\/liu003ernu003cli style=&#8221;font-weight: 400;&#8221; aria-level=&#8221;1&#8243;u003eu003cspan style=&#8221;font-weight: 400;&#8221;u003eThe primary barrier to new construction is &#8220;skittish equity investment,&#8221; even though debt markets are robust. The panelists believe this lack of investment will naturally quell supply.u003c\/spanu003eu003c\/liu003ernu003cli style=&#8221;font-weight: 400;&#8221; aria-level=&#8221;1&#8243;u003eu003cspan style=&#8221;font-weight: 400;&#8221;u003eThe developers differed in their views on developing outside of Miami-Dade County, with Rutter finding it difficult to justify high-end apartments in Fort Lauderdale due to high construction costs, while Lubeck is more open to suburban areas like west Broward and Palm Beach Gardens.u003c\/spanu003eu003c\/liu003ernu003c\/ulu003e&#8221;,&#8221;reviewed&#8221;:true,&#8221;disabled&#8221;:false,&#8221;autoGenerate&#8221;:false,&#8221;__typename&#8221;:&#8221;AISummary&#8221;},&#8221;audioArticleSettings&#8221;:{&#8220;audioUrl&#8221;:&#8221;https:\/\/eleven-public-cdn.elevenlabs.io\/audio-native\/a24c95b71e45d877e2798ceb32ef0ff8b1d79dced18bffc58f5b3a0c6e8468ac\/5F470J7rLkjT338RQo6i\/5F470J7rLkjT338RQo6i.mp3&#8243;,&#8221;__typename&#8221;:&#8221;AudioArticleSettings&#8221;},&#8221;mainArt&#8221;:{&#8220;mediaType&#8221;:&#8221;image&#8221;,&#8221;image&#8221;:{&#8220;node&#8221;:{&#8220;sourceUrl&#8221;:&#8221;\/wp-content\/uploads\/2025\/11\/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-1400&#215;875.jpg&#8221;,&#8221;srcSet&#8221;:&#8221;\/wp-content\/uploads\/2025\/11\/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-1400&#215;875.jpg 1400w, \/wp-content\/uploads\/2025\/11\/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-300&#215;188.jpg 300w, \/wp-content\/uploads\/2025\/11\/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-700&#215;438.jpg 700w, \/wp-content\/uploads\/2025\/11\/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-200&#215;125.jpg 200w, \/wp-content\/uploads\/2025\/11\/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-768&#215;480.jpg 768w, \/wp-content\/uploads\/2025\/11\/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-1024&#215;640.jpg 1024w, \/wp-content\/uploads\/2025\/11\/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-50&#215;31.jpg 50w, \/wp-content\/uploads\/2025\/11\/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN.jpg 1600w&#8221;,&#8221;sizes&#8221;:&#8221;(max-width: 1400px) 100vw, 1400px&#8221;,&#8221;caption&#8221;:&#8221;u003cpu003eThe Real Dealu0026#8217;s Francisco Alvarado with Crescent Heightsu0026#8217; Bruce A. 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Menin, American Landmarku0026#8217;s Joe Luu0026#8230;u003c\/pu003en&#8221;,&#8221;altText&#8221;:&#8221;The Real Deal&#8217;s Francisco Alvarado with Crescent Heights&#8217; Bruce A. Menin, American Landmark&#8217;s Joe Lubeck and Oak Row Equities&#8217; Erik Rutter&#8221;,&#8221;mediaDetails&#8221;:{&#8220;sizes&#8221;:[{&#8220;width&#8221;:&#8221;1400&#8243;,&#8221;height&#8221;:&#8221;875&#8243;,&#8221;__typename&#8221;:&#8221;MediaSize&#8221;}],&#8221;__typename&#8221;:&#8221;MediaDetails&#8221;},&#8221;__typename&#8221;:&#8221;MediaItem&#8221;},&#8221;__typename&#8221;:&#8221;NodeWithFeaturedImageToMediaItemConnectionEdge&#8221;},&#8221;__typename&#8221;:&#8221;Post&#8221;,&#8221;template&#8221;:{&#8220;templateValue&#8221;:&#8221;right-rail&#8221;,&#8221;__typename&#8221;:&#8221;DefaultTemplate&#8221;},&#8221;seo&#8221;:{&#8220;title&#8221;:&#8221;Erik Rutter, Bruce Menin, Joe Lubeck Speak at Miami Forum&#8221;,&#8221;fullHead&#8221;:&#8221;u003c!&#8211; This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.1.1) &#8211; https:\/\/yoast.com\/wordpress\/plugins\/seo\/ &#8211;u003enu003cmeta name=&#8221;description&#8221; content=&#8221;Oak Row\u2019s Erik Rutter, Crescent Heights\u2019 Bruce Menin and American Landmark\u2019s Joe Lubeck spoke at The Real Deal Miami Real Estate Forum 2025.&#8221; \/u003enu003cmeta name=&#8221;robots&#8221; content=&#8221;index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1&#8243; \/u003enu003clink rel=&#8221;canonical&#8221; href=&#8221;https:\/\/therealdeal.com\/miami\/2025\/11\/07\/erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum\/&#8221; \/u003enu003cmeta property=&#8221;og:locale&#8221; content=&#8221;en_US&#8221; \/u003enu003cmeta property=&#8221;og:type&#8221; content=&#8221;article&#8221; \/u003enu003cmeta property=&#8221;og:title&#8221; content=&#8221;\u201cReally not overbuilt\u201d: Bruce Menin, Erik Rutter, Joe Lubeck argue South Florida does not have a multifamily supply overhang\u00a0&#8221; \/u003enu003cmeta property=&#8221;og:description&#8221; content=&#8221;Oak Row\u2019s Erik Rutter, Crescent Heights\u2019 Bruce Menin and American Landmark\u2019s Joe Lubeck spoke at The Real Deal Miami Real Estate Forum 2025.&#8221; \/u003enu003cmeta property=&#8221;og:url&#8221; content=&#8221;https:\/\/therealdeal.com\/miami\/2025\/11\/07\/erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum\/&#8221; \/u003enu003cmeta property=&#8221;og:site_name&#8221; content=&#8221;The Real Deal&#8221; \/u003enu003cmeta property=&#8221;article:publisher&#8221; content=&#8221;https:\/\/www.facebook.com\/therealdealmedia\/&#8221; \/u003enu003cmeta property=&#8221;article:published_time&#8221; content=&#8221;2025-11-07T19:30:00+00:00&#8243; \/u003enu003cmeta property=&#8221;article:modified_time&#8221; content=&#8221;2025-11-07T19:36:54+00:00&#8243; \/u003enu003cmeta property=&#8221;og:image&#8221; content=&#8221;https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/11\/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-FEATUREDIMG.jpg&#8221; \/u003entu003cmeta property=&#8221;og:image:width&#8221; content=&#8221;1600&#8243; \/u003entu003cmeta property=&#8221;og:image:height&#8221; content=&#8221;1000&#8243; \/u003entu003cmeta property=&#8221;og:image:type&#8221; content=&#8221;image\/jpeg&#8221; \/u003enu003cmeta name=&#8221;author&#8221; content=&#8221;Lidia Dinkova&#8221; \/u003enu003cmeta name=&#8221;twitter:card&#8221; content=&#8221;summary_large_image&#8221; \/u003enu003cmeta name=&#8221;twitter:description&#8221; content=&#8221;Multifamily developers Bruce Menin, Erik Rutter and Joe Lubeck say South Florida needs more housing, but skittish equity investment is among the many barriers to entry.u0026nbsp; The trio, who spoke during The Real Deal Miami Real Estate Forum 2025, pushed back on the notion the tri-county region is struggling with a supply overhang due to hefty completions in recent years. Instead, demand is high and supply is low for the highest quality apartments, the developers said.u0026nbsp; Last year, a record 18,600 apartments were completed in South Florida, outpacing 15,000 net new leases, according to CoStar Group. 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class=\"ez-toc-section\" id=\"Miami_market_relevance\"><\/span>Miami market relevance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If this topic impacts buyers or sellers, the most useful context is what is happening locally. Track current pricing, inventory, and days on market in Miami, and compare active listings by building or neighborhood before making decisions.<\/p>\n<p><a href=\"https:\/\/www.brickellsold.com\/brickell-miami-fl-real-estate\">Browse current Miami listings<\/a> or <a href=\"https:\/\/brickellsold.com\/en\/tools\/book-call\">request a tailored report<\/a>.<\/p>\n<p>The trio differed in their views of developing in Broward and Palm Beach counties. Palm Beach County has prospered with the \u201cstaggering\u201d number of corporate moves and wealth in-migration, but it\u2019s more difficult to justify development of high-end apartments in Fort Lauderdale, Rutter said.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Erik_Rutter_Bruce_Menin_What_to_Plan_Before_You_Start\"><\/span>Erik Rutter Bruce Menin: What to Plan Before You Start<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"FAQ_Erik_Rutter_Bruce_Menin\"><\/span>FAQ: Erik Rutter Bruce Menin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_should_be_planned_first\"><\/span>What should be planned first?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Start with the goal, audience, and deliverables so the final content and media support the same outcome.<\/p>\n<p><strong>Need help implementing this workflow?<\/strong> Contact Miami Real Estate Insights &amp; Market Trends to plan a practical content and media process.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Erik Rutter Bruce Menin: 7 Proven Miami Multifamily Developers: Erik Rutter and Bruce Menin on South Florida&#8217;s Housing: The True Issue for South Florida&#039;s <\/p>\n","protected":false},"author":1,"featured_media":1623,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_title":"7 Proven Erik Rutter Bruce Menin Mistakes to Avoid","rank_math_description":"The True Issue for South Florida&#039;s Multifamily Market South Florida's multifamily developers, Erik Rutter, Bruce Menin, and Joe Lubeck, shared their","rank_math_focus_keyword":"Erik Rutter Bruce Menin","rank_math_canonical_url":"https:\/\/www.brickellsold.com\/blog\/erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum\/","rank_math_robots":"index,follow","footnotes":""},"categories":[1719],"tags":[],"class_list":["post-1622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-miami-real-estate"],"_links":{"self":[{"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/posts\/1622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/comments?post=1622"}],"version-history":[{"count":4,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/posts\/1622\/revisions"}],"predecessor-version":[{"id":4226,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/posts\/1622\/revisions\/4226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/media\/1623"}],"wp:attachment":[{"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/media?parent=1622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/categories?post=1622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/tags?post=1622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}