Palm Beach International Boat Show!

I have never been to a boat show before. But since I blogged about the Miami show and the serious economic impact it has statewide this article caught my interest. There weren’t any figures on the past performances of these Palm Beach shows but I did a little Googling and found a little info. It said that this was one of the top 5 boat shows in the US, featuring “$1.2 billion dollars worth of yachts and accessories from the world’s leading marine manufacturers.” It is a four day event and this year it is even larger than before, expanding further South on Flagler Drive. So that tells you that it has been very successful and is getting more so. I couldn’t find more than that. I once heard a very funny saying that I don’t think I will ever forget that was “if it flies, floats or _____ (a vulgar term that starts with an F) rent it! So who are all these people buying boats? 

I remember when things went badly in 2008 that the County actually ran out of storage space for all the repossessed boats. It seems like when people are strapped for cash one of the first things they give up is their boat. Obviously much has changed since then, and these shows are making some serious bank now. Perhaps the first step to attending a boat show is to think about one, although I am doing so strictly from an economic impact perspective. I have many problems so the last thing I need is a boat. But if you are looking for one just head on up to West Palm Beach (yes that is where the Palm Beach show is always held) and plunk down $18 for an adult ticket. Please let me know how it is, I am very curious but even more so about how much money our region/state earns from it. As always thanks for reading and have a great day.

It's curtain time for 29th Palm Beach boat show

http://www.sun-sentinel.com/business/fl-palm-beach-boat-show-preview-20140319,0,379534.story

Orin Rosenfeld

President

Rosenfeld Realty Advisors

9858 Glades Rd. Suite 209

Boca Raton, FL 33434

Phone: 561-756-1665

Fax: 561-470-0707

Web: www.rosenfeldrealtyadvisors.com

FT. LAUDERDALE RANKED 7TH BEST DOWNTOWN IN U.S.

While you have heard me singing the praises of Ft. Lauderdale and their impressive mayor Jack Seiler, here is finally some well deserved national recognition. A company called Livability.com, based in Tennessee, puts out a Top 10 Best Downtowns in the U.S. list every year. They rank the best small and mid sized cities to visit, work and live in. For the first time Ft. Lauderdale made this list, debuting at number 7. Just who is Livability.com? I have never heard of them but I like them already with their smart praise of Ft. Lauderdale. They did say how these downtowns were evaluated, some of the factors mentioned were “maintain a high level of energy and give all city residents a reason to come in,” other factors cited were retail improvements, office vacancy rates, income growth and ratio of residents to jobs. We have already written about the improvements on the way to Las Olas Blvd. in this blog. 

Now we are told that there are another 4,000 residential units on the way, which will further enhance the area. I have already pegged this place as one of 2 options for my personal move in the next 10 years or so (the other option is Delray Beach). It has a great quality of life and the walkability factor, plus good restaurants. It is a very cosmopolitan city without the crime, traffic and Latin flavor of Miami. Things are going well there now and with Jack Seiler at the helm it seems like things will get even better in the future. The full list of the Top 10 is listed below, in case you weren’t going to bother to follow the link to the article. The fact that Provo Utah is at number 4, 3 spots better than Ft. Lauderdale is highly suspect unless you are a Mormon. While I have never been to Provo, I have been to Utah and just based on weather alone I think Ft. Lauderdale should be ranked higher but it is true that I am highly biased. And dead set against cold climates, which I have left behind hopefully forever. So take this list for what you will, but at least one of the cities in Florida made this list and that is not a bad thing. As always thanks for reading and have a great day.

Top 10 Best Downtowns, 2014

1.Fort Worth, TX

2.Providence, RI

3.Indianapolis, IN

4.Provo, UT

5.Alexandria, VA

6.Frederick, MD

7.Fort Lauderdale, FL

8.Bellingham, WA

9.Eugene, OR

10.Birmingham, AL

Source: Livability.com

Downtown Fort Lauderdale listed among top 10 downtowns

http://www.sun-sentinel.com/business/fl-ft-lauderdale-top-10-downtowns-20140318,0,7834506.story

Orin Rosenfeld

President

Rosenfeld Realty Advisors

9858 Glades Rd. Suite 209

Boca Raton, FL 33434

Phone: 561-756-1665

Fax: 561-470-0707

Web: www.rosenfeldrealtyadvisors.com

South Florida Economy Boom continues Another HQ Moving to South Florida

This time it is Stemtech International coming to Pembroke Pines from San Clemente California, and bringing 90 jobs along with it. While not detailed, you can only imagine the tax savings the company must have realized with the move. It is exactly the kind of company we want here, health care and technology (they are a stem cell nutrition company in the Business Journals and nutritional supplements in the Sun Sentinel). What they do exactly is develop products from an unnamed freshwater plant which results in supporting the release of adult stem cells from bone marrow. The company was started in 2005 and last year made Inc. Magazine’s list of the 5,000 fastest growing companies in America. So clearly they are growing, and the future looks bright. The company has global growth aspirations and one of the reasons the moved here was to be able to attract “the very highest quality employees moving forward,” said Ray Carter Jr, the President and CEO. The mayor of Pembroke Pines acknowledged that landing Stemtech was part of “our commitment to support new and expanding target business enterprises with high value jobs and capital investment.” 

You really have to congratulate them on this jobs victory, and really on their City in general. My cousins live there and I have seen the evolution of Pembroke Pines since I got here in 2001. The growth of the City has been nothing short of amazing, with every major retailer and chain restaurant claiming a location there. It remains one of the most sought after locations for retailers in South Florida and the City seems to have managed the growth seamlessly. West Boca Raton could certainly learn and apply some of these lessons to their growth going forward, among other cities I am sure. One of the things that makes PP so attractive is the easy access to I-75, which leads you to all roads. It really completes the picture, allowing its residents easy commutes to either Dade or Palm Beach Counties. I would consider it for a future place to live but it is missing the one thing I am looking for which is the walkability factor. It might be the only thing missing from Pembroke Pines these days. As always thanks for reading and have a great day.

Stem cell nutrition company relocates to Broward County, brings 90 jobs

http://www.bizjournals.com/southflorida/news/2014/03/17/stem-cell-nutrition-company-relocates-to-broward.html

Orin Rosenfeld

President

Rosenfeld Realty Advisors

9858 Glades Rd. Suite 209

Boca Raton, FL 33434

Phone: 561-756-1665

Fax: 561-470-0707

Web: www.rosenfeldrealtyadvisors.com

FINALLY DONE ON FLOOD INSURANCE??

Well it sure looks like we can finally put this one to bed, except that it hasn’t been signed by President Obama yet. It is sort of a strange place, when things have been approved in the House and the Senate and then go to the final place before they can become law: Obama’s desk for his signature. How long does it take him to sign these things? I am pretty sure that this one has been there for more than 1 week. Are there others there also waiting to be signed? Is there a signing schedule somewhere so the rest of us have some idea as to whether or not it will get done? Now they say his “supporters” expect that he will sign it, but why hasn’t he done it yet? I understand that he is busy, and is not always at his desk but really how long do these things take to accomplish? Everyone is talking about this like a done deal and even commenting on it but it is not officially done just yet. You can see by many of the comments from Senators that the prevailing view for them on this issue was that this was a tax break to very wealthy people. And in truth yes plenty of them will benefit from it but they will not be the only ones. There are plenty (exactly how many I don’t know but there must be a lot right?) of regular people, lower to middle class, that will be rescued by it. And so we step ever closer to real insurance reform here, and get off the pinnacle of insurance premium pricing. Sometimes I wonder if we are being punished here with this in return for our outstanding weather and quality of life. Regardless, the only way to go from the top is down and I think we might be making some progress getting there, provided that Obama gets to all the stuff waiting for him on his desk. This is not going to help his approval ratings any, especially in Florida.

Bill to limit flood insurance rate hikes headed to president

http://www.mcclatchydc.com/2014/03/13/221183/bill-to-limit-flood-insurance.html

LUXURY CONDOS TO BE BUILT IN BOCA WEST

The market is really coming back! This is a strong sign, although it makes sense for many reasons. The 7 acre plot of land where the luxury condos are to be built was originally put on the market back in 2007. But the recession prevented financing from being obtained and so it has sat dormant until now, when Richard Siemens put it under contract. He is planning to build a 120 unit luxury residential condo development there called Akoya at Boca West. The apartments are going to be priced at $1.25 - $2 million but it didn’t say how large they would be. Residents will be required to pay a one-time fee of $70,000 for a social membership to Boca West. Construction would start this September and completion is expected in 2016. This would be the first time in more than 20 years that any new development has been built in Boca West, which is a massive community of 3,400 homes on 2,000 acres of land. It spans the entire block between Yamato and Glades Rds., featuring 6 restaurants, 4 golf courses, 33 tennis courts and a 38,000 SF spa. The new project would allow residents to walk to these many amenities and it is right next to the Turnpike to boot. The supposed risk on the project is the fact that there are no ocean views and we will see shortly if this is a true concern as they are in the pre-sale stage at this point. If all goes well Siemens will close on the land and the project will move forward. I think it will, as there has been no trouble selling highly priced homes out in West Boca. True that these are single family homes, but this would be new product with lots of amenities that is ideal for elderly retirees who would probably prefer an apartment. If it all works out I wonder if someone will finally build some residential towers in Glades Plaza? It would be the best thing that could happen to the middle of that project that no one can find and where retailers cannot survive. There is a lot riding on the Akoya at Boca West, which I think will be a success in spite of its name.  

Luxury 120-unit condo project planned for Boca West Country Club

http://articles.sun-sentinel.com/2014-03-16/business/fl-akoya-boca-west-20140316_1_boca-west-country-club-condo-lewis-goodkin

Orin Rosenfeld

President

Rosenfeld Realty Advisors

9858 Glades Rd. Suite 209

Boca Raton, FL 33434

Phone: 561-756-1665

Fax: 561-470-0707

Web: www.rosenfeldrealtyadvisors.com

THE REBIRTH OF RIVIERA BEACH BEGINS APRIL 10TH

This one really came out of nowhere! I guess that is how some of the best news arrives sometimes, and that is certainly the case for Riviera Beach. Just a month or 2 ago we blogged about how Riviera Beach held a bulk auction of many blighted homes. It seemed like good progress for a city that has really struggled over the years with everything from crime to corruption. But finally, someone is ready to invest a lot of money to completely change the City. That guy is Bob Healey (along with his brother Bill) and the amount is $336 million. He is the owner of Viking Developers LLC and Viking Yachts. They, along with the City, plan on redeveloping the marina, renovating Bicentennial Park ($4 million for that alone!), adding an event center, farmer’s green market, retail, residential and office space. This will all happen in phases, in a public private partnership with the City. The first $30 million dollar phase starts April 10^th. They are trying to create a village like atmosphere that can be built upon in the later stages. The first phase will include the event center, which will seat 300 people, a full service restaurant, a café and rooftop terrace to the event center and the renovation of Bicentennial Park. This will be extensive and include a covered area for a stage, concession area and an interactive fountain. Everything else will be built in later stages. While this will not transform the City overnight it is a hell of a start. It is true that there is only so much waterfront property out there and there is no reason why this can’t eventually be successful. With all the suffering Riviera Beach has endured, they deserve this and I really hope they get it. Everything seems lined up perfectly and they have money and a good plan in place. If this happens it will put even more pressure on West Palm Beach, who would be the only city in the region struggling.

Viking Developers gearing up to create Riviera Beach waterfront marina village

http://www.mypalmbeachpost.com/news/business/viking-developers-gearing-up-to-create-waterfront-/nfDHK/?icmp=pbp_internallink_invitationbox_apr2013_pbpstubtomypbp_launch

Orin Rosenfeld

President

Rosenfeld Realty Advisors

9858 Glades Rd. Suite 209

Boca Raton, FL 33434

Phone: 561-756-1665

Fax: 561-470-0707

Web: www.rosenfeldrealtyadvisors.com

NATURAL GAS BREAKTHROUGH BY SCRIPPS

OK this might the huge game changing discovery we have been waiting for, some sort of return on the multi-million dollar ($600 million to be exact!) investment that Palm Beach County made in biotechnology with The Scripps Institute in the North part of the County in 2009. A scientist named Roy Periana, who is the head of the Scripps Energy Materials Center in Jupiter, has discovered a more efficient way to make natural gas into fuel. This would lead to lower prices for energy and immediate improvement for the environment with cleaner emissions. Long term, this could have a serious global impact. For starters, in the US this could lead to the abandonment of fossil fuels for natural gas, something we now have more than anyone else in the world thanks to new mining techniques called shale mining. Right now Russia supplies most of Europe with natural gas. With their actions in the Ukraine, Europe is looking for new suppliers of energy especially natural gas. So the potential for this discovery in Florida is truly global and really might lower energy prices, provide cleaner burning fuel and become an export boon for the US. In the US we are already in the process of converting oil based electric utility to natural gas, and it seems like this will continue to increase and is inevitable. But this is not a done deal yet, there is still some work to do. The process to covert natural gas to fuel requires heating to very high temperatures, and building facilities that can do this is expensive. That is 70% of the cost right there, but this new discovery allows for the natural gas to be converted to gas without high temperatures. The next step is for Scripps to create a new company or joint venture with an energy company to continue the studies. The cost of which is estimated at $2 - $3 million per year and would need 3 years. While there is a chance that this could happen here in Florida, there is no guaranty. So we will certainly keep our eyes on this one, as it could be the biggest invention in Florida since IBM discovered the personal computer in Boca Raton in the 70’s. Very exciting stuff, and with so much potential in so many ways.

Natural-gas breakthrough could lead to cheaper fuel

http://www.sun-sentinel.com/news/palm-beach/fl-scripps-fuel-discovery-20140314,0,6421523.story

Orin Rosenfeld

President

Rosenfeld Realty Advisors

9858 Glades Rd. Suite 209

Boca Raton, FL 33434

Phone: 561-756-1665

Fax: 561-470-0707

Web: www.rosenfeldrealtyadvisors.com

STUART SCOTT

This is a great story that needs to be told, and it can be filed under human interest. I try to stay on point and write about local issues but occasionally I digress. In case you haven’t noticed, I love sports. I watch ESPN (an all sports network if you have been in a cave for the past 20 years) at some point every day and usually am watching sports nightly if I am home. Stuart Scott is a sportscaster who has worked at ESPN since 1993. He is by far the coolest (is it because he is virtually the only black sportscaster? I wonder) sportscaster, full of exuberant phases and sounds. My all time favorite is Booyah! It is a sound made when something happens, usually like a home run in baseball, big tackle in football, a slam dunk in basketball, etc. Anyway, Scott has some serious cancer. It is in his abdomen, where he has a one foot scar. It has gone and come back 3 times. Through it all, he does very vigorous mixed martial arts and cross training to restore the energy he loses from his chemotherapy sessions. Through this entire ordeal, you never hear a word from him about it. But you see him on TV all the time and you would never know that there was a thing wrong with him. It is really amazing and it is inspiring to me. If he can get through this terrible pain and chemotherapy without complaining or even letting on how much it is affecting him, how can any of us complain about our much less serious issues? Strangely it makes you feel better about yourself, first and foremost because you don’t have the same problem, but after that I am not sure how you cannot feel admiration. He has 2 daughters, who I am sure help keep his priorities in order, and provide him with support. It just goes to show you that you really never know what is going on with someone, no matter how well you think you know them. We all wish Mr. Scott the very best in his continuing fight against cancer and look forward to seeing him on TV doing his thing. If you have ever seen him on TV or read this article you just get that feeling like he is going to beat it. He is certainly going to keep fighting no matter what. As always thanks for reading and have a great day.

A Story of Perseverance

http://www.nytimes.com/2014/03/12/sports/espn-anchors-private-battle-with-cancer-becomes-a-public-one.html?_r=0

Orin Rosenfeld

President

Rosenfeld Realty Advisors

9858 Glades Rd. Suite 209

Boca Raton, FL 33434

Phone: 561-756-1665

Fax: 561-470-0707

Web: www.rosenfeldrealtyadvisors.com

ROSENFELD RESTAURANT REVIEW

THE FLASHBACK DINER  

I read about this place and have been looking to try it for a while. I got my opportunity today at lunch since I was in the area. I just picked up a restaurant listing at 2700 N. Federal Highway so I thought it would be a good time to do it. The place is the former Bova’s restaurant on Federal Highway just South of 20^th St. It is 24 hours so I bet they do a good night and late night crowd.

It is setup like a traditional diner, with a counter you can eat at and a refrigerated case of deserts next to the cash register. But you can see that they are trying to go a little more upscale, and the first evidence of that is the fact that they had 6 or 7 beers on tap. They also had a very fancy cappuccino machine that looked like a spaceship of some sort. Since I sat at the counter I could see all this stuff and talk to the people who worked there. They recommended the French toast so I went with that, along with some turkey sausage well done. Aside from the fact that it was served strangely with the sausage in the middle of the French toast, the food was good. I did ask for the sausage well done, and it could have been more so but they clearly tried. The French toast was tasty but rather small. It was pretty busy in there and there seemed to be very good service. I had at least 3 managerial types ask me if I was being helped while I was there. I think it is going to be tough for them to make it unless they are really killing it at night. There are lots of other breakfast type places on Federal so we will have to see what happens. I am rooting for them and would probably go back if the circumstances were right as they were today. I would love to know about your favorite restaurants or a new place you enjoyed. As always thanks for reading and have a great day.

CARL”S FURNITURE TO CLOSE AFTER 73 YEARS

It seems like almost every day there is another company announcing that they are closing their doors. Many of them had been in business for decades, and it feels like we grew up with them. Seeing their commercials, passing and shopping at their stores, etc. This one is personal for me. Carl’s Furniture was a former client, and I put the surgical center in their headquarters location in Coconut Creek in 2006. I got to know the 2 principals of the firm and am still in touch with one of them now. Fortunately they were not hurt by the failure of the business personally, but the same cannot be said for the former employees. They used to have lost of stores, which all closed over the past few years, and were down to just 3. A combination of poor management and the recession served as a one two punch that knocked them out. The furniture business in general has been decimated, has consolidated and is now finally starting to recover. It is a tough business and getting more competitive all the time. You will continue to see Carl’s Patio stores open, as they split from the parent company in 2008. It is sad to see a local fixture go away but I guess it was just their time. Goodbye Carl’s, you will be missed. Since everything has to be sold in the remaining 3 stores you might be able to get one more deal there. Prices are marked down to 70% off so you might want to check it out if you need any furniture. As always thanks for reading and have a great day.

Carls Furniture closing all three stores

http://articles.sun-sentinel.com/2014-03-12/business/fl-carls-furniture-closing-20140312_1_carls-furniture-carls-patio-city-furniture

Orin Rosenfeld

President

Rosenfeld Realty Advisors

9858 Glades Rd. Suite 209

Boca Raton, FL 33434

Phone: 561-756-1665

Fax: 561-470-0707

Web: www.rosenfeldrealtyadvisors.com

SPRING TRAINING BASEBALL UPDATE

This is sort of a big one. The deal must be in place by May 3rd, which is when the current session of the Legislature ends for the year. The problems they are negotiating are also becoming clear. They want the $50 million dollars that was set aside for this and to be paid out over 37.5 years cut down to 25 years. That is what a typical bond issue time period is. The idea of local tax money flowing in alongside the state money has been discussed. This would be in the form of a hotel tax. Another idea would be to create a special taxing district that would generate “special” property taxes from the business in the area that would benefit from having the stadium there. Lake Worth, realizing that this probably represents the best growth opportunity for their city ever, had the John Price Park site added back into the list of possible sites, despite initial backlash from residents in the area. The mayor, Pam Triolo, was quoted in the article, saying “Our kids need this. There is no better place.” No city would benefit more from getting the stadium than Lake Worth. Gov. Scott says that solving this issue is a priority and saving the jobs it creates. Since they really don’t need additional money for this deal, just to rework what was already allocated, it should work. But a lot needs to be done and the clock is ticking very loudly now. May 3rd is right around the corner and this is an election year. Think about how the voters in Jupiter would feel if this deal doesn’t get done and they lose their spring training revenue? Same can be said for Port St. Lucie as well. I can promise you that they would not be voting for Scott and that is why this is a priority for him now. I really don’t care what the motivation is, as long as they get the deal done. I promise to follow up with this story as soon as there is another update. As always thanks for reading and have a great day.

Palm Beach County to seek more stadium help from lawmakers; could be ‘heavy lift’

http://www.mypalmbeachpost.com/news/news/state-regional-govt-politics/palm-beach-county-commissioners-want-state-lawmake/nd9rd/?icmp=pbp_internallink_invitationbox_apr2013_pbpstubtomypbp_launch

Palm Beach County OKs pursuing baseball stadium deal

http://articles.sun-sentinel.com/2014-03-12/news/fl-baseball-stadium-palm-20140311_1_palm-beach-county-oks-baseball-stadium-deal-spring-training-stadium

Orin Rosenfeld

President

Rosenfeld Realty Advisors

9858 Glades Rd. Suite 209

Boca Raton, FL 33434

Phone: 561-756-1665

Fax: 561-470-0707

Web: www.rosenfeldrealtyadvisors.com

SBARRO FILES CHAPTER 11 AGAIN

Here we go again. For the 2^nd time in 3 years Sbarro is heading down the Chapter 11 highway. While it is not stated in the article, they must be the largest pizza chain in the country that is not a delivery only model (if not them Pizza Hut?). They have 799 stores in over 40 countries, about half of which are in North America. Last month they announced the closing of 155 US stores. There are 2 reasons cited for the poor company performance. One is the business model, which says that people want food made fresh not something that is pre-made and reheated. They point to rivals like Chipotle and Panera Bread as examples of successful quick casual restaurants using the made fresh model (Subway too). But to this I say that pizza is still very popular and I don’t think the fact that it is sometimes reheated is scaring many people away from it. Maybe they want to eat healthier, hopefully that is the larger reason. But I am just speculating there, probably naively. The other reason is decreased mall traffic which hurts Sbarro because most of their stores are in mall food courts. That is what interests me from a real estate perspective. Yes, the recession has curbed traffic mall traffic and consumer spending in general but both are on the rise again now that the economy is recovering. What I think is the real problem is the high rents that they are paying. Speaking in general terms, a tenant pays on the average about 3 times more for retail space at a mall food court than what they would pay for retail space outside the mall. The reason for this is that there should be at least 3 times more traffic and this can be verified in several different ways. Aside from malls, they have some very high profile locations in tourist areas in major cities around the country. Those leases, probably like most of the mall deals, were signed long ago when the market commanded much higher rents. Now they could probably get much better deals, but not on a bulk basis. Why you might ask? Because the locations have multiple landlords and there is no way to coordinate such a thing. So they close stores and try and reinvent themselves. They are working on a concept, based on a Chipotle style, where people can build their own pizza and have it made for them. Makes sense although not sure that is really the issue, but who knows. I wish them well and hope it works out this time around. We all need more pizza out there and Sbarro’s is not so bad if you are stuck in an airport sometime. As always thanks for reading and have a great day.

Struggling Pizza Chain Sbarro Seeks Bankruptcy Protection Again

http://www.nytimes.com/2014/03/11/business/struggling-pizza-chain-sbarro-seeks-bankruptcy-protection-again.html?partner=rss&emc=rss&_r=0

Orin Rosenfeld

President

Rosenfeld Realty Advisors

9858 Glades Rd. Suite 209

Boca Raton, FL 33434

Phone: 561-756-1665

Fax: 561-470-0707

Web: www.rosenfeldrealtyadvisors.com

PNC BANK GROWING IN SOUTH FLORIDA

Look out TD Bank. There is another player in the banking business that is looking to grow and they are making serious progress. PNC Bank opened 10 branches last year, and plans 4 more branches this year. All of these locations are in Broward County, and PNC expects to have 81 branches in South Florida by the end of the year. As we have talked about in the past, many banks have chosen to expand by acquiring other banks, and PNC is no exception. They bought both RBC Bank and National City and are rumored to be looking at others. With 54 locations in Palm Beach County, they have more market share (6.3%) than SunTrust, TD Bank, BB & T, Citibank and Bank United. Unfortunately Dade County is the weakest link for PNC now, with only 2 branches but they are looking to change that. The problem is that they are hitting the market at a peak time, so we will see how this all works out for PNC. The problem is that those corner parcels that they seek for branch sites are in high demand in Dade right now, with interest from banks, restaurants and gas stations. Banks can and will pay the most for a site, so unless TD is bidding against them they might be OK. I think we will see more banks being acquired to pave the way for expansion than new branch development going forward. But expect to see a PNC opening on a corner near you, especially if you live in Broward or Dade Counties. There is another interesting nugget in here that is worth sharing: 80% of bank customers bank online, by phone or ATM. So why do banks need so many locations? The evolving answer is that they don’t, and we will see that play out in the years to come as the banking industry continues to change. Technology makes things more efficient, which means less people are needed, less jobs, real estate, etc. so it will also be interesting to see how everything else changes with it.

PNC Bank heating up with Florida economy

http://articles.sun-sentinel.com/2014-03-08/business/fl-pnc-broward-branches-opening-20140308_1_pnc-bank-national-city-branches

Orin Rosenfeld

President

Rosenfeld Realty Advisors

9858 Glades Rd. Suite 209

Boca Raton, FL 33434

Phone: 561-756-1665

Fax: 561-470-0707

Web: www.rosenfeldrealtyadvisors.com

SPRING TRAINING BASEBALL UPDATE

Oh yes, we have a lot of info here to share with you. This past week the Washington Nationals and Houston Astros have been in discussions with Palm Beach County officials regarding a potential spring training baseball site. They have been discussing 10 potential sites in Palm Beach County and if the teams select one of them it will have a tremendously positive economic impact on the city and site they select. It was finally revealed where the 10 sites are. I was stunned (and exhilarated at the same time somehow) to see that one of those sites was just a few miles from my house in West Boca Raton. It is the site on Glades Rd. West of 441. Not surprisingly, this very important decision seems like it will come down to money, like most decisions. The problem with this whole deal is that there are hidden costs. If the Nationals and or Astros can’t make a deal for one of the sites there will only be 3 teams in South Florida. That triggers a termination option in all 3 of their leases allowing them to leave the area. So really this negotiation isn’t just about finding a home for one or two more teams, it is about retaining 3 and adding one or 2. And there would be a huge economic impact either way. I have been to 2 games so far and if you haven’t been to Roger Dean Stadium for one you really should go. If you do, you might be surprised by what you see there. When the St. Louis Cardinals play, who share the stadium with the Miami Marlins, virtually all the fans are from the Midwest. They are all wearing either hats, shirts or shorts (many time all or combinations of these) that are red in color. They patronize the hotels, bars and restaurants in large numbers. They come down here for the weekend, the week and some even come for the whole spring training season to see their beloved Cardinals. Ask the people in Jupiter how they would feel if spring training baseball went away. How would these businesses survive there? They wouldn’t and we would lose one of the best things about February and March in South Florida, spring training baseball. We will have an update on this very soon, as a decision must happen quickly if this deal is to happen at all. My fingers are crossed!  

New spring training plans in Palm Beach County face money hurdles

http://www.palmbeachpost.com/news/news/new-spring-training-plans-in-palm-beach-county-fac/nd7gr/

Baseball teams, county may seek more state help for stadium deal

http://articles.sun-sentinel.com/2014-03-07/news/fl-baseball-stadium-talks-20140307_1_stadium-deal-new-stadium-spring-training-stadium

Orin Rosenfeld

President

Rosenfeld Realty Advisors

9858 Glades Rd. Suite 209

Boca Raton, FL 33434

Phone: 561-756-1665

Fax: 561-470-0707

Web: www.rosenfeldrealtyadvisors.com

STAPLES TO CLOSE 10% OF US STORES

Talk about the power of the internet. We just blogged last week about how one of the largest real estate firms in the world shorted their name because of it. Today the market leader in office products announced that they would be closing 10% of their North American stores because of it. They are doing very well, leading their market and soundly beating rival Office Depot/Office Max, who is struggling to integrate after their merger. No, the reason for these store closures is because about half of their sales are online now! They just don’t need that many stores anymore. Wow that is really efficient, but there is some fallout. Less stores means less employees, means less jobs and less retail occupancy. So the company saves money and becomes leaner with a human expense, which is almost always how technology works. When you see something happen this big you can’t help but wonder who and what is next. If you could predict that you could profit from it handsomely I am sure. We already wrote here about how Walmart and Target were getting smaller store formats, and growing them rapidly. This is the way of the world now, less is more. What will the internet downsize next? How much power does it really have and for who? We will keep an eye on this going forward. You can almost be sure that Office Depot will be following suit at some point, probably in a year or 2. Want to bet? As always thanks for reading and have a great day.   

Staples to close 10 percent of North American stores

http://www.bizjournals.com/boston/news/2014/03/06/staples-to-close-10-percent-of-north.html?ana=e_du_nat&s=article_du&ed=2014-03-06

Orin Rosenfeld

President

Rosenfeld Realty Advisors

9858 Glades Rd. Suite 209

Boca Raton, FL 33434

Phone: 561-756-1665

Fax: 561-470-0707

Web: www.rosenfeldrealtyadvisors.com