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GTA deal-makers build a tower – and a reputation – in Miami

Greybrook, which has worked mostly in the Greater Toronto Area, now has partnered with a New York developer to build a 500-unit, 88-storey project at 300 Biscayne Blvd. It is projected to be worth $970-million (U.S.) upon completion.

Up to now, Greybrook has invested more than $800-million (Canadian) in more than 50 projects across the Greater Toronto Area. The firm decided to head south because the real estate market is similar to the GTA’s.

“Florida is the only state in the U.S. that develops like they develop here in Toronto,” Mr. Politis says. “What I mean by that is they presell their units, and the purchaser deposits that are bought and insured are used in the construction process.”

The Miami opportunity didn’t come around by chance. Greybrook spent almost a year evaluating projects there, and had the inside track partly because Mr. Politis grew up in the area and knew the city well. Even so, much of the time was spent selecting the right development partner, Property Markets Group.

“Ten years ago had we called up PMG, who’s a multibillion-dollar New York-based developer, and said, ‘Hey, I’m Sasha, at my little shop in Toronto.’ They’re not taking your call,” Mr. Cucuz says. “Once you’ve had some consequential successes then it makes it easier.”

It is testament to how far the company has come since its founding by Elias Vamvakas in 1999. Even when he hired Mr. Cucuz and Mr. Politis in 2001 to help manage his money, Greybrook was working on one or two projects a year.

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http://www.theglobeandmail.com/repor...ticle30772107/