Monthly Archives: December 2017

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

Source:: The Real Deal

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

Source:: The Real Deal

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:: The Real Deal

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

Source:: The Real Deal

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:: The Real Deal

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

Source:: The Real Deal

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:: The Real Deal

Industrial complex next to Sarasota airport fetches $56 per square foot

Airport Commerce Center near Sarasota-Bradenton International Airport

Two investors paid $10.4 million for a complex of eight industrial buildings next to Sarasota-Bradenton International Airport.

Investors Lee Rosner and Jim Tsunis paid about $56 per square foot for the Airport Commerce Center, located just north of the airport. Rosner and Tsunis own approximately one million square feet of industrial space across the country.

Rosner, based in Islandia, New York, told the Sarasota Herald-Tribune the Airport Commerce Center is in “fair to good condition” and that he and Tsunis plan turn it “back into first-class industrial warehouse space.”

About 11,000 square feet, or 7 percent, of the 183,283-square-foot industrial complex is vacant.

The property was built in phases from 1985 to 1994 in the 7000 block of 15th Street East and the 1100, 1200, 1300 and 1400 blocks of Tallevast Road, along the north side of Sarasota-Bradenton International Airport.

Previous owners of the Airport Commerce Center include Airport Commerce LLC, which bought the property for $8.3 million in 2012, and a Miami-based entity that paid $15.25 million in 2006. [Sarasota Herald-Tribune] — Mike Seemuth

Source:: The Real Deal

Tampa student housing complex commands $26M

The Social at South Florida

A 180-unit apartment complex in Tampa that caters to students at the University of South Florida sold for $26 million.

Vesper Holdings paid about $145,000 per unit for the complex, called The Social at South Florida, and plans to spend $1 million on property upgrades.

The apartment complex was built in 2000 at 2919 Network Place in Tampa, near a Walmart Supercenter, Lettuce Lake Park and the USF Contemporary Art Museum.

The Social at South Florida is a complex of 12 buildings, each three stories tall, with two-bedroom and four-bedroom apartments ranging in size from 930 square feet to 1,494 square feet.

The apartments feature private bedrooms and bathrooms, built-in desks and bookshelves, a private balcony or patio, and walk-in closets, plus flat screen televisions, internet access and full-sized washers and dryers.

Common-area amenities include a car wash, clubhouse, basketball court, outdoor lounge and patio, swimming pool, study room and tanning suite.

The Social at South Florida was Vesper’s second acquisition of a Tampa apartment property catering to students at the University of South Florida.

In 2014, Vesper acquired The Ivy at 3424 Jefferson Commons Drive in Tampa near USF. [Multi-Housing News] — Mike Seemuth

Source:: The Real Deal

Office buildings in downtown Naples sell for $13.9M

Petit Square at 294 14th Avenue South in Naples

A major investor in commercial properties in Naples bought two office buildings in the downtown area for $13.9 million.

Hoffman Commercial Real Estate paid $7.3 million for Petit Square, an 8,616-square-foot office building at 294 14th Avenue South.

Hoffman paid $6.63 million for another office building at 271 Broad Avenue South.

The two office buildings bring to 17 the number of Naples properties that Hoffman has acquired in the last three years.

Hoffman has contracts to buy four more buildings in downtown Naples by the end of January, which would boost the company’s total investment in Naples properties to more than $250 million.

According to its website, Hoffman is based in Chicago and ranks as the largest owner of commercial property in Naples. [Business Observer] — Mike Seemuth

Source:: The Real Deal