Miami's biggest condo developer is focusing on apartment rentals now. Here's why

MIAMI — The pivot quietly began five years ago.Back then, construction cranes dotted the downtown Miami skyline like the towering alien invaders in Steven Spielberg’s “War of the Worlds.” The real estate industry had recovered from the 2009 recession and was bouncing back hard. Thousands of condos — many of them priced way beyond the reach of local residents — were being delivered or built, completing Brickell’s transformation from office district to dense residential neighborhood.But Steve Patterson, president and CEO of Related Development, the multifamily rental arm of the Related Group, sa…

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HEDGE accordingly