About Sky Development & CEO Yizhak Toledano
Israeli born Yizhak Toledano is the initiator and current CEO of Sky Development, an Aventura based investment and real-estate Company. Toledano’s modest start in his career led him to chase his dreams and reach places he never even dreamed of reaching. By working in the mortgage department of a local bank, Toledano quickly learnt all about the monetary side of real estate development and not before long, he became a leading real estate developer in charge of the operation of large development projects.
The creation of Sky Development was a summit in Yizhak Toledano’s professional career as he began to take aboard an assortment of projects that ranged from residential living spaces to retail shops, hotels and professional office spaces. These projects showcased Toledano’s real capacity for spotting exclusive real estate prospects and converting them into measurable success. In 2006 the company experienced a calculated shift from residential to commercial development projects offering unique business opportunities that serve the interests of both buyers and investors alike. Toledano’s initial project, the acquisition and renovation of two apartment buildings in Miami, was rather modest compared to the ones he operates today. As Toledano completed each project, his confidence and business judgment grew as did the size of his projects eventually maturing to a combination of commercial and residential schemes.
Toledano founded Toledano Holdings LLC, in 2001 and the Florida-based investment company, later became Skyrise Development Group. Yizhak Toledano held the role of founder and managing partner until 2005 and in 2006 launched Sky Development Inc. Since its commencement, the company, under Toledano’s leadership has attained many properties.
Large-Scale Commercial projects underway
Construction of a new convention center and hotel is scheduled to begin this month in West Palm Beach. The project, consists of a new 403-room hotel, a restaurant that seats 225 diners, plus a conference center, ballrooms and lavish fitness and swimming pool facilities. The city is looking forward to an influx of 1,500 new jobs and approximately $1B in economic benefits.
Consultatio, an Argentine developer is slated to complete its mega-luxury, Oceana Bal Harbour condominium project by the end of July. The project will have 240 residential units in a tower made completely of glass, sitting on 400 feet of beachfront property in the chic community of Bal Harbour. Contracts and/or reservations are moving at a hot pace. This project is an exceptionally good example of south Florida’s real estate recovery, as Consultatio was able to secure $332M in financing from a banking sector that had withdrawn from lending money for such projects.
Residential Market also looking good
There have been some staggering purchases of residential units lately. Boardwalk Properties purchased eight multifamily buildings for a total price of a little more than $22M. It was the largest deal so far in South Beach. The eight buildings have a cumulative total of 113 units, far exceeding the typical South Beach rental property with its 20 or less units.
Burt Reynold’s former ranch—Jupiter Farms—in Palm Beach will soon be the location of 30 new private homes. The ranch spans roughly 153 acres, 40% of which will be used for home construction, with the remainder to be preserved as open space to benefit the community.
The residential housing market in Palm Beach is holding on to its slow, but steady climb in spite of the general cool down in the real estate market. Sellers are not going to see huge profits, but nevertheless, the price of the typical, single family home is up approximately 6% from a year ago. Condos in Miami-Dade County are selling for a little more than 19% from a year ago. Other South Florida counties are also seeing various levels of improvement over last year’s sales prices.