According to a report by Condo Vultures, at the start of 2025 the tri-county South Florida region had roughly 25,315 condo units listed for resale, about 17,700 of them “vintage”—buildings 30 years or older.
Now, a new development being called a “mini-city” in Sunrise will add another 3,000 apartments and condos, along with four office towers, two hotels, upscale restaurants, and boutique shops.
The $2 billion Metropica project, as reported by the South Florida Sun Sentinel, is being described as a “megaproject” and “dream community.”
Developer Joseph Kavana, a Miami-based real-estate investor originally from Uruguay, is the driving force behind Metropica. The project’s website describes it as “masterfully designed residences” offering on-site amenities and 24/7 concierge-level services.
Kavana, who has lived in Miami since 1980, serves as Chairman & CEO of K Group Holdings and previously founded Sagaz Industries, a manufacturing company he later sold to Pennzoil in 2000. He also chairs the Community Development District overseeing portions of the Metropica site.
He told the Sun Sentinel it will take about seven more years to complete the project, which began in 2017 with its first phase opening in 2020, when Metropica One opened. “It will be a 15-year project from start to end,” Kavana said.
The new development comes as the South Florida condo market holds roughly 11.4 months of supply, the estimated time to sell current listings at today’s pace, Condo Vultures reported. County breakdowns show Miami-Dade at 12.5 months, Broward 11.5 months, and Palm Beach 10.1 months.
In the luxury segment, with condos priced above $1 million, inventory stands near 11.7 months across the region. Some sub-markets, such as Greater Downtown Miami, have climbed to 16 months of resale supply, signaling a shifting landscape as new construction continues to rise.