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April 29, 2024

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City Living

The Good Business Sense of Urban Redevelopment

Stacie Kress Booker | 3/1/2008

The Satori, slated for downtown Fort Lauderdale

Joel Altman
Chairman, Altman Cos.
Boca Raton

Ask developer Joel Altman what’s driving urban redevelopment lately, and he’ll tell you: Good business sense. Creating the infrastructure to keep up with sprawl is getting more expensive, so developers are looking to build residential construction around existing infrastructure closer to city centers. That’s the key as well, he says, to successful affordable housing.

Altman Cos. developed the mixed-use Symphony in downtown Fort Lauderdale with the Abdo Cos.
Symphony Aerial

Altman, whose portfolio stretches from the Midwest to the Southeast, with the largest segment in Florida, is developing the 279-unit urban complex Satori in Fort Lauderdale. The project, scheduled for completion in a year, is a component of the city’s gentrification. Rents start at $1,500. Another project, The Astor, is playing a significant role in the revitalization of downtown Delray Beach, filling the need for more housing and business in the area. Already sold out, it consists of two midrise buildings totaling 90 units, with a retail component on the ground level. The condos are expected to be finished by the spring.

The Astor, under construction in downtown Delray Beach

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Tags: Housing/Construction

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