The real estate market can help to give indications as to how an area is doing, in terms of economic and financial success. Big news for an area of Fort Lauderdale, specifically in the Sistrunk corridor. This area has been a long over-looked area but commercial properties are starting to creep up there. This can of course be followed by revenue and with revenue entire neighborhoods can be revamped into something new.
The Sistrunk corridor has long been overlooked at a real estate development opportunity. However that has begun to change as several commercial properties and some residential properties, are popping up along the corridor. There are a variety of developments planned that include residential units, art institutions, music locations, a new gym, and a microbrewery. Most of the developers are applying for public subsidies from Fort Lauderdale's Community Redevelopment Agency, which focuses on eliminating blighted properties.
This influx in real estate development is no doubt good for the area, but good for all of Fort Lauderdale real estate. A large scale rental apartment complex is planned for near the area as well which will bring a neighborhood-like aspect to the area, a place where people and can live and experience small neighborhood living. New neighborhoods can be a big draw for residents and businesses alike. Rejuvenating areas of a city that have been forgotten is a great way to revitalize the city for all who live there.
Commercial real estate is the cornerstone to building successful residential real estate projects. While that isn't always how it happens (sometimes residential proceeds commercial real estate) one generally follows the other. For where a person eats, shops and lives their life they want to live, and if a person is living in an area, they want to enjoy these activities close to home. They definitely have an effect on each other.
Source: therealdeal.com, "Development spreads in Fort Lauderdale's Sistrunk neighborhood," Nov. 25, 2017