Despite some challenging headwinds for developers this year, many major project have broken ground in South Florida and are moving forward.
The luxury condo market and the hospitality sector remain strong here. That has helped developers overcome high construction costs, a difficult market for financing and the uncertainty of tariffs to start work. Lenders, both traditional banks and private lenders, have been active in funding massive towers when the condo pre-sales have come in.
This is also one of the few regions in the nation where a major office building broke ground.
Here’s a look at the largest development that broke ground in South Florida so far in 2025:
Mr. C Hotel & Residences West Palm Beach
Terra and Sympatico Real Estate broke ground on the Mr. C Hotel & Residences West Palm Beach after obtaining a $285 million construction loan in August. The 25-story project will have branded condos and hotel suites.
Miami Beach Convention Center HQ Hotel
Terra and Turnberry started work on the Grand Hyatt Miami Beach hotel at the Miami Beach Convention Center after locking down a $392 million construction loan in April. This 17-story hotel will include meeting space and restaurants.