Vertica Commercial Advisors Closes Florida Fractured Condo Community
Vertica Commercial Advisors (VCA), a subsidiary of Tampa based Vertica Partners, has arranged the bulk sale of 252 of 453 units in the Crosswynde condominium community located at 1502 Marsh Cove Court in Tampa, Florida for $28,335,097 ($112,441/unit or $105/sf). The community was a failed…
Source: www.tampabaynewswire.com
Vertica Partners / Vertica Commercial Advisors sold the Crosswynde condominium community in Tampa for more than $28 million.
Amazon adding 100,000 jobs in U.S. over next 18 months – Puget Sound Business Journal
Amazon has 40,000 employees at corporate offices and fulfillment centers in Washington state. Once the company completes its expansion of its Seattle headquarters, Amazon will have more than 30 buildings covering over 10 million square feet in the city’s downtown core.
Source: www.bizjournals.com
Amazon plans to increase its full-time US workforce to more than 280,000 by mid-2018 from 180,000 in 2016. The largest increase of these employees will be in its fulfillment centers across the country in such places as Ruskin, Florida, a Tampa suburb. This will have great benefits locally for housing, apartments and retail.
Region’s job growth unparalleled in Florida
The Manatee-Sarasota region is the only metro area in Florida with faster employment growth in 2016 than in 2015.”Every other community did not achieve that,” said economist Henry “Hank” Fishkind, noting the addition of 9,600 jobs here in November over the previous year.Fishkind, for the 18th straight year presenting an economic forecast Thursday to the Bradenton Area Economic Development Corp., said Manatee’s development efforts, public/private partnerships, and the recent approvals of higher
Source: www.heraldtribune.com
The Manatee-Sarasota region is the only metro area in Florida with faster employment growth in 2016 than in 2015. “Every other community did not achieve that,” said economist Henry “Hank” Fishkind, noting the addition of 9,600 jobs here in November over the previous year.
Projected 2017 populations for 108 major metropolitan areas – Tampa Bay Business Journal
Twenty-five of the nation’s major metropolitan areas are expected to reach population milestones in 2017, based on new estimates by Business First.
Source: www.bizjournals.com
According to a recent study the Tampa-St. Petersburg-Clearwater MSA is expected to increase its population by 37,558 in 2017 to a total of 3,068,511 by Jan. 1, 2018, a 1.2 percent change. This means that the population is growing by more than 100 people per day.
BILLION-DOLLAR BOOM – Herald-Tribune
Source: sarasotaheraldtribune.fl.newsmemory.com
Construction is completed, underway or planned on projects that will bring more than 4,200 new apartments, condominiums and hotel rooms in and around downtown Sarasota. Over the past 3 years more than $1 billion in projects have been started with more to come. One of the most profound changes has been to the Rosemary District just north of the downtown core along Fruitville Road. The area is undergoing a complete transformation with hotels, condos, retail and apartments.
Vertica Partners and Framework Group have ventured on a 228 unit apartment project currently under construction and scheduled for completion in late 2017.
How Demographic Changes Have Impacted the Apartment Market and How They Have Not
Data on households shows that non-family households have grown at a disproportionately faster rate than family households.
Source: nreionline.com
Despite all of the statistical and demographic data analysis done in the apartment industry it consistently proves out that rents are driven more by economics—job and income growth—than demographics, which still drives occupancy. The demographic shift experienced the last few years, but property markets are still ruled by economics, which may or may not move in step with the demographic changes.
Court finds law for selling entire condominium projects is not retroactive
MIAMI — The 3rd District Court of Appeal recently sided with minority owners by ruling that Florida’s statute law governing the sale of condominium projects does not apply to properties that predate Florida’s 2007 amendment to its condominium statute.
Source: flarecord.com
The 3rd District Court of Appeal recently sided with minority owners by ruling that Florida’s statute law governing the sale of condominium projects does not apply to properties that pre-date Florida’s 2007 amendment to its condominium statute. So-called “Kaufman” language needs to be in place which would allow an Association’s rules to automatically update to reflect future changes to the Condo Declaration.
Transforming Tampa Bay: How high?
A Seminole Heights apartment proposal is a crucial test case.
Source: www.cltampa.com
Milhaus Development has proposed a five-floor building with 84 apartment units and 7,300 square feet of restaurant/retail in Seminole Heights. The site is on the corner of N. Florida Avenue at Idlewild and would replace a run down used car lot. As with any change, there are locals who are opposed to the project in its current incarnation. The biggest complaint has to do with the five story height, however, if the developer is forced to remove a floor, then it is likely the ground floor retail will be nixed from the project making it exclusively residential. Losing ground floor retail in the district could start to erode the charm of the area according to some residents.
BayCare Health System eyes outpatient service site in Hillsborough – Tampa Bay Business Journal
Publix Super Market at Shoppes of Lithia
Source: www.bizjournals.com
BayCare Health recently purchased nearly 18 acres of land for $2.7 million across the street from Publix Super Market at Shoppes of Lithia in the Brandon area of Valrico, Florida.
Condo owners in Tampa’s the Slade At Channelside battle to keep it from going all rental
TAMPA — Built in what could become one of Tampa Bay’s most dynamic neighborhoods, the Slade At Channelside condominiums boast an eclectic mix of unit owners.
Source: www.tampabay.com
The Slade at Channelside bulk owner is in the process of purchasing individually owned units in order to terminate the condo association and revert the building to 100% rentals. The state of Florida has specific legal requirements allowing this and the Condo Declaration, which each unit purchaser signed, acknowledged and agreed to when they purchased their unit also has language regarding condo terminations.
Condo owners in Tampa’s the Slade At Channelside battle to keep it from going all rental
TAMPA — Built in what could become one of Tampa Bay’s most dynamic neighborhoods, the Slade At Channelside condominiums boast an eclectic mix of unit owners. There’s Brandon McArthur, a basebal
Source: www.tbo.com
The Slade at Channelside bulk owner is in the process of purchasing individually owned units in order to terminate the condo association and revert the building to 100% rentals. The state of Florida has specific legal requirements allowing this and the Condo Declaration, which each unit purchaser signed, acknowledged and agreed to when they purchased their unit also has language regarding condo terminations.
Hotel with ground-floor retail planned for Channel district (Renderings) – Tampa Bay Business Journal
A Tampa developer has revealed plans for a prime corner of the urban core.
Source: www.bizjournals.com
Tampa based Liberty Group has proposed a 9-story hotel on the 0.95 acre site located at the corner of Meridian Avenue and Kennedy Boulevard it purchased in May 2016. Vertica Partners was the sole broker in the transaction.
The site plan shows a 213-room Hampton Inn & Home 2 Suites by Hilton with 198 parking spaces. The ground floor of the hotel, at 14,899 square feet, will include a Starbucks coffee shop and lounge seating.
Altman Cos. closes on land for apartments near Oxford Exchange – Tampa Bay Business Journal
Here’s how much the group paid for the property.
Source: www.bizjournals.com
Florida based Altman Cos. paid just more than $8 million for a 2.5-acre site near Oxford Exchange bound by Grand Central Avenue to the north and Cleveland Street to the south, Cedar Street to the east and Magnolia Street to the west. The mid-rise project named Altis Grand Central will include 314 units and 10,000 square feet of commercial space. The project was met with initial resistance from the community regarding the size and design, but Altman persevered and worked with community stakeholders to come up with a new plan which fits in well within the neighborhood.
Two apartments projects planned for Gandy area, downtown St. Pete
TAMPA — Two major apartment projects — one in downtown St. Petersburg, the other on the water in Tampa’s Gandy Boulevard area — could start construction next year.
Source: www.tampabay.com
The Related Group of Florida is closing on additional development sites in the Tampa Bay area, adding to their current footprint of other successful deals in the area.
One project will be a 15-story, 354-unit apartment building at 801 Central Avenue in downtown St. Petersburg’s burgeoning Edge District. The other site will be a 4-story, 396-unit project just south of Gandy Boulevard and west of West Shore Boulevard on the site of the former NewPort project..
Troubled Tampa-based LM Funding faces class action lawsuit
A judge has ruled that dozens of condominium associations can collectively sue a Tampa debt-collection company, potentially a major blow to the already-troubled company’s prospects.
Source: www.tampabay.com
Tampa based LM Funding has been accused of deceptive trade practices and charging illegally high interest rates in a new class action lawsuit approved by a Florida judge. The company was founded in 2008 by Tampa lawyer Bruce Rodgers and his wife, Carollinn Gould, LM Funding advances condominium associations money for maintenance and repairs in exchange for the right to collect delinquent fees, interest and late fees from unit owners. That said, the also own the law firm that provides the legal services for LM Funding and the business model appears to be predicated on racking up extensive legal fees in additional to illegally high interest rates.
The company has been in trouble since its IPO and the stock has fallen nearly 60% while shedding staff and executives slashing salaries. The amount of delinquency in condo associations has dropped dramatically over recent years with expected declines going forward in delinquent association dues because of the strong real estate market. The timing of the IPO seemed odd as the business model appeared to be flawed.
Class-action lawsuit seeks to crack down on condo association fees
MIAMI – A new class-action lawsuit against a Miami condominium association claims that associations routinely overcharge consumers far more than the legally capped amount.
Source: flarecord.com
A new class-action lawsuit against a Miami condominium association claims that associations routinely overcharge consumers far more than the legally capped amount of $100. Many condo associations, and condo association management companies in particular, are overzealous in how they manage these associations. Because there is little oversight and it is very difficult to get a management company out once they are in, they have very little incentive to provide good service and are notoriously difficult to deal with.
New hotel planned for Fruitville Road in Sarasota
Project will add 118 rooms to the booming downtown and Rosemary districts.
Source: www.heraldtribune.com
A new 5-story 118 room hotel has been proposed at the NWC of Fruitville Road and Central Avenue. This will be yet another hospitality project in an already crowded market. The project will be located in the Rosemary District of downtown Sarasota and across the street from a 228 unit apartment project currently under construction by Tampa based Vertica Partners and Framework Group.
Ritz-Carlton developer buys prime site for $5.4M || Business Observer | Tampa Bay, Bradenton, Sarasota, Fort Myers, Naples
The buildings are across the street from the former Quay site.
Source: www.businessobserverfl.com
Local developer purchases 36,000 sf site for $5.4 million. While the project has yet to be disclosed, the developer has built both hotel and condominium projects in the area.