Noah Breakstone is the managing partner and CEO of BTI Partners, a Fort Lauderdale-based real estate and land developer. His company, founded by his father, currently holds over 8,000 acres of land across Florida. Its in-progress developments include the Westshore Marina District, a 52-acre master-planned community in Tampa, and the Hollywood Bread Building, a 25-story apartment tower in Hollywood. Breakstone has completed more than $3.5 billion in transactions and has been inducted into the National Association of Home Builders’ hall of fame.
Q: What does Florida’s housing demand currently look like?
A: Florida’s housing demand has historically been very strong. But during and after the COVID-19 pandemic, it accelerated at a faster rate. I think there are a good number of reasons why that is happening: It’s a pro-business environment. The weather’s great. The taxes are great. There’s housing affordability compared to the Northeast markets. Job growth and population growth are strong drivers.
Q: What regions are you seeing grow the fastest?
A: It’s all the major metropolitan statistical areas (MSAs). South Florida is continuing to see growth — not only from the Northeast and the Midwest, but also from Central and South America and Eastern Europe. For Orlando, Tampa and Jacksonville — three of the largest MSAs in Florida — the growth has been tremendous. They have land availability. They can provide more affordable housing than a lot of other metro markets throughout the U.S. They have great schools that are drawing a workforce and encouraging job growth. We’re seeing these cities attract businesses. It's remarkable.
Q: What are challenges to growth or development in Florida?
A: Growth always comes with positives and negatives. There’s a strain on infrastructure, whether it’s utilities, roadway systems, train systems, education or other public services. There’s an impact on the environment. There’s a trade-off in spending money now to be competitive in technology, health care and education in the future, rather than using those dollars for resources needed today. But I think Florida and these major markets are being prudent in spending those dollars. A lot of our major cities are addressing any issues through building codes and planning and zoning boards. It’s going to continue to change and grow.