Rendering of the Moderne Boca townhouse development
1. Kolter building three-story townhomes in Boca Raton [Sun Sentinel]
2. The politics of Miami-Dade property taxes in two charts [Miami Herald]
3. High-profile developer backs medical marijuana operation [Daily Business Review]
4. Florida's former first lady offloads fancy Fort Lauderdale condo [GossipExtra]
- Sean Stewart-Muniz
Rendering of the redeveloped building at 4000 Collins Avenue
Nine months after a joint venture bought out the aging Continental on Collins condo-hotel in Miami Beach, the team's plans for the property have come to light.
Pebb Capital and Duncan Hillsley Capital, two investment firms based in Boca Raton, are converting the condo into a Hampton Inn hotel, complete with a full renovation and new retail space on the ground floor.
The Continental as it stood in July 2015
The two companies bought out the owners of all 102 condos and 18 commercial units at the building in October, totaling about $23.36 million, according to county records. Some of the units were transferred using a quit claim deed, so the full price is unknown.
Following the closing of those deals, Pebb and Duncan Hillsley set about completely gutting the building's interiors in advance of their long-term plan: transforming the five-story building into a 90-key Hampton Inn hotel.
The companies also hired Robin Weiner and Jonathan Carter of the Comras Company to handle leasing for the building's ground-floor commercial space totaling about 1,753 square feet.
Weiner told The Real Deal that the goal is to find “the right operator as an amenity for the Hampton brand.” That means a coffee or fast-casual restaurant, Weiner said. She's already in advanced negotiations with several possible tenants.
Renderings for the project show the Continental's aging brown facade would get a major overhaul with a segmented design helping break up the empty space between the hotel room windows. There's also the possibility of leasing out 1,611 square feet of rooftop retail space, though Weiner said that “greatly depends on the operator.”
She said the project is shooting for an opening in the first quarter of 2017.
Pebb Capital was founded by the Rosenberg family, and the firm is closely related to the Pebb Enterprises real estate company that's an active member of South Florida's commercial real estate community. Pebb Enterprises was struck with tragedy last year when executives from the firm were killed in an Ohio plane crash while scouting properties to purchase.
Duncan Hillsley, the company's partner for this project, is a self-described opportunistic real estate investment firm that has its offices in the same building where both Pebb branches are located. One of the firm's most notable deals included buying out the Vizcayne condo development in downtown Miami along with Rockwood Capital and Fortune Capital Management Services.
More recently, Pebb and Duncan Hillsley partnered to purchase the Downtown Dadeland retail center.
Fly fishing for summer tarpon from a unique perspective.
Story by Mike Cosentino, Photos by Cavin Brothers
Originally Published June 2011.
Are there any Gulf Coast fly fishers out there who want to enjoy some Keys-style sight fishing for tarpon without leaving home? It's easier than you think. Just grab your step-ladder and head for the shoal outside your nearest pass.
While I'd seen tarpon on the clear shallow flats of our pass shoals for years, I'd never taken the time to figure out how to target them, opting to fish the schools migrating down the coast. Several years ago, however, I decided it was time to pay my dues and to figure out how to target these shallow water fish.
I began my search by pushpoling the shoals. And while I could find the fish, their cruising speed proved too fast for interception. I spent considerable time watching their routes as they traversed the shallows. And whether a bar point, trough or dropoff, I found several places at which a good percentage of the fish seemed to swim within casting range.
My next move was to anchor on these spots and wait for the fish to come to me. And while they did, in all but the calmest conditions the hull slap of my flats skiff kept them just outside of fly-casting range. Amidst my mounting frustration I remembered seeing some fly fishermen sight fishing for mangrove-cruising snook from step-ladders in Charlotte Harbor many years back. Ah-ha!
The next day I was back, with ladder. My sun break under the Bimini was interrupted by a wild holler from my friend Zeke. He had a 100-plus pound tarpon tail-walking away from him.
From Captiva Pass to Anna Maria Island, there are shoals outside the passes built up by the ebb tide sedimentation and by the blockage of the southerly drift of eroded coastal sand. While the tarpon migrate up and down the coast, they also move into and out of our bays. And though some use the channels, many use the shoals as their crossing route to and from the bays. The shoals are where we're headed.
The best way to ensure consistent action is to spend some time looking for those spots which seem to funnel the tarpon into casting range. Surveying a shoal at extreme low tide is helpful for locating prospective spots such as bar points, dropoffs and finger channels, all of which, at times, seem to concentrate the fish. It's worthy of mention that each summer the shoals, and my spots, change considerably. Even so, the tarpon will be found near the same type of topography as in years past, so it pays to note the conditions prevalent where you locate the fish.
Here's how I set up. I open my ladder on the forward deck of my skiff and stand it up into the water, the depth of which is about four feet. I then anchor the boat a couple casts away, hopefully such that it will push approaching fish toward, not away, from me. I use a garden center collapsible lawn and leaf bag as a stripping basket, into which I put my rod, Crocs (easy on the feet), and dry tote bag filled with camera, phone, snacks and other needs. I then wade to my ladder, secure my things, and start looking. I tie the basket to my waist; the fish may approach from any direction and you have to be able to turn and cast. I use an aluminum Werner 10-foot ladder that has a platform at 8 feet. This is quite stable and comfortable and the platform makes it easy to turn and cast when necessary.
Surely 100-foot casts are nice, but the most important thing is to lead the fish by a good 15 feet or so. They have tremendous eyesight, and they're really spooky in the shallows, so landing closer than that usually sends them quickly away. You must also compensate for current, which can be quite strong at times. Note that when fish are moving at you with the current, even a 2-foot strip is only going to move the fly six inches or so. As the fly lands you must strip as fast as you can to impart any action at all to the fly.
Do what you're comfortable with, but I use only a floating line, regardless of conditions. Inevitably they sometimes zig when I guessed zag. I can pick up and recast the floating line immediately and feel this benefit outweighs any other considerations.
For fish over 60 pounds or so, which is almost all of them, I'm headed for the boat once they're on the reel. Not that you couldn't land a big one from the ladder; I'm just hesitant to chance that tarpon- shark meeting happening at my feet.
I've found it to be both helpful and fun to buddy-up for this game. Not only can you help each other spot fish, it's nice to have someone bring the boat to you amidst the post hookup chaos. Just place your ladders apart such that you can almost cast to a midpoint between them.
It's very hard to spot the tarpon before about 10 a.m. due to the angle of the sun. Similarly, they're hard to spot after 4 p.m. Most days, 10 a.m. until noon is best because the sun is up and the clouds are not. Midday can be great-just be patient and fish during the breaks in the clouds. And avoid those afternoon thunderstorms, obviously!
My favorite tide is none. The tarpon seem to roam more during the slack water and I don't have to fight the current to work the fly. Around the new and full moons, I like the last of the incoming till the ebb gets moving; this usually occurs during midday. Like other fishing, though, the best time to go is when you can.
One of the most significant benefits of the ladder is the comfort it provides. I watch the guys around me being tossed about their skiffs as the sea breeze gets kicking and know they're miserable because it used to be me. I just kind of smile as I wonder why they make it so hard on themselves and their clients. Plus, I've caught many fish from the comfort and stability of my ladder long after the sea breeze swept waves have chased the others away.
While it's simple to strap a ladder or two to the poling platform of a skiff, a nice alternative is a pontoon boat. Not only do they have plenty of room for equipment, it makes for a shady and comfy place to take a break-not to mention the added benefit that other fishermen would likely never suspect you were fly fishing for tarpon!
Speaking of other fishermen, there are plenty of fish and there is plenty of room. So relax, people. Be nice. You'll have more fun. And don't worry about the Jet Ski that just ran over those fish. More will come by soon. And unlike other areas, these fish don't seem as bothered by the traffic. Okay, yes, the guys in the tower boats chasing them around the shoal are spooking them, but the frustration of never hooking one helps them leave on their own. No need to tell them how silly they are.
Finally, a thought or two about fly selection. I now believe choice of fly truly doesn't matter. If they're eating, they'll eat it. If they're not, they won't. So use one you believe in and stick with it. When I tie a fly on it stays on until it catches a fish or gets broken off by one. That said, I tie mostly Deceiver-type patterns of any color with bucktail and feathers on 3/0 Tiemco 600SP hooks. I snell them to 60-pound mono bite tippet early in the season when the water is clear. As the summer rains darken the water I go up to 80-pound. I test-swim the snelled flies-they must swim perfectly or I retie them.
The vast majority of the fish you see won't eat. It doesn't mean you or your fly is wrong. Be patient and keep trying. When you do get one it will be the most memorable fish of your life. Good luck and have fun!
FS
Florida Sportsman Project Dreamboat
Sea Hunt Flip, Tricked Out “Silver Bullet”
Fox Sports Sun – 7/15 – 1:30 p.m. | 7/16– 11:30 a.m. | 7/19 – 3:30 p.m.
The team at MCU works to make the dreams of 25 Hydra-Sports owner, Rick Weinstein, become reality; FS Boating Editor Dave East meets up with Michael and Angelo Truglio, to discuss the build of their custom Silver King, built for flats and backcountry fishing; and, the paint crew runs into some unexpected problems with Brian's Sea Hunt quick flip.
Reel Time Florida Sportsman
Fox Sports Sun – 7/15 – 8:30 a.m. | 7/17 – 8:30 p.m. | 7/19 – 6:00 a.m.
Capt. George Gozdz fishes the famous mullet run on Florida's treasure coast.
From the New York site: After a wait of 417 calendar days, or 286 trading days, the S&P 500 finally set a new record high on light volume. Bonds have soared, and yields have dropped to ludicrous lows. The 10-year Treasury yield hit an all-time low on Friday of 1.366 percent. Globally, nearly $13 trillion, or 29 percent of total bonds outstanding, are trading with a negative yield. So those asset bubbles remain intact.
Commercial real estate has been soaring since March 2009, and that bubble remains intact, though some markets are already causing fear and trembling due to office-space gluts that are now coinciding with withering demand, such as in Houston and in San Francisco. Home prices too have been soaring for years, though in some major cities, the tide has turned.
Rents have been rising in parallel. It's in real estate where an asset bubble becomes a real-life issue for people who don't even own any assets – they're paying the price for the bubble.
Other asset bubbles abound. Central banks have accomplished a lot. Blowing so many bubbles to such an extent for so long has been an astounding feat. In total, central banks created $24.6 trillion, according to BofA Merrill Lynch estimates. When they bought financial assets with that new moolah, they put $24.6 trillion of cash into the hands of investors and speculators concentrated in the major financial centers of the world.
Yet the global economy remains languid. Demand is sluggish. Job growth in the US can barely keep up with population growth. And a good part of American consumers – those on fixed incomes and savers – have seen their incomes transferred to others. So they've gutted their consumption.
But economic reality doesn't matter to stocks and bonds. No one has to live in them. Economic reality matters to housing, however: the market needs to have enough people who can afford to pay the mortgage or rent. So the housing bubble is subject to another force: the reality of incomes. And those incomes have been a dreary sight for the past 16 years.
The median annual household income in May, not adjusted for inflation, fell 0.7 percent to $56,853, the second month in a row of declines, but was still up 2.9% from a year ago, according to Sentier Research, which uses Census data as base for its monthly updates. Adjusted for inflation, “real income” fell 0.9 percent for the month and rose 1.8 percent year over year, but remains 1.5 percent below where it had been in January 2000.
This chart by Doug Short at Advisor Perspectives shows the changes in nominal (red) vs. real (blue) median household incomes from January 2000. Note the sudden downturn:
In the press release, Sentier Research's Gordon Green put the current decline in income this way:
“A cause of concern is what happens to inflation, which showed an uptick of 0.2 percent between April and May, driven by rising fuel prices. We are now at a point where the May 2016 median is 0.3 percent lower than the median of $57,024 in December 2007, the beginning month of the recession that occurred more than eight years ago, and 1.5 percent lower than the median of $57,701 in January 2000, the beginning of this statistical series.”
Kudos, central banks!
But there is a fly in the ointment: when incomes stagnate as housing costs soar, and as people can't pay those soaring rents, something has to give. And that's already happening in some cities, such as San Francisco. But mostly, rents are still soaring, though maybe not quite enough….
Year-over-year rent inflation in June, nationwide, was down to 3.5 percent from over 5.2 percent in June last year, laments Axiometrics, an apartment data services provider. During the glory days of 2014 and 2015, rent inflation ran over 5 percent. “But the sky isn't falling,” it said. “The extremely high levels of 2014 and most of 2015 were not sustainable.”
Year-to-date in June, rent inflation amounted to 3.8 percent, below the post-recession June average of 4.0 percent, and down from 4.5 percent over the same period in 2014 and 4.7 percent in 2015.
This chart shows the 17 metros among the Axio Top 50 metros (based on number of apartment units) with the highest annual effective rent inflation. Note how rent inflation declined for 13 of those metros from the obscene levels in June 2015 (black bars) to the slightly less obscene levels of June 2016 (red bars). And Portland? Oops…
Sacramento, CA, leads the pack with 10.9 percent year-over-year rent inflation in June. But Oakland, “which spent more than a year at No. 1 in 2014 and 2015,” well, it “fell off the table.” In San Francisco, soaring rents led to the “Housing Crisis,” but a phenomenal construction boom has led to a condo and apartment glut. Rents are now stagnating, with a year-over-year increase in June of 0.5 percent. And it's off the table. Another Bay Area hot spot, San Jose saw rent inflation drop to 1.0 percent, its “lowest rent growth since April 2010.”
According to Axiometrics, “all three Bay Area metros” – Oakland, San Francisco, and San Jose – “were among the five largest decreases.” Mercifully, Houston is not on the list either. Rents actually fell 2.1 percent in June from a year ago, as the oil bust drags on while apartment “oversupply is still an issue.”
Booming rents and cheap money over the years triggered and then nurtured a construction boom nationwide. But incomes have stagnated. And that reality is beginning to raise its ugly head.
Just when there's a condo glut building up in the teetering housing markets of San Francisco, Manhattan, and Miami, with sales and prices already dropping, and with everyone in the industry praying for foreign investors to bail out those markets, these foreign investors are suddenly pulling back – for the first time since the Financial Crisis.
Macaque monkeys, also known as “snow monkeys”
A circuit judge ruled that Hendry County acted legally in approving two monkey farms without posting a public notice of its intent, or holding a public meeting, in advance.
Operators of the two farms house and raise thousands of macaque monkeys, or “snow monkeys,” and neighbors of one of the farms along the Hendry-Lee County order sued Hendry County.
The suit alleged the county's failure to provide public notice or to hold a public hearing about the monkey farms in advance of their approval violated Florida's Sunshine Law.
But Circuit Judge James Sloan ruled the county did not violate the state law.
Hendry County successfully argued in court that the land for the monkey farms is zoned for agricultural use, so staff approval was sufficient, and the county had no obligation to hold a public hearing on the monkey farms or to issue a public notice about them.
The county in south-central Florida also contended that any species is permissible at the agriculturally zoned locations of the monkey farms.
Attorneys with the nonprofit Animal Legal Defense Fund represented the three plaintiffs in the suit against Hendry County.
One of the plaintiffs' attorneys, Chris Berry, told the Naples Daily News that “for many reasons, these large biomedical facilities are very controversial … It's extremely troubling that Hendry County didn't think its residents were entitled to a voice.” [Naples Daily News] - Mike Seemuth
Macaque monkeys, also known as “snow monkeys”
A circuit judge ruled that Hendry County acted legally in approving two monkey farms without posting a public notice of its intent, or holding a public meeting, in advance.
Operators of the two farms house and raise thousands of macaque moneys, or “snow monkeys,” and neighbors of one of the farms along the Hendry-Lee County order sued Hendry County.
The suit alleged the county's failure to provide public notice or to hold a public hearing about the monkey farms in advance of their approval violated Florida's Sunshine Law.
But Circuit Judge James Sloan ruled the county did not violate the state law.
Hendry County successfully argued in court that the land for the monkey farms is zoned for agricultural use, so staff approval was sufficient, and the county had no obligation to hold a public hearing on the monkey farms or to issue a public notice about them.
The county in south-central Florida also contended that any species is permissible at the agriculturally zoned locations of the monkey farms.
Attorneys with the nonprofit Animal Legal Defense Fund represented the three plaintiffs in the suit against Hendry County.
One of the plaintiffs' attorneys, Chris Berry, told the Naples Daily News that “for many reasons, these large biomedical facilities are very controversial … It's extremely troubling that Hendry County didn't think its residents were entitled to a voice.” [Naples Daily News] - Mike Seemuth
