Tag Archive for: fort lauderdale

pier sixty-six 770x320

Sky-high towers as tall as 500 feet could start cropping up all over Fort Lauderdale, critics fear.

It could happen if a controversial proposal goes through that would raise the height cap to 500 feet on projects that get special zoning. The new ordinance would apply citywide, not just in high-rise-friendly downtown, where zoning already encourages supersized towers. So far, the idea is getting a chilly reception.

“We are not Sunny Isles. We are not Miami. We are not New York,” said longtime resident Nancy Thomas. “I’d rather have it shorter and denser. If we get into this height request we’re going down the wrong path. We are going to start looking like Sunny Isles.”

John Burns, president of the Venetian Condo Association, also has reservations about making such a drastic change that would apply to the entire city.

“Once it’s there, everyone’s going to want it,” Burns said. “You could have 500-foot buildings popping up everywhere. It’s a dangerous path.”

Who Wants Taller Buildings?

Some are wondering what’s behind the push for taller buildings. Look no further than the plan for Pier Sixty-Six. Tavistock, the developer redeveloping the landmark site, wants to build three luxury condo towers that would rise 480 feet high in a neighborhood with a height cap of 120 feet.

“Proposing taller buildings with fewer residential units and less commercial uses will significantly reduce traffic, preserve views and create more open space — all things that we heard were imperative to our neighbors,” said Jessi Blakley, vice president of the Orlando-based Tavistock Development Company. “Our vision will make Pier Sixty-Six a destination gateway and icon once again.”

The developer revamping the Pier Sixty-Six property in Fort Lauderdale hopes to build three luxury condo towers that would rise to 480 feet. Two towers would sit on the south side of the 17th Street Causeway bridge and the third would sit on the north. The plan is not an option unless the commission changes the code to allow building heights of 500 feet outside the downtown area. (RENDERING CREDIT: Arquitectonica)

The vision is not an option unless the city commission changes the code to allow building heights of 500 feet outside the downtown area for projects that apply for Planning Development District zoning. The current code, in place since 2013, caps the height at 300 feet. The code would need to be rewritten, changing the height cap from 300 feet to 500 feet to pave the way for developers to build higher. And the change would require commission approval.

Outside downtown, a developer needs at least two acres to apply for the PDD zoning. Only half an acre is required for properties downtown. It was unclear whether that would change as well.

At a recent City Hall meeting, longtime resident Marilyn Mammano warned the commission they’d be opening up a can of worms by changing the code.

“No one is demanding taller buildings. This is being done at the developer’s request,” said Mammano, president of the Harbordale Civic Association.

Housing Costs ‘Just Crazy’

During the meeting, Mayor Dean Trantalis argued that allowing buildings to go higher would help build up Fort Lauderdale’s housing stock.

“We hear the drumbeat from the community: People say we’re overdeveloping, we’re overbuilding,” Trantalis said. “And at the same time people say the price of housing is just crazy. More development stabilizes the price of housing. We have to have a ‘Come to Jesus’ moment and decide if we are going to allow development to continue to come to this city.”

Commissioner Heather Moraitis countered that many of the projects are considered high-end and would not help boost affordable housing units throughout the city. The mayor and the commission suggested city staff seek feedback from neighborhood leaders and report back before any commission vote is scheduled.

“Let us not be the ones to decide,” Trantalis said. “Let the community decide.”

Staff is planning to present information in November to the Council of Fort Lauderdale Civic Associations, but is welcoming comments at any time, according to a city email dated July 15 that went out to neighborhood leaders.

Leslie Fine, whose condo sits on Fort Lauderdale’s Galt Ocean Mile, didn’t get the email but has a message for the city: This is a bad idea.

“This is not Dubai,” Fine said. “Why does everything have to be so tall? It’s not like people come here because we have tall buildings. It puts more stress on the streets, the sewers, the waterways, the storm drains. Those tall buildings can cast tall shadows. And the roads can’t handle the people we have now.”

Mary Peloquin, president of Council of Fort Lauderdale Civic Associations and a board member of the Coral Ridge Civic Association, did get the email.

“Everybody is concerned about this,” Peloquin said. “Tall buildings all sounds fine until they come to your neighborhood. Tall buildings make residential backyards not private. Tall buildings are great downtown but we don’t have any workable mass transit. And that needs to be fixed if we’re going to have a dense area downtown and in other areas.”

‘Only Way To Go Is Up’

Fort Lauderdale’s Regional Activity Center zoning paves the way for taller buildings and dense development downtown.

Construction cranes abound on Wednesday in downtown Fort Lauderdale. A new proposal would pave the way for 500-foot-high towers throughout the entire city. And the critics are already lining up. (PHOTO CREDIT: John McCall /South Florida Sun Sentinel)

The RAC has no height cap, but so far the tallest building downtown (100 Las Olas tower) stands at 499 feet, a foot under the 500-foot limit set by the FAA. That could change if the FAA says yes to new development requests to build towers closer to 600 feet.

Jim Concannon, president of the Sunrise Intracoastal Civic Association, says he understands the push to allow taller buildings. But he worries it could change the character of neighborhoods outside downtown.

“There’s no question that the city is going to be growing a lot,” Concannon said. “And the only way to go is up. But you’re losing that small-town character. By allowing 500-foot buildings to be anywhere in Fort Lauderdale, you’ve changed the character of the city.”

Local developer Charlie Ladd declined to say whether it was a good idea to change the height cap, but did say it’s important for the residents to be onboard.

“These are big changes to our city,” Ladd said. “We all need to be on the same page. We need to make sure we get it right when these other portions of the city look to redevelop.”

This week, Trantalis had more tempered comments about the whole plan.

“I think there needs to be significant community outreach,” Trantalis told the South Florida Sun Sentinel. “I’m not hearing a lot of support for it, but the process is still ongoing and we are trying to be objective about the issue. I don’t think there’s much of an appetite on the commission to change the ordinance since it would affect properties citywide. We realize the growth needs to focus on the downtown area and not impact neighborhoods that have long been established.”

Real estate analyst Jack McCabe says he would expect an outcry from residents across the board if the commission were to approve the plan. He pointed to the wall of condos that line the beach in Surfside.

“There’s so many condos so close together, the locals call it the wall,” McCabe said. “And you can’t see the beach by noon because of the shadow. If you could make a case that Fort Lauderdale is built out and they need 50-story buildings all over town, maybe then there’s a reason to change the rules. But people are going to be up in arms if all these 50-story towers start going up blocking their views and snarling traffic in an already snarled traffic system.”

 

Source: SunSentinel

 

brewery

Boynton Beach‘s brewery district, like any area defined by a particular characteristic, is bound by its cluster of brewing companies.

The city joins a tiny club of municipalities in South Florida that have such an amenity. North Miami Beach made one in 2018 to entice new or established brewers via incentives even though it has no breweries yet.

Beer tourism has become a draw for cities. A survey commissioned by the Brewers Association in 2016 found that individuals went to 2.1 breweries on average in the past 12 months while visiting a city for a beer event. Travelocity even created a “beer tourism index” to show where “beercations” (vacations for the sole purpose of visiting breweries) are most popular, but South Florida doesn’t make the list.

Such districts tend to give an economic boost to their host cities, according to David Scott, Boynton Beach‘s director for economic development and strategy. But he adds that areas must already have the “organic” appeal before a city designates such a district.

The brewing companies CopperpointNOBO, and Due South existed before the creation of the district. Boynton Beach‘s brewery district doesn’t have geographic boundaries but is located in the industrial area of the city just west of I-95 or where breweries are normally permitted. There’s also Non-Prophet Brewing Company, which brews kombucha.

Scott uses Miami‘s arts neighborhood of Wynwood, home to at least four breweries and another the way, as an example of that kind of magnetism. With development experience in Atlanta and Baltimore, Scott immediately recognized the potential for his city.

“When we approach planning from that perspective, we look to create those destinations, or what I call experience centers,” Scott says. “Here we have an experience with a brewery district. We like to say that we’re progressive.”

The city lends a hand with encouraging breweries to grow by offering money known as community development block grants to help with construction. Only one brewery, Copperpoint Brewing Company, took advantage of such a grant, according to Boynton Beach special projects coordinator John Durgan.

These funds are separate from the city’s interior buildout and rent reimbursement grants, Durgan says, adding they’re not just for breweries. Other South Florida cities, such as Fort Lauderdale and North Miami, have awarded grant money to breweries.

Copperpoint‘s owner and head brewer, Matt Cox, says brewery and city officials sat through several roundtable meetings to create the district — which the city never really advertised.

Encompassing breweries in a special district and all within a relatively walkable distance from one other increases visibility from a tourist standpoint, Cox says. Visibility, and getting to the district without driving, is made even easier with a Tri-Rail station nearby. The existence of a brewery district could also be an ideal place for beer crawls. Cox calls it a “win” for everyone.

“You could drive down the road and not know we’re even here,” Cox says. “It kind of works well in numbers and creates a destination-type thing.”

 

Source: Miami New Times

fort lauderdale

Fort Lauderdale is booming with development.

It’s become a city of choice for savvy investors, both commercial and residential. Once known as the mecca for spring break and teenage beach movies — think Where The Boys Are with Connie Frances and Girl Happystarring Elvis Presley — Fort Lauderdale has grown up.

Historically, Fort Lauderdale had always been a secondary market to Miami. Then when prices kept rising in Miami, developers started looking for cheaper dirt and came here. We have a relaxed coastal environment, beautiful beachfront and a strong commerce center with 7.5 million of class A office space in our downtown, notes Jenni Morejon, Executive director, Fort Lauderdale Downtown Development Authority (DDA)

We have significant luxury development both in residential and hospitality underway. The residential component has a high-level of amenities, service and finishes in beautiful ocean front locations. On the hospitality side, the Four Seasons is building a beautiful property and there was a $150 million renovation at the W Fort Lauderdale, Morejon adds.

To satisfy the increasing residential base, Morejon points to over 1,000 restaurant seats coming on line over the next several months on Las Olas, Fort Lauderdale’s dining, shopping and entertainment destination for tourists and residents alike.  Las Olos (Spanish for waves) Boulevard is our crown jewel connecting the beach and downtown core.

The privately-owned Brightline, an electric high-speed train, inaugurated service between Fort Lauderdale and West Palm Beach in January. Morjon sees this as another game changer for Fort Lauderdale when the Brightline extends from Miami to West Palm Beach with a stop in Ft. Lauderdale.

Finding cheaper dirt in Fort Lauderdale is The Related Group, a major South Florida developer. The Related Group has developed luxury condominiums since 1979. Today the company is betting on Fort Lauderdale’s rapidly growing luxury branded residential condominium market.

The Related Group is developing  the two-tower Auberge Beach Residences & Spa, a luxury branded beachfront condominium part of the Auberge Resort Collection. Fronting the Atlantic, amenities include signature Auberge dining, World-Class Spa by Auberge, private elevators, wine room, cigar lounge and Fitness Center with views of the Atlantic. Currently Auberge’s North Tower is 90% sold and 75% of the South Tower sold. According to The Related Group, Auberge Beach Residences & Spa set a Fort Lauderdale’s sales record in 2017 for the highest condo sale at $9.5 million. Prices range from $1.5 million to $9.9 million.

This is a signature property and there is nothing like it right on the ocean sitting on five contiguous acres. Our sales show demand is there for the project and product. We didn’t know what to expect and went with a smaller tower first,  explains Patrick Campbell, Vice president at The Related Group.

The oceanfront W Residences Fort Lauderdale are also selling briskly. The 171 residences with prices starting in the $900,000’s is proving to be the right product for the market. With over 100 units sold to date, buyers are excited. Residents at the W will have access to all W Fort Lauderdale hotel amenities with resident signing privileges for convenience. In addition, they receive dining, room and spa discounts at W Fort Lauderdale. Owners also have the option to place their home in the W’s rental pool.

Who is buying in Fort Lauderdale? The Fort Lauderdale buyer is very different than Miami. About 75% of our buyers either have a tie to the area versus Miami where many buyers are investors or from South America, Campbell observes.  Eric Johnston of New Jersey chose the W Residences Fort Lauderdale for his fourth home, buying a two-bedroom two-bath unit in December. Miami did not have what I wanted. The location to the airport, the weather and the W product is what attracted me. I actually would have bought a larger unit if they had one.

Craig Studnicky, principal of International Sales Group, (ISG) has over 25 years of experience in the South Florida residential market. Fort Lauderdale has always been compared to Miami Beach, but now its value in terms of price per square foot is at an all-time high. From 1990 to 2010, the annual difference in price per square footage between these two destinations was roughly 25 percent. In May 2016, this difference jumped to 261 percent due to the slew of new inventory. This means that a buyer can get the same ocean views, amenities, finishes and services in Fort Lauderdale but at almost half the price.

Fort Lauderdale’s retail market is thriving with over 2.6 million square feet of commercial real estate either completed, under construction or approved since 2012.

According to Colliers International Fort Lauderdale Market Pulse Q1 2018|OverviewFort Lauderdale jumped to 6th place in the Top Ten U.S. Markets To Watch. This is the first time Fort Lauderdale even made into the Top Ten. Retail rents in downtown Fort Lauderdale have a 5-year growth prediction of 48% compared to 42% in Miami-Dade. Since 2013, Fort Lauderdale’s downtown retail rents have increased 51% to $35.75 per square foot compared to a 14% increase throughout Broward County (Fort Lauderdale is in Broward County.)

As a vacation destination and national cruise hub, total visitors through Fort Lauderdale-Hollywood International Airport rose from 11.3% in 2016 to 32.5 million in 2017. In addition, JetBlue, Southwest and Emirates have launched new routes within the past year to and from Fort Lauderdale expanding the potential visitor market and as an added boost to area residents for business and leisure travel.

William Hardin, PhD, Professor of Finance and Real Estate and Director of the Hollo School of Real Estate at Florida International University in Miami explains market dynamics.  Fort Lauderdale offers relative value compared to Miami. There is good luxury product there now that appeals to the buyer wanting a different pace than Miami.

 

Source: Forbes

Tom Robertson & MIchael Rauch

Tom Robertson & MIchael Rauch

Tom Robertson and Michael Rauch, Senior Managing Partners with CRE Florida Partners, negotiated the sale of two industrial properties for a total of $2.6 million.

Robertson and Rauch represented the seller, 1311 NW 65th Place LLC, in the sale of an industrial property located at 1311-1309 NW 65th Place in Ft. Lauderdale. Built in 1982 on 1.01 acres, JMG 1994 LLC purchased the ±20,146-square-foot building for $2,000,000, or $100.00 per square foot. The building features heavy power and an AC warehouse with 4 dock high loading doors.

1101 S. Dixie Highway, Pompano Beach

1101 S. Dixie Highway, Pompano Beach

In a separate transaction, Michael Rauch represented the buyer and seller in the sale of an industrial property located at 1101 S. Dixie Highway in Pompano Beach. The buyer, Noebell Holdings, LLC, a fresh seafood distribution company, purchased the ±6,406 square-foot building for $600,000, or $93.66 per square foot, and has occupied the facility. The seller owned the property for over 10 years as an investment.

“Industrial distribution facilities are becoming harder to source and match our buyer’s needs to find available user/owner or investment industrial properties due to a shrinking inventory in South Florida’s market,” Robertson commented.

CRE Florida Partners is currently working with several buyers looking for 20,000 – 40,000 SF industrial buildings in Broward and Palm Beach County.