CONSTRUCTION OVERVIEW
More than 2.3 million square feet of combined commercial and industrial projects were underway in Broward in 1Q21 featuring a new headquarters hotel. With an estimated cost of $1 billion, the Convention Center overhaul is slated to feature more than 1.2 million square feet of meeting and ballroom space to go along with the 800room headquarters hotel. Though construction work for this project remains ongoing, the project is expected to bolster the local economy by more than $200 million a year and add more than 1,000 full- and part-time jobs. Public-private partnerships Constrained county and municipal budgets coupled with timely development needs and infrastructure improvements are paving the way for the further popularity of public-private partnerships in Broward County. Becker Law Firm, which has helped arrange public-private partnerships locally and nationally, reported that these types of partnerships are “mutually advantageous arrangements allowing public needs to be met with private financing,” which at the same time allows for shared risk of projects with the private sector. The Broward County Convention Center is among the major public-private partnership projects underway in the county, according to Becker Law. Developers are taking notice as these partnerships could be a viable way to revamp corridors in need of investment while creating much needed products such as affordable and workforce housing. The Lansing Melbourne Group is among those developers looking to leverage the opportunities inherent in the public-private partnership model. “We have found that we thrive primarily through recessions and market slowdowns because that is when the best opportunities arise. We are relatively aggressive in our approach to the market and conservative in how we structure finance. We do that mainly through publicprivate partnerships. We have noticed public-private partnerships have become a way to implement the
James Fox President Maddox Group
What are your major takeaways from operating throughout 2020? Something we are proud of is the fact that we did not have any COVID-19 cases on our job sites in 2020, which is extraordinary as we were 150 subcontractors deep for the 133,000-square-foot Canon project in its midstream phase. We had to switch on a dime and figure out how to keep this job going smoothly and on schedule during a pandemic, as there are many implications when you do not finish on time. We handled that adversity well and we were able to turn around quickly and put into place sanitizing stations, temperature checks, mask mandates and the like on all our projects. What is your take on the future of office space in terms of layout and design? In my world, we rely on brokers, so we have a lot of commercial brokers that we use as resources and we speak to all of them often. These are big companies, the CBREs, the Cushman & Wakefields and the JLLs of the world. They have their research teams doing their due diligence because this is their life. What we are hearing is the percentage of people who want to work from home after this pandemic is behind us is not as high as people may think. Most people want their teams back in the office. They want that team camaraderie back. On the flip side, there will certainly be some downsizing of space because maybe not everybody needs to be in an office. It all depends on the nature of each business. However, I’m sure we will see some tenants giving space back to the buildings in 2021. What are the main priorities for Maddox Group in the near term? From a company standpoint, we always want to accomplish more than we did the year before. All things considered, we had a good year in 2020. The large-scale picture is to build off that. Opportunity is afoot if you have been standing strong throughout, just as we have been. www.capitalanalyticsassociates.com
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