FLORIDA’S POPULATION GROWS WITH THE IMPROVING ECONOMY

FLORIDA’S POPULATION GROWS WITH THE IMPROVING ECONOMY

It seems like people are once again flocking to the Sunshine State now that our economy is recovering. In addition to all the New Yorkers that always move here (50,000 per annum!), we have a more diverse international crowd joining them. There are 140,000 more foreign born people here from 2010 – 2013. Florida has seen in net gain in population of 84% from 2012-2013 than in the previous 2 years. It breaks down to about 700 more people moving here a day. In addition, retirees are again moving here in force, from all over the country. Younger American people are being drawn by our beautiful weather, lifestyle and improving economy. Yes, everyone seems to want to live in Florida again. And we still lead the nation in most cash sales for residences, fueled mainly by foreign money seeking a safe haven in the U.S. Then there is the indirect influx of foreign capital flowing here in the form of the EB-5 visa program which is being used to build both commercial and residential projects. That program is based on money from other countries finding investments in the U.S. in exchange for visas. Just the other day we wrote about the Fashion Mall in Plantation, which is owned by the Chinese Government, although not for much longer. But we are seeing more and more money from Asia, especially China, flowing into Florida. And we have not even mentioned South America! Florida is seeing more Brazilians, Cubans, Columbians, Venezuelans, and Nicaraguans than ever before. The turmoil in these countries is causing both people and capital to flee to the safe, sunny shores of Florida. It is all of a sudden becoming a true melting pot in South Florida, something that is very new and welcomed by most. While this element always existed in Miami to some extent, it has certainly spread to Broward and Palm Beach counties in a big way. More and more restaurants, stores, clubs, etc. are emerging all over to meet the demands of this newly transplanted population. It is very exciting and will certainly continue as long as our economy stays strong and vibrant. Everyone is living the dream now! As always thanks for reading and have a great day.

Florida population surging again

http://www.sun-sentinel.com/news/florida/fl-florida-migration-20141017-story.html

PLANTATION FASHION MALL GOES INTO BANKRUPTCY AGAIN

PLANTATION FASHION MALL GOES INTO BANKRUPTCY AGAIN

Here we go again! I promised another update on this when it came around and I am a man of my word. These guys just filed for bankruptcy again, this time Chapter 7. It really seems like the property will finally go to auction, 10 years after it was bought. Why do I care about this property? It interests me for many reasons. It is one of the best locations in Plantation, and will certainly be successful if the right people are in place to redevelop it. It was all set to become apartments, retail and office space and I think that is what will eventually happen to this site. Part of the problems with this site was that it was owned by the Chinese Government. They had the right idea, to buy and develop a site in a prime location but never had the expertise to carry it out. They brought in brokerage companies, their own people, and other partners. But a combination of ineptitude, corruption, lack of trust in American companies and poor judgment finally brought them down. It just shows that having money is not everything, especially when it comes to real estate. Redeveloping a property, especially one of this size with multiple uses is no easy task for anyone, even more so for people from another country and with no experience. This prime site has been on sidelines but should attract an enormous amount of attention when it goes to auction. I can’t wait to see who gets it and what they do with it. This is a very good thing for the city of Plantation! While this is more than likely the end of the story for the property, there still could be legal issues, criminal cases and lawsuits, remaining. If there is any additional news on that I will provide it but let’s all hope this is the last we have heard on this one. Next we will be talking about the new owner and their plans for the property, something I have been looking forward to for a long time. As always thanks for reading and have a great day.

Fashion Mall developer seeks bankruptcy liquidation

http://www.bizjournals.com/southflorida/news/2014/10/14/fashion-mall-developer-seeks-bankruptcy.html?ana=e_du_pub&s=article_du&ed=2014-10-14&u=imWEgan6Mo2Fr8QCA5ZmD1rCrgv&t=1413576871&page=all

GOOD NEWS FOR WEST PALM: EYESORE GOING TO AUCTION

GOOD NEWS FOR WEST PALM: EYESORE GOING TO AUCTION

Well after reluctantly penning 2 negative articles about West Palm (because I thought it was important news to report, not due to any bias! I like keeping things positive), I was really looking for some good news to trumpet. This is just that and then some. It is a real sleeper in my opinion. On the surface, it is just an article about another piece of land that was put in foreclosure long ago, that might be going to auction, removing an eyesore from the area. But under the surface there is much more. First, is the size of the land, 10 acres. That is a good bit of land, and it happens to be waterfront property as well. It is well located, West of downtown West Palm overlooking Clear Lake. Then there is the history, failed plans to convert it into a 12 story luxury condo building that fizzled in 2008. Since the bankruptcy was filled in 2006, the property has sat vacant and steadily deteriorated. I am going to go out on a limb here and predict great things for this land. It will be sold by auction, developed and it will be reborn as a shiny new residential property, hopefully with a marina component. The only downside is how much time it will take to get there, but you can’t have it all. This is excellent news and badly needed. With any luck it will be the first of many stories like this for West Palm, because eventually everyone’s luck must change. It is just the law of averages, everyone has to win sometime and West Palm’s time must be near given all the bad history. I am rooting hard for them, and will be reporting about it all, good or bad. As always thanks for reading and have a great day.  

West Palm Beach eyesore may go to auction

http://www.mypalmbeachpost.com/news/business/west-palm-beach-eyesore-may-go-to-auction/nhd2t/#5eddeba4.3711057.735519

ROSEMURGY TO BUILD MORE STUDENT HOUSING BY FAU

ROSEMURGY TO BUILD MORE STUDENT HOUSING BY FAU

Sorry no picture with this article. It is one of the oldest sayings, going back to the well, if it ain’t broke don’t fix it, and other variations of the same message. I think that is fitting when it comes to Rosemurgy Properties and Giles Capital Group. Those are the guys who are building University Park, a 598 student apartment project at 135 N.W. 20^th St. It was written about right here, and how the project would be an absolute home run. Perhaps these guys were reading since they just acquired 2 more properties in the area for the same purpose. Boca Sol and Addison Park, currently residential properties, were just bought by Rosemurgy and Giles for $8.7 million. Addison Park is already a student housing property with 165 apartments, and will be renamed University View. Boca Sol, is a 123 apartment building for non-students, is being converted to student housing and dubbed University Square. There will be free bus shuttle service from the properties to both FAU and Palm Beach State College campuses. Rosemurgy says it has $100 million dollars invested in this student housing operation, which unless FAU closes, really can’t fail. Whether or not it is affordable is another question, but finally it seems there will be an adequate stock of student housing. With the amazing growth they have had at FAU, it makes sense to finally have the proper infrastructure in the area to support it. In just the past 2 years we have seen the new football stadium, the Boca Bowl there, and now new student housing. What is next? I can’t wait to find out and promise to let you know when I do. As always thanks for reading and have a great day.

Student housing options increase near FAU

http://www.sun-sentinel.com/business/realestate/fl-boca-student-housing-20141010-story.html?dssReturn

PALM BEACH OUTLETS NEW BIG BOXES TO COME AT OKEECHOBEE BLVD EXPENSE

PALM BEACH OUTLETS NEW BIG BOXES TO COME AT OKEECHOBEE BLVD EXPENSE

On the surface this seems like great news. The very successful Palm Beach Outlets, at Palm Beach Lakes Blvd. and I– 95, is growing already. Just 7 months after opening, it was announced that almost 12 new big boxes would be coming to the new project. Those retailers include T.J. Maxx, Ulta Beauty, and DSW Designer Shoe Warehouse along with many others. But 5 of them, Sports Authority, Old Navy, PetSmart, Pier 1 Imports and Bed Bath & Beyond will be relocating from their existing locations on Okeechobee Blvd. This is not good for Okeechobee Blvd. When I moved to South Florida in 2001, Okeechobee Blvd. was the place to go for shopping. It had everything you could need, all on one road, clean, safe and convenient. Okeechobee Blvd. has been going downhill steadily since then, with demographics changing, and retailers either going out of business or leaving the area. But there were still some big boxes there that you just couldn’t find anywhere else so there was still reason to go there. Now that they have left, what is remaining? I am afraid that this could become a new source of blight for West Palm unless some sort of plan to revitalize it is hatched. Sadly, it seems like déjà vu with the creation of City Place, which was supposed to be a great thing for the city but ended up competing against and crippling Clematis Street. There is a lot of work to do in West Palm, and that plate just got even heavier with this news. Given that almost every other city around it has managed to succeed, I am still hopeful they can eventually find their way. As always thanks for reading and have a great day.

Palm Beach Outlets adds big box stores to its mix

http://www.mypalmbeachpost.com/news/business/palm-beach-outlets-adds-big-box-stores-to-its-mix/nhY9x/#d201f8d6.3711057.735519

ANOTHER RESIDENTIAL REDEVELOPMENT IN FT. LAUDERDALE

ANOTHER RESIDENTIAL REDEVELOPMENT IN FT. LAUDERDALE

This time it is the former Ireland’s Inn located on the beach in Ft. Lauderdale. This is a good story and a great example of what is going in South Florida now. The Ireland Inn was built in 1965 at 2200 N. Ocean Blvd. In 2005 the hotel was damaged by hurricane Wilma and it closed in 2007. It has been closed since that time, deteriorating. Now the families who originally owned it are partnering with the Related Group to transform it into luxury condo property with 170 residencies. So another vacant, tired eyesore will soon become a gleaming new condo tower. When times are good, there is a shortage of land, and what there is becomes price prohibitive. So people look to see what they can reinvent / redevelop and this is happening all over the place right now. Every kind of product type is fair game, and you can literally see the differences in the landscape as you drive around. Properties from casinos, to multifamily to retail, you can see the improvements changing all around us as they are being upgraded. And it is all happening so quickly, seems like at least one new project announcement per day. Yes it is almost hard to see things ever going back down again, just like before. Since there is a lot more boom before the bust will come, people will just plow forward and do as much as they can while they can. It is exciting times, and I hope that we can manage the growth better this time around. Have people learned the lessons from just a few years ago? We will see as this story continues to quickly unfold. As always thanks for reading and have a great day.

Ireland's Inn to be redeveloped with Related Group luxury condos

http://www.bizjournals.com/southflorida/blog/morning-edition/2014/10/irelands-inn-to-be-redeveloped-with-luxury-condos.html?ana=e_sflo_rdup&s=newsletter&ed=2014-10-13&u=imWEgan6Mo2Fr8QCA5ZmD1rCrgv&t=1413209851

WEST PALM BEACH TO LOSE 3 GROCERY STORES

WEST PALM BEACH TO LOSE 3 GROCERY STORES

West Palm, West Palm, West Palm. What are we going to do with you?? We have to find a way to get some good news for this city. Well there is the new Eat Scene coming to the outside of City Place, and I do know of a new Publix that will be coming to Belvedere Rd. eventually. But this is big and important news and we need to talk about it even though it is negative. South Florida’s economy is surging now, development and redevelopment projects abound and activity in all sectors is up. All over South Florida developers are eyeing vacant tracts of land, old projects that can be redeveloped and reborn. They are looking for bargains and municipalities that will work with them to allow lots of units for their projects, increasing their profits. But West Palm seems to be left out in all this and it is strange. They cannot give away their land and old dilapidated buildings on Broadway, and the blighted areas continue to worsen. That is what is happening right here with the closing of 3 Winn-Dixie grocery stores. They are all located in tough areas, and the residents there will suffer even more now that they won’t have access to a supermarket close to their homes. They will be forced to pay more for their groceries and possibly drive further to get them. 200 people lost their jobs, although some of them might be given jobs at other locations. Now the vote on the baseball stadium at 45^th Street looms large. It is a once in a lifetime chance to erase the blight in that area if the project is approved. If not there is another proposal on the table that would be OK but certainly won’t be an attraction that will draw people to the area. It should be noted that despite all this bad news, Jeff Greene the billionaire, is buying up downtown West Palm as fast as he can with big plans to develop it. But that is the one area that really doesn’t need the help. Maybe the Federal Government can be called in to help. It might take something like that to help this city get back on the right track. As always thanks for reading and have a great day.

Grocery chain to close 3 Palm Beach County stores

http://www.bizjournals.com/southflorida/blog/morning-edition/2014/10/grocery-chain-to-close-3-palm-beach-county-stores.html?ana=e_du_wknd&s=article_du&ed=2014-10-11&u=imWEgan6Mo2Fr8QCA5ZmD1rCrgv&t=1413208206