Tag Archives: kelevra

Demographic Shift, Investor Demand Reshaping Broward’s Apartment Market which shows similarities to Pinellas & Sarasota counties.


Pic credit – Jason Ludwig

PUBLISHED: JUL 17, 2017

Broward County multifamily housing and retail is undergoing a remarkable transformation as millennials and empty nesters are embracing urban living and young professionals seek similar experiences in suburban settings.

Having been built out for some time, much of the development in Broward has shifted from gated communities in western suburbs to multifamily housing in the urban core. About 4,000 condominium and apartment units in 20 blocks of Fort Lauderdale are set to come online in the next few years. 

Most of the new properties will resemble The Manor at Flagler Village, a mixed-use complex with residential units between 700 and 1,350 square feet. Rents range from $1,826 to$2,921 per month, about 30 percent higher than other nearby Class A buildings. The retail component, which is managed by Franklin Street, occupies the first floor and includes popular restaurants such as The Brass Tap, a craft brewery and Mellow Mushroom. Other service-based retailers range from a dentist office and fitness center to nail and hair salons. Nearby is a Fresh Market grocery store, a museum and parks. These amenities appeal to millennials. 

Young adults are looking for the best apartment spaces available regardless of unit size. Millennials care more about the fact that there’s a restaurant that they like in the lobby and Wi-Fi access throughout the entire building.

Their interests are altering the retail environment. Traditional retail is being replaced with service-oriented businesses where people can eat, have a drink, get their nails done or meet with a financial advisor.

Baby boomers want similar amenities. Many retirees are selling their four-bedroom houses in the suburbs and moving into an apartment where they don’t have to worry about things like lawn care. They can travel for pleasure or to visit grandchildren and want the freedom that comes from not owning a home. 

Thanks 

As part of the population move to the downtown core, more people are doing something unusual in South Florida: they are giving up their cars. With easy access to ride-sharing programs, consumers are taking the money budgeted for a vehicle and putting it toward rent instead. 

Broward municipalities such as Coral Springs and Plantation are following suit. An urban core is emerging in Coral Springs centered around a new downtown city hall that is under construction and over 300 apartments have been built. One is Bainbridge at Coral Springs, a five-story development with top-of-the-line amenities and rents $300-$700 a month less than in downtown Fort Lauderdale.

Properties like that attract young professionals. Millennials that have small children prefer neighborhoods with A-rated schools. While some couples have started families, they are still active and want to go out and socialize with their friends in places like those in downtown Fort Lauderdale.

They’re attracted to places such as Plantation Walk, which will go up on the site of the former Plantation Fashion Mall. Plans call for 700 rental apartments, 200,000 square feet of retail and a Class-A office tower. It appeals to young people who don’t want to travel 25-plus minutes to downtown Fort Lauderdale for work or fun. They would prefer a short walk or ride to their office and to have restaurants, bars and shopping close to home.

Multifamily investors have noticed the trend and started to grow their portfolios. Demand has so outstripped supply that an investor that would normally purchase a Class A or Class B property in an established area is going out of their comfort zone and buying a Class C property in an emerging neighborhood.

In Broward County, much of the buyer interest is coming from out-of-area investors working with local conduits. When Franklin Street recently marketed 167 units in downtown Plantation, we garnered about 17 written offers in two weeks, half of them from investors in New York, Philadelphia, New Jersey and Canada.

Outsiders are active in Florida for two reasons: The first is cap rate compression. Investors are seeing deals at 1 to 2 percent, and at zero percent in some cases in New York. Florida cap rates are also being squeezed, but they are still at 5-6 percent.
Second, Florida offers significant tax benefits. Out-of-state investors can re-capitalize their portfolios, sell their properties at a premium, come down here, and trump everybody at the local market level.

Today’s investors are not looking for immediate cash. Many are buying properties in neighborhoods that they think are up and coming. These buyers expect that their apartments or mixed-use buildings will be smack in the middle of a redevelopment play five to 10 years down the line. Given current trends, they are likely to be right.

 

Credit:

HERNANDO PEREZ AND DAN DRATCH

Source:

Southeast Real Estate Business

URL:

http://rebusinessonline.com/

Sarasota Sky Bar & Club to open Friday

1927-image-google1927-ringling-lease-image1
The nightclub is slated to open in the Charles Ringling building on the east end of downtown this weekend.
by: Alex Mahadevan News Innovation Editor

Following some delays, downtown Sarasota’s newest nightclub will open this weekend in the historic Charles Ringling building.

Sarasota Sky Bar & Club will open at 4 p.m. Friday, Sept. 23, at 1927 Ringling Boulevard, which is adjacent to McCurdy’s Comedy Theatre. The club will feature 1960s-themed local band Robin and the Retros starting at 8 p.m., with a $5 cover to get in, said co-owner Tony Tannus.

Democracy, a reggae band, will play during the same hours Saturday.

“We have to mix it up,” said Tannus, who said he wants to focus on bringing in a mature crowd to the non-smoking building. “I’m not bringing in 20 year olds to bounce around.”

Tannus, who also co-owns the Meadows Village Pub & Grill, said the 7,000-square-foot size of the interior, and its history, attracted him to the property. Charles Ringling, John Ringling’s brother, constructed the two-story building in 1926.

“His office is still up there,” Tannus said.

 

Sean Dreznin & Jag Grewal from Ian Black Real Estate handled both sides of the transaction.

Sarasota Sky Bar & Club set to open

Nightclub will occupy Charles Ringling Building in downtown Sarasota.

1927 Ringling image
Business partners, Tony and Marie Tannus, and Alex Hagush have leased the Charles Ringling Building for Sarasota Sky Bar & Club. The building on Ringling Blvd. in Sarasota was built in 1926 and has been home to several nightclubs over the years. // Photo via Ian Black Real Estate

Following a delay earlier this month, the owners of Sarasota Sky Bar & Club say they’re ready to open Friday with a performance by high-energy area dance band Robin & The Retros. Longtime local reggae group Democracy will be playing on Saturday.

Both performances are scheduled for 8 to 11 p.m. with doors opening at 4 p.m. There will be a $5 cover charge for each evening and management has stated that “at this time we will not be offering parking nor valet services to our patrons and will be advising them to utilize available public parking in the vicinity.”

Sarasota Sky Bar & Club, a smoke-free establishment aiming to attract people in their 30s to 60s, occupies the historic Charles Ringling Building in downtown Sarasota. 8 p.m. Friday and Saturday, Sarasota Sky Bar & Club, 1927 Ringling Blvd., Sarasota; $5;  sarasotasky.club

Sean Dreznin from Ian Black Real Estate handled both sides of the transaction.

Major League Football investor breaches contract, pulls $20M away from Lakewood Ranch-based league

majorleaguefb


BY MATT M. JOHNSON via Bradenton Herald

LAKEWOOD RANCH — Just days away from starting its free-agent player draft, Major League Football has disclosed that an investor pulled out of a contract that was supposed to bring $20 million to the fledgling league.

On Feb. 5, the Lakewood Ranch-based league filed a Form 8K/A with the Securities and Exchange Commission that details what league officials call a “breach” of the contract.

Frank Murtha, the league’s senior executive vice president, said the expected investment would have given Clairemont Private Investment Group, a Texas company, shares of stock in the league as well as first right of refusal to start an expansion franchise team in Missouri City, Texas.

In a press release issued Monday, league officials said they intend to pursue “legal remedies” against Clairemont and its chairman, Robert Queen Jr. Clairemont’s investment was to be used for the league’s operating expenses and would have been the first of several “other private and institutional investors scheduled to make contributions,” Murtha said.

Commenting on the issue Monday afternoon, Murtha struck a conciliatory tone about the contract dispute. He said league officials are still trying to ink an investment contract with Clairemont.

“He wasn’t the Lone Ranger,” he said of Queen. “We’re still in some discussions with him.”

Clairemont and the eight-team league entered into an initial $15 million securities purchase agreement in September. The parties later canceled that agreement, then inked a new one in October for $20 million. Clairemont officials could not be reached for comment Monday on the issue.

The failure to complete the contract and get Clairemont’s money on time will likely push the start of training camp and league play back a couple weeks, Murtha said. MLFB had initially planned to start its league games at the beginning of April.

Major League Football is scheduled to commence its free agent player draft on Feb. 15. The league has already received about 1,400 signed contracts from potential players looking to take to the field for one of the league’s teams. A set of drafts in January brought eight so-called “franchise players” to the league, as well as hundreds of other players in a territorial draft and a national draft. Each team in the league will start the preseason with 80 players on its roster.

SEC documents show that MLFB’s expenses greatly exceed revenue. In a third-quarter 2015 filing, the league reported bringing in $24,250 of revenue for the six months ended Oct. 31.

Operating expenses far outstripped income, totaling just over $1.8 million for the six-month period, documents show. Overall, MLFB recorded a $2.75 million net loss for the period with the SEC.

Outside of the deal with Clairemont, the league reported in its most recent quarterly filing two sales of stock totaling $150,000 in November.

Another hiccup in the league’s startup took place in December, when Jerry Vainisi, the league’s expected CEO, pulled out of the last stage of finalizing his employment contract. Murtha said Vainisi will likely remain involved with the league, but he did not specify how.

The league relocated its headquarters from Delaware to Lakewood Ranch last year. The Manatee County Commission approved a $200,000-plus incentive grant for MLFB, but the league must meet certain criteria such as creating jobs to get that money.

Suncoast Half Marathon (13.1) 2014 results

Suncoast Half Marathon (13.1) 2014 results

The race was located in Lakewood Ranch, FL

Click here <—-==== for full results when they are available.

2 years after her death, woman gives family wonderful Christmas gift wish and its fulfilled by a strong and giving community!

2 years after her death, woman gives family wonderful Christmas gift wish and its fulfilled by a strong and giving community!

By Dylan Stableford, Yahoo News

A woman who died more than two years ago has given her family an incredible posthumous Christmas gift.

Brenda Schmitz, wife and mother of four, passed away in September 2011 after a battle with ovarian cancer. She was 46.

A month before she died, Schmitz wrote a letter addressed to a Des Moines, Iowa, radio station and instructed a friend to wait to mail it until her husband, David, had fallen in love again.

The station, Star 102.5, invited David, who recently got engaged, into the studio last week to share the letter with him.

“When you are in receipt of this letter, I will have already lost my battle to ovarian cancer,” Brenda wrote in the letter. “I am writing this letter to be sent to you by a dear friend who has instructions to do so when it was the time. I had to type this because I can hardly type anymore because of my shakiness. I told her once my loving husband David had moved on in his life and had met someone to share his life with again, to mail this letter to all of you at the station.”

Every year, the radio station solicits Christmas wish letters from listeners, picks the best and, with the help of sponsors, grants them.

Brenda’s first wish for “David’s new lifelong partner” was “a day, or better yet, a week of pampering, in all aspects of her life. … She deserves it.”

“Thank you,” she added. “I love you, whoever you are.”

Brenda also asked for a “magical trip” for the family of 8, and a “night out full of drinks, food and fun” for her cancer doctors at Mercy Medical Hospital.

Local businesses chipped in to help the station grant all of Brenda’s wishes, including the trip — a four-day vacation in Disney World.

For the complete story, CLICK HERE <—-=====

Laird Hamilton’s 17 Fitness Laws

Laird Hamilton’s 17 Fitness Laws

17 commandments from water god Laird Hamilton, who says fear is good, failure isn’t bad, and you should treat your body like a truck, not a temple

Sarasota Surfing

Sarasota Surfing

By: MONIQUE RYAN via Outside Magazine

* I base everything on how I feel. You can tell me, if you’re 43 years old and six foot this, that’s going to do that to you, this will do this but your body is the best instrument for reading how things affect you.

* You want strength that you can actually control and apply. When you sit down on an exercise machine, with your back against a chair, you tend to shut down the rest of your body. When you stand up and your body has to hold a position to actually support the weight, you’ll have a hard time. So you need to incorporate other elements. I’ll do machines where I hold my legs up, or stretch while I’m on them, or add leg lifts while I’m doing presses.

* It’s really about keeping in shape for life. Think about your body like a car. Once you park a car, it might not start again. But if you just keep driving it, it’ll keep going. It likes to be driven.
If it’s potato chips in, it’s potato chips out. You eat garbage, you’re probably going to perform like garbage.

* Vacation is an opportunity to get in a good routine. It’s like mini boot camp. I just got back from a heli-snowboarding trip in Alaska. I’d been wanting to work on my legs, so I go up there and board all day for 12 days. If we didn’t get enough, we’d chop firewood or take hikes in deep snow. I come out of that and my legs feel strong.

* This is something I’m trying to learn: how to rest. Going full steam ahead all the time is not always the most productive approach, because then you’re always trying to play catch-up with recovery.

* You have to go and try different stuff. The thing is, when you reach a certain level in any sport, you become so efficient at it that the effort level is really diminished. Your body has adapted. So what are you getting? Snowboarding has helped my surfing. Windsurfing has helped my surfing. Biking, for sure, has helped my surfing.

* Above everything, sleep. I’m an eight-to-ten-hour guy. Not that I can’t operate with less, but for my overall well-being, I gotta have at least eight.

* I like espresso. It’s good stuff.

* I have friends who eat healthier than anybody, but it takes them all day. And if they don’t have their sprouted bread, they go into a seizure. I can eat a Big Mac. I’m not going to love it, but it won’t put me into toxic shock. It’s like if a car is too high-performance, then it’s sensitive to any kind of fuel. I like being more like a truck. If a little diesel gets in there, maybe a little water, it’ll cough and burp a bit, but it’s gonna get through it and keep running.

* Chew more. That’ll probably do more for your ability to absorb nutrients from your food than just about anything.

* It’s always more enjoyable to train with other people. It’s going to be more stimulating, but it also pushes you because you have accountability. You can’t just think, Oh, that was enough. Your partner will say, “That was only 29. I thought we were doing 30.”

* Fear is an unbelievable motivator, but it also makes people freeze in their tracks. Once you start to understand it, fear becomes something you can tap into. Fear comes from the understanding that you can die. It usually makes me make really good decisions and gives me power.

CLICK HERE <—======= For the complete list and others

Rev3 2013 Florida Triathlon — Venice, FL — Results

Rev3 2013 Florida Triathlon — Venice, FL — Results

Jonell Dreznin REV3

Jonell Dreznin REV3

CLICK HERE <—-==== For Results

Results from Ironman Florida 2013. IMFL in Panama City Beach, FL

Results from Ironman Florida 2013. IMFL in Panama City Beach, FL

CLICK HERE FOR RESULTS <——========

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IM FL Jack O Lantern via IM D Begala

IM FL Jack O Lantern via IM D Begala

Marine Corp Marathon 2013 Results

Marine Corp Marathon 2013 Results

Marine Corp Marathon

Marine Corp Marathon

For Complete Results, CLICK HERE <—-========