A $2 billion makeover for Midtown Miami is opening in the face of real estate market "roadblocks" challenging development in South Florida.

Midtown Park's master plan, approved by the city's Urban Development Review Board, will bring hundreds of luxury condominiums, offices, dining, shops, parks, and a racquet and padel facility to a five-acre space connecting Wynwood and the Design District.

The developer, Carlos Rosso of Rosso Development, expects it to transform the community when complete. However, he admits the project faces challenges.

Still, his team sees strong early sales and demand. Phase one of construction is underway and currently on track.

"Immigration and tariffs have been a roadblock for many buyers because there's uncertainty and they want to make sure everything keeps moving in the same direction," Rosso said. "If they send their kids to study at the University of Miami and Florida International University, if they want them to buy a small apartment in Miami in case the kids get an H1-B visa and the kids want to work in Miami, I think (Midtown Park is) good for Miami."

Rosso expects businesses in the northeast to show interest in moving into Midtown Park because South Florida's market is promising long-term.

Renters and condo owners look forward to development

Renters and current condo owners see potential and need.

"We're missing playgrounds for my (two-year-old) daughter," Yakovliev Pavlov, a Wynwood resident, said.

"It's missing parks," Martin Gomez, another resident, said.

Wal-Mart once owned the lot at NE 31st Street and North Miami Avenue. However, the community rejected plans to build a large box store.

Rosso Development took over the site. Its team spent a decade working with neighbors on plans for the site.

However, it also needs foreign investors.  The real estate market hardly makes them a sure bet, Rosso said. 

So, his team plans to build Midtown Park in phases. While the crew builds phase one on the north end of the site, a public padel club will open on the south end, Rosso said. Once the first phase is complete, work will begin on the south end of the site.

"We made sure at no time is there a part of the project that's empty or not activated," he said.

It could take three or four years to finish phase one. If sales take off, crews will keep building on schedule.

"If, for whatever reason, the project cannot start, we are going to wait and launch it again when the moment is more prosperous for everybody," Rosso said. "We are not concerned. We are very patient. We've had this site for 10 years. We can have it for another 10 more years."