It is clear that Miami is on a building spree not seen since the pre-bust of 2007-2008. R. Donahue Peebles is adding his name to a long list of developers proposing to build condominiums in South Florida adding to what may be another over saturated market.
Condo Vultures is reporting that Peebles plans to develop 6767 Collins Avenue fronting the Atlantic Ocean. In Miami Beach alone, developers want to build 18 towers with nearly 1,100 units.
Overall in the region developers are proposing nearly 20,000 units, according to Condo Vultures.
An affiliate that Peebles Corp., one of the largest African-American-owned real estate developers in the country, has proposed to build up to 16 stories with 13 units just south of Canyon Ranch on Miami Beach.
The regular units will average 5,620-square-feet and there is a two-story penthouse that will have 10,000 square feet. Additionally there are two oceanfront villas.