Downtown Ft. Lauderdale Redevelopment

Sun Sentinel

The Stiles real estate firm is moving forward with plans to redevelop a stretch of downtown Fort Lauderdale with residential units, retail and a 25-story office tower.

Stiles is scheduled to meet with the city’s Development Review Committee on Tuesday to discuss 348 apartments and 25,222 square feet of retail at 212 SE Second Ave. Stiles last year paid $13.1 million for the Bank of America building on the site.

Meanwhile, the developer has started preleasing an office building on a neighboring parcel at 201 E. Las Olas Blvd. as part of a previously announced deal with Broward College to replace its two aging buildings.

The 395,836-square-foot office tower, expected to open in the fall of 2020, would include about 17,000 square feet of ground-floor retail.

The office building would be the largest built in downtown Fort Lauderdale since Stiles developed 200 Las Olas Circle nearly a decade ago. AutoNation is that building’s signature tenant.

Office construction virtually ended following the Great Recession, and developers have been slow to propose new projects in the years since.

But market observers say the timing is right for a new building, pointing out the strong demand for space in downtown Fort Lauderdale.

“I would say the lack of large blocks of contiguous space in downtown Fort Lauderdale could be hindering new business relocation,” said Peter Reed, of Commercial Florida Realty Services in Boca Raton.

Stiles executives did not return calls Monday. But Chairman Terry Stiles said earlier this year that the office building would revitalize the area “by bringing new and exciting entertainment and dining options to the ground level as well as open venues for gathering.”

City officials are trying to make the downtown corridor a live-work-play destination, and having retail within walking distance is a key component of that strategy, said Barry Wolfe, vice president of investments for Marcus & Millichap in Fort Lauderdale.

“To be living downtown and still having to drive everywhere, it becomes more challenging,” Wolfe said.

In an online brochure marketing the office tower, Stiles says it has built more than 4 million square feet on and near Las Olas Boulevard.

Projects include Bank of America Plaza at Las Olas City Centre, Plaza at Las Olas and Amaray Las Olas.

Amaray, a luxury apartment building at 215 S.E. Eighth Ave., sold this month for $133.5 million.

The Stiles real estate firm is moving forward with plans to redevelop a stretch of downtown Fort Lauderdale with residential units, retail and a 25-story office tower.

Stiles is scheduled to meet with the city’s Development Review Committee on Tuesday to discuss 348 apartments and 25,222 square feet of retail at 212 SE Second Ave. Stiles last year paid $13.1 million for the Bank of America building on the site.

Meanwhile, the developer has started preleasing an office building on a neighboring parcel at 201 E. Las Olas Blvd. as part of a previously announced deal with Broward College to replace its two aging buildings.

The 395,836-square-foot office tower, expected to open in the fall of 2020, would include about 17,000 square feet of ground-floor retail.

The office building would be the largest built in downtown Fort Lauderdale since Stiles developed 200 Las Olas Circle nearly a decade ago. AutoNation is that building’s signature tenant.

Office construction virtually ended following the Great Recession, and developers have been slow to propose new projects in the years since.

But market observers say the timing is right for a new building, pointing out the strong demand for space in downtown Fort Lauderdale.

“I would say the lack of large blocks of contiguous space in downtown Fort Lauderdale could be hindering new business relocation,” said Peter Reed, of Commercial Florida Realty Services in Boca Raton.

Stiles executives did not return calls Monday. But Chairman Terry Stiles said earlier this year that the office building would revitalize the area “by bringing new and exciting entertainment and dining options to the ground level as well as open venues for gathering.”

City officials are trying to make the downtown corridor a live-work-play destination, and having retail within walking distance is a key component of that strategy, said Barry Wolfe, vice president of investments for Marcus & Millichap in Fort Lauderdale.

“To be living downtown and still having to drive everywhere, it becomes more challenging,” Wolfe said.

In an online brochure marketing the office tower, Stiles says it has built more than 4 million square feet on and near Las Olas Boulevard.

Projects include Bank of America Plaza at Las Olas City Centre, Plaza at Las Olas and Amaray Las Olas.

Amaray, a luxury apartment building at 215 S.E. Eighth Ave., sold this month for $133.5 million.

The Stiles real estate firm is moving forward with plans to redevelop a stretch of downtown Fort Lauderdale with residential units, retail and a 25-story office tower.

Stiles is scheduled to meet with the city’s Development Review Committee on Tuesday to discuss 348 apartments and 25,222 square feet of retail at 212 SE Second Ave. Stiles last year paid $13.1 million for the Bank of America building on the site.

Meanwhile, the developer has started preleasing an office building on a neighboring parcel at 201 E. Las Olas Blvd. as part of a previously announced deal with Broward College to replace its two aging buildings.

The 395,836-square-foot office tower, expected to open in the fall of 2020, would include about 17,000 square feet of ground-floor retail.

The office building would be the largest built in downtown Fort Lauderdale since Stiles developed 200 Las Olas Circle nearly a decade ago. AutoNation is that building’s signature tenant.

Office construction virtually ended following the Great Recession, and developers have been slow to propose new projects in the years since.

But market observers say the timing is right for a new building, pointing out the strong demand for space in downtown Fort Lauderdale.

“I would say the lack of large blocks of contiguous space in downtown Fort Lauderdale could be hindering new business relocation,” said Peter Reed, of Commercial Florida Realty Services in Boca Raton.

Stiles executives did not return calls Monday. But Chairman Terry Stiles said earlier this year that the office building would revitalize the area “by bringing new and exciting entertainment and dining options to the ground level as well as open venues for gathering.”

City officials are trying to make the downtown corridor a live-work-play destination, and having retail within walking distance is a key component of that strategy, said Barry Wolfe, vice president of investments for Marcus & Millichap in Fort Lauderdale.

“To be living downtown and still having to drive everywhere, it becomes more challenging,” Wolfe said.

In an online brochure marketing the office tower, Stiles says it has built more than 4 million square feet on and near Las Olas Boulevard.

Projects include Bank of America Plaza at Las Olas City Centre, Plaza at Las Olas and Amaray Las Olas.

Amaray, a luxury apartment building at 215 S.E. Eighth Ave., sold this month for $133.5 million.

Advertisements

What do today’s buyers want in a home?

NEW YORK – Aug. 5, 2015 – What building materials are trending in new-home construction? The latest Annual Builder Practices Survey, conducted by Home Innovation, reveals what buyers can expect to see in the new-home market.

1. Garages: The garage door is getting more enhancements, including windows, insulated doors, and doors made of composite or plastic materials. In 2014, 32 percent of all new single-family homes had bays for three or more cars – the most ever recorded in this study’s history.

2. Flooring: Carpeting continues to be the most popular flooring option for new construction, included in about 83 percent of all new-home bedroom installations. However, only about 40 percent of living rooms now have carpet. Hardwood flooring – both solid and engineered– is the second most popular type of flooring included in 27 percent of all new-home installations. Ceramic tile (which appears in 72 percent of all bathroom floor installation) follows in third place, making up 20 percent of all new-home floor installations.

3. Countertops: For kitchen countertops, granite continues to reign in two out of three homes (64 percent of new-home installations). Quartz/engineered stone is gaining popularity while laminate, solid surfacing and ceramic tile are losing appeal.

4. Appliances: Cooktops and wall oven combinations are gaining in popularity and make up about 24 percent of the market, compared to freestanding ovens (45 percent). Freezer-on-bottom refrigerators are gaining in popularity at 19 percent, while side-by-side has fallen to 28 percent of the share.

5. Kitchen sinks: More buyers are paying attention to their kitchen sink, with the single basin kitchen sink making a comeback, growing from 5 percent to 20 percent of all new single-family homes in the past decade. Also growing in popularity are granite/stone kitchen sinks (at 8 percent). One-piece cultured marble lavatories are continuing to decline in demand.

Source: “Material World: The Hottest Trends From the 2015 Builder Practices Survey,” BUILDER Online (July 29, 2015)

© Copyright 2015 INFORMATION, INC. Bethesda, MD (301) 215-4688

4 Florida cities tops for seriously underwater homes

IRVINE, Calif. — July 30, 2015 — RealtyTrac released its second quarter (Q2) 2015 U.S. Home Equity & Underwater Report, which listed four Florida cities at the top of the list for homes seriously underwater – properties where the homeowners owe at least 25 percent more than the home’s current market worth.

Areas (population greater than 500,000) with the highest percentage of seriously underwater properties included Florida markets such as Lakeland (28.5 percent), Cleveland, Ohio (28.2 percent), Las Vegas (27.9 percent), Akron, Ohio (27.3 percent), Orlando (26.1 percent), Tampa (24.8 percent), Chicago (24.8 percent), Palm Bay(24.4 percent) and Toledo, Ohio (24.3 percent).

In addition, RealtyTrac looked at underwater homes that are also in the foreclosure process.

In the same Florida cities, over half of the homeowners going through foreclosure were seriously underwater:Lakeland (54.8 percent of foreclosures seriously underwater), Tampa (51.7 percent), Palm Bay (51.5 percent) and Orlando (51.2 percent).

Statewide, 23.6 percent Florida of homeowners with a mortgage were seriously underwater in the Q2 2015 – a drop from 23.8 percent in the first quarter and 30.3 percent year-to-year.

On the flipside, RealtyTrac found that 17.6 percent of Florida owners with a mortgage were “equity rich” with at least 50 percent equity. That’s a slight drop for the first quarter’s 17.8 percent but an increase from 15.9 percent year-to-year.

Looking only at homes in foreclosure, 62.8 percent in Florida were seriously underwater, while 18.6 percent, even though going through foreclosure, were equity rich.

“Strong South Florida price increases over the past few years have moved many homeowners from negative to positive equity. We would encourage the remaining distressed homeowners to ask for a Broker Price Opinion (BPO) regarding the value of their property – many may be surprised at their improving value,” says Mike Pappas, CEO and president of Keyes Company in South Florida.

National numbers

Nationwide, 13.3 percent of all properties with a mortgage were seriously underwater in Q2, an increase from 13.2 percent of all homes in the first quarter. However, they dropped from 17.2 percent year-to-year. At the peak of the foreclosure crisis in 2012, the percentage was 28.6 percent.

“Slowing home price appreciation in 2015 has resulted in the share of seriously underwater properties plateauing at about 13 percent of all properties with a mortgage,” says Daren Blomquist, vice president at RealtyTrac.

“However, the share of homeowners with the double-whammy of seriously underwater properties also in foreclosure is continuing to decrease and is now at the lowest level we’ve seen since we began tracking that metric in the first quarter of 2012,” he adds.

© 2015 Florida Realtors®

Flagler Village – Avenue Lofts….Great News for The Area!

AVENUE LOFTS, AVENUE LOFTS FOR SALE, AVENUE LOFTS RENTALS, FAT VILL, FAT VILLAGE, FLAGLER VILLAGE CIVIC ASSOCIATION, LOFTS FOR RENT FORT LAUDERDALE

via Flagler Village – Avenue Lofts….Great News for The Area!.

Flagler Village – Avenue Lofts….Great News for The Area!

Great news…..Build A Bette Block’s event was a hit.   Read article in the South Florida Business Journal…

 

FAT Village brings art to downtown Fort Lauderdale

South Florida Business Journal by Kevin Gale, Editor in Chief

Date: Monday, June 18, 2012, 12:51pm EDT

Editor in Chief- South Florida Business Journal

 

The “Build a Better Block” street party on Saturday highlighted a redeveloping area just north of downtown Fort Lauderdale.

The party featured a lot of artists, many of whom have galleries in the area, a fitness demonstration, a mini-dog park, street theater, food trucks and temporary exhibitions.

The Flagler Village area between Andrews Avenue and the Florida East Coast Railway   tracks has seen a wave of loft developments and the street party highlighted the FAT Village arts district, which has a gallery walk from 7 p.m. to 11 p.m. the last Saturday of each month.

Walking through the block party on Saturday made me think of the pointsRichard Florida, author of “The Rise of the Creative Class,” has made about how creative thinking and cultural diversity (including a thriving arts scene) are key ingredients to making economies function best.

That was apparent to me during a recent visit to Asheville, N.C., which has a thriving arts scene, a youthful population and anational reputation as a cool place to live. One of the challenges in South Florida, many economic development leaders note, is keeping young people here after they graduate from college – or getting them to return if they go to college somewhere else.

While there was a mix of all ages at the street party, there was a definite youthful vibe among the attendees and artists.

Among the most successful artists in FAT Village is Alfred Phillips, whose studio is at 113 N.W. Fifth St. He has won “Art Florida” top award for his “Tourist Show” piece and was named best visual artist by the New Times in 2010.

Some of Phillips’ paintings reflect the somewhat urban gritty neighborhood that Flagler Village is morphing out of with chain link fences, alleys and railroad crossings while others are acrylic representations of models or workers.

Paul Fioretti manages to combine art made out of car parts with his South Florida Window Lift business at 445 N.W. First Ave.

One $250 piece had pieces of cranks shafts topped by eight timing belts wrapped around to form a bowl that could create a fire pit. The light from the first spills out through the links in the chain, said Fioretti, who has Indu Art Gallery.

The local project on Saturday was organized by Florida Atlantic University’s    Cadence School of Urban and Regional Planning.

Collaborators included the Flagler Village Civic Association, Radio-Active Records, Public Image Vintage, C&I Studios, Artist Luke Jenkins, Zahn Development, Hooper Development, Urban Matters, Helium Creative, Fort Lauderdale DDA, Fort Lauderdale Northwest Community Redevelopment Agency and the city of Fort Lauderdale.

Hooper Development has largely fueled the wave of loft construction in the neighborhood. Based on an MLS search, it looks like most of the lofts have been sold. There were six listingsranging from $179,000 to $500,000 in the neighborhood when I checked on Monday.

Just west of the tracks, work continues on the streetscape along Sistrunk Street (Northwest Sixth Avenue), which hopefully could spur the type of renaissance seen in New York City’s Harlem area. A greenway is also being constructed along Flagler Drive between Andrews Avenue and Sunrise Boulevard.

Image

Fort Lauderdale Fresh Market sells for $6.8M

April 25, 2012 12:45PM

The Fresh Market in Fort Lauderdale has been sold for $6.82 million, according to Marcus & Millichap, which represented the seller, a developer, in the transaction. The sale of the 19,1760-square-foot property represented an average price of $356 per square foot. “This newly-developed, state-of-the-art facility is located in an affluent area of South Florida,” said Lior Regenstreif, a vice president investments and senior director at Marcus & Millichap’s Net Leased Properties Group. The property has a new tenant on a recently- signed 15-year lease. The building is located at 400 North Federal Highway in Fort Lauderdale on a 1.4-acre lot. — Alexander Britell