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Archive for November, 2011

Florida Department of Revenue Kills Plan to Review Double Tax on Commercial Real Estate

November 22nd, 2011 No comments

After lobbying by commercial real estate groups, Florida’s Department of Revenue spiked a plan that could have imposed more taxes on business leases.  For complete article…..

Thankfully the Department of Revenue decided not to pursue further this job killing double tax.

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Gov. Scott Should Just Keep His Mouth Closed About High Speed Rail

November 11th, 2011 2 comments

The news today out of California that High Speed Rail cost estimates have now tripled to the $100 billion range reinforces that Florida made the right decision earlier this year to protect taxpayers from just this sort of boondoggle. As I said at the time, High Speed Rail (HSR) would be far too costly to taxpayers and I believe the risk far outweighs the benefits. Im glad Florida is no longer entangled in the high speed spending web.

This was the release from the Governor’s Office last week.  Scott has been under fire recently for not doing enough to increase the sluggish Florida economy.  The timing of the release was awkward and it comes off as defensive.

I am sure the comments will make his Tea Party base happy, but the reality is, it just reinforces to those close to the project that the the Governor’s decision to reject the Federal dollars for High Speed Rail was based more on knee jerk, political ideology than actual facts.  At best, it is disingenuous of the Governor to compare the California debacle with what was proposed in Florida. Right of way issues are the primary challenge with California. Florida’s HSR right of way issues had already been solved.

Folks in Florida that cheered Scott’s decision tend to confuse the issues.  The question of, “Would the project have been good for Florida?” became blurred with, “Would HSR work?”  Analyzing the facts, it is hard to debate that the project would not have been good for Florida.  With the stroke of a pen, Scott killed 20,000 jobs in a State desperate for some positive job news.  Commercial real estate development along the HSR/I-4 Corridor would have added even more to the economic equation.  ”Would it have worked?” is a more valid question to which no one has the answer.  But, in the scope of things, there was no better place to attempt HSR than on a relatively short track between Tampa and Orlando.

Shortly after Scott’s rejection of Federal HSR money, he approved a State sponsored rail system in Orlando (Sun Rail), which is one of the lowest rated rail projects in the country. The initial cost of Sunrail to the State is also many times higher than the State’s proposed share of HSR costs.  On the surface, this was a deal that logically Scott should have killed with the same swiftness that he killed HSR.  The difference is SunRail was backed and promoted by Republican John Mika. HSR was an Obama initiative.  The two decisions showed how quickly Scott could turn his back on principals in favor of partisan politics.  We the people of Florida will have to pay for the Orlando train for eternity.   The cost of HSR was a national initiative and had far less downside financial consequences for the people of this State.

Sadly, Florida was the loser in this partisan game.   In the future, Governor Scott might consider restraining from making further comments about his high speed rail decision, considering his inconsistencies on the subject of rail.

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Tampa Weekly Commercial Real Estate News:

November 8th, 2011 No comments

3rd Quarter 2011 – Tampa Area Commercial Real Estate Sales of Interest

November 4th, 2011 2 comments

Sun city

Address 4896 Sun City Center Blvd.
Property Type McDonald’s
Sales Date 08/30/2011
Sales Amount $1,735,700
Amount/Sq Ft $403.28
Prior Sale Amount $745,000
Prior Sales Date 08/16/05
Exterior Wall Stucco
Winding

Address 14914 Winding Creek Ct.
Property Type Office
Sales Date 09/09/2011
Sales Amount $1,200,000
Amount/Sq Ft $184.67
Prior Sale Amount $340,000
Prior Sales Date Sep 82
Exterior Wall Stucco
Lots

Address 934/940 Channelside Dr.
Property Type Parking Lot
Sales Date 08/26/2011
Sales Amount $955,000
Amount/Sq Ft n/a
Prior Sale Amount $275,000
Prior Sales Date 02/05/2001
Exterior Wall n/a
Last one

Address 10402 N 56TH St.
Property Type Office
Sales Date 05/18/2011
Sales Amount $9,700,000
Amount/Sq Ft $169.15
Prior Sale Amount $2,600,000
Prior Sales Date 9/28/2009
Exterior Wall Stucco

13909 N. Dale Mabry Hwy

Address 10402 N 56TH St.
Property Type Advanced Auto Parts – Retail Net Lease
Sales Date 05/18/2011
Sales Amount $9,700,00
Amount/Sq Ft $169.15
Prior Sale Amount $2,600,000
Prior Sales Date 9/28/2009
Exterior Wall Stucco
Contact us at 813.514.1070 for more information on Sales and Leasing Commercial Property in Greater Tampa Area
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Tampa Weekly Commercial Real Estate News:

November 1st, 2011 No comments