54 ACRE LAND TRACT FOR SALE IN ROYAL PALM BEACH

54 ACRE LAND TRACT FOR SALE IN ROYAL PALM BEACH

I don’t typically write about land for sale, but when you are talking about something of this size it is worth mentioning. It seems like no matter what we talk about in South Florida these days with respects to real estate, it is going to be an improvement. This is no different for Royal Palm Beach, the city where the land is located. There is currently a wastewater treatment plant on the site, which is approved for 385 single family homes. That is the future of the land, and it is currently being marketed to the top homebuilders in the country. It is a virtual certainty that one of them will buy it and build the homes. So good bye waste water treatment plant and hello to a brnad new residential community and all the tax dollars it will bring. It is estimated that the land will sell for about $100,000 per acre, which would make for a total sale between $15 - $20 million dollars. Yes indeed good things are coming to Ryal Palm Beach, put probably not for another 2 – 3 years. That is when you will see actual work being done there but rest assured this deal is already in motion and moving quickly. Congrats to Royal Palm Beach in advance! You have come a long way baby, and this is another move in the right direction. As always thanks for reading and have a great day.

It’s official: Royal Palm’s Crestwood site on the market

http://www.mypalmbeachpost.com/news/news/local/its-official-royal-palms-crestwood-site-on-the-mar/njSHF/#547d4be4.3711057.735596

WHAT WILL NEW RELATIONS WITH CUBA BRING FLORIDA?

WHAT WILL NEW RELATIONS WITH CUBA BRING FLORIDA?

That is the big question right? Because no state will be more impacted by this new policy change than Florida. Let’s start with the most important issue to us, which is tourism of course. This will seriously boost tourism, since there will not be direct flights from other states to Cuba. But the embargo has to be lifted in order for this to begin in earnest, so probably not much gain in the short term. We will see what happens next year in the House and Senate on that. How about baseball? Selfishly, I am thinking this will have a big, immediate impact. Right now we have a spring training deal hanging in the balance. If it doesn’t get done we will see the end of spring training baseball in South Florida so there is a lot at stake. With the new relations with Cuba it would be embarrassing for Florida to have no place for this new influx of talent (which will draw more tourists!) So I think it will help get that deal done. Finally, and most importantly, I think this will foster freedom and change in Cuba. I read a great article showing the parallels with China when we normalized relations with them in the 70’s. They we taught to hate us, that we were the cause of all their troubles, etc. When the relations changed so did their view of Americans. And now look at now far they have come. I think the same will happen in Cuba, once they have more contact. It is certainly worth a try since the other policy yeilded no success in 50 years. So I am hopeful, like always. What do you think? As always thanks for reading and have a great day.

http://www.palmbeachpost.com/ap/ap/florida/hope-and-some-fear-in-cuba-amid-thaw-with-us/njWsM/

 

PBIA BOND PAYOFF ALLOWS IT TO BE MORE COMPETITIVE

 

PBIA BOND PAYOFF ALLOWS IT TO BE MORE COMPETITIVE

We have certainly written a lot about the expansion of both the Ft. Lauderdale and Miami airports. Now it is finally worth mentioning some good news for Palm Beach International Airport. They just paid off a 20 year bond that cost $156 million dollars and was used to pay for a new terminal, road, parking and airfield improvements. Now that the bond is paid off, PBIA can offer more competitive rates to attract more flights. Which means that PBIA should be competing with Ft. Lauderdale for the low cost carrier flights in the near future. New Jersey and Washington are the most popular sources for tourism for Palm Beach County so expect to see more flights to those destinations. This could also signal the start of more Latin American travel, which has been steadily ramping up at Ft. Lauderdale and Miami airports. Bottom line is to expect more flights to be coming from PBIA soon to many new destinations. This will further enhance the county and make it competitive with our Southern brethren in Broward and Dade. And the new increased competition should further benefit travelers in the form of more competitive fares, which will certainly happen. What better way to bring in more tourists? Aside from snow storms and global security problems, I can’t really think of anything. As always thanks for reading and have a great day. 

Bond payoff lets PBIA cut fees, go after new flights

http://www.mypalmbeachpost.com/news/business/bond-payoff-lets-pbia-cut-fees-go-after-new-flight/njbYw/?icmp=pbp_internallink_invitationbox_apr2013_pbpstubtomypbp_launch#d7ed3585.3711057.735596

SCRIPPS INSTITUTE EXPANDS INTO BRIGER LAND TRACT

SCRIPPS INSTITUTE EXPANDS INTO BRIGER LAND TRACT

While this is not really new information, it is still extremely important to the future of Palm Beach County. The Briger land tract, a 682 acre piece that is just South of Scripps Jupiter location, was designated as Scripps expansion back in 2010. Scripps’ portion, 70 acres, is slated for expansion and also for other complementary biomedical companies that are attracted to them. Meanwhile, The Kolter Group has the rights to the rest of the land. They paid $112 million for it last year making it the largest deal in the county in 2013. They plan to build 2.5 million square feet of “industrial, research and development and biomed space”, 1.2 million square feet of office space, a 300 room hotel, 450,000 square feet of retail, 350 apartments, 800 multifamily homes and 350 single family homes. And that is only on the eastern 475 acres! For the 206 acres West of I – 95, they plan to build 60,000 square feet of retail, 350 apartments, 600 multifamily units and 250 houses. It is truly hard to believe what is coming to Jupiter. It is timely though since Scripps has already reached maximum capacity on their existing campus and needs more space. How big will this biomedical cluster grow? Certainly seems to have lots of possibilities again now that there will be so much additional space. Look for announcements, hopefully soon, about new companies coming here to take some of that space. I am still hopeful that biomedical can be a dynamic new industry that will lift the county and make our initial investment in Scripps look like a bargain. We will see soon enough. As always thanks for reading and have a great day.

Turning Briger site into new Scripps Florida phase advances in Gardens

http://www.mypalmbeachpost.com/news/news/local/turning-briger-site-into-new-scripps-florida-phase/njMst/?icmp=pbp_internallink_invitationbox_apr2013_pbpstubtomypbp_launch#ad8563cd.3711057.735575

HUGE BROWARD LAND TRACT TO BECOME SENIOR HOUSING IN PARKLAND

HUGE BROWARD LAND TRACT TO BECOME SENIOR HOUSING IN PARKLAND

The last large tract of land in Broward, 178 acres in Parkland, was bought for $53 million dollars from Tuttle Land Development. The buyer is Hovnanian Enterprises out of New Jersey. They will be building a 700 home community called Parkland Royale, which will be for people 55 years old and older. The homes will be priced between $500,000 - $800,000 and will be built in two phases.  The first will encompass 538 homes and the second 200. There will be a 50,000 square foot clubhouse. It is going to be marketed to baby boomers who want to downsize, the first project like it in Broward. You might have heard that there is quite a bit more construction taking place in Parkland now. WCI Communities, Lennar Corp., Standard Pacific and Toll Brothers are currently building 1,000 homes without age restrictions there. While this type of senior living community is sorely needed and much more of them, Parkland will never be the same. I can’t help but think of Jupiter when they got the Harbourside project thrust upon them. You see these are two very quiet cities with little commercial. People have big homes and in many cases horses (in Parkland) and they like the quiet, slow pace. All of this development is not what they want but it is the way of the future. I am sure the unhappy Parkland and Jupiter residents could still find something nice, reasonable and quiet in Port St. Lucie or Vero Beach but it isn’t the same. As always thanks for reading and have a great day.

Hovnanian buys Parkland property for 55-and-over community

http://www.sun-sentinel.com/business/realestate/fl-parkland-k-hovnanian-20141205-story.html

$700 MILLION TO BE SPENT ON I – 75 IMPROVEMENTS & EXPANSION

 

$700 MILLION TO BE SPENT ON I – 75 IMPROVEMENTS & EXPANSION

 

OK with seemingly every retail, office and residential building getting renovated and improved in South Florida these days does it really surprise you that expressway I – 75 will follow suit? It shouldn’t and this is pretty interesting. The state is spending $700 million dollars to expand and improve I – 75. Four express lanes will be built, two in either direction, from Interstate 595 to Northwest 170^th Street in Miami. What is interesting about that is that the work is being done in the existing medians so that there are no lane closures or delays. Sound walls are being constructed as well, the last expressway in Broward to get them. Interchanges will improved on I – 75, and the Palmetto Expressway from I – 75 to Flagler Street. Three new bridges will be built in Broward at Miramar Parkway, Sheridan Street and Pembroke Rd. Everything should be done by 2018 and the bridges by 2016. Sound walls are scheduled to be completed in April 2015. It is amazing how large of a project this is and how quickly it will get done. If there is one thing we do well in Florida it is roads and infrastructure. You might recall the blog about how Florida was one of the best states in the U.S. for replacing roads and bridges, while others were in dire condition. If you have ever travelled on I – 75 you would know that it is already the best expressway in South Florida. There are always at least 4 lanes, a 70 mile per hour speed limit, rarely a traffic snarling accident and tolls only at the exit ramps. The fact that it is going to be improved is just fantastic, and a testament to the growth in the Western communities. It makes you wonder what is next – The Turnpike? Would love to see another lane added in either direction! As always thanks for reading and have a great day.

 

I-75 work ramps up with mountain of dirt

http://www.sun-sentinel.com/local/broward/fl-75-express-update-20141128-story.html

DELRAY BEACH SWAP SHOP SITE TO FINALLY GIVE WAY TO DEVELOPMENT

DELRAY BEACH SWAP SHOP SITE TO FINALLY GIVE WAY TO DEVELOPMENT

Surprise, surprise, another vacant eyesore lot is soon to become a new residential development. Yes we have certainly heard this story before, but each one is important and worth telling as South Florida experiences a wave of development not seen before. This time we are talking about the site of the former Swap Shop, located on North Federal Highway in Delray Beach. For years officials in Delray and Boynton have tried to spur development on North Federal, which has fallen into disrepair and has become home to many seedy businesses. This is an amazing start and a huge victory for Delray Beach. The former Swap Shop site is 8.5 acres, and has been vacant since 2006. Long ago in 1957 the site was a drive in movie theater, which gave way to the Swap Shop flea market in the 70’s. It closed in 2006 to be redeveloped but the recession shelved those plans. Finally, it is to become Delray Preserve, which will feature 188 residential units in seven buildings. The community will be pedestrian friendly, especially for bicyclists, with bicycle storage and a free bicycle repair shop on site. The community is also contributing $50,000 to the city of Delray for a pedestrian bicycle coordinator or transportation administrator. Out with the vacant land and in with the new residential development. While I am getting used to this scenario by now, each story is somewhat different and still amazing to me. Congrats to Delray Beach, looking very forward to seeing this one go up. As always thanks for reading and have a great day.

Upscale apartment complex headed to Delray's former Swap Shop site

http://www.sun-sentinel.com/local/palm-beach/delray-beach/fl-delray-swap-shop-site-renovation-20141203-story.html

ALL ABOARD FLORIDA PLANNING ON BUILDING 1,120 FOOT TOWER IN MIAMI

ALL ABOARD FLORIDA PLANNING ON BUILDING 1,120 FOOT TOWER IN MIAMI

The All Aboard Florida rail project is in full swing in certain cities these days. They are in the process of building the train stations in each city and the plans for Miami are extremely ambitious to say the least. They are planning on building the 8^th highest building in the U.S., at 1,120 feet. This follows the recent announcement of two 93 story buildings that will be built in Miami. Aside from the enormous tower, the All Board Miami site is also huge, at more than 11 acres. It is expected to become a transportation hub that will also feature residential, office and retail uses. The site will span four city blocks. There is a stated budget of $150 million dollars to build it, but it is unknown if that number would include the construction of the tower. This site is far larger and more expensive than plans for the train stations in Ft. Lauderdale and West Palm Beach, which have budgets of $30 and $29 million dollars respectively. Can they pull this off in Miami? I think they can. Everything is coming together for South Florida now, and that always starts in Miami. They already have the world’s busiest port, which is being expanded. The expansion of the Panama Canal will further trade and traffic in the area which is becoming more international every day. There is so much growth and development happening now and in the pipeline that I cannot even imagine what it will look like in 10 years. South Florida is being transformed right before our eyes and it is breathtaking. Don’t forget that the development in South Florida flows from the South to the North, so more growth in Broward and Palm Beach counties is coming next. It is already happening to a much lesser degree but there is plenty more to come. Very exciting time to live in South Florida! As always thanks for reading and have a great day.

All Aboard Florida planning Miami super tower

http://www.mypalmbeachpost.com/news/business/all-aboard-florida-planning-miami-super-tower/njGhJ/#bdb69ad4.3711057.735575

NEW LANTANA WATERFRONT DEVELOPMENT APPROVED

NEW LANTANA WATERFRONT DEVELOPMENT APPROVED

I think I might have written about this once, but that was prior to final approval. Since this project is now fully approved it is worth mentioning. This is not just another run of the mill development or redevelopment, as has become so commonplace in South Florida these days. No, this is a 10 acre waterfront site, one that has been dormant for 50 years. The site has been owned and operated by Cenacle Sisters Catholic community. It is the last remaining large tract of undeveloped waterfront land in Palm Beach County (the largest, in Riviera Beach, is already slated for development/redevelopment). The Lantana site will be transformed into a mixed use development that will feature 244 residential units, office and retail space. In all, 4 buildings will be built along with covered parking garages. As you have noticed, I really love these types of stories. I enjoy change, and right now there is an awful lot taking place with respect to real estate. I find it exciting to see entire towns transformed by these projects, and I love to learn about them and let you know about them. The place where we all live is quickly being changed, and I think it is for the better. This is a perfect example of that, despite all the trouble the developers had from the city in getting it approved. Congrats to Lantana, I am very glad you were finally able to get this deal done. Soon there will be a new development on South Dixie Highway that they can all be proud of. As always thanks for reading and have a great day.

Development on Lantana waterfront approved for commercial, residential

http://www.mypalmbeachpost.com/news/news/local/development-on-lantana-waterfront-approved-for-com/njGW7/#58a1ca33.3711057.735575