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Yearly Archive2017

Palm Beach plans to simplify demolition permit process

Crew razes a 1920s home at 200 S. Ocean Boulevard in 2014. (Credit: Palm Beach Daily News)

The government of Palm Beach is likely to make town permits for partial demolition easier to get.

The town council has directed the planning and zoning commission rewrite the municipal code to clarify its definition of “50 percent” demolition, a key threshold.

A Palm Beach property owner who wants to demolish 50 percent of more of a house or building must ensure the entire property complies with zoning regulations, or get a variance from the town council.

The town’s planning and zoning commission on Dec. 19 unanimously approved a definition of 50 percent demolition based on exterior-wall and roof-truss space, excluding space taken by doors and windows that open.

Current code language bases the 50 percent threshold on cubic feet of interior space, a measurement that has confused individual property owners as well as builders, architects and town staff.

Town zoning administrator Ray Castro told the Palm Beach Daily News the new measure of the 50 percent threshold would apply not only to demolitions but also additions by property owners seeking to enlarge their properties by half or more.

To enact an amended measurement of the 50 percent threshold, the town council would have to approve a proposed ordinance twice in separate votes. [Palm Beach Daily News] — Mike Seemuth

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Former tennis pro Gabriela Sabatini lists Key Biscayne penthouse

Gabriela Sabatini

Retired professional tennis player Gabriela Sabatini listed a penthouse duplex in Key Biscayne for sale with a $2.89 million asking price.

The 3,138-square-foot unit has five bedrooms, three bathrooms and a half bathroom, a den, and a private rooftop terrace with panoramic views of downtown Miami, Biscayne Bay and the Atlantic Ocean.

The unit features wooden floors, custom-made closets and a private gym. It is part of a 1980s-vintage, 12-story building in Key Biscayne with common-area amenities that include a gym, an oceanfront swimming pool, a playground and 12 tennis courts.

Sabatini, 47, retired as a professional tennis player in 1996 after winning the women’s Grand Slam singles title in 1990 and a silver medal at the Seoul Olympic Games in 1988.

Her listing agent of Giulietta Ulloa of EWM Realty International. [Los Angeles Times] — Mike Seemuth

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Effort to redevelop historic hotel in DeLand falls short

The Putnam Hotel in DeLand (Credit: Abandoned Florida)

Plans to redevelop a historic hotel in DeLand failed to advance despite a promised subsidy from the city.

Sarasota-based developer Tony Collins was unable to gather enough investors to redevelop the 112-room Putnam Hotel by a deadline the city set.

In June, the DeLand City Commission voted to invest $500,000 over five years to help Collins redevelop the hotel as an apartment building.

In August, the commissioners extended by 90 days their deadline for Collins to raise sufficient financing from other sources, but he had failed to do so when the extension expired.

The the city’s founder, Henry DeLand, built the original version of the Putnam Hotel at 225 West New York Avenue in DeLand, then sold the hotel to a former owner whose name it bears, Alfred Putnam.

After burning to the ground in 1921,  the current version of the Putnam Hotel was built on the site of the original structure and opened as the first fireproof hotel in Florida. [Daytona Beach News-Journal] — Mike Seemuth

Source: http://feeds.feedburner.com/trdmiami

Miami investor adds to Jacksonville property portfolio

10 North Pearl Street in Jacksonville (Credit: Jacksonville Daily Record)

Miami-based real estate investor Ramon Llorens paid $2.78 million for a Greyhound bus station in downtown Jacksonville, the latest a series of Jacksonville properties he has acquired.

The bus station is located at 10 North Pearl Street near the Everbank Center, a high-rise office building that Llorens also owns. He bought the bus station through a company called AK Pearl LLC.

Greyhound will continue to operate at the bus station on North Pearl Street while a replacement station is built as part of the Jacksonville Transportation Authority’s new regional transportation center, a $33 million facility now under construction.

It is unclear what Llorens plans to do with the existing Greyhound bus station, a 1.21-acre property. The Jacksonville Daily Record reported that he was unavailable for comment.

In addition to the bus station and the Everbank Center, Llorens has acquired several other properties in Jacksonville since 2014, including a downtown parking garage at 336 West Bay Street and a 2.78-acre parking lot nearby at West Bay Street and Hogan Street.

In the last three years, Llorens also has acquired commercial buildings in Jacksonville’s Southbank area and a property in the Tallyrand area that includes a former Ford Motor Co. plant. [Jacksonville Daily Record] — Mike Seemuth


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McCraney Property buys land for Savannah-area industrial development

Steven E. McCraney, president and CEO, McCraney Property Company

West Palm Beach-based McCraney Property Company bought land for an industrial development near Savannah, Georgia.

“Savannah’s expanding port continues to fuel the environment for the success of large logistics companies,” Steven E. McCraney, president and CEO of McCraney Property, said in a prepared statement.

McCraney Property bought 22 acres near Interstate 95 and Interstate 16 in Pooler, a suburb just west of Savannah, where the company will develop a 345,600-square-foot industrial building called 95 Logistics@Pooler Parkway.

The building will have approximately 48 dock-high doors and 100 tractor-trailer parking spaces. The building’s design will allow for tenant spaces in sizes starting at 100,000 square feet.

The industrial real estate market in the Savannah area has historically low vacancy rates and record absorption of newly built space, according to Steve Croy, principal of Croy Group LLC, who represented McCraney Property in its land acquisition. [Business In Savannah] — Mike Seemuth

Source: http://feeds.feedburner.com/trdmiami

San Diego firm pays $208.1M for 3 office buildings in downtown Orlando

The Bank of America Center in downtown Orlando

An investment firm based in San Diego, California, paid $208.1 million for three office buildings that define much of the downtown skyline in Orlando. San Diego-based Southwest Value Partners bought the 27-story Bank of America Center, 19-story One Orlando Centre and 18-story Citrus Center, which have a combined total of one million square feet. The seller was Atlanta-based Cousins Properties, which recently sold its 20 percent interest in Courvoisier Center, a 343,000-square-foot office building in Miami’s Brickell Key area, for $33.9 million.

The three-building deal in downtown Orlando  follows other high-priced property investments there in the last year, including the Blackstone Group’s $105 million purchase of the 55 West apartment tower in April. Church Street Plaza, a mixed-use development in downtown Orlando with 200,000 square feet of office space and a 180-room hotel, has drawn a $74.8 million construction loan. [Orlando Sentinel] — Mike Seemuth


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The year in hurricane damage: Is climate change catching up with South Florida RE?

(Credit: Max Pixel; top Mike Licht/Flickr)

From TRD New York: After a devastating hurricane season that wrought billions of dollars worth of damage, South Florida property markets are beginning to reveal the long-term fall out from the storms.

Prospective buyers are increasingly paying for their own independent flood assessments in order to discover how much risk the property faces as sea levels rise and future hurricanes’ deluges threaten prized ocean view homes, Bloomberg finds.

In a report published this month, the property values for homes caught below sea level rise plummet by about 7 percent as a result of their in-built flood risk.

For Albert Slap, owner of flood assessment company, Irma “changed everything” in terms of people’s awareness of the risks. So much so, in fact, that his business is now “on fire” because, according to Slap, buyers are becoming more and more wary of real estate agents who, as of yet, have no legal requirement to disclose flood risks on properties.

But even when the flood risks of a particular property aren’t a major concern, work on surrounding neighborhoods and connecting infrastructure are proving to be powerful deterrents; raising roads and creating new storm water systems mean higher property taxes, which is bill not all new home buyers want to take on. In Miami Beach, such plans will run up a cost of about $500 million. [Bloomberg] — Erin Hudson

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Construction of memory care facility starts in Coconut Creek

Rendering of Clarity Pointe in Coconut Creek

A joint venture broke ground for construction of a 95-bed memory care facility in Coconut Creek called Clarity Pointe.

The developers formed a company, CP-Coconut Creek Development I LLC, and obtained a $13.8 million construction loan for their project in Coconut Creek from an Arkansas-based lender, Centennial Bank.

CP-Coconut Creek Development I LLC is a joint venture between AIG Global Real Estate Investment Corp and Clarity Pointe Development Partners.

The developers recently paid $2.5 million for the 5.1-acre development site at 5461 Johnson Road in Coconut Creek. Crystalis Inc., managed by Louise Brunner, sold the land, which formerly was the site of a plant nursery.

The two-story memory care facility in Coconut Creek will have 60,972 square feet of space and will feature an interior courtyard, a salon and spa, a butterfly garden and an artificial lake.

The Clarity Pointe facility would provide nursing care and assisted-living services to residents with Alzheimer’s disease and other memory disorders.

Destin-based Clarity Pointe Development Partners, led by C. Rick Olson, also is planning to develop an assisted-living facility in Palm Beach Gardens. [South Florida Business Journal] — Mike Seemuth

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Appellate court overturns $16.5M judgment in favor of Richman Group


Rendering of Richman Group’s proposed apartment complex in Safety Harbor

Richman Group of Florida filed for a new hearing after an appellate court overturned a $16.5 million judgment in favor of the real estate development company.

Florida’s Second District Court of Appeal ruled that Pinellas County does not have to pay the $16.5 million judgment to Richman Group for rejecting a real estate project the company proposed.

The case centers on a 2013 decision by the Pinellas County Commission to reject Richman Group’s proposal to build a 246-unit apartment complex in Safety Harbor.

The project hinged on a proposed rezoning of the 35-acre development site, near State Road 590 and McMullen-Booth Road in Safety Harbor, to residential from industrial.

The Safety Harbor City Commission approved the rezoning proposal, but the Pinellas County Commission denied it in a unanimous vote.

Richman Group sued and won a $16.5 million judgment from Pinellas-Pasco Circuit Judge Walter Schafer Jr., who ruled that the Pinellas County Commission rejected the rezoning proposal for non-policy reasons because many Safety Harbor residents opposed it.

Pinellas County appealed the circuit court’s $16.5 million judgment to the Second District Court of Appeal, which overturned the judgment, ruling that “the trial court erred in concluding the county had no rational basis” for its rejection of Richman Group’s rezoning proposal. [Tampa Bay Times] — Mike Seemuth

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First Crystal Lagoons amenity in the nation completed in Tampa suburb

Crystal Lagoons installation at Epperson development in Wesley Chapel

Crews finished filling a 7.5-acre man-made lagoon near Tampa with water, completing the first amenity at a U.S. real estate development featuring Crystal Lagoons technology.

Tampa-based Metro Development Group put the Crystal Lagoons amenity at its Epperson development in Wesley Chapel, a landlocked suburb of Tampa.

Epperson is the first of five Florida developments that Metro Development is building with a body of water that incorporates the technology of Crystal Lagoons, an international company with U.S. headquarters in Miami.

In the first quarter of 2018, Metro Development will break ground for a Chrystal Lagoons amenity at its Southshore Bay development in southern Hillsborough County.

Artificial lagoons incorporating Crystal Lagoons’ technology require substantially less chemical treatment and energy for filtration than traditional swimming pools. They also require substantially less water than a park of a same size or an 18-hole golf course.

The features of Metro Development’s Crystal Lagoons amenity at Epperson will include a water slide, private cabanas, swim-up bar and family beach. — Mike Seemuth

Source: http://feeds.feedburner.com/trdmiami

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