Iñigo Ardid
Key International
El Conquistador
HL As a college freshman, where did you think your career path would take you?
IA At that time, I was confused about my future. I was already ambitious, but also I had a degree of fear of failure. But that fear only added to my desire to work harder and succeed.
HL What attracted you to real estate?
IA After graduation, I began helping my father purchase some real-estate development opportunities for his company, Key International. I found a couple of interesting properties, and then I stayed involved in those deals. I learned that it was quite fulfilling to take a project from conception to completion. I became a part of other deals within the company, and I realized the development process held a strong attraction for me.
HL What does your position entail?
IA I am currently in charge of three Key International developments-The Ivy, Mint and Sunny Isles Marina. My role is to ensure that these projects get built and are successful.
HL What is it like working with your father?
IA I really enjoy it. My father is a great builder and a cautious developer. I’m more bullish than he is, so the mix is perfect. With his help and expertise, we’ve been able to select the projects that have the best outlook for success. And his mentoring ensures I cross all the t’s and dot all the i’s.”
HL What is your most memorable deal?
IA I’ve been able to learn something valuable from every project. Finishing the South Beach Marriott taught me how to deal with contractors and sub contractors, and the importance of a complete set of development drawings. Bayview Terraces Condominium, which we sold in-house, taught me about the features home buyers seek in their new homes. The Ivy taught me how to complete larger condo deals and how to successfully manage different variables, such as increasing construction costs.
But my most memorable deal is Riverfront West, where The Ivy and Mint are being built. These companion projects were wildly successful despite a changing market environment in South Florida. Because of the lessons learned from these two projects, I realize that great design, great location and great amenities are crucial to the success of a new condo tower.
Through those experiences, I learned many aspects of real estate development including construction, budgeting and architectural planning. I saw it as having a little of everything-finance, marketing, sales, creative opportunities-and as a business in which your efforts and hard work left their marks on a city for future generations.
HL How has your father’s work ethic influenced your own?
IA My father always taught me work is an essential component of life. I grew up with that as a young man, and I have embraced it as an adult.
HL What could your father learn from you at this point in time?
IA We learn from each other all the time. I’ve helped him structure bigger deals more often, and to diversify into different areas of the real estate market.
HL What are you forecasting for Miami’s real-estate market over the next 24 months?
IA Miami is one of the better pieces of real estate in the world. It has idyllic weather, beaches, business, culture and entertainment. As a result, the city will continue to draw new residents from other parts of the country for many years. Plus, it’s the closest major U.S. city-both in distance and in culture-to South and Central America. Also, most of Europe has great access to Miami, and we see significant housing demand from all of these areas. My family is from Spain, and we have seen how the favorable beaches and stable government there have made it a very attractive real estate market for many years. I think the same thing applies to Miami.
The next 24 months are harder to predict for various reasons: interest rates, the economy, two very active hurricanes seasons and consumer confidence. But there are good things going on in our market as well. High land prices and construction costs make it difficult to build new buildings, so those that have already broken ground should have a competitive pricing advantage when they’re completed. This cost issue will make it harder for new buildings to get built, but it will make the ones that are already underway easier to absorb.
HL Where do you see yourself and the company in 10 years?
IA I plan to continue developing in Florida and Spain, and perhaps expand into the Caribbean. Key International will continue to develop top-quality residential, office and hotel projects throughout the coming decade-and beyond.
