by admin | Jan 11, 2016 | Market Data
Among investors set to benefit are foreign property buyers and those who invest in energy-efficient features.
Source: nreionline.com
Congress gave a nice Christmas present to the apartment building industry in the omnibus budget package, passed just before the holidays.
The budget package includes a long list of good things for apartment investors. International investors finally got some relief from the punishing Foreign Investment in Real Property Act (FIRPTA). Affordable housing investors will benefit from the extension of provisions to the federal low-income housing tax credit (LIHTC).
Congress also renewed bonus depreciation, small business expensing and the New Markets Tax Credit Program, in addition to tax benefits that reward energy-efficient buildings.
The bill passed through both houses of Congress December 18, and President Obama signed it the same day.
by admin | Jan 11, 2016 | Market Data
The university is prepping for long-term growth.
Source: www.bizjournals.com
The University of Tampa continues its expansion efforts with the purchase of nearly 2 acres of land. The parcels are located on the west side of railroad tracks between N. Willow Avenue which marks an notable physical barrier to breach to acquire additional land for future growth.
by admin | Jan 11, 2016 | Market Data
The first quarter numbers reflect a strong showing in October, the month Tampa hosted the closing night of Taylor Swift’s “1989” national tour.
Source: www.bizjournals.com
Nearly $2 million in hotel bed taxes were collected in December for a new record, and nearly $6 million was collected for the first quarter of fiscal year 2016, according to numbers from Visit Tampa Bay and Hillsborough County.
These numbers highlight the strong growing interest in the Tampa Bay region.
by admin | Jan 11, 2016 | Market Data
Strategic Property Partners is moving forward with first major work on its $2 billion district in downtown Tampa.
Source: www.bizjournals.com
Strategic Property Partners (SPP) is starting infrastructure work on their $2 billion development in downtown Tampa by issuing an Invitation to Bid for the infrastructure and roadway improvements for the district.
The improvements are estimated to costs $35 million and will be done in phases.
SPP is controlled by Tampa Bay Lightning owner Jeff Vinik and back by Bill Gates’ Cascade Investment LLC. Vertica Partners exclusively represented SPP in the acquisition of the land for the project over the course of several years.
by admin | Jan 6, 2016 | Market Data
Plan for development at Sarasota’s former Quay waterfront site is gelling, and site work is expected in 2016.
Source: www.businessobserverfl.com
A long dormant tract of line is finally getting a new life. The former Quay project was purchased by a new firm who plans to start horizontal construction in 2016.
As $50 million in infrastructure that would be required before vertical construction could begin on the 15 acre site just outside of downtown Sarasota. Entitlements already in place would allow for as many as 700 residences, a 175-room hotel and nearly 230,000 square feet of retail and office space
by admin | Jan 6, 2016 | Market Data
Prices increased at a rate more than double the national average.
Source: www.businessobserverfl.com
Home prices in the North Port-Sarasota-Manatee region, including distressed sales, increased by 12.8% in November 2015 when compared to November 2014, according to real estate data provider CoreLogic. That more than doubles the nationwide increase of 6.3% year-over-year.
As a whole, Florida home prices appreciated 7.9% during the same time frame.
