Monthly Archives: December 2016

Disney development a haven for pricey homes

The Golden Oak community

Among the 100 most expensive homes in Central Florida, more than 10 percent are clustered in Walt Disney Company’s Golden Oak residential community along Enchanted Oak Drive, where development began in 2010. Central Florida’s most expensive homes also are clustered in such locations as Alaqua Lakes, Celebration, Reunion and Windermere’s Isleworth community.

An analysis of property records in four Central Florida counties by Potomac Land Company also shows that the most valuable house in the region is a lakefront estate in Ilseworth owned by Vince Carter, a professional basketball player with the Memphis Grizzlies. It has a market value in excess of $10 million. [Orlando Sentinel] – Mike Seemuth

Source:: The Real Deal

Owner of Boca restaurant plans adjacent offices

Rendering of proposed office building at 2006 Northwest Executive Center Circle in Boca Raton

The Canadian owner of Madisons New York Bar & Grill in Boca Raton has applied to the city to build an office building next to the restaurant, the South Florida Business Journal reported.

A partnership controlled by Efstathios “Steve” Tsatas has filed an application with the city to build a four-story office building on a 2.05-acre site at 2006 Northwest Executive Center Circle in Boca Raton.

Tsatas, a resident of Laval in Canada’s Quebec province, bought the site in 2010 through an affiliated company for $12.25 million.

Don Olsen, a U.S. spokesman for Groupe Tsatas, told the South Florida Business Journal that the company would occupy part of the planned 24,029-square-foot office building and lease the rest of the space. Olsen also told the newspaper that a law firm is interested in leasing the top floor.

The site of the planned office building is between Madisons New York Bar & Grill and a Jared’s jewelry store.

Groupe Tsatas is working with Boca Raton officials to determine how many surface parking spaces would be required for the office building development.

RLC Architects designed the office building. Attorney Bonnie Siskel represents the restaurant owner. [South Florida Business Journal] – Mike Seemuth

Source:: The Real Deal

KPMG pays $41.84 million for 54-acre site in Orlando

Orlando’s Lake Nona community (Credit: Paul Brinkman / Orlando Sentinel)

KPMG, one of the world’s largest accounting and professional services firms, paid $41.84 million for 54 acres in Orlando’s Lake Nona community to build an 800,000-square-foot training and conference center with lodging facilities. KPMG – which had considered alternate locations in Atlanta and Dallas – expects to create 80 new Orlando jobs with average annual pay of $66,000 in connection with the development. KPMG estimates that the total cost of the project will be $430 million.

The Orlando City Council approved financial incentives for the KPMG development totaling $320,000 including $64,000 from the city and the rest from the state. The city would pay $64,000 over four years if KPMG actually creates 80 new jobs as expected. Orlando also may grant KPMG property tax rebates on the property totaling as much as $3.5 million, or a maximum of 25 percent of property tax over seven years. [Orlando Sentinel] – Mike Seemuth

Source:: The Real Deal

Grover Corlew buys 46-acre Orlando office park

Anuj Grover

Pompano Beach-based Grover Corlew acquired a 21-building, 46-acre office park in Orlando for an undisclosed price.

The property, called Orlando Central Office Park, has 637,380 square feet of office space and an 82 percent occupancy rate.

“We are looking at improvements to the property in the short term with an eye on redevelopment over the next decade,” Anuj Grover, a partner of Grover Corlew, said in a prepared statement.

The office park is located near Orlando Fashion Square Mall, a 1.2 million-square-foot shopping mall undergoing renovation. The renovation project includes construction of a 151-room hotel scheduled to open next year.

Orlando’s central business district is located 3.5 miles west of the Orlando Central Office Park.

Grover Corlew has been an active developer and investor in Florida’s mid-section.

The firm recently redeveloped a former auto dealership in Vero Beach, a project that included construction of a Wawa convenience store, which sold earlier this month for $5.055 million.

In 2014, Grover Corlew sold Summer Palms, a 340-unit apartment complex south of Tampa in Riverview, for $31.7 million.

Source:: The Real Deal

Owner lands $17.4M loan for Ramada, Clarion hotels

Clarion Inn in Fort Lauderdale

The capital arm of commercial brokerage Marcus & Millichap arranged a $17.4 million loan for two South Florida hotels.

The loan is secured by a 145-room Clarion Inn in Fort Lauderdale and a 183-room Ramada hotel in Boca Raton.

Robert Bhat, a director in the Miami office of Marcus & Millichap Capital Corp., arranged the debt placement for both hotels.

Ramada hotel in Boca Raton

“The properties have been renovated and reflagged by an experienced hotel developer/operator,” Bhat said in a prepared statement. “The outlook for well-located limited service hotels in these two submarkets continues to be strong and the economy statewide is on firm footing.”

The Clarion Inn is one mile from the Fort Lauderdale beach and a half mile from the Galleria at Fort Lauderdale shopping mall. Nearby attractions include the Classic Gateway Theatre, George English Park, Holiday Park, the War Memorial Auditorium, and the Bonnet House Museum & Gardens.

The Ramada in is located off Interstate 95 near downtown Boca Raton, within a few miles of Delray Beach and Deerfield Beach. Arvida Corporate Park, Spanish Park, Florida Atlantic University, Mizner Park, and the Morikami Museum and Japanese Gardens are nearby.

Source:: The Real Deal

The Wrap: Palm Beach County commission changes could signal new approach to development, Opa-locka politician is latest to surrender in city’s bribery scandal…and more

A 2014 aerial photo of West Palm Beach (Credit: WPPilot)

1. County commission changes could signal new approach to development [Palm Beach Post]
2. Opa-locka politician is latest to surrender in city’s bribery scandal [Miami Herald]
3. New Jungle Island operator plans broad investments, changes [Miami Today]
4. Supermodel Joanna Krupa discounts downtown condo [Gossip Extra]

Sean Stewart-Muniz

Source:: The Real Deal

Rehab buildings targeted by Crescent Heights for redevelopment score county approval

Russell Galbut and the corner of Northeast Fourth Avenue and Northeast 31st Street

Crescent Heights’ bid to purchase a drug addiction rehab clinic in Edgewater cleared its first government hurdle on Friday.

The Miami-Dade County Plat Committee approved the company’s request to replat three low-rise buildings at 3055 Northeast Fourth Avenue and 400 Northeast 31st Street into a single redevelopment site totaling 30,225 square feet, called CH Metro.

Representatives for Crescent Heights could not immediately be reached for comment, but company co-founder and Miami Beach developer Russell Galbut recently told the Miami Herald he is negotiating to buy the Village South, a substance abuse treatment complex that has been in Edgewater since the 1970s, when the neighborhood was a seedy destination, known for drug dealing and street prostitution. The deal would also include a four-story, 28-bed rehab home across the street at 3031 Northeast Fourth Avenue.

The replatting of the properties is necessary to complete the sale. The closing is also pending other approvals from the city of Miami. Current zoning allows up to 36 stories. The three properties have a combined fair market value of $10 million, according to the Miami-Dade County Property Appraiser. The Village Foundation, the current owner, paid a combined $63,000 for the properties in 1977.

Galbut did not specify if he is planning a condo tower or an apartment building, and said that he doesn’t plan to do anything with the site until the real estate market picks up again. “We’re planning a whole community,” Galbut told the paper. “It will have a little bit of everything.”

Crescent Heights owns an 8-acre assemblage made up of mostly surface parking lots and office and retail buildings just south of the Village building on Biscayne Boulevard. The parcels on Northeast Fourth Avenue are very close to Related Group’s Paraiso Bay and another condo project called Naranza.

Source:: The Real Deal

Born to run? Springsteen drummer lists Palm Beach home for $8M

110 Wells Road. Inset: Max Weinberg

Drummer Max Weinberg has listed his Palm Beach home for $8.125 million, just four months after buying it for $7.5 million.

The H. Franklin Land Trust, which is based at Weinberg’s New Jersey address, owns the five-bedroom, 4,420-square-foot house at 110 Wells Road. Weinberg is the longtime drummer for Bruce Springsteen’s E Street Band, and was also Conan O’Brien’s bandleader for nearly 20 years.

The late Palm Beach developer James A. Pappas sold the house to Weinberg in August, days before Pappas died.

The Mediterranean-style home features marble and hardwood floors, a backyard with loggias, a pool and spa, and a master suite with its own balcony. It sits on a roughly 16,000-square-foot lot. It’s about a block away from the ocean.

Dana Koch of the Corcoran Group put the house back on the market less than two weeks ago, according to Realtor.com. Koch represented the trust in its August sale. Koch said the owner had a “change of plans” and that the home is “priced for today’s market and priced to sell.”

Weinberg reportedly owns two penthouses at the Lake Towers in Palm Beach, and he’s also no stranger to flipping homes. Two years ago, he flipped a house at 260 El Pueblo Way for a $640,000 profit.

Source:: The Real Deal

High-end hotels are now offering the use of luxury cars as the latest must-have amenity

From Luxury Listings NYC: Come for the room, stay for the sweet ride. High-end hotels are now offering the ultimate amenity to the monied set: luxury cars are now at guests’ disposable for use — sans charge — during their stay. [more]

Source:: The Real Deal

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Source:: The Real Deal