Investor Seeks Miami Job Talent
An Atlanta real estate investment development and management company is coming to Miami next month, following a wave of tech and financial companies. And it's looking for local talent to build much-needed workforce housing.
The leader of the Carroll Organization said Thursday that he plans to open an office in Miami Beach or the Design District in March.
Founder and CEO M. Patrick Carroll told the Miami Herald that his company plans to hire 25 to 50 employees for development and property management positions.
He wants at least half of his staff to be Miami talent. Salaries will start at $200,000 a year, which is 285% above the median household income of $58,000 in Miami-Dade.
Miami is ripe for cheaper workforce housing, given the region's growing population, tight supply of homes for sale, high home sales prices and rising apartment rentals.
In fact, RealtyHop just named Miami the least affordable housing market in the country. “When rents go up, it makes it even more important to have workforce housing. It's where people who work live, like teachers and firefighters,” Carroll said. "As the city continues to grow, we need housing to facilitate that growth."
Carroll is looking for Miami talent: interns and MBA graduates from local universities and veteran real estate professionals from companies like Related and ZOM Living. “If somebody's been here a long time, he knows who to talk to, he knows how things get built,” Carroll said. "It's easier for them to point me in the right direction."
Carroll expands to Miami and plans to build workforce housing@rebecca_sanjuanhttps://t.co/l4Oycl3jAo pic.twitter.com/RV1YRhrgOg
– the New Herald (@elnuevoherald) February 21, 2022
The Miami office will be the company's sixth, in addition to those in New York, Tampa, Dallas, Denver and Raleigh. The office expansion comes after Carroll bought a two-story, 8,000-square-foot Miami Beach home in January for $16 million.
The Tampa native is familiar with Miami, he said, having had family here growing up and then partying in South Beach as an adult. He decided to settle in Miami after Oren Alexander, real estate agent for Douglas Elliman and broker for Carroll, informed him of all the wealth that he had recently decided to settle in Miami.
Transplanted executives include Jason Wright of Apax Partners; Orlando Bravo, founder of Thoma Bravo, and Ken Griffin, CEO of Citadel. Carroll said he plans to build housing for area workers and rental apartment buildings with market rents in Miami Beach, Edgewater and the Design District.
Neighborhood Housing Services of South Florida CEO Kimberly Henderson said Carroll's intention to include workforce housing in her company's development strategy would make a difference. She expects any mixed-income housing project to have at least 30% of the units discounted to workers in the area. "You don't want a situation where people who are emotionally invested and rooted here feel like they don't belong anymore," Henderson said. “It is not a problem of the poor. It's a problem for a lot of us."
Author: Patricia Chung 7:25 pm