Erik Rutter Bruce Menin: 7 Proven Miami Multifamily Developers: Erik Rutter and Bruce Menin on South Florida’s Housing

The True Issue for South Florida's Multifamily Market

South Florida’s multifamily developers, Erik Rutter, Bruce Menin, and Joe Lubeck, shared their perspectives on the region’s housing market trends during The Real Deal Miami Real Estate Forum 2025.

Multifamily developers Bruce Menin, Erik Rutter and Joe Lubeck say South Florida needs more housing, but skittish equity investment is among the many barriers to entry. 

The trio, who spoke during The Real Deal Miami Real Estate Forum 2025, pushed back on the notion the tri-county region is struggling with a supply overhang due to hefty completions in recent years. Instead, demand is high and supply is low for the highest quality apartments, the developers said. 

Last year, a record 18,600 apartments were completed in South Florida, outpacing 15,000 net new leases, according to CoStar Group. Developers started construction of another 14,515 units in the year that ended Sept. 30, outpacing construction starts during the same period of last year. 

The notion that developers are saturating South Florida has been an ongoing theme in the region’s history, Lubeck, CEO of Tampa-based American Landmark, said at the “Too Much, Too Fast? Rethinking South Florida’s Apartment Boom” panel hosted by TRD commercial real estate reporter Francisco Alvarado. 

“For the last 10 years … they said, ‘It’s overbuilt, it’s overbuilt, it’s overbuilt.’ But it’s really not overbuilt,” Lubeck said. “There’s certainly ebb and flow in the ability to raise rents and, of course, construction costs and the like. But overall, it’s all about job growth and population growth.”

And the tri-county region has both residential and employment growth, the panelists said. Roughly 80,000 households are projected to move to South Florida in the next five years, with 40 percent of them expected to rent, according to Menin, founding principal of Miami-based Crescent Heights. 

“We know that our nation is under-supplied in housing,” Menin said. 

American Landmark subsidiary Electra America and the Toledano family’s BH Group are redeveloping a portion of Cutler Bay’s Southland Mall into South Place City Center with roughly 5,000 apartments, a hotel, medical offices, retail on outparcels and a community amphitheater. They are renovating a portion of the existing mall and demolishing some of the retail buildings, including Sears and Kmart. 

Crescent Heights completed the 40-story, 588-unit Forma Miami apartment tower in Edgewater last year. The building, which is at least 97 percent leased, is billed by developers as a premier quality tower setting a new standard for the area. This is the first of six towers on 9 contiguous acres Crescent owns, Menin said. 

Rutter is co-founder of Oak Row Equities, which has two multifamily towers under construction in Miami’s Edgewater, and this year completed the mixed-use Wynwood Plaza with 509 apartments. 

Multifamily analysts and leasing companies say South Florida’s hefty building completions are concentrated in top Miami areas such as Edgewater and Wynwood, or exactly where Oak Row is developing. But Rutter countered the idea that these areas are over-supplied, arguing the issue is a lack of top-quality apartments that are in high demand. 

“There was a big wave of supply that came online between 2018 and call it 2021, and the vast majority of that was low-rise. Maybe some of the corners were cut to get projects out of the ground, quickly delivered [with] very small units,” Rutter said. “The renter pool has grown more sophisticated.”

At Wynwood Plaza, which Rutter described as “unquestionably the best” building in Wynwood, demand is strong, with leasing velocity of about 35 units per month, he said. Yet, he conceded Oak Row is offering a month free to incentivize leasing.

“There’s other projects that have just delivered surrounding us. Of course, there are some concessions in the market. That’s marketing,” he said, adding this will probably be phased out once the building is 75 percent leased. 

The true issue for South Florida’s multifamily market is skittish equity, the panelists said, again arguing that only top sponsors and projects in premier neighborhoods can get investment. 

Debt markets are “robust,” but investment has dried in “the traditional pure play common [limited partner] equity, Rutter said, adding that may not be a bad thing. “It’s going to quell supply naturally, and then institutional capital markets are going to open up again, cycle back in.” 

The trio differed in their views of developing in Broward and Palm Beach counties. 

Palm Beach County has prospered with the “staggering” number of corporate moves and wealth in-migration, but it’s more difficult to justify development of high-end apartments in Fort Lauderdale, Rutter said. Because construction costs are so expensive, Oak Row would have to charge the same rents as it does in Miami’s Edgewater. 

“I can’t extrapolate why you are going to get that in Fort Lauderdale,” he said. 

Lubeck is more open to suburban areas such as west Broward, Jupiter and Palm Beach Gardens. 

“I am very concerned about overbuilding on the side of the river” in Fort Lauderdale, he said, referring to the New River. 

In September, Crescent Heights’ Russell Galbut, through his GFO Investments, and InSite Group, Atlas Hill Real Estate and Prime Finance paid $73 million for the Galleria Fort Lauderdale, with plans to redevelop the mall. 

“We’re planning several thousand units,” Menin said. “We wouldn’t have picked up just any site. But this is a placemaking opportunity.” 

Menin, who lives in Manhattan, also offered a more tempered view on the consistent topic of discussion at the forum of whether Zohran Mamdani’s mayoral win will prompt an influx of New Yorkers to South Florida.

“People love Miami. They love New York. There’s a similar DNA to the kind of people that are attracted to both markets. … I think people are going to continue to move back and forth,” Menin said. “I think we have to take a little bit of a wait and see.” 

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!important;}.has-luminous-vivid-orange-to-vivid-red-gradient-background{background: var(–wp–preset–gradient–luminous-vivid-orange-to-vivid-red) !important;}.has-very-light-gray-to-cyan-bluish-gray-gradient-background{background: var(–wp–preset–gradient–very-light-gray-to-cyan-bluish-gray) !important;}.has-cool-to-warm-spectrum-gradient-background{background: var(–wp–preset–gradient–cool-to-warm-spectrum) !important;}.has-blush-light-purple-gradient-background{background: var(–wp–preset–gradient–blush-light-purple) !important;}.has-blush-bordeaux-gradient-background{background: var(–wp–preset–gradient–blush-bordeaux) !important;}.has-luminous-dusk-gradient-background{background: var(–wp–preset–gradient–luminous-dusk) !important;}.has-pale-ocean-gradient-background{background: var(–wp–preset–gradient–pale-ocean) !important;}.has-electric-grass-gradient-background{background: var(–wp–preset–gradient–electric-grass) !important;}.has-midnight-gradient-background{background: var(–wp–preset–gradient–midnight) !important;}.has-small-font-size{font-size: var(–wp–preset–font-size–small) !important;}.has-medium-font-size{font-size: var(–wp–preset–font-size–medium) !important;}.has-large-font-size{font-size: var(–wp–preset–font-size–large) !important;}.has-x-large-font-size{font-size: var(–wp–preset–font-size–x-large) !important;}”,”type”:”list”,”__typename”:”StyleItem”}],”post”:{“id”:”cG9zdDo5OTkzOTA=”,”databaseId”:999390,”title”:”“Really not overbuilt”: Bruce Menin, Erik Rutter, Joe Lubeck argue South Florida does not have a multifamily supply overhang “,”status”:”publish”,”slug”:”erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum”,”uri”:”/miami/2025/11/07/erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum/”,”link”:”https://therealdeal.com/miami/2025/11/07/erik-rutter-bruce-menin-joe-lubeck-speak-at-miami-forum/”,”dateGmt”:”2025-11-07T19:30:00″,”contentTypeName”:”post”,”contentFiltered”:”u003cpu003eMultifamily developers Bruce Menin, Erik Rutter and Joe Lubeck say South Florida needs more housing, but skittish equity investment is among the many barriers to entry.u0026nbsp;u003c/pu003enu003cpu003eThe trio, who spoke during u003cemu003eThe Real Dealu003c/emu003e Miami Real Estate Forum 2025, pushed back on the notion the tri-county region is struggling with a supply overhang due to hefty completions in recent years. Instead, demand is high and supply is low for the highest quality apartments, the developers said.u0026nbsp;u003c/pu003enu003csection id=”trd-gallery-block_3ef451ea0371c1bd94029acce76ea324″ class=”trd-gallery”u003eu003cdiv class=”trd-gallery-slides”u003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”4000″ height=”2667″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135727-9527_ALIVE.jpg” alt=”” class=”wp-image-999423″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135727-9527_ALIVE.jpg 4000w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135727-9527_ALIVE-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135727-9527_ALIVE-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135727-9527_ALIVE-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135727-9527_ALIVE-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135727-9527_ALIVE-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135727-9527_ALIVE-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135727-9527_ALIVE-50×33.jpg 50w” sizes=”auto, (max-width: 4000px) 100vw, 4000px” /u003eu003c/figureu003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”3262″ height=”2175″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135801-9560_ALIVE.jpg” alt=”” class=”wp-image-999431″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135801-9560_ALIVE.jpg 3262w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135801-9560_ALIVE-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135801-9560_ALIVE-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135801-9560_ALIVE-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135801-9560_ALIVE-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135801-9560_ALIVE-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135801-9560_ALIVE-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135801-9560_ALIVE-50×33.jpg 50w” sizes=”auto, (max-width: 3262px) 100vw, 3262px” /u003eu003cfigcaption class=”wp-element-caption”u003eThe Real Dealu0026#8217;s Francisco Alvarado (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”2836″ height=”1891″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141248-0202_ALIVE.jpg” alt=”” class=”wp-image-999425″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141248-0202_ALIVE.jpg 2836w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141248-0202_ALIVE-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141248-0202_ALIVE-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141248-0202_ALIVE-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141248-0202_ALIVE-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141248-0202_ALIVE-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141248-0202_ALIVE-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141248-0202_ALIVE-50×33.jpg 50w” sizes=”auto, (max-width: 2836px) 100vw, 2836px” /u003eu003cfigcaption class=”wp-element-caption”u003eThe Real Dealu0026#8217;s Francisco Alvarado with Crescent Heightsu0026#8217; Bruce A. Menin, American Landmarku0026#8217;s Joe Lubeck and Oak Row Equitiesu0026#8217; Erik Rutter (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”3605″ height=”2403″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135830-9595_ALIVE.jpg” alt=”” class=”wp-image-999430″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135830-9595_ALIVE.jpg 3605w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135830-9595_ALIVE-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135830-9595_ALIVE-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135830-9595_ALIVE-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135830-9595_ALIVE-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135830-9595_ALIVE-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135830-9595_ALIVE-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_135830-9595_ALIVE-50×33.jpg 50w” sizes=”auto, (max-width: 3605px) 100vw, 3605px” /u003eu003cfigcaption class=”wp-element-caption”u003eCrescent Heightsu0026#8217; Bruce A. Menin (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”4000″ height=”2299″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141317-0249_ALIVE.jpg” alt=”” class=”wp-image-999424″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141317-0249_ALIVE.jpg 4000w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141317-0249_ALIVE-300×172.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141317-0249_ALIVE-700×402.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141317-0249_ALIVE-200×115.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141317-0249_ALIVE-768×441.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141317-0249_ALIVE-1024×589.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141317-0249_ALIVE-1400×805.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_141317-0249_ALIVE-50×29.jpg 50w” sizes=”auto, (max-width: 4000px) 100vw, 4000px” /u003eu003cfigcaption class=”wp-element-caption”u003eThe Real Dealu0026#8217;s Francisco Alvarado with Crescent Heightsu0026#8217; Bruce A. Menin, American Landmarku0026#8217;s Joe Lubeck and Oak Row Equitiesu0026#8217; Erik Rutter (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”3477″ height=”2318″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140021-9664_ALIVE.jpg” alt=”” class=”wp-image-999429″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140021-9664_ALIVE.jpg 3477w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140021-9664_ALIVE-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140021-9664_ALIVE-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140021-9664_ALIVE-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140021-9664_ALIVE-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140021-9664_ALIVE-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140021-9664_ALIVE-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140021-9664_ALIVE-50×33.jpg 50w” sizes=”auto, (max-width: 3477px) 100vw, 3477px” /u003eu003cfigcaption class=”wp-element-caption”u003eAmerican Landmarku0026#8217;s Joe Lubeck (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”3744″ height=”2496″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140446-9899_ALIVE.jpg” alt=”” class=”wp-image-999427″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140446-9899_ALIVE.jpg 3744w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140446-9899_ALIVE-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140446-9899_ALIVE-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140446-9899_ALIVE-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140446-9899_ALIVE-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140446-9899_ALIVE-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140446-9899_ALIVE-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_140446-9899_ALIVE-50×33.jpg 50w” sizes=”auto, (max-width: 3744px) 100vw, 3744px” /u003eu003cfigcaption class=”wp-element-caption”u003eOak Row Equitiesu0026#8217; Erik Rutter (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003c/divu003eu003c/sectionu003eu003cpu003eLast year, a u003ca href=”/miami/2025/01/24/after-record-south-florida-rental-completions-lease-ups-slow/”u003erecord 18,600 apartmentsu003c/au003e were completed in South Florida, outpacing 15,000 net new leases, according to CoStar Group. Developers started construction of another 14,515 units in the year that ended Sept. 30, outpacing construction starts during the same period of last year.u0026nbsp;u003c/pu003enu003cpu003eThe notion that developers are saturating South Florida has been an ongoing theme in the region’s history, Lubeck, CEO of Tampa-based American Landmark, said at the “Too Much, Too Fast? Rethinking South Floridau0026#8217;s Apartment Boom” panel hosted by u003cemu003eTRDu003c/emu003e commercial real estate reporter Francisco Alvarado.u0026nbsp;u003c/pu003enu003cpu003e“For the last 10 years … they said, ‘It’s overbuilt, it’s overbuilt, it’s overbuilt.’ But it’s really not overbuilt,” Lubeck said. “Thereu0026#8217;s certainly ebb and flow in the ability to raise rents and, of course, construction costs and the like. But overall, itu0026#8217;s all about job growth and population growth.”u003c/pu003enu003cpu003eAnd the tri-county region has both residential and employment growth, the panelists said. Roughly 80,000 households are projected to move to South Florida in the next five years, with 40 percent of them expected to rent, according to Menin, founding principal of Miami-based Crescent Heights.u0026nbsp;u003c/pu003enu003cpu003e“We know that our nation is under-supplied in housing,” Menin said.u0026nbsp;u003c/pu003enu003cpu003eAmerican Landmark subsidiary Electra America and the Toledano family’s BH Group are redeveloping a portion of Cutler Bay’s Southland Mall into u003ca href=”/miami/2024/11/26/electra-bh-score-125-loan-for-southplace-city-center/”u003eSouth Place City Centeru003c/au003e with roughly 5,000 apartments, a hotel, medical offices, retail on outparcels and a community amphitheater. They are renovating a portion of the existing mall and demolishing some of the retail buildings, including Sears and Kmart.u0026nbsp;u003c/pu003enu003cpu003eCrescent Heights completed the 40-story, 588-unit u003ca href=”/miami/2025/10/15/crescent-heights-nabs-238m-refi-for-forma-rental-tower/”u003eForma Miamiu003c/au003e apartment tower in Edgewater last year. The building, which is at least 97 percent leased, is billed by developers as a premier quality tower setting a new standard for the area. This is the first of six towers on 9 contiguous acres Crescent owns, Menin said.u0026nbsp;u003c/pu003enu003cpu003eRutter is co-founder of Oak Row Equities, which has two multifamily towers under construction in Miami’s Edgewater, and this year completed the mixed-use u003ca href=”/miami/2025/06/12/amazon-expands-lease-at-wynwood-plaza-in-miami/”u003eWynwood Plazau003c/au003e with 509 apartments.u0026nbsp;u003c/pu003enu003cpu003eMultifamily analysts and leasing companies say South Florida’s hefty building completions are u003ca href=”/miami/2025/10/31/are-developers-overbuilding-apartments-in-south-florida/”u003econcentratedu003c/au003e in top Miami areas such as Edgewater and Wynwood, or exactly where Oak Row is developing. But Rutter countered the idea that these areas are over-supplied, arguing the issue is a lack of top-quality apartments that are in high demand.u0026nbsp;u003c/pu003enu003cpu003e“There was a big wave of supply that came online between 2018 and call it 2021, and the vast majority of that was low-rise. Maybe some of the corners were cut to get projects out of the ground, quickly delivered [with] very small units,” Rutter said. “The renter pool has grown more sophisticated.”u003c/pu003enu003cpu003eAt Wynwood Plaza, which Rutter described as “unquestionably the best” building in Wynwood, demand is strong, with leasing velocity of about 35 units per month, he said. Yet, he conceded Oak Row is offering a month free to incentivize leasing.u003c/pu003enu003cpu003e“There’s other projects that have just delivered surrounding us. Of course, there are some concessions in the market. Thatu0026#8217;s marketing,” he said, adding this will probably be phased out once the building is 75 percent leased.u0026nbsp;u003c/pu003enu003cpu003eThe true issue for South Florida’s multifamily market is skittish equity, the panelists said, again arguing that only top sponsors and projects in premier neighborhoods can get investment.u0026nbsp;u003c/pu003enu003cpu003eDebt markets are “robust,” but investment has dried in “the traditional pure play common [limited partner] equity, Rutter said, adding that may not be a bad thing. “It’s going to quell supply naturally, and then institutional capital markets are going to open up again, cycle back in.”u0026nbsp;u003c/pu003enu003cpu003eThe trio differed in their views of developing in Broward and Palm Beach counties.u0026nbsp;u003c/pu003enu003cpu003ePalm Beach County has prospered with the “staggering” number of corporate moves and wealth in-migration, but it’s more difficult to justify development of high-end apartments in Fort Lauderdale, Rutter said. Because construction costs are so expensive, Oak Row would have to charge the same rents as it does in Miami’s Edgewater.u0026nbsp;u003c/pu003enu003cpu003e“I can’t extrapolate why you are going to get that in Fort Lauderdale,” he said.u0026nbsp;u003c/pu003enu003cpu003eLubeck is more open to suburban areas such as west Broward, Jupiter and Palm Beach Gardens.u0026nbsp;u003c/pu003enu003cpu003e“I am very concerned about overbuilding on the side of the river” in Fort Lauderdale, he said, referring to the New River.u0026nbsp;u003c/pu003enu003cpu003eIn September, Crescent Heights’ Russell Galbut, through his GFO Investments, and InSite Group, Atlas Hill Real Estate and Prime Finance paid u003ca href=”/miami/2025/09/24/russell-galbut-jv-paid-73m-for-fort-lauderdale-mall/”u003e$73 millionu003c/au003e for the u003ca href=”/miami/2025/09/19/russell-galbut-and-partners-buy-galleria-fort-lauderdale/”u003eGalleria Fort Lauderdaleu003c/au003e, with plans to redevelop the mall.u0026nbsp;u003c/pu003enu003cpu003e“Weu0026#8217;re planning several thousand units,” Menin said. “We wouldnu0026#8217;t have picked up just any site. But this is a placemaking opportunity.”u0026nbsp;u003c/pu003enu003cpu003eMenin, who lives in Manhattan, also offered a more tempered view on the consistent topic of discussion at the forum of whether Zohran Mamdani’s mayoral win will prompt an influx of New Yorkers to South Florida.u003c/pu003enu003cpu003e“People love Miami. They love New York. Thereu0026#8217;s a similar DNA to the kind of people that are attracted to both markets. … I think people are going to continue to move back and forth,” Menin said. “I think we have to take a little bit of a wait and see.”u0026nbsp;u003c/pu003enu003csection class=”ReadMoreSection_root”u003entu003ch4 class=”ReadMoreSection_title”u003eRead moreu003c/h4u003enttttttttu003ca class=”BlogrollPost” href=”/miami/2025/11/06/ugo-colombo-camilo-miguel-speak-at-trds-miami-forum-2025/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”200″ height=”133″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112007-7215_ALIVE_1-200×133.jpg” class=”FeaturedImage_image wp-post-image” alt=”” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttDevelopmentttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003e“Top of mind for New Yorkers”: Developers Ugo Colombo, Camilo Miguel talk Mamdani’s win, Miami’s condo market u003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttttu003ca class=”BlogrollPost” href=”/miami/2025/11/06/miami-real-estate-forum-panelists-give-view-on-office-sector/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”200″ height=”133″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/Miami-Real-Estate-Forum-Panelists-Give-View-On-Office-Sector-12-200×133.jpg” class=”FeaturedImage_image wp-post-image” alt=”Savills Floridau0026#039;s Donna Abood” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttCommercialttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003e“We thought, OK, we’re gonna plateau. Nope”: Experts dissect South Florida’s office market u003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttttu003ca class=”BlogrollPost” href=”/miami/2025/11/06/ellimans-michael-liebowitz-sides-guy-gal-on-resi-brokerage/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”200″ height=”133″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1105_140847-6581_ALIVE-200×133.jpg” class=”FeaturedImage_image wp-post-image” alt=”” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttResidentialttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003eWhat brokers want: Elliman’s Liebowitz, Side’s Gal sound off on resi shakeupsu003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttu003c/sectionu003enntt”,”noAds”:false,”alternativeHeadline”:{“subheadline”:”Trio outlined barriers to new construction at The Real Deal Miami Real Estate Forum 2025 “,”__typename”:”AlternativeHeadline”},”updatedPost”:{“updated”:false,”date”:”2025-11-07T19:37:00+00:00″,”__typename”:”UpdatedPost”},”aiSummary”:{“summary”:”u003culu003ernu003cli style=”font-weight: 400;” aria-level=”1″u003eu003cspan style=”font-weight: 400;”u003eMultifamily developers Bruce Menin, Erik Rutter and Joe Lubeck argue that South Florida is “really not overbuilt,” pushing back on the notion of a supply overhang, and stating that demand is high, especially for top-quality apartments.u003c/spanu003eu003c/liu003ernu003cli style=”font-weight: 400;” aria-level=”1″u003eu003cspan style=”font-weight: 400;”u003eThe primary barrier to new construction is “skittish equity investment,” even though debt markets are robust. The panelists believe this lack of investment will naturally quell supply.u003c/spanu003eu003c/liu003ernu003cli style=”font-weight: 400;” aria-level=”1″u003eu003cspan style=”font-weight: 400;”u003eThe developers differed in their views on developing outside of Miami-Dade County, with Rutter finding it difficult to justify high-end apartments in Fort Lauderdale due to high construction costs, while Lubeck is more open to suburban areas like west Broward and Palm Beach Gardens.u003c/spanu003eu003c/liu003ernu003c/ulu003e”,”reviewed”:true,”disabled”:false,”autoGenerate”:false,”__typename”:”AISummary”},”audioArticleSettings”:{“audioUrl”:”https://eleven-public-cdn.elevenlabs.io/audio-native/a24c95b71e45d877e2798ceb32ef0ff8b1d79dced18bffc58f5b3a0c6e8468ac/5F470J7rLkjT338RQo6i/5F470J7rLkjT338RQo6i.mp3″,”__typename”:”AudioArticleSettings”},”mainArt”:{“mediaType”:”image”,”image”:{“node”:{“sourceUrl”:”/wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-1400×875.jpg”,”srcSet”:”/wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-1400×875.jpg 1400w, /wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-300×188.jpg 300w, /wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-700×438.jpg 700w, /wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-200×125.jpg 200w, /wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-768×480.jpg 768w, /wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-1024×640.jpg 1024w, /wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN-50×31.jpg 50w, /wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-MAIN.jpg 1600w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eThe Real Dealu0026#8217;s Francisco Alvarado with Crescent Heightsu0026#8217; Bruce A. Menin, American Landmarku0026#8217;s Joe Luu0026#8230;u003c/pu003en”,”altText”:”The Real Deal’s Francisco Alvarado with Crescent Heights’ Bruce A. Menin, American Landmark’s Joe Lubeck and Oak Row Equities’ Erik Rutter”,”__typename”:”MediaItem”},”__typename”:”AcfMediaItemConnectionEdge”},”video”:null,”caption”:”The Real Deal’s Francisco Alvarado with Crescent Heights’ Bruce A. Menin, American Landmark’s Joe Lubeck and Oak Row Equities’ Erik Rutter (Photos by Alive Coverage)”,”__typename”:”MainArt”},”featuredImage”:{“node”:{“sourceUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-FEATUREDIMG-1400×875.jpg”,”srcSet”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-FEATUREDIMG-1400×875.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-FEATUREDIMG-300×188.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-FEATUREDIMG-700×438.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-FEATUREDIMG-200×125.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-FEATUREDIMG-768×480.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-FEATUREDIMG-1024×640.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-FEATUREDIMG-50×31.jpg 50w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Really-not-overbuilt-Bruce-Menin-Erik-Rutter-Joe-Lubeck-argue-South-Florida-has-no-multifamily-supply-overhang-FEATUREDIMG.jpg 1600w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eThe Real Dealu0026#8217;s Francisco Alvarado with Crescent Heightsu0026#8217; Bruce A. 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The trio differed in their views of developing in Broward and Palm Beach counties. Palm Beach County has prospered with the “staggering” number of corporate moves and wealth in-migration, but it’s more difficult to justify development of high-end apartments in Fort Lauderdale, Rutter said.

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