Navigating Florida's Evolving Real Estate Landscape: Unity Development's Affordable Housing Strategy

Written by:

Steve Marcinuk

Date:

04 Jun 2025

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Florida’s affordable housing crisis has left many residents struggling to find viable options in a market dominated by rising prices and limited inventory. But Juan Ortega, Founder and CEO of Unity Development Investments, saw something others missed.

“We discovered substantial land that was developed in Florida during the 40s, 50s, and 60s at very low cost. These home sites were sold to people throughout the country who ultimately did not need them. This created a significant opportunity for land acquisition across Florida: developed parcels we could purchase and build on,” he explains.

This overlooked inventory has become the cornerstone of Unity Development’s strategy. By focusing on underused land that is already subdivided and zoned, Ortega and his team are creating new paths to affordable housing where others see only barriers.

From Colombia to Florida: A Developer’s Journey

Born in Bogotá, Colombia, Ortega moved to the United States as a teenager and was introduced to real estate through his father’s development projects in Florida. While his family eventually returned to Colombia, Ortega chose to remain in the U.S., pursuing his education while simultaneously building his real estate career.

“I got started in real estate at a very early stage. My dad had invested in a development in my hometown in Florida, which marked my beginning in the industry,” Ortega recalls. His professional evolution took him from high-rise luxury developments to his current focus on affordable housing, a transition driven by personal conviction.

“Coming from the luxury residential segment, I always felt a burden for people to be able to afford housing in Miami,” he explains. This concern led him to search for solutions in a market where options seemed increasingly limited.

Now in its 21st year of operation, Unity Development Investments has established itself as a significant player in Florida’s affordable housing market, with projects spanning 50 cities across the state.

The Affordable Housing Strategy: Finding Value Where Others Don’t Look

Unity’s breakthrough came when Ortega identified a unique opportunity that others had overlooked: previously developed land parcels that had been abandoned or forgotten by their original owners.

“We realized that there had been a lot of land developed in Florida in the 40s, 50s, and 60s at very low cost,” Ortega explains. “These properties were sold off to people throughout the country who ultimately did not need them.”

Rather than purchasing raw land and undertaking costly horizontal development, Ortega’s company began acquiring these already-developed parcels at significantly lower costs.

“It was simple math,” he says. “How much does it cost me to buy a piece of dirt and go through entitlement, do horizontal work? And how much would the cost of a build-ready site be if I did that, versus how much it would be if I bought it with it already done previously? There was a huge imbalance.”

This approach allowed Unity to expand rapidly throughout Florida, identifying 130 price variations for land across the state and creating a substantial land bank for future development.

Adapting to Climate Realities

In recent years, Unity’s investment strategy has evolved in response to Florida’s increasing vulnerability to natural disasters. “About four years ago, following one of the last major hurricanes in Florida, we decided to no longer purchase property within a flood zone,” Ortega notes.

This decision has pushed the company inland, away from coastal areas that are prone to flooding. The strategy aligns with broader population movements within the state, as Ortega observes: “Because of hurricane and natural disaster impacts in Florida and California, insurance rates have drastically increased, prompting many residents to relocate. In Florida, moving inland is the practical solution.”

Marion County: A Growth Opportunity

One area where Unity has found particular success is Marion County, home to Ocala, which has experienced remarkable growth in recent years. “Between 2020 and 2024, the population has grown approximately 14%. It’s considered one of the fastest-growing U.S. metros in 2023 and 2024,” Ortega shares.

Several factors make this region attractive for development: affordability, inland location outside flood zones, and employment growth in healthcare, logistics, and the equine industry. The area has also seen impressive appreciation rates—128% over the past decade, translating to approximately 9% year-over-year growth, exceeding both state and national averages.

Within Marion County, Unity has identified specific subdivisions like Marion Oaks and Orange Blossom Hills for development. The company has acquired both build-ready parcels and larger acreage requiring entitlement, with projects including both single-family homes and townhomes.

A Flexible Approach to Homeownership

What sets Unity apart from many developers is its flexible approach to property disposition. Rather than focusing exclusively on sales or rentals, the company maintains a diverse portfolio that includes properties for sale, long-term rentals, and an innovative rent-to-own program.

“It’s not a one-solution-fits-all approach,” Ortega emphasizes. “Some people are ready to buy and know what they want. Others are less certain about their preferences.”

This flexibility is particularly valuable for newcomers to an area or those working to improve their financial situation. “As people live in these homes, whether they need to increase their income or credit scores, or if they’re simply getting familiar with the area before making a long-term commitment, they can do so while renting one of our homes,” Ortega explains.

The rent-to-own program offers an additional incentive: “When they become eligible or decide to purchase a home, we give them a percentage of their rental payments made during their lease contract toward the purchase of a house.”

Market Insights: Beyond the Headlines

While much attention has focused on Florida’s housing market challenges, Ortega offers a more nuanced perspective based on his on-the-ground experience across multiple markets.

“At the macro level, there’s a narrative. At the micro level, there are opportunities,” he observes. “We’ve moved from housing scarcity to discussions of housing over-supply in the Sunbelt. This may be true in certain markets, but not in others.”

Ortega has identified several specific opportunities that contradict the broader market narrative:

1. Larger Homes in High Demand

While most builders have focused on smaller homes (1,500-2,000 square feet with three bedrooms), Ortega has found significant unmet demand for larger properties. “I recently spoke with a family who couldn’t find any home larger than 3,200 square feet that was move-in ready within a market segment or city with substantial inventory.”

2. Tertiary Markets Attracting Early Retirees

Areas like Citrus County and Marion County, on the outskirts of major metropolitan areas like Tampa and Orlando, are seeing increased interest from early retirees seeking larger homes.

3. Premium on Pools

“There’s growing interest in homes with pools. Florida is the Sunshine State, yet only a small percentage of new construction homes include pools. When spec homes with pools come on the market, they generate substantial interest.”

Looking Beyond Florida

After focusing primarily on Florida following the 2008 real estate crash, Unity Development is now looking to expand its operations to other states, including Arkansas, Georgia, and the Carolinas.

The motivation for this expansion circles back to the company’s core mission: affordability. “Producing affordable housing in Florida is becoming increasingly difficult,” Ortega explains. “Rising land costs and landowner expectations have made affordable projects more challenging, pushing us to explore alternatives elsewhere.”