Keystone Development + Investment is making strides in South Florida's real estate landscape by planning to convert two office buildings in Kendall into 212 residential apartments. This follows a broader trend seen in the Northeast, where many developers have retrofitted office spaces for residential use due to hybrid working models. Such adaptations are sparse in South Florida, largely due to economic challenges and building designs. However, Keystone's buildings are uniquely suited for this venture, with manageable floor sizes and attractive apartment features, suggesting a potential shift in local real estate strategy.
Keystone Development + Investment is leading a rare trend in South Florida by converting office spaces into residential apartments, addressing the changing demand in real estate.
In comparison to the Northeast, where office-to-residential conversions are common, South Florida has seen limited adaptation primarily due to challenging economic factors.
According to Randy Johnson of Keystone, significant hurdles exist in making such conversions economically viable, primarily due to building designs and large floor plates.
The buildings at Keystone's Kendall complex are suitable for conversion because of their favorable floor designs and appealing features like large balconies.
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