Monday, June 30, 2014

TRI RAIL TO PBIA?? UNDER CONSIDERATION AGAIN

TRI RAIL TO PBIA?? UNDER CONSIDERATION AGAIN


Boy this would be a big one for us. Instead of a proposed stop that would leave passengers going to Palm Beach International Airport a half mile from the terminal thus requiring shuttle buses, a direct link to the airport has finally been proposed. This would be the home run of mass transit, and also hopefully become the new normal when proposing a tri-rail station. You see I don't think I am alone in thinking that I am not talking tri-rail and shuttle buses. I actually tried it once with a friend to go to a Marlins game in Miami. We had to take the Tri-Rail, then a Metro Mover (it is the Dade County subway but it is above ground) to a shuttle bus. It wasn't easy and not something I would do again. No I think people are with me in believing that each stop should be directly at the location that is intended. And this would help tourism for sure, and bring us inline with Miami. They just got a $2 billion dollar transportation hub that will have tracks for Tri-Rail, Amtrack, intercity and future high-speed rail service. Sadly, this direct link to PBIA is not a current priority for Tri-Rail, only something that is being studied more closely. It would be amazing to get something like this done, to be on the forefront of mass transportation (a dream indeed in South Florida), to achieve something that even New York doesn't have - a direct rail link to the airport. I will be watching this one closely and hope that South Florida can evolve into a mass transit friendly place that would be the model for other cities to follow. Ambitious I know but one must have hope. As always thanks for reading and have a great day.

Friday, June 27, 2014

BOCA RATON INDUSTRIAL PARK TO BECOME MIXED USE


BOCA RATON INDUSTRIAL PARK TO BECOME MIXED USE


This was an interesting article that I couldn't resist. There is one large office and industrial park in Boca Raton called the Arvida Park of Commerce, known as APOC for short by those in the real estate industry. It should also be noted that this park is currently undergoing a brand transformation (because of it becoming mixed use) and will shortly be known as "The Park At Broken Sound." Anyway, this has always been home to the businesses in the area and even was the former headquarters location for Siemens and Washington Mutual. Given the recent recession it has fallen on hard times, with increased vacancies and many properties available for sale. A creative idea has been hatched to cure these ills, in a word, residential. 370 residential units are coming in a couple of phases. The first will feature four 2 story buildings designed like townhomes. Apartments there will range from 1,609  to 1,716 SF. The 2nd phase will feature six 5 story buildings with apartments in the 770 to 1,543 SF range with pricing from $1,400 - $3,000. Amenities will include a putting green, clubhouse, tot playground, dog park and even something called a "pocket park." I have mixed feelings about this new project. On the one hand I am afraid this is a sign of desperation from the developer, doing this since he knows he cannot fill the park with office and industrial tenants as it should be. On the other, I am thrilled that there is another mixed use project coming online. There is a recent push to make South Florida more pedestrian friendly and that starts with people working in close proximity to where they live. The only thing missing here to really make it work is the shopping component, but maybe they will add that down the road. Very interesting development and I really hope it works out. As always thanks for reading and have a great day.



Thursday, June 26, 2014

NEW JUPITER DEVELOPMENTS COULD SIGNAL REBIRTH FOR ABACOA TOWN CENTER


NEW JUPITER DEVELOPMENTS COULD SIGNAL REBIRTH FOR ABACOA TOWN CENTER


This is a fun one to write about! It also is the return of the extremely popular 2 for 1 blog that has not been seen in some time. The articles are about the Abacoa Town Center, which is the mixed use development of housing, stores and businesses that surround Roger Dean Stadium, and the new growth taking place there. While Abacoa is perfectly designed, the lack of population in the area has led to the project struggling from the outset. It is very sad to see, since I love coming here and am a devoted spring training baseball fan. Now there are several projects that are planned that could finally make the project viable. The largest is the new CineBowl & Grille that is planned for 2015 by the Frank Group. The same company did one of these at Delray Marketplace in Delray Beach last year. I have been to this place many times and it is really first rate and could be the missing anchor that has been missing. It will provide an IMAX theater, bowling and a good restaurant. The CineBowl & Grille will go on the site of the former Crown Theaters and will be 75,000 SF. This announcement follows the opening a few weeks ago of the new 128 room Courtyard Marriot that is in the same area. Which brings us to the 2nd article, about a new residential project there called Allure, scheduled to open this fall. This will be a 300 apartment project in four buildings that will each be 4 stories. Allure will also have a dog park, fitness center and unfortunately 27,000 SF of retail space. I say that because there is plenty of retail space available there now, the majority of which is vacant, what they need is more residents. The new bowling/movie theater will definitely become the entertainment hub in the area as there is nothing like it anywhere in the City. I can't wait to check it out and see the progress. I have high hopes and my fingers are crossed. As always thanks for reading and have a great day.


Wednesday, June 25, 2014

$350 MILLION DOLLAR SUN LIFE STADIUM RENOVATION FINALLY TO TAKE PLACE

 

$350 MILLION DOLLAR SUN LIFE STADIUM RENOVATION FINALLY TO TAKE PLACE

 
This one could be big and it is well overdue. Miami Dade County agreed to a $350 million dollar deal to renovate Sun Life Stadium, which should be complete in 2016. It provides for the Dolphins staying put for another 30 years, and will protect fans from the sun and rains which have been a longtime problems there. Seating capacity will decrease from 76,000 to 65,000 with added video boards. Concourses and parking lots will also be renovated and more seats will be added closer to the field. Stephen Ross, the owner of the stadium and the Miami Dolphins, will immediately fund the project and will be compensated by Dade in an interesting way. Ross will get money or credits every time the stadium lands a major event, and there are agreed upon amounts for each event that is landed. For example, if they land a Super Bowl or World Cup championship game they get $4 million, college football championship game or World Cup semifinal game $3 million and college playoff $2 million. So why aside from the fact that I am a huge sports fan do we care about all of this? Because it makes the stadium once again a candidate for the Super Bowl, as soon as 2019. If Miami isn't awarded the game in 2019 (Atlanta is also competing for it) it is a virtual certainty they would get it in 2020. And the economic impact of landing that game is tremendous and well worth this relatively small investment. As always thanks for reading and have a great day.

 

Tuesday, June 24, 2014

RUSSIAN OIL DRILLING OFF CUBA POSES HUGE RISKS TO SOUTH FLORIDA

 

RUSSIAN OIL DRILLING OFF CUBA POSES HUGE RISKS TO SOUTH FLORIDA

I couldn't believe this one and just had to share it. The Russians have eagerly accepted the challenge of oil exploration off Cuba's coast, despite little experience in deep water drilling or any safety measures in the event of a spill. To imagine the impact to South Florida from an oil spill from an economic and environmental standpoint one need only look to the recent oil spill disaster that took place in the Gulf of Mexico courtesy of British Petroleum. In the event of a spill it is estimated that the oil would reach the South Florida coast in 6 to 10 days. If the beaches are damaged, so will the fishing and boating industry, and you are talking about tourism which is the lifeblood of the Florida economy. If it goes away or is damaged it would be an absolute catastrophe. This inspired the writing of the book "Black Horizon," by James Grippando, a local attorney. It examines this scenario exactly, and he says that 8 days is all the response time there would be to respond to a spill. Given the renewal of the Cold War, it is not unthinkable that the Russians could intentionally create an oil spill to damage our economy. Right now the U.S. is going against Russia in virtually every global hotspot such as Iran, Ukraine, Syria, and China to name a few. Given their vast energy supplies, this is surely a reason to tweak America, since they don't really need the gas. I will be keeping a close eye on this one and will be hoping for the best. As always, thanks for reading and have a great day.




Monday, June 23, 2014

JUPITER TO GET NEW MOVIE THEATER AND BOWLING – A REBIRTH FOR ABACOA?



JUPITER TO GET NEW MOVIE THEATER AND BOWLING – A REBIRTH FOR ABACOA?

This is some great news for Jupiter, specifically for the long struggling Abacoa Town Center. Frank Theaters, who just opened a CineBowl & Grille at the Delray Marketplace in Delray Beach, is planning on building another one in the center of Abacoa in late 2015. It is hoped that this is the missing anchor tenant to make the project work. This one is personally heartbreaking to me since I truly love this area and complex. It is where the Roger Dean Stadium is situated, and I have spent many afternoons in February and March watching the St. Louis Cardinals and Miami Marlins. It is one of the only communities in South Florida that has an urban environment, meaning you can walk to work, shop, dine, etc. The problem has been lack of population and businesses, as well as shopping options. While it is close to I – 95, it is far from the water and malls or lifestyle centers. I live near the Delray Marketplace and have been to this CineBowl & Grille there many times. It is pretty awesome and it will definitely draw people from the whole region as there is no other bowling options, and it is probably the only IMAX theater in the region. A brand new Courtyard Marriot just opened in the past few months so hopefully this is the missing piece to make the whole Abacoa project work. Of course the one thing they need more than anything is more people, and those people need jobs. Jupiter used to be a quiet little place but the growth here is coming fast and is inevitable. I wish them the best with it and look forward to returning there soon. Spring training is only 8 months away! As always thanks for reading and have a great day.
 

Friday, June 20, 2014

ROSENFELD RESTAURANT REVIEW – 20 / 20 Grille


ROSENFELD RESTAURANT REVIEW – 20 / 20 Grille

Last weekend I went to a great new place I wanted to let you all know about. It is called the 20/20 Grille and it is located in Royal Palm Plaza in Boca Raton. It is very tough to find, but I am really glad I did eventually get there. I read about this place in the newspaper, which gave it a mixed review. The reason it was mixed was due to service not food. I mentioned it to a friend of mine who lives East and they said they had been there a few times and it was one of their favorite places. They are pretty reliable and I was sold.
The place is owned by a husband and wife, he does the cooking and she does the greeting. It is called 20 20 because there are 20 tables inside and 20 outside. The place was pretty crowded and they said they have been doing well. They have a corkage fee here, not sure what it is but rest assured you can bring your own wine here. The food here is very inventive, which I really like. I went with the duck tacos first, which were prepared with an orange gastrique and roasted tomato pico de gallo. I am not sure what all was in there but it was fantastic! Wife went with the spinach salad which she enjoyed. I went with the halibut next, which was prepared with dried strawberry dusting, beet greens, crispy onion rice, porcini mushrooms and a hot and sour beet emulsion. It was amazing! Wife had steak which was a special and she enjoyed it. Our friends had the same thing as we did. Unlike them, we insisted on desert (of course). Wife went with the chocolate cake with raspberry puree and I had the profiteroles. They were OK, tough to measure up to what we already had there. Since we already had some wines my friends brought I do not know what they have for dessert wines or port. I would strongly recommend this place and look forward to returning. I would love to know about your favorite place or a place you have been lately that you enjoyed. As always thanks for reading and have a great day.

Thursday, June 19, 2014

It's Official - Boca Raton To Become The First City With Two Tri-Rail Stops

 

IT IS OFFICIAL – BOCA RATON TO BECOME THE FIRST CITY IN SOUTH FLORIDA WITH 2 TRI-RAIL STOPS

 
I am really excited about this one! Just a few weeks ago we wrote right here about how this was being considered and now it will become a reality. What does it mean for Boca Raton? It makes it much more accessible to people all over South Florida and should help grow the labor pool for the area. There are tons of businesses in this area, just North of the Town Center Mall, and the Mall itself which employs thousands of people. The probable site location is 1800 Military Trail, and all that has to be done there is relocate an existing train track siding. While everything is now in place in terms of funding, there are still many steps to be taken before construction can begin. The next step for the project is environmental studies, which will include a public hearing and a series of community outreaches. There are actually four sites under consideration and they will select the best one through this process. The actual money for the construction will be funded in the 2017-2018 budget, which is when it will begin. While no timetable is provided in the article I would bet it will take 2 years to build. Boca Raton is already the home of the busiest Tri – Rail station in South Florida, located at 680 Yamato Road, with a ridership of 1,600 daily passengers. So we know that this mass transit thing works and it is wonderful that they are already trying to take it to another level. But we need so much more of this in South Florida, especially to the large entertainment venues like sporting arenas, concert venues, and especially airports and universities. Some of that was addressed in Seven50 plan, but actually seeing it happening here where I live makes me happy. I am praying there is a lot more to come. As always thanks for reading and have a great day.

Tuesday, June 17, 2014

ROSENFELD RESTAURANT REVIEW – JADAI KAITEN SUSHI

ROSENFELD RESTAURANT REVIEW – JADAI KAITEN SUSHI

I had to share this one. I met a friend today for lunch and he was coming from the Turnpike. We agreed to go to a new place called Dogs & Beer on Jog Rd. in Boca Raton. But when I got there I realized that it didn’t have any chicken or turkey dogs so I was largely out of luck. My friend was kind enough to go to another place in the center, called Jadai Kaiten Sushi. While there are also booths, there is a large bar in the middle with a chef in the middle. Surrounding the bar is a conveyor belt of sorts, moving small plates of food around. All kinds of food is revolving above the bar, sushi, cooked food like dumplings and chicken, and deserts. I think all the plates were $2 each and at the end they count how many you had and then charge you accordingly. You see, Kaiten means revolving in Japanese I learned today. Undaunted, I ordered chicken hibachi from the menu which came with fried rice and soup or salad. I went with brown rice and the clear mushroom soup and asked for the chicken spicy. My friend on the other hand, went with the conveyor belt options. He grabbed a sushi dish, I don’t know which one, and said it was not great. His 2nd option was better he said. Then he had 2 orders of the pork gyoza (fried dumplings), which he seemed to enjoy. Then there was one other sushi dish which we didn’t discuss. We talked about how a place like this should be very busy, because if not the food is sitting out although it is revolving. The place was not that busy, and the food including mine just didn’t seem fresh. This place was really mediocre and I don’t see it being around much longer. I think that initially people might be amused with the novelty of the revolving food but after that it comes down to quality and service as it always does for any restaurant. This place falls short on the food although the service was quite good. I wish them luck. I would love to hear about your favorite place or a new place you have been to and enjoyed. As always thanks for reading and have a great day.

Monday, June 16, 2014

A GLIMPSE OF THE FUTURE FROM CHINA – EBIKES


A GLIMPSE OF THE FUTURE FROM CHINA – EBIKES


A quick disclaimer on this blog. It has no local or real estate significance so if you do not want to read any further I will understand. But if you want to take a look at what the future will soon be bringing to the U.S., read on. You see I just can’t resist the articles that deal with technology that will impact the future and this is one of those. Have you ever heard of ebicycles? I never did but probably should have. 200 million Chinese are using them now, and 90% of all ebikes were sold there. These vehicles run on rechargeable batteries, go up to 25 miles per hour and only cost between $325 - $800. While there have been lots of accidents involving them, the same can be said for every other type of vehicle in China. I think that reflects more on the driver than the vehicle. Given the low price, these vehicles, which look like motor scooters, are accessible to every person from every walk of life. I don’t think it will be long before we start seeing them here in America and everywhere else. Luckily for the Chinese, these ebikes could really help them reduce their pollution problems, which as we know from previous blogs has been out of control for some time. The ebikes are manufactured in China, so they will be less expensive there, but as compared to the costs of other transportation options they should be less expensive than virtually any other vehicle option anywhere. A great invention that could soon have a large global impact. I think it will and soon. As always thanks for reading and have a great day. 

Thursday, June 12, 2014

ROSENFELD RESTAURANT REVIEW – MAX’S HARVEST

ROSENFELD RESTAURANT REVIEW – MAX’S HARVEST

We had heard good things about this place for some time. It didn’t hurt that Dennis Max has been around forever in South Florida, connected with one quality restaurant after another. So although the menu didn’t blow me away when I checked it out online, I agreed with the Wife’s choice and dutifully headed to Delray with her. Flexibility on her part allowed us to sit in the garden area, which although a little crowded at first, ended up being lovely. I really liked how they handled their wines by the glass, giving diners an option for a 6 or 8 once glass. Armed with an 8 once St. Suppery Sauvignon Blanc, we dived into the food. We started out with some goat cheese croquettes, which were fried and on top of a peppery tomato sauce. Goat cheese was very light, and these were very tasty. I had an heirloom tomato salad with an herb vinaigrette that they said takes 3 days to make somehow, and wife had a garden salad. One of the things about this restaurant that makes it somewhat unique is that they try and use local ingredients and organic vegetables and meats without hormones. That said, the salads were amazing, and filled with unusual stuff, like pumpkin seeds, corn, etc. At some point in the middle I realized that the goat cheese would go well in the salad and threw some in there, a very wise decision. For entrees, I had the grilled swordfish and the wife a burger and fries. They were kind enough to blacken the fish for me, which was accompanied by lentils, pomegranate seeds, fennel and grapefruit. Did you know that fennel tastes exactly like black licorice? I do now, and it is something I do not like, but since it looks like sliced apples it is easy to remove. That was the only downside to this dish, which was amazing. The different flavors were perfect together. Wife liked her burger, and we also had some miso glazed brussel sprouts which were very good. For desert, I went with the New Orleans style cinnamon donuts, which came with crème anglaise and berry compote. Wife went with a key lime crème brulee. These deserts were excellent! While they didn’t have any desert wines by the glass, they did have a decent variety of ports and I was happy with my Sandeman’s 20 year Tawny. I would strongly recommend this place and look forward to returning soon. I would love to know about your favorite restaurant or a great place you have been recently. As always thanks for reading and have a great day.

Tuesday, June 10, 2014

DIRECT FLIGHTS FROM PBIA TO ASHVILLE N.C. THANKS TO ALLEGIANT AIR

DIRECT FLIGHTS FROM PBIA TO ASHVILLE N.C. THANKS TO ALLEGIANT AIR

This one interests me for a few reasons. First of all there is another airline coming into the region, not sure how many that is this year but it is a lot. Second, is the fact that it is a low cost carrier coming to Palm Beach International Airport, not Ft. Lauderdale. Could PBIA be muscling in on the low cost turf of Ft. Lauderdale? Might this ignite a low cost airline battle between these airports that would leave potential area passengers chuckling happily? We shall see, but I highly doubt it. Finally, is that there is a strange yet strong link between North Carolina and Florida that just got stronger. Many people have either moved from Florida to North Carolina or from North Carolina to Florida. Many people here have 2nd homes in either location. The flights will be twice per week, on Thursdays and Sundays. Is it me or are they tailor made for weekend get aways? Tickets will only cost $64 one way and they will be nonstop flights. Both areas are excited about the potential for added tourism. I have never been to North Carolina but have always wanted to go. Everyone says that the mountains are great there, as is the golfing, fishing and weather. Given this new route, it seems like it may never be easier to go and I might just have to finally take that trip. I have heard that Charlotte is a thriving city with tons of corporate headquarters there. As we know, the best time for Floridians to travel is the summer so maybe this one will be it for me. North Carolina here I come! As always thanks for reading and have a great day.


Monday, June 9, 2014

MORE FLORIDA INSURANCE FUN – THIS TIME WITH TITLE INSURANCE


MORE FLORIDA INSURANCE FUN – THIS TIME WITH TITLE INSURANCE


You know I just couldn’t resist this one. Until Floridians don’t pay more than every other citizen in the U.S. for their insurance, I will be on this insurance crusade. This story is almost hard to believe. The title insurance companies, who always heavily lobby the politicians for everything from tax breaks to new favorable laws, have pushed through a new law that changes the way they get taxed on premiums. What is does is put another $5,000,000 in each company’s pocket while consumers get nothing! Finally this has drawn some well-deserved outrage, and now some are proposing and emergency session to compel the insurance companies to pass along the savings to consumers. The fact that we have the highest insurance premiums in the country and our politicians are granting insurance companies additional tax breaks is beyond disgusting. These people need to look in the mirror and try and remember how they got to office. It could be hard when you are busy lining your pockets with money from the insurance lobbyists, since they seem to forget this a lot. I can tell you that I will be voicing my displeasure at the polls come November, rest assured. More than once I have voted against every incumbent here and there is a chance history could repeat itself this year. Beyond this new tax break is the larger question of why Florida has not adopted technology that other states have to make searching title records faster and less expensive. With any luck they will open up an investigation into the industry and finally bring to justice these many people who have taken advantage of Floridians for so long. There is no way this can get any worse so it must get better at some point. Let’s all hope that is sooner than later. As always thanks for reading and have a great day.

Friday, June 6, 2014

SPRING TRAINING BASEBALL UPDATE – FINALLY DOWN TO ONE SITE


SPRING TRAINING BASEBALL UPDATE – FINALLY DOWN TO ONE SITE

Finally, we are down to one. Both the Palm Beach Post and Sun Sentinel had articles on the latest update in the baseball spring training soap opera. That being said, I don’t think this qualifies for a true 2 for 1 blog so do not get overly excited. Yesterday there was another meeting between the Houston Astros and Washington National baseball teams, the City of West Palm Beach and Palm Beach County officials, and it sounds like more progress was made. First and foremost, it was revealed that the John Prince Park site in Lake Worth has finally been knocked from contention. The site was too small, faced opposition from area residents, and from people opposed to using park land for a baseball stadium. This leaves the site in West Palm Beach at 45th St. between Military Trail and Haverhill Rd. as the sole site being considered. Other information that was made public was that the stadium costs will exceed the first estimate of $100 million. How much more it will cost was not specified (although one rumor had it as high as $140 million) but how the overages would be paid for was. It looks like the baseball teams and the City would handle that and the county would own and operate the facility as they do with Roger Dean Stadium. Both sides have agreed to meet again in a couple of weeks. It was noted that the baseball teams are looking to move quickly, and with any luck they can make more progress at the next meeting so as to be in a position to put a final deal in place. So it is West Palm Beach or bust for the Houston Astros and Washington Nationals, and I would say all the pressure is on West Palm now. As we have previous written here, West Palm has been a troubled and declining city for some time. There are some areas of it, and this is one of them, that are so blighted that development is not even being considered there. If they can somehow manage to get this deal done, this area will immediately have a chance. There will be a reason for people and businesses to come there (other than for cheap warehouse space) and maybe it can spread to the rest of the area. Riviera Beach is finally having its moment in the sun, so maybe it is finally West Palm’s turn?? With any luck we will find out soon. As always thanks for reading and have a great day.

Thursday, June 5, 2014

ROSENFELD RESTAURANT REVIEW – INDUS WEST PALM BEACH

ROSENFELD RESTAURANT REVIEW – INDUS WEST PALM BEACH

There is a new Indian sheriff in town, and its name is Indus! For those that know me, I love Indian food (this is Indian as in the neighbor of Pakistan, not the native Indian like the Seminoles) and other foods from different countries. Growing up in New York I was exposed to many different foods that are very hard to find in South Florida. One of those is Indian food, and I regularly visit my favorite places in Boca Raton and Pompano Beach (One has been blogged about here, Madras Café in Pompano). So when some friends of mine told me about a great new place in West Palm Beach I was skeptical but knew I had to try it right away. After learning the hard way a few weeks ago that they are closed on Mondays, I finally made it there with some friends yesterday.

This place is located in a dead little strip center on Forum Place, which runs into Congress Ave. and is parallel to Palm Beach Lakes Blvd. While it is difficult to find, it is almost next to the new Palm Beach Outlets. You can see from the interior that they put a lot of money into the place. Everything is very clean, and there are plenty of servers hustling to and fro. They serve a buffet lunch here, like Madras, but without salads. They have more options on the hot line, which is much better anyway. I will do the best I can to describe what I ate. One dish was made of lentils, with the texture of an applesauce and sort of spicy. Another was a red kidney bean thing in red sauce. There was a cabbage dish, very spicy, and a bright yellow dish that has fried vegetables in there. They had 2 chicken dishes, a tandoori chicken and another in a yellow sauce. They had 2 desert options, and I tried a little of the bread cake. Everything was amazing, surpassing all expectations. What really amazed me was that everything I had there I had never even seen before, much less tried. What made it even more fun was that I was with 5 other people, only one of whom had been there before. Everyone loved it and said they would be coming back. It was actually very busy, even when we left just after 1:00. If you want some amazing food and an adventure to boot, give Indus a try. You will be happy you did and it is well worth the trip. As always thanks for reading and have a great day.

Wednesday, June 4, 2014

CLASS A OFFICE SPACE COMING TO WEST PALM BEACH?


CLASS A OFFICE SPACE COMING TO WEST PALM BEACH?


Jeff Greene is a pretty ambitious guy, and has a track record to back up those ambitions in Florida. He thinks that more class A office space would be absorbed by the market if it was built, and is going to test those waters again. Again, since the Related Cos. tried to do the same thing recently and were forced to postpone the project due to lack of interest by potential tenants. Right now Greene is doing his due diligence, and has hired an architect to craft some plans for the project. The site is at 550 Quadrille Blvd, a 3.3 acre site that he paid $15 million dollars for in March. The site was previously slated for residential use but lack of interest and financing led the site to linger on the market for years. Greene envisions two 30 story towers, that will feature water views, a 5 story hotel, residential condos, a health club, a restaurant and indoor and outdoor tennis courts. There is clearly some contradiction in the article, as Greene thinks the site would lure the right kind of tenant (s) to the area if the space was already built, as in built on speculation without tenants lined up. But he also acknowledges that he will have to obtain both financing and get to certain levels of office preleasing in order to get a construction loan to begin the project. He is heavily invested in the success of the area, having invested $240 million in various projects in Palm Beach County since 2009. He is currently developing apartments in the West Palm area. I don’t think this area is ready for a project like this, I just don’t see the demand. Unless they have that demand they won’t be able to get the project done. And there is plenty of class A office space available in other markets so it isn’t like companies looking for class A office space have no other options. I will be keeping a close eye on this one and will report on it again when there is another update. As always thanks for reading and have a great day.


Monday, June 2, 2014

NORTHERN FLORIDA GETS HUGE BOOST FROM NORTHROP GRUMMAN EXPANSION



NORTHERN FLORIDA GETS HUGE BOOST FROM NORTHROP GRUMMAN EXPANSION


It isn’t often when a company’s expansion is so large that affects an entire region. But that is exactly the case with the expansion of Northrop Grumman Corp. in Melbourne Florida, which is going to be big no matter what, but it could be huge. Just how big is the expansion? It is so big that it actually has a name, Project Magellan. It will cost $500 million and encompass the completion of a 200,000 square foot building currently under construction, another building of 220,000 square feet and another 500,000 square feet of expansion is possible over the next 6 years. There could be 1,800 high paying jobs created by the expansion, jobs that have annual salaries of around $100,000. The reason why it could is that much of the expansion is tied to the Company’s bid for the B-2 stealth bomber contract, which is pending. For the sake of Melbourne, I really hope they get it! 1,800 jobs is a lot of jobs for any place, but considering this area lost the space shuttle program it would seem like poetic justice. It only cost the state of Florida $20 million in incentives to spur the growth (despite competition from other states), which saw Northrup move employees from New York to the Florida area. The initial jobs estimate was 1,000 over 4 years. Given the conflicts America is currently faced with around the globe, it seems like the need for long range strike capabilities has never been higher and shows no signs of slowing in the future. Yes the B-2 stealth bomber is going to be a large part of our military for years to come, and it very well could be manufactured in Florida. It should be noted that the current B-2 is manufactured in Palmdale, California, who could never put together an economic package as attractive as we can in Florida. We win that battle on taxes alone, much less occupancy and housing costs. So it is another big win for Florida, with the potential to be huge. As always thanks for reading and have a great day.