Local developer Society 8 acquired a warehouse property in Fort Lauderdale’s booming Flagler Village and plans to transform it into a food hall, microbrewery and live-work micro lofts.
The plans are an example of how the neighborhood just north of downtown is transforming into a place catering to the creative class and young professionals. This is one of the first projects proposed on the west side of the FEC railway tracks.
Flagler Property of Broward County, managed by Francis R. Margaglione, sold the 18,982-square-foot building at 115 N.W. 6th Street (Sistrunk Boulevard) and the 20,891-square-foot building at 616 N.W. 2nd Avenue for $4.65 million to North West 6th Investments LLC, managed by Society 8 founder Steven Dapuzzo. The 2.3-acre site is up against the railroad tracks, about two blocks north of the coming Brightline passenger rail station.
The seller was represented by George Coloney of Related ISG International Realty. He has been seeking a buyer for that property for three years and he said this deal is a sign that the development boom in Flagler Village, which spreads from Federal Highway and then across Andrews Avenue, has reached the west side of the tracks.
“This is like a new frontier over there,” Coloney said. “That whole area will explode.”
Similar to how Greenwich, Connecticut serves as a suburb of Manhattan because of its easy access via train, the Brightline will make it easier for people to live in Fort Lauderdale and work in more urban Miami, Coloney said.
Drawing on New York for inspiration, Dapuzzo said the first phase of his plan would be modeled after the Chelsea Market, a trending Manhattan neighborhood. He plans to retrofit the warehouse building fronting Sistrunk Boulevard into a market featuring a food hall with multiple food stands and coffee, cooking classes, outdoor seating, a microbrewery, and space for community events.
Dapuzzo said he’s in talks with a local microbrewery and food vendors. The changes to the building would include rolling glass doors to replace the current openings and a cafe out front.
For the second phase of the project, Dapuzzo said he would demolish the rear warehouse and build about 100 units of live-work micro lofts in eight to 10 stories. The building would have large common areas that could be used for shared workspace, such as for artists and people in technology fields, he said.
“It’s a real lifestyle experience,” Dapuzzo said. “It encompasses the arts and food and beverage and a unique social setting.”
As a partner of All Aboard Florida’s Brightline, The Coloney Group got a sneak-peek at the progress of this passenger train that will connect downtown Miami–Downtown Fort Lauderdale–West Palm Beach in under 30 minutes from one city to the next!!! For more information about the Passenger Rail Station, visit: http://allaboardflorida.com/stations/fort-lauderdale.
For more information about what this exciting development means for Fort Lauderdale Real Estate, call me now 954-801-7320.
A company tied to Swedish developer Par Sanda — who spearheaded transformation of a group of mid-century mom and pop beachside motels into the “North Beach Village” — has sold three motel sites for $12.1 million, Broward County records show.
The former Martindale motel at 3016 Bayshore Drive had been earmarked for redevelopment along with two adjacent parcels. Sanda and his team had planned to reopen the sites as a 100-room resort called Flow.
The adjoining lots previously were occupied by the Sandy Shores and Seaside motels.
Property sales records show Fort Lauderdale-based Flow Hotel LLC as selling the three motel sites, totalling 25,865 square feet, to Bayshore Hotel LLC.
Florida business records list Bayshore Hotel’s manager as Pawel Plata, who is also associated with the nearby Shell motel at 3030 Bayshore Drive, which is closed for renovations. He also is connected with the Seville Hotel & Apartments a few blocks away.
Sanda’s investment company bought the Martindale and other two motels for $4.9 million in April 2013.
Christine Sposa, vice president of operations at North Beach Village Hotel Properties, the Sanda affiliate that oversees its hotel operations, said the decision to sell the Flow property to Plata made sense as he shares a “similar idea and vision,” for the neighborhood.
Plata had started renovating the adjacent Shell hotel when the Flow redevelopment began, and he was “intrigued” by Sanda’s plans, Sposa said.
Redevelopment of the triple-motel site began in late 2013 and the first phase of the new Flow hotel — 25 rooms — was initially expected to open in spring 2014. That didn’t happen and the project wasn’t completed.
Sposa said recent talks between Sanda and Plata about the site’s future eventually led to its sale.
“[Plata] loves the area and sees great things happening here,” said Sposa.
Plata could not be reached for comment Friday.
With the Flow project out of the pipeline, North Beach Village Hotel Properties is focusing on continued beautification and improvements at its existing properties, Sposa said.
By late March or early April, 16 new rooms will be added at the company’s Tranquilo hotel on Vistamar Street as part of a renovation of an adjacent property, she said.
The company also recently reopened its outdoor eatery Plaza Bistro during weekends.
Since 2010, Sanda’s investment companies have purchased more than 35 low-rise buildings and lots and spent about $80 million to create the European-style village between Fort Lauderdale beach and the Intracoastal Waterway west of the Hilton Fort Lauderdale Beach Resort and south of Bonnet House.
Renovations of several 1950s-era motels and inns in the area have taken place, by Sanda and other property owners.
Today, Sanda’s North Beach Village Resort collection of 16 boutique properties also include the Cocobelle Resort, Tara hotel, Aqua, Beach Gardens, Royal Palms and Tropirock and Solas hotels.
Last year, the company opened an art gallery in a building previously used for short term-residential rentals called Village Design as part of its desire to expand entertainment and dining options.
“It’s becoming a cool place for event space,” Sposa said.
Prior to that, the company opened its 15-room flagship North Beach Hotel at 551 Breakers Ave., which offers a mix of deluxe studios and one-bedroom units as well as two penthouses with full kitchens.
The hotel’s Village Café restaurant and bar has also become a popular neighborhood dining and entertainment spot, she said.
Demand for North Beach Hotel’s penthouse space, which features a multipurpose loft with its own balcony terrace and entertainment area, has been growing since its opening, Sposa said.
“Now things are really starting to take off,” she said. “Since we hired an event coordinator we’ve been doing site tours like crazy. This year is going to be a big boom for us [with events].”
Staff researcher Barbara Hijek contributed to this report.
“Sleek, modern, and 100% American made. This is Brightline. The express train service that’s coming to Florida in the form of a brightly colored fleet connected to a high-tech locomotive.
Designed with their guests and optimal efficiency in mind, their locomotive and passenger cars are being manufactured in California by Siemens USA, the global powerhouse of innovative train-builders. And a fuel-efficient Cummins diesel-electric engine built in the heart of Indiana will power the locomotive with 16 cylinders pumping up to 4400 horsepower for optimum reliability and consistency. The lightweight engine is designed to have lower emissions and reduced noise, plus positive pressure clean air management and energy efficient LED lighting throughout. It’s their smart locomotive that is powering your trip.
The ingenuity of their train service is obvious both inside and out. From the fun of trying to ride each of the bright orange, green, pink, blue and red colored cars, to simply enjoying your view out of their giant picture windows that are perfectly aligned with every seat.
Choose between two tiers of available seating options – Smart and Select – and enjoy free Wi-Fi, smartly placed power outlets, and custom built leather seats with plenty of room and multiple seating configurations! Within each tier, there will be a quiet car where you can work or relax, and a social car for when you’re traveling with family, friends or colleagues.
You can enjoy a cup of coffee or glass of wine delivered right to your seat or check out a new take on a train café car designed to meet your every need; stocked full of quality food and drink options, wine and local beers, a retail store, souvenirs and entertainment.”
The Wave Modern Streetcar is a 2.8-mile streetcar system that will serve as a local circulator in Downtown Fort Lauderdale. Once people get to Downtown, they will have a viable transportation option that will help them to transport “beyond the car” by using The Wave, to move around quickly and safely.
It is expected that, once completed, the Wave will encourage private investment to bring new housing, shops, restaurants and retail opportunities. It is also expected to connect Downtown’s many points of interest and link to the regional transit network.
The Wave is environmentally sound. The streetcar is powered by electricity, which when compared to gasoline, significantly reduces emissions and harmful air pollutants. It also provides a quiet ride, unlike the bus that operates on a noisy combustion engine. Additionally, the streetcar glides on steel wheels while the bus uses rubber tires that are not environmentally sound and are difficult to dispose of.
In early 2014, it was announced that the Wave Streetcar project was recommended for $50 million in Small Starts grant funding in the Fiscal Year 2015 United States Department of Transportation budget, providing additional funding required to design and construct the project. A consultant is being procured for the Final Design of the project which will be completed during 2014-2015. Technical specifications are being developed for the procurement of the streetcar vehicles with a goal of receiving delivery of the vehicles in 2017.
As international investors seek new opportunities within the U.S., real estate and additional developing markets continue to attract attention. At the Coloney Group, we work with investors from around the world and aim to find the best investment opportunities in Florida.
Recently, Miami-Dade has begun to explore the possibility of implementing additional verification requirements for international investors and partners. These new checkpoints could reveal investor information for international buyers, like full names, addresses, and country of origin. Law enforcement has said this is necessary to minimize money laundering and other kinds of crime. The Coloney Group recognizes that all cash transactions are necessary in real estate to expedite the process, so we are helping our clients invest in Ft. Lauderdale in addition to Miami.
Ft. Lauderdale presents several opportunities for the discerning investor and first time homebuyer alike. The rental market is extremely strong. Prices are as high as ever and inventory is extremely low, which makes a great scenario for landlords/investors. Fort Lauderdale has been consistently listed as 1 of the top favorable investor markets in the nation. It’s a remarkable time to invest and purchase properties here.
The Coloney Group can help you find the investment property or home of your dreams. We work with agents and professionals all over Florida, and can guide you through all of the processes necessary to obtain property. The Coloney Group also can share access to our exclusive listings.
If you are considering Florida as your next investment destination or as the location of your future home, be sure to reach out to our trusted, world class real estate gurus at The Coloney Group. We consider each client a partner and can pull from over three decades of experience in Florida to reach your goals. Give us a call today to discuss your needs
MIAMI—Miami is increasingly becoming a focus of attention for Chinese buyers and investors. Developers are traveling to China to market their condos and raising the city’s profile among wealthy Chinese.
GlobeSt.com caught up with Arnstein & Lehr partnerAnthony Kang to discuss ways to make Miami a more inviting place for Chinese buyers and gives tips on how to bridge the cultural gap. Kang, who is fluent in Mandarin Chinese, represents Chinese and Taiwanese entities and individuals from South Florida and abroad. He focuses on business transaction, commercial litigation and real estate.
GlobeSt.com: What does Miami need to work on in order to help attract Chinese buyers and investors to our city?
Kang: A direct flight from Asia would be a giant step forward. Having more organized trade groups and business associations intended to serve Chinese buyers and investors would also make a difference.
Meanwhile, we should work on many of the things that simply would make us a more attractive city for all newcomers and residents alike. Things such as raising and maintaining the standard of secondary schools and institutions of higher education, promoting industries and businesses beyond tourism, and providing strong and trustworthy professional services.
Moreover, just as foreign investors from Latin America may feel more comfortable working with real estate agents, lawyers, and developers who speak Spanish, many Chinese business people prefer to communicate in Mandarin Chinese. Therefore, having at team members and professionals who speak the language and understand their culture can create a competitive advantage.
LeClaire, Jennifer. ‘How Miami Can Attract More Chinese Investors’. GlobeSt.com 2015. Web. 5 Oct. 2015.
New foreclosure cases declined in August across Palm Beach and Broward counties, the result of more stringent lending standards and an improved housing market.
Broward had 203 new filings last month, down 74 percent from a year ago, according to RealtyTrac Inc., a foreclosure listing firm in Irvine, Calif. In Palm Beach County, there were 110 filings, a 54 percent drop from August 2014.
Daren Blomquist, a vice president of RealtyTrac, said foreclosures have been on a steady decline for months and have fallen below levels last seen a decade ago before the start of the housing meltdown.
“The loans that were originated over the last five years have been extremely risk-averse,” Blomquist said. “Very few of those homeowners are falling into foreclosure.”
Lenders repossessed 627 Broward homes in August, up 51 percent from a year ago, but the vast majority of those cases are left over from the housing downturn, Blomquist said. Repossessions in Palm Beach County declined 24 percent from a year earlier.
Florida had the nation’s fourth-highest foreclosure rate in August, at one in 596 homes in some stage of the process. Nevada, Maryland and New Jersey ranked ahead of Florida. It was the first time since June 2012 that the Sunshine State did not rank in the top three, RealtyTrac said.
Some lenders may be holding off filing foreclosures in Florida until the Florida Supreme Court rules on how the statute of limitations applies in some older cases, but that isn’t expected to launch another foreclosure crisis.
“That’s going to affect a very limited number of cases,” said Jerry Tepps, a South Florida foreclosure defense lawyer. “That’s not going to change the overall picture at all.”
Powers@sunsentinel.com, 561-243-6529 or Twitter @paulowers
There’s good news and bad when it comes to Chinese interest in U.S. real estate investing.
By Michael Turnbell
August 28, 2015, 3:09 PM
Like pieces of a giant linear puzzle, new tracks are slowly falling into place for a new passenger train service to Orlando.
All Aboard Florida will soon hit a milestone, whenfreight trains begin using a new bypass track in downtown Fort Lauderdale. The shift will allow freight trains to keep rolling while work proceeds on the station. Similar work is planned around the new station in West Palm Beach in September.
The track shift in Fort Lauderdale was supposed to take place Monday but was postponed due to Tropical Storm Erika. A new date hasn’t been announced.
Construction on both stations, meanwhile, has been under way for months, with the foundations taking shape and piles being driven into the ground along the tracks. Supports for platforms and the modernistic passenger lounges are also rising.
In downtown Miami, more than 1,600 piles have been driven more than 100 feet for the base of a massive elevated station on an 11-acre site near the old Miami Arena.
But construction really won’t take off in Fort Lauderdale and West Palm Beach until freight trains are shifted out of the path of the stations. V-shaped trusses and columns that will be a signature feature at both stations will be cast on site, then erected this fall.
In Fort Lauderdale, the existing two tracks will be rebuilt “bowed” out to make room for a 35-foot-wide, 800-foot long platform where passengers will board trains.
All Aboard Florida is a private passenger rail service that will run from Miami to Orlando via the tracks that parallel to U.S. 1 and Dixie Highway. Service is set to begin in early 2017 from Miami to West Palm Beach and the rest of the line by the end of 2017.
Other signs of progress:
To date, 18 railroad crossings have been completed. In most cases, the work required construction of a second track through the crossing and reconstruction of the existing track and the approaches to the crossing. About 170 remain to be rebuilt.
A “practice” freight train will test the new bypass track in downtown Fort Lauderdale before regular freight trains begin using it daily. The test had been scheduled for Sunday, but has been postponed due to Tropical Storm Erika.
Work on the Northeast 26thStreet crossing in Wilton Manors, which was set to begin Sunday, and on the Johnson Street crossing in Hollywood, which was set to begin Tuesday, has been postponed due to Erika. As of Friday, no new crossing closures in Palm Beach and Miami-Dade counties have been announced.
“We’re trying to piggyback where we can so we only have to close the crossings once for an extended period of time,” said Adrian Share, All Aboard Florida’s executive vice president of rail infrastructure.
Workers will come back at a later date to finish improvements at each crossing so trains do not have to sound their horns except in case of emergencies. In most cases, that work will involve the installation of new lights and gates.
But Share said that work will only take hours, not days, and won’t require lengthy closures of the crossings. The work also will be completed before All Aboard Florida begins service.
For maps showing the traffic detours, visit AllAboardFlorida.com, click on the “Construction” icon and then “Grade Crossing.”
Because construction work will be ramping up in coming months, motorists can receive alerts about future road work by going to “Email Sign Up,” also on the “Grade Crossing” page.
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South Florida’s housing market ranks as the most stable in the Sunshine State, according to a report Wednesday from mortgage company Freddie Mac.
The metro area of Palm Beach, Broward and Miami-Dade counties scored 82.4 in June on Freddie’s Multi-Indicator Market Index, up 14 percent from a year ago.
The index measures local and state housing markets by tracking home loan applications, affordability, mortgage loan delinquencies and employment. A score of at least 80 is considered favorable or stable. A perfect score is 100.
South Florida’s market hit 80 in May for the first time since August 2008. The three-county region is the only one of eight metros in Florida above 80, though Cape Coral is at 79.9.
“Those markets hardest hit by the Great Recession, including many in Florida, are rebounding, but they still need to improve to get delinquencies back in line with their benchmark historic averages,” Len Kiefer, Freddie’s deputy chief economist, said in a statement. “The key driver of all this recovery has been solid job growth.”
Fresno, Calif., was the nation’s highest-rated market in June with a score of 96.8, according to Freddie Mac. Austin, Texas, was second at 94.9.
Meanwhile, a separate report from RealtyTrac Inc. underscores the improving local housing market.
The Irvine, Calif.-based foreclosure listing firm said cash accounted for 48 percent of all home and condo sales in July in the tri-county region, down from 53 percent a year ago. At the same time, sales involving Federal Housing Administration mortgages — those used by first-time buyers and young families — are on the rise, RealtyTrac said.
“Even though cash buyers are pulling back on purchases, sales numbers are holding strong, and that’s a very good sign that the traditional buyer is coming back to the market,” said Daren Blomquist, a vice president of RealtyTrac.
Jay Parker, CEO of the Douglas Elliman Florida brokerage, said the tri-county area has transformed from a boom-or-bust market to a stable destination.
“More and more people are looking at South Florida as a home as opposed to an investment,” he said.
Powers@sunsentinel.com, 561-243-6529 or Twitter @paulowers