NEW YORK – Oct. 31, 2008 – Plunging real-estate values have made it an opportune time for older homeowners to give property to their children, while realizing big savings on gift and estate taxes.
For the full story: http://www.floridarealtors.org/NewsAndEvents/n4-103108.cfm
The Associated Press, Mike Spector (The Wall Street Journal).
Friday, October 31, 2008
Saturday, October 25, 2008
Florida’s existing home, condo sales increase in September 2008
Source: © 2008 FLORIDA ASSOCIATION OF REALTORS
http://www.floridarealtors.org/NewsAndEvents/n1-102408.cfm
ORLANDO, Fla., Oct. 24, 2008 – For the first time in almost three years, Florida’s existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR).
For entire article: http://www.floridarealtors.org/NewsAndEvents/n1-102408.cfm
http://www.floridarealtors
ORLANDO, Fla., Oct. 24, 2008 – For the first time in almost three years, Florida’s existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR).
For entire article: http://www.floridarealtors
Wednesday, October 22, 2008
Downtown Movie Theater - no.. really this time.
The brand new, state of the art, (but vacant) downtown movie theater may finally be getting a tenant. The city is working on an incentive package with RP Realty Partners to complete interior build-out of the theater space (located in The Plaza complex on Orange Ave).
It is estimated to cost $6M to build-out the theater in what is described as an "Upscale Cinema Pub" style, featuring first run movies with terraced table seating and food and wine table service. The focus of the theater is to draw in a more mature audience than traditional movie theaters which typically draw in a primarily teen-age crowd.
The $6M incentive loan would not be coming from tax dollars, but from the CRA fund (Downtown Community Redevelopment Agency) that can only be spent on projects within the downtown core (such as the previously discussed Paramore project). A tax assessment will be levied on The Plaza parking garage and retail space that will be used to payback the loan (with interest) over 15 years.
It is estimated to cost $6M to build-out the theater in what is described as an "Upscale Cinema Pub" style, featuring first run movies with terraced table seating and food and wine table service. The focus of the theater is to draw in a more mature audience than traditional movie theaters which typically draw in a primarily teen-age crowd.
The $6M incentive loan would not be coming from tax dollars, but from the CRA fund (Downtown Community Redevelopment Agency) that can only be spent on projects within the downtown core (such as the previously discussed Paramore project). A tax assessment will be levied on The Plaza parking garage and retail space that will be used to payback the loan (with interest) over 15 years.
Saturday, October 18, 2008
Downtown News - Development Activity
Despite the current economic situation, there's still lots going on in downtown to tell you about. To start, there's the "Renaissance at Carver Square" project planned for the Paramore area to be located at the corner of Church and Paramore Ave. The project will receive $17M in incentives (about a third of its $50M price tag) from the city's CRA (Community Redevelopment Agency) in an effort to rejuvenate the Paramore area. The area is currently buzzing with construction activity for the new Arena and surrounding infrastructure planning.
The Renaissance building will be located next to Paramore Heritage Square Park and will feature a 230 seat theater and recording studio that is meant to bring back the old historic Carver Theater. The 11 story building will include 4 floors of office condos, retail space for shops and restaurants, and 17 residential condos. The building will also contain a 302 space parking garage that can be used for parking during Magic Games and is being paid for as part of the city's incentive package in which the city will collect parking fees on evenings and weekends to gradually recover the investment.
Ground breaking is planned for next year with completion set for mid-2010 (that will coincide with the completion the Arena).
The controversy of Lake Eola Capital's plans to build a mid-rise office tower on their current property next to Lake Eola Park continues. Their plans to demolish and replace their current offices (renovated older homes that sit on land just next to the playground on E. Washington) though not designated historic properties, have met with much community resistance.
Since then, Lake Eola Capital has backed off on their plans but are now in formal negotiations with the city for a possible land-swap. The swap would involve the city taking ownership of their current properties (1.5 acres) and in return grant Lake Eola Capital land currently owned by the city (basically located in the backyard of the current property) that would front the corner of Central Blvd and Eola Drive.
A public hearing to change the zoning of the proposed new location to Office High Intensity (it is currently zoned as Public, Recreational & Institutional, and Residential High Intensity) along with an amendment to allow development of an office tower up to 200ft (16 stories) will be held on Tuesday, Oct 21.
The Renaissance building will be located next to Paramore Heritage Square Park and will feature a 230 seat theater and recording studio that is meant to bring back the old historic Carver Theater. The 11 story building will include 4 floors of office condos, retail space for shops and restaurants, and 17 residential condos. The building will also contain a 302 space parking garage that can be used for parking during Magic Games and is being paid for as part of the city's incentive package in which the city will collect parking fees on evenings and weekends to gradually recover the investment.
Ground breaking is planned for next year with completion set for mid-2010 (that will coincide with the completion the Arena).
The controversy of Lake Eola Capital's plans to build a mid-rise office tower on their current property next to Lake Eola Park continues. Their plans to demolish and replace their current offices (renovated older homes that sit on land just next to the playground on E. Washington) though not designated historic properties, have met with much community resistance.
Since then, Lake Eola Capital has backed off on their plans but are now in formal negotiations with the city for a possible land-swap. The swap would involve the city taking ownership of their current properties (1.5 acres) and in return grant Lake Eola Capital land currently owned by the city (basically located in the backyard of the current property) that would front the corner of Central Blvd and Eola Drive.
A public hearing to change the zoning of the proposed new location to Office High Intensity (it is currently zoned as Public, Recreational & Institutional, and Residential High Intensity) along with an amendment to allow development of an office tower up to 200ft (16 stories) will be held on Tuesday, Oct 21.
Thursday, October 9, 2008
Dynatech's new high rise faces challenges in downtown Orlando
Source: Jerry W. Jackson Sentinel Staff Writer
http://www.orlandosentinel.com/business/orl-dynetech0708oct07,0,2420255.story
Dynetech Centre, downtown Orlando's newest high-rise, has retail on the lower floors and 164 luxury apartment units on the upper floors. But so far, there's no Dynetech Corp. sign to be seen atop the $80 million tower.
The Orlando-based company, which acquired the naming rights to the building back during the real-estate boom, hasn't exactly prospered since signing on as the anchor tenant. And the downtown apartment market isn't so hot these days, either.
http://www.orlandosentinel.com/business/orl-dynetech0708oct07,0,2420255.story
http://www.orlandosentinel.com/business/orl-dynetech0708oct07,0,2420255.story
Dynetech Centre, downtown Orlando's newest high-rise, has retail on the lower floors and 164 luxury apartment units on the upper floors. But so far, there's no Dynetech Corp. sign to be seen atop the $80 million tower.
The Orlando-based company, which acquired the naming rights to the building back during the real-estate boom, hasn't exactly prospered since signing on as the anchor tenant. And the downtown apartment market isn't so hot these days, either.
http://www.orlandosentinel.com/business/orl-dynetech0708oct07,0,2420255.story
Friday, October 3, 2008
Work to start on downtown apartment project
Source: Orlando Business Journal
http://orlando.bizjournals.com/orlando/stories/2008/09/29/daily22.html?surround=lfn&brthrs=1
Lane Florida LLC plans to start construction Oct. 1 on a high-rise apartment project, the first of three slated by the firm in downtown Orlando.
Plans for The Montage — a $50 million, 19-story luxury tower on Lake Avenue — include 183 rental units, 8,000 square feet of retail space and a 24-hour controlled-access fitness center and club room, according to a news release.
The developer plans to seek Leadership in Energy and Environmental Design (LEED) silver status from the U.S. Green Building Council, the release said.
Orlando-based Stillwater Technologies Inc. is the engineer, Houston-based EDI Architecture Inc. is the architect and Maitland-based Winter Park Construction is the general contractor. The project is expected to be completed in spring 2010.
The Montage is downtown’s only apartment high-rise slated to begin construction this year, the city of Orlando said in a statement announcing the groundbreaking ceremony.
Lane Florida, a subsidiary of Atlanta-based Lane Co., also is building Verano Apartment Homes in Osceola County near Walt Disney World.
The firm owns one and a half city blocks on Lake Avenue between Pine and Mariposa streets. The second and third towers are each planned with ground-floor retail space and would have a combined 366 apartments. Construction is expected to start in 2010.
All contents of this site © American City Business Journals Inc. All rights reserved.
http://orlando.bizjournals.com/orlando/stories/2008/09/29/daily22.html?surround=lfn&brthrs=1
Lane Florida LLC plans to start construction Oct. 1 on a high-rise apartment project, the first of three slated by the firm in downtown Orlando.
Plans for The Montage — a $50 million, 19-story luxury tower on Lake Avenue — include 183 rental units, 8,000 square feet of retail space and a 24-hour controlled-access fitness center and club room, according to a news release.
The developer plans to seek Leadership in Energy and Environmental Design (LEED) silver status from the U.S. Green Building Council, the release said.
Orlando-based Stillwater Technologies Inc. is the engineer, Houston-based EDI Architecture Inc. is the architect and Maitland-based Winter Park Construction is the general contractor. The project is expected to be completed in spring 2010.
The Montage is downtown’s only apartment high-rise slated to begin construction this year, the city of Orlando said in a statement announcing the groundbreaking ceremony.
Lane Florida, a subsidiary of Atlanta-based Lane Co., also is building Verano Apartment Homes in Osceola County near Walt Disney World.
The firm owns one and a half city blocks on Lake Avenue between Pine and Mariposa streets. The second and third towers are each planned with ground-floor retail space and would have a combined 366 apartments. Construction is expected to start in 2010.
All contents of this site © American City Business Journals Inc. All rights reserved.
Subscribe to:
Comments (Atom)