Wednesday, 6 July 2016

HD – Tampa Bay Morning






Tampa Bay Morning, photo by Jarine Dotson. Jarine caught the shot one summer morning off Safety Harbor Pier Park recently with her Samsung Galaxy phone.


Sportsman HD Gallery



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TA Realty sells West Palm office complex for $15M

Northpoint Corporate Center

Northpoint Corporate Center


Just one day after TA Realty's eighth anniversary of owning West Palm Beach's Northpoint Corporate Center, the investment advisor has sold its property to a Rhode Island company for $15 million.


Listing agents Douglas Mandel and Todd Everett of Marcus & Millichap announced the deal Wednesday. TA, which has its headquarters in Boston, sold the Class A office building at 701 Northpoint Parkway and a separate outparcel to Douglas Pike Associates.


Together, the two office buildings measure roughly 100,903 square feet and were built in 1988 by the Stiles Corporation. County records show TA purchased the two through an affiliate for $16.45 million, or about $163 per square foot, in 2008.


The company has now sold both for roughly $149 per square foot, marking an 8.5 percent decrease in price.


Notable tenants include CBS, BellSouth, BlueCross BlueShield, ADP Inc., Traveler's Insurance and First American Title.


Douglas Pike is a commercial real estate firm headed by Axel Stepan, a Boston University graduate and veteran investor.


Marcus & Millichap agents Mandel and Everett also represented Stepan's firm for the deal.


“The West Palm Beach market is undergoing explosive developmental growth with many new mega-scale projects in the works, forecasting continued strong demand for real estate within the county well into the future,” Mandel said in the announcement. - Sean Stewart-Muniz


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Tuesday, 5 July 2016

The Wrap: Stalled Krystal Tower project in downtown Miami revived with new name, Trump Institute had Florida partners with record of fraud…and more

Miami

Rendering of the Miami StationTower (via the Next Miami)


1. Stalled Krystal Tower project in downtown Miami revived with new name [The Next Miami]

2. Trump Institute had Florida partners with record of fraud [SFBJ]

3. Bank to open its first South Florida branch [SFBJ]

4. Jumbo mortgages play larger role at U.S. banks [Wall Street Journal]

5. Judge nixes motion to erase pleadings in Palm Beach dispute [Daily Business Review]


- Sean Stewart-Muniz


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Canadian billionaire sells waterfront Boca mansion for $12M

850 Lake Drive in Boca Raton

850 Lake Drive in Boca Raton


Billionaire Alex Schnaider sold his waterfront Boca Raton mansion for $11.5 million to a publishing executive, records show.


Mason Slaine, chairman of FT Media Holdings, bought the five-bedroom home at 850 Lake Drive in Boca Raton. FT Media, which stands for Furniture Today, was acquired by Sandow Media in 2010.


Slaine's new mansion spans nearly 11,000 square feet on the Intracoastal. It includes a pool, terrace, elevator, summer kitchen and 120 feet of waterfront with multi-yacht dockage. Mark Timothy built the two-story house in 2003, according to the listing.


Property records show Schnaider paid $9.5 million in 2013. The Russian-born Canadian billionaire is a former commodities trader and entrepreneur. He co-founded Midland Group, a company that has a large stake in Ukraine's fourth-largest steel mill. Forbes pegs his wealth at $1.6 billion.


Joseph Liguori of Premier Estate Properties was the listing agent, while Juliana Testoni of Coral Shores Realty represented the buyer, according to Redfin.


Just last week, a former Canadian hockey pro sold his waterfront home just south of Slaine's new mansion for $15 million.


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Mixed-use retail hotel project for “1212 Lincoln Road” gets design review approval

new rendering 1212 lincoln

New rendering of 1212 Lincoln Road in Miami Beach


The Miami Beach Design Review Board on Tuesday approved nine variances and granted approval for a new five-story mixed-use project that will bring a hotel, luxury retail, and a large indoor food court with a second floor balcony stretching along most of the 1600 block of Alton Road.   


The board approved plans by ARRP Miami LLC, 1212 Lincoln, LLC and Wells Fargo Bank, to move forward with the first phase of a three-phase construction project that is expected to transform the low-rise block of aging structures anchored by a branch of Wells Fargo bank into a hotel, retail and dining destination adjacent to Lincoln Road.  


The project is the latest from a subsidiary of Crescent Heights, headed by developer Russell Galbut who plans to build two other major mixed-use projects along Alton Road: The Wave, a mixed-use four-building project that is projected to have 321 apartments and 50,000 square-feet of retail space located between Fifth and Seventh streets; and a new 50,000 square-foot project at 1901 Alton Road that will include a new 40,000 square-foot Whole Foods Market.  


On Tuesday, Marisa Galbut, retail manager for Crescent Heights, submitted new design plans to the board, saying the company had acquired the southernmost parcel of the 1600 block of Alton Road now occupied by a mini-mall, anchored by a Dunkin' Donuts.    


Galbut says the acquisition of the southern parcel will allow for “a much better project,” than previous plans submitted in 2014, and she said the first phase of the project will be to build a large food court and parking area designed by international design firm AvroKo. The area will be enclosed but will have a wide balcony that Galbut says will function as a “common space” where people can meet and gather overlooking Alton Road. The project calls for 447 parking spaces and Galbut told the board that the acquisition of the southern parcel of the block would considerably ease accessing and exiting parking areas.  


new second rendering 1212 lincoln

Rendering of 1212 Lincoln Road


The second phase of construction will involve the construction of an approximately 100-key luxury hotel that will take up the corner of Alton and Lincoln Roads. Altogether, the project calls for 44,938 square feet of hotel space and 92,725 square feet of retail space. Perkins + Will is designing the project and is seeking to create “an innovative old-world inspired 'mercado design,” for the entire block.


Galbut said the project is designed to provide a “leap from Lincoln Road to the other side of the street, which has not been made.” She told The Real Deal the concept was to expand the pedestrian experience from Lincoln Road all the way down to 16th Street, along Alton Road.


“We love the fact that we are continuing Lincoln Road onto Alton, and the addition of our common balcony space along Alton Road, along the entire project line on the 2nd floor is a real benefit for the community,” she said.  


Galbut said ideally the three-phase construction process could become a two-phase project, but that depends on negotiations with current tenants on the block, some of whom have said they have no desire to move anytime soon. “We want to do it speedily,” said Galbut, echoing her father's comments to the board, who noted the project is being built on “extremely expensive land.”  


While board members approved design plans for the project they said they wanted to hear more from the Galbuts about a proposed, so-called visual wall, or “super-graphic,” that will be displayed along the southern wall of the project, which will display messaging but not advertising. The board members noted while the entire project was “greatly improved” from a previous submission, they would hold further discussions about the “super-graphic” at their meeting in September.   


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Monday, 4 July 2016

The Wrap: Five families tied to Palm Beach on Forbes' billion-dollar clans list, Kevin James' $29 million Delray Beach home under contract…and more

Miami

Aerial view of Palm Beach


1. Five families tied to Palm Beach on Forbes' billion-dollar clans list [Palm Beach Daily News]

2. Kevin James' $29 million Delray Beach home under contract [GossipExtra]

3. Brexit will hurt Latin America [Miami Herald]

4. Scoring a mortgage in Miami-Dade still iffy for some [Miami Today]


- Sean Stewart-Muniz


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