What Does it Take to Succeed in South Florida Real Estate Development?
An Interview with Vagabond Group’s Avra Jain
Becoming a developer might look simple on the surface. There are no legal qualifications so all you need is a team and funding to get started. But how do you get started? How do you know which properties to put your money into? What do you focus on when developing a building? With the South Florida population and real estate industry booming, we thought it was a good time to sit down with our good friend and partner Avra Jain, CEO of The Vagabond Group LLC — a real estate development firm focused on Adaptive Reuse and Historic Preservation — to gain an insider’s perspective.
Sourced from Dragon Global
Who is Avra Jain?
Well, I’m the co-founder of The Vagabond Group, but I didn’t get my start in Miami — though I consider myself a local after being here for 22 years. In New York, I was working with bond trading on Wall Street when I started investing in apartments. It was just a hobby back then. From Soho and Tribeca to The Valley, somewhere along the way, the hobby became a second career.
In December of 1999, I moved to Miami and continued doing the same thing: employing an adaptive reuse method when developing. Because of my New York experience, I already understood the importance of historic buildings and with inspiration from Tony Goldman (who had also worked in New York), I began moving developments off of the beach and into the rest of the city. I’ve worked on the Vagabond Hotel, Biscayne Boulevard, Overtown, and MiMo, among others.
What got you started out in real estate?
I bought and fixed apartments in my spare time and I realized that I truly enjoyed the projects, which led me to work on larger buildings. With each project I did, I just kept thinking that I could do better the next time and just continued to improve.
With real estate, I can be logical — which allows me to utilize my engineering background — but also creative. It’s the perfect combination of art and science. Developing is more than just a job for me, it’s a way for me to create space for, and with, those who care and are passionate, who have a story to tell. Each building is a singular representation of the neighborhood it’s in, a 3D sculptural installation reminiscent of its surrounding culture and history. Those are the reasons I pursued this in the first place; I love going to work every day, whether it’s to a job site, a meeting, or the office.
You’re one of the few prominent female CRE leaders in South Florida… What has that experience been like?
While it’s always been a male-dominated business, there are now more women in development than ever. In general, it’s about being more than mediocre. In this industry, you need experience, a good team, and the vision to prosper. I have those things, so, fortunately, I’ve been successful.
What’s your advice to those who are just starting their careers in commercial real estate?
Can you put together the team and build what people want? Establish what that means to you. Think about where you fall in the process and what part of the process you are passionate about. When you figure that out, you can do what you like and build things you love. Your experience matters and a successful career won’t happen overnight, but don’t let that discourage you. Enjoy the process! There’s no crystal ball to tell you if things will work out, you just have to be courageous. Make sure to be patient, establish good relationships, listen to what the market wants, be receptive to learning something from every project, and always “stretch the canvas”. When you get all the pieces right, you can create magic.
We know you to be a values-driven person. How do you apply that to doing business?
My community is extremely important to me. When it comes down to it, people not being able to afford groceries or their rent is a huge social issue. These are people’s lives we’re talking about. And the cost of living affects everything, including development projects.
To help change this, we engage in numerous non-profit efforts — like pro-bono work and the omission of developer fees — and give back by investing in low-income housing. In total, we’ve developed 68 affordable housing units in neighborhoods like Little Haiti and Overtown. In addition, we also work with various government officials and local non-profit organizations to support affordable housing.
What are your predictions for Miami’s growth/future? Do you believe we are on the cusp of a “tech boom”?
There’s an influx of business and people moving to Miami for multiple reasons. COVID-19 has caused people to reevaluate different aspects of their lives, one of which is their professional worlds. They can work remotely from wherever they choose. Miami is a top contender because of our outdoor lifestyle, the opportunity for office space development, and overall quality of life. Everyone wants to come to Miami. Once they’re here, why would they want to leave?
Are there any future projects or ideas you are excited about and can discuss?
Yes! I’m really excited to have partnered with some incredible professionals on the 7 Seas Motel — a lifestyle project where, as I like to say, I stretched the canvas and others painted. I’m also looking forward to working on a historic warehouse in Little River that has some exciting plans.
Developers like Avra Jain play a crucial role in further defining and preserving our South Florida neighborhoods. Through Adaptive Reuse and Historic Preservation, she’s able to enhance what communities already have to offer, increasing value and elevating quality of life, especially with her focus on giving back. And that’s what we’re all about here at Metro 1. So if you’re looking to create your space and tell your story, we’ll help you do it, just like we’ve done with several other businesses. Visit www.Metro1.com to get in contact with someone who can help get you started.
