News
Miami, Fla. (September 24, 2024) – Foundry Commercial has been named Developer of the Year by the South Florida Business Journal, recognizing the company’s outstanding achievements in development and investment across the region. Despite challenging capital market conditions, Foundry’s innovative strategies in both debt and equity financing have enabled the successful execution of a variety of projects, making it a standout in the competitive South Florida market.
In the past year alone, Foundry Commercial is developing or has completed over 2.66 million square feet of industrial space across South Florida, with notable projects from Miami-Dade to Martin County including South Florida Gateway Phase I and Phase III in Stuart, Osprey Logistics Park in Coral Springs, Transal in Doral, and Phase IV of the Carrie Meek International Business Park in Opa-Locka.
Foundry’s office-to-industrial conversion initiative has become a model in the industry, turning underutilized office properties into high-demand industrial spaces. In March, the company acquired and closed on 3800 S. Congress Avenue in Boynton Beach, a 126,000-square-foot office building. In partnership with Wheelock Street Capital, Foundry is redeveloping the site into 457,000 square feet of Class-A industrial space, to be named Egret Point Logistics Park.
Pryse Elam, Chief Investment Officer of Foundry’s Development & Investment (D&I) platform, commented, “We are proud to be recognized alongside other outstanding developers for this year’s award. Foundry has established itself as a preeminent developer in the South Florida market and beyond, thanks to our strategic approach and commitment to excellence. Our South Florida-based Deal Hub allows us to consistently evaluate opportunities and deliver innovative, data-driven solutions across all our developments.”
In addition to the deal principals and team leaders on Foundry’s D&I team, the company’s success is also attributed to the ‘Deal Hub,’ a 20-person team based in South Florida that meticulously analyzes and underwrites each project considered for development. This hub ensures strategic decision-making that underpins the company’s growing portfolio and continued success.