Florida East Coast Realty is singing the benefits and amenities of its new Opera Tower project. Indeed, buyer anticipation was high and all units were sold prior to construction.

Tight control over production allows Florida East Coast Realty (FECR) Inc. to perform efficiently and take ownership over all aspects of its projects. Chairman and CEO Tibor Hollo says restricting its workload results in increased quality and project execution.

“Our control of production leads to success,” he stresses. “We allow ourselves to do one major building each year. Sometimes we do a second building. Never we would do a third. This allows us to totally control every part of the project. The general contractors take care of every nook and cranny of construction.”

FECR has developed more than 50 million square feet in areas such as single-family homes, residential and commercial high-rises, government buildings, retail centers, warehouse complexes and telecommunication centers.

The company was founded in 1949 as a general contractor, and Hollo says it grew quickly. In 1956, FECR was named the 10th-largest general contractor in the United States by Fortune magazine.

“That was one of our best years, and so at that time, we decided to become developers,” Hollo explains.

Since then, FECR's portfolio is about 50 percent residential and 50 percent commercial, including office, industrial and specialty buildings. For the last several years, Hollo says, condo developments have been a booming market and the company's main focus.

Currently, FECR is developing the Opera Tower, a 56-story, elliptically shaped, 635-unit building, situated next to the eight-acre Margaret Pace Park along the Biscayne Bay. “It's an excellent location, right on the park; we were very lucky,” Hollo says. “We designed the building and sold all the units before construction began.” The building is underway and delivery is expected at the end of 2007.

Staying true to its philosophy, Opera Tower is one of only two projects currently in construction for FECR. Hollo says the company is also building a smaller building of offices and condominiums in Coral Gables.

Last year, the company completed The Club in Brickell Bay, a 43-story, 645-unit condominium development. Delivery began in 2004 and continued through this year.

Annual Highlights
Hollo says one of the highlights from the past year was the approval from the city on FECR's Villa Magna project.

The two-tower, 57-story development boasts 800 apartment units and 35,000 square feet of retail space. Located next to Biscayne Bay, the building is perpendicular to the water.

“The apartments will be extraordinary,” he explains. “They are very high-end, luxurious units. The kitchens and appliances are dripping with granite and marble. We are offering two- to four-bedroom units, and the amenity package is incredible.

“Anything you can think of, we have:
a two-acre recreation deck, a social house that will host various functions for residents, a spa and a supervised children's room,” he continues. “No one else in Miami has a building like this. We see this trend in other cities, but we are the first ones here. We are bringing the very best to these residences.”

Strategic Vision
In addition to developments, FECR operates a management arm, which it founded in 1963. Because of its management experience, FECR says it knows how to construct buildings so they can be efficiently and properly managed.

“Controlling our production give us a tremendous edge because we are in every part of our buildings,” Hollo explains. “We know what the project costs way before the bidding process. That expertise is probably the biggest contribution to our success as a developer.”

The management arm of FECR builds on the company's construction expertise. Hollo says “good management starts before completion, and “efficient property management begins with solid construction. FECR manages its own buildings, as well as other institutional properties, such as banks.

Currently, FECR manages seven offices and 17 residential properties.

Maintaining solid government relations and being active on local boards is key to moving FECR's projects forward. Hollo says one department is devoted entirely to staying abreast of any changes in building codes to ensure all new projects are designed and presented in accordance with state and city guidelines.

“All the officers in our company are on the boards of various government and industry organizations,” Hollo says. “Our city is well managed. We have an excellent mayoral leadership, and we work very much in concert with them. Miami is very aggressive about development, and we are supportive of that.”

Future Strategy
Looking forward, Hollo says FECR will continue with the strategy that has brought it more than 50 years of success. Controlling production, while pursuing joint ventures in other regions is the company's plan.

“We will step out of our market with other developers, but only if we can enhance the project with our finances or know-how,” he explains. “We're looking at Las Vegas and New York right now.”

FECR says it will remain focused on Miami, and Hollo says the city is experiencing a globalization.

“Lots of Miamians are buying property, but they are outpaced by far by people from other parts of the United States and the world. Our market is more global than local, and it's very exciting.

“It gives us the ability to really proliferate the types of projects we want to do, and helps keep us mindful of all the various desires and backgrounds of people in our area.”