Cymbal DLT in the News

What drew you to this property that led you to decide to purchase it?

Laguna Gardens was a labor of love for Cymbal DLT. We saw an opportunity to create a significant project that would have a huge, positive impact on the Miami Gardens community. It’s the first new development the area has seen in years. We focused on delivering our development pillars, consisting of elevated design, sustainability and social quality, all while making luxury living more attainable for residents in South Florida by enrolling the whole project under the Live Local Act. Its location, right off the turnpike, makes it extremely accessible for South Florida’s workforce and the architecture is a complete head-turner.

During your journey with this property, were there any unexpected challenges or pivotal lessons you encountered?
Absolutely, every day in my career, whether it's this project or another, I am presented with a career-defining challenge. For Laguna Gardens, being situated on a large 14-acre land parcel meant dealing with a lot of site work and going underground, which led to unforeseen issues that increased construction costs. Adding to the financial challenges are the rising interest rates, from 0.25% to 5.5%, and cost escalations due to an oversupply in most South Florida markets. However, with decades of experience and having been through many cycles, we were well-equipped to handle everything that came our way.

Can you share your journey into the commercial real estate business?
I've been in the business for about 35 years. My interest in the real estate industry was sparked by my mother, a single working mom on food stamps who brought our family out of poverty by flipping and redeveloping real estate. After law school, I met a real estate developer who introduced me to the fun and lucrative world of building and developing, rather than just buying and selling. This ignited my passion for construction and development, leading me to where I am today, overseeing a more than $2 billion portfolio of real estate across various asset classes.

How do you stay informed about trends and changes in the commercial real estate market?
We have an incredible team that keeps us current with the market. As our own general contractors, we’re always up-to-date on construction pricing. We’re also in tune with financial markets by managing about 650 units, where we monitor and adjust rental rates due to the market and operational expenses.  All this information is advantageous, as we embark on our $1.5 billion Nautico District waterfront mixed-use district project in Downtown Fort Lauderdale this summer.

What is your company planning for the next 12-24 months?

Over the next year, we plan to double our current $2 billion development pipeline with new acquisitions and joint venture opportunities, especially in Broward County. We also look forward to breaking ground on the Nautico District, a $1.5 billion mixed-use waterfront district featuring luxury condominiums and apartments, a hotel, retail and a yacht valet service for up to 90 yachts. This project aligns with our vision of integrating amazing design, architecture, original art, wellness, and technology into our developments, enhancing the beauty and vibrancy of the community.

Reflecting on your experience with this property, what are your key takeaways or significant learnings from this deal?
One significant lesson I learned from developing Laguna Gardens is the importance of a dependable team. Throughout the process, it became evident that adaptability and resilience are crucial in real estate development. Although nothing ever goes exactly as planned, having a good team that is solution-oriented results in outcomes that often surpass our initial expectations. The positive reception from the community, indicated by the early lease signings, underscores the project's success and positive long- term impact on Miami Gardens.

For someone just starting in commercial real estate, what are somepieces of advice you would give?
For those just entering the field, it's vital to find your niche in areas that ignite your passion and invest your time there. Real estate requires a long- term commitment and considerable resilience. Early in your career, focus on learning and patience—qualities that will sustain you through the challenges and complexities of real estate deals. Above all, remember that persistence is key; never lose sight of your goals, even when obstacles arise.

What are some advantages of the approach using modular construction in terms of efficiency or sustainability?
At Cymbal DLT, we are proponents of modular construction because of how efficient and sustainable it is. This method allows for a faster construction process, typically saving about 60 to 90 days per project. While the initial costs are comparable to traditional construction, the time saved translates to substantial cost reductions in the overall project lifecycle. Furthermore, modular construction supports sustainability by reducing waste and minimizing the environmental impact during the building process, aligning with our commitment to environmentally responsible development practices.