On April 30, 2020 PROFILEmiami hosted an interactive webinar discussion focusing on emerging from the COVID-19 pandemic and the resulting economic fallout’s impact on the South Florida real estate market. The panel featured South Florida real estate titans W. Allen Morris, Shahab Karmely and Jimmy Tate who explored topics such as: what effects will we see on South Florida’s real estate markets, how are South Florida’s leading real estate professionals reacting to the crisis, how do you think the workspace landscape will look after we “get back to normal,” where will the smart investments be made and how are they preparing for future opportunities.
Speakers:
W. Allen Morris - Chairman, President & CEO, The Allen Morris Company
Shahab Karmely - CEO, KAR Properties
James D. Tate - President, Tate Capital
Moderator: Demetri Demascus - CEO & Co-Founder, PROFILEmiami
Watch:
W. Allen Morris
Chairman, President & CEO - The Allen Morris Company
Since taking the helm of The Allen Morris Company in 1980 at the age of 28, Allen has propelled the real estate firm his father established in 1958 to monumental heights. The Allen Morris Company is today one of the largest diversified real estate companies in the southeast with offices around Florida and 79 development projects to its credit. Some of his key projects have won resounding praise, such as the landmark Alhambra Towers in Coral Gables named the “Top Commercial Project in Florida,” among 8 other awards. Allen is a recognized authority in the commercial real estate world, having appeared frequently as a guest expert on national programs such as Fox Business News, CAVUTO with Neil Cavuto, Fox Business Morning Break with Charles Payne, and in the Strategy Room with Eric Bolling. In addition to being an officer and director of more than 35 related real estate companies and president of three charitable foundations, Allen is past-chairman and advisory board member of Wachovia Bank of Miami. Among his awards for leadership are the 2014 Business Leader of the Year Award from The Coral Gables Chamber of Commerce, 2011 REAL Trend Setter Award from the Greater Miami Chamber of Commerce, 2009 South Florida Business Leader of the Year Award in Real Estate Allen Morris is a graduate of Harvard Business School. He earned his bachelors degree from Georgia Institute of Technology.
Shahab Karmely
CEO - KAR Properties
With over 28 years of international real estate experience, Shahab S. Karmely has honed an impressive pedigree in transactional, managerial, and developmental disciplines. These, combined with an extensive background in fine arts and design, are the foundational elements of his development expertise and overall vision. As the founder of KAR Properties LLC, and through KAR and/or its affiliates, Mr. Karmely has acquired, repositioned, and monetized over 3 million square feet of office, luxury mixed-use, and industrial space in the US, Southeast Asia, and Europe. With offices in New York and Miami, KAR currently oversees the management of a core portfolio of assets and a development pipeline in excess of 5 million square feet. KAR has made a significant entry into the Miami market with acquisitions in excess of $200 million in established and emerging neighborhoods. The firm is currently developing 2000 Ocean in Hallandale beach, a 38-story, private residential enclave located in Hallandale Beach, Florida. In Downtown Miami, KAR Properties is also developing One River Point, a two-tower, 60-story development which will rise 800 feet above the Miami River upon completion. Mr. Karmely’s background as an owner/manager and developer gives him a unique perspective and invaluable insights in analyzing and implementing the appropriate strategies for a variety of asset classes. He champions innovative and inventive approaches in response to changing market conditions, trends, and new opportunities as is required in today’s dynamic real estate markets.
James D. Tate
President - Tate Capital
James “Jimmy” Tate has been an integral part of the multi-faceted Tate family business for over 30 years. Jimmy co-founded, with his brother Kenny, Tate Development Corporation, which has developed, owned and managed commercial, industrial and luxury single and multi-family properties. Over the years, the various Tate companies have developed and constructed a hundred properties, as well as owned, operated and managed a real estate portfolio well in excess of $1 billion. In the aftermath of Hurricane Andrew, Tate Development managed the reconstruction efforts for approximately 2,000 single and multi-family residences which were destroyed. He was also directly involved in the management and distressed real estate work out efforts for multiple State Court Receiverships in Miami-Dade and Broward Counties. Jimmy is also owner/principal of TKO-Evolution Apparel, a $80 million a year apparel company that specializes in the manufacturing and importing of primarily men’s and women’s apparel under private labels for well-known national brands and retailers. Mr. Tate’s most recent venture was the acquisition of the Bahia Mar Resort, Hotel and Marina. He is in the planning stage of its billion dollar mixed use redevelopment effort. Co-owner and President of Tate Capital, Mr. Tate also specializes in the acquisition and servicing of distressed debt and real estate, has successfully acquired over $800 million in distressed multi-family and commercial debt throughout the United States.
Demetri Demascus
Co-Founder & CEO - PROFILEmiami
MODERATOR: Demetri Demascus is the co-founder and CEO of PROFILEmedia, a digital publisher and events platform where he is editor of the popular real estate news publications PROFILEmiami and PROFILEnyc. Demetri is involved in various real estate endeavors and investments including leading Business Development and acquisitions for Galium Capital, a Miami-Based Private Equity Firm that invests in commercial real estate across the United States. Demetri is also a managing partner with real estate investment firm Trilogy Partners and is a licensed Real Estate Broker in the state of Florida. Demetri is a co-founder of Game Day Skincare, which produces and distributes the only skincare specifically designed for active men worldwide. Demetri was previously also a weekly contributor to Elite Daily exploring entrepreneurship. Demetri graduated from Babson College with an undergraduate degree in business in 2013 and University of Miami MBA 2020.
Topics:
What is your personal outlook on how this will ultimately affect the South Florida real estate markets? Will there be permanent changes to the market or the industry?
How are you handling projects currently under construction? What lessons did you learn from past recessions and how did they shape how you’re handling today’s crisis? Have you learned any lessons from the COVID-19 crisis?
If you have capital to deploy, what are principals telling their acquisitions teams right now?
Where do you think we will see opportunity open up? Who is overleveraged? When will we begin to see properties fall into distress?
Does a property need to fall into distress for COVID-19’s impact to create an opportunity? What non-distressed opportunities will we see?
Will opportunity open up for different ways to add value to existing properties or will it change the way you think about developing new properties?
Where and how will the smart investments be made?
Who is willing to give you term sheets right now and what type of lenders pulled their term sheets?
How are you preparing to get your offices back to work and how will the work landscape have changed when we get back to the “new normal.”
Partners:
WEBINAR SPONSORSHIP
Interested in sponsoring PROFILEmiami events? Generate exposure for your brand and connect directly with some of South Florida’s top real estate professionals. Contact us today to inquire about Sponsorship Opportunities.