It was my first trip back to the annual Orlando conference in three years. Since the beginning of the 3+ year old downturn in the real estate market, I, like many of my colleagues, had steered clear of the conference, deciding not to invest the time or money in the face of stiff economic resistance and little chance for deal consummation. While the economic ice appeared to be cracking several quarters ago, I thought it was time for me to make like Punxsutawney Phil and explore the Spring thaw.
Here are a couple of my thoughts of the conference and an overview of the first session of the day on Monday, the Florida Regional Overview.
Conference planners estimated that there was an increase of 10% in attendance from the previous year.
The gloom and doom was gone from the last time I attended in 2008. I am not sure what that means other than perhaps people are becoming more comfortable with the new norm.
The mix at the Expo appeared lighter than usual with developers and heavier than usual with brokers.
One of the reasons I have enjoyed this conference in past years was the introduction to new technology and services. With brokers and developers having less disposable income these days for technology investment and retailer expansion muted, it should come as no surprise that the conference was almost devoid of new technology. Some of the well known established service providers apparently decided not to attend either.
Most of the Economic Development teams in the State were present. Hillsborough County, City of Tampa and Tampa Bay Partnership were noticeably absent. Orlando had a terrific booth, full of education about how to invest in the area and what incentives are available.
Miami seems to be recovering faster than the rest of the State. The weak dollar has definitely been a help with foreign investors from Brazil and Europe.
All that said, the mood was upbeat and optimistic. While deals are hard to come by, many were out with their wish lists, trying to find the perfect match. I hope it was a productive conference for all in attendance. I know I was glad to feel like I was officially back in the game.
“Government needs to have more efficient regulation as opposed to less regulation.” Industry is unified in Central Florida unlike in other places in the State….Amway Center was used as an example.
Kieran Quinn, from Guggenheim Partners,
Florida has not done a great job of creating careers in Florida. Great universities… but not a great job of keeping graduates.
Regarding Real Estate: Retail on “First and Main” is not much of a concern. Demand will always be there. Office is on shaky ground.
Tim Becker from the University of Florida,
Capital markets are going to be shaken up by S&P downgrade, Politics, Europe etc.
CMBS Origination will not reach $50 billion this year. There was a big hiccup due to political impasse and economic uncertainty.
Life Insurance companies will be overweight real-estate, if stock market continues to drop. This will slow activity and take key buyers out of the market.
Q2 dip in UF sentiment, due to capital markets and political uncertainty. Fundamentals are pretty good actually, compared to previous years.
Innovation Square is the most exciting project in the State…it has the concept of creating careers for people in our State.
"Juniors" Break Out Session
Suk Sing from Darden
Tertiary malls are having the most problems.
Restaurants, entertainment and fitness centers, which are activity based, are highly valued. Retailers want shoppers to stick around. The longer they stick around, the more likely they are to buy at other shops.
There is an oversupply of secondary and tertiary space with a shortage on prime locations. There is an increased focus on second generation space.
Land Assemblage is back. In-Fill skills are important.
Lenders are very focused on leases right now. Deals are taking two years to complete because of increased scrutiny from government and lenders.
Hot retailers like Wawa, Desigual, Lulu Lemon are expanding. Globalization and more specialization is what is happening in retail.
Attendees: Eric Odum with Ken Stoltenberg, Mercury Advisors
Date: May 31, 2011
Subject: The Commercial Real Estate Market Minute – Grand Central and Current Events in Tampa’s Channelside
EO: Welcome to today’s Market Minute. I’m Eric Odum, I’m the principal broker for Net
Channside - Grand Central @ Kennedy
Lease Commercial Advisory, and today we have with us, Ken Stoltenberg from Mercury Advisors. I appreciate you sitting down with us and having a chat about what’s going on with your property today.
KS: Good to be here, Eric.
EO: For those that don’t know, Ken developed Grand Central which is in the Channelside District. You can’t miss it – brightly colored building as you’re driving down Kennedy Blvd. into downtown. It’s really an eye catcher.
KS: You need a vision exam if you miss it; let’s put it that way.
EO: Let’s talk about it because you had a unique path in sales and marketing of the building, because I think originally it was meant for sale…
KS: Correct.
EO: And then the market hit a little bit of a challenge, a little bit of a road bump, and you guys seem to be the first in the market to adjust. You adjusted pretty quickly to that situation. How did you handle that?
KS: We were closing into 2007. We did very well in the East Building, which closed in the early part of the year, February. In the West Building, we did not do nearly as well because that was closing in July/August. At that point, the mortgage market was pretty much in full disintegration mode and a lot of people just couldn’t get loans. So, we saw this coming and didn’t really think it was going to be something that was just going to be a couple quarter event. So, as soon as we closed the last unit, we hung out the “for rent” signs and into the rental business we went. My partner and I have built apartment complexes, leased them and managed them for years, so that wasn’t something that we were unaccustomed to.
EO: So you were comfortable with the apartment complex situation and it was pretty natural for you to go from a sales situation over to an apartment situation.
KS: Absolutely.
EO: It’s interesting, because I know that you seem to be the first one to pull the trigger on that strategy. Everybody that knows the market in Downtown Tampa knows there’s a lot of residential tower/condo development that was going on after you, but a lot of them seemed very late to the game to try to convert over to rentals. Do you think that’s a fair assessment?
KS: Yes, I would tell you that a few of them wanted to convert to rentals, but their lending institutions did not let them do it. How we solved that problem was, we didn’t ask.
EO: You begged for forgiveness?
KS: Yes.
EO: Well, the end result, you are 98% occupied right now?
KS: That is correct.
EO: We were talking a little bit earlier about it. You managed to sell about 50% of the entire amount of the residential space, and then 48% of it you turned into rentals. So, you are pretty much a full house now.
KS: Well, obviously we are going to start up our sales program, and we do have a lot of leases rolling over the next three months, which will give us the inventory we need to go forward on our sales program.
EO: Let’s talk about that a little bit. You said you are going to try to switch over now to go back into selling some of these units.
KS: Yes, it’s back to the future.
EO: How is that going to work? Was there a re-pricing of the model, or is it at the price it was before? How is that working? KS: Well we were able to restructure things at the end of last year financial with the entire project, which is going to allow us to sell units at today’s prices, which are obviously significantly below where they were in 2005/2006.
EO: It’s a pretty cool place to live, and I suppose your target market is young professionals looking for an urban environment, is that fair?
KS: Actually, that’s part of the market, but the demographic actually skews a little bit older than people think. It’s not a bunch of twenty-something’s running around here. It’s much more people in their 30’s 40’s and 50’s.
EO: So, if somebody wanted to move in here, (i.e., Young Lawyer), what is his/her first option to come in here in terms of price point?
KS: Our pricing is very attractive. It’s starting in the $120’s which is really the lowest price point that has been seen in this market for luxury high rise living in an urban setting. All of our residences are priced between $120k and the high $300’s, with the majority being under $200,000. So, it’s very affordable for your average, working downtown, pulling down $50,000 to $100,000 per year. You can afford to live here and pretty much have run of the roost.
EO: What do you think in terms of time frame for you to be completely out, in terms of being able to sell out the rest of the space?
KS: Well, obviously we don’t know what is going to drive that. But, we think that within 18 months to 24 months, we should be through the inventory here, and we’ll see what the future holds.
EO: This is a mixed use complex for those that don’t know, not just residential. Residential makes up about 75% of the floor space, no?
KS: A little bit less than that. We have about 70,000 sq. feet of office space and about 108,000 sq. feet of retail space. So, it truly is Tampa’s only mixed use urban project. Some other high rises have a couple stores down on the first level. We have a 70,000 sq. foot office building on the second floor of the building and a full shopping center on the first floor. Now my background is originally retail. When I got out of college I went to work for Leo Eisenberg and at the time we were the largest Wal-Mart developer in the country. So, I learned a thing or two about what retailers need, and that was some of the things we incorporated in this complex, which is proving to make the retail successful. The single biggest aspect is building enough parking; the city regulations did not require me to build but 3 per 1,000 for retail and 1 per 1,000 for office dwelling. Well…that dog simply won’t hunt. So, we have 900 parking spaces dedicated to the retail and the office. Part of the reason we put structured the parking this way is office is busy when the retail is not. So, we double use that parking. We effectively have a parking ratio for the retail on evenings and weekends of about 8:1, and since Wal-Mart only requires 7:1…. I figure we were probably safe there.
EO: And you have the gym you put downstairs, and they seem to be knocking it out of the park.
KS: Yes, they were our first retail tenant. They opened in June, 2009; they have now expanded three times. We’re about to expand them a fourth time, and the brothers who are the proprietors of that establishment are originally from California. They had five or six gyms in LA for a period of over 10 years, so they really know what they’re doing, and create a great atmosphere. I would stick my neck out and say its Tampa premier fitness facility.
EO: You’ve also got the Pour House that’s downstairs as well.
KS: Yes, that’s a beer and wine bar that has over 40 craft beers on tap that are local micro-brewery’s that you won’t find anywhere else. They also have a nice wine selection, and it’s proved really popular. Their sales are strong. We put in just over a year ago, a whole courtyard in between the two buildings that has shade elements, pavers, umbrellas, and all the tenants that occupy space in that area, get a certain portion of the courtyard to use. Last year, we wet zoned the entire property. We ended up going downtown. We got the liquor license thing. We have done that for the entire property. It really works out well, because it’s kind of a turn key situation for somebody who wants to open up a restaurant. One of the things that (you have to make sure you have zoning, parking, and go through the whole process to get a liquor license…) is already done here. The only thing you really need to do as a potential proprietor is get your plans drawn up, send them into permitting and we’re ready to go.
The other thing that we have done, since this project was approved in 2005 is (this is a very significant economic factor for any business, but especially for restaurant businesses), we’re grandfathered in to the old impact fees. We paid them all for the entire property. The last restaurant that we put in – would they have had to pay the impact fee – was almost $8,000, and that’s already been paid…..was grandfathered in. So it is pretty substantial.
EO: Well, it sounds like you’re just missing the grocery component to it, and there’s really no reason at that point for anybody to even leave the complex. You can work out, go drink a beer; you can go get grocery, dry cleaning…
KS: Well that would be great, and I have been working with a number of supermarkets for about two years now. The biggest challenge that we’ve had, is not the location. We’ve had three major chains that are here in Florida come look at the site. From a logistical standpoint and design standpoint, everything works. There’s enough parking. There is room for transformers. There is room for loading docks, all those kinds of things that you would normally see. We put all that in not knowing exactly who we were going to get. Obviously, if we would have had a little more input from a potential user that would have been helpful. But, we’ve had three folks look at it and as a physical plant, everything checks out just fine. The biggest issue is just the overall economy of the area. Retailers at that level are really watching the eggs they already have in their basket and making sure their existing stores are performing, and keeping their sales where they are, or increasing them a little bit. Any type of new business development for those types of companies has been greatly curtailed in the past 36 months, so we ran into that (the economic pull back). That’s been the biggest issue. I don’t have any doubt we will get a grocer. It’s just a question of when.
EO: What’s the straw that essentially breaks the proverbial camels back to instigate the grocer to start a new store?
KS: Well, I think the market is there. If you look at the channel district downtown at Harbor Island there are over 10,000 households and that seems to be the number that everybody looks at. So we’re about that point. I think what it’s going to take is maybe a couple more projects that are on the horizon, so somebody can say, “Hey, you know not only are we at the point, but we know we are going to be exceeding that within a period of 18 to 24 months.”
EO: You mention that there’s another project that’s coming into Channelside District, correct?
KS: Yes, the Related Companies from Miami have bought the old Sembler piece that’s about 2 blocks south of here and they plan to build 360 apartments.
EO: So you’re going to have additional 360 apartments coming in. What else is happening in the Channelside District that might be of interest to folks, coming down the pipeline?
KS: When we developed the property we donated about 6,000 sq. ft to Stageworks Theatre. They are Tampa’s oldest professional theatre group. They’ve been around for 23 years now and we donated space in the West building for a new theatre. They are going to open August 4th which is their first show. The construction is underway. We were able to help them secure a loan with the Bank of Tampa to get the rest of the build out done. Total project cost is about $1.2m and it’s going to be a first rate theatre. They are going to have over 180 shows a year. They also have a youth outreach program where they help underprivileged children, which is a really neat thing. They also offer the space for a conference or an event and you wanted a stadium seating venue, for a presentation, you could rent that space out.
EO: I should be careful saying this, because you’ll have every philanthropic organization pounding on your door, but you have always been very generous to the local arts scene, not only with Stageworks, but also with the Gasparilla Film Festival. You donated office space to them. I know that the Arts Community has been grateful for what you have done.
KS: With the theatre, or any type of Arts contribution, you can’t put a dollar figure on it – as far as how it enhances your project – but one thing I do know, is they’re going to have 180 shows a year, and they are also going to have an outreach program. They will also open it up during the daytime for various business groups.
EO: It’s not all altruistic, there’s some business motivation there too.
KS: Those folks are going to want to go to a show, going to want to get a meal before or a drink afterwards, or cup of coffee or something like that. Anytime you can add eyeballs and footsteps to a retail project, that’s what you want to do. And this very effectively does that on more than 50% of the days of the year.
EO: That’s awesome. Well is there anything else you’d like to add about what’s happening in Channelside? I think there are apartments coming in?
KS: Yes, and the city has started construction down on Washington Street, building the first community park which is about 25,000 – 30,000 square feet. That’s going to be a great addition. I believe it’s going to be done in October. The city has also now started the streetscape improvements on Washington St. They’re about halfway done right now and that will be done in October. That will really give folks – being in the development business, you want to everything done yesterday. We have had the CRA, which is the Community Reinvestment Area since 2004 now, and this is really the first big project where the city’s gotten in there in and said they were going to put in the streetscape, the landscaping, and the lighting per comprehensive planning. So when people come down here, they won’t see a bunch of dumpy warehouses with telephone poles hanging all over the place, and that type of thing. They‘re going to see a modern landscaped streetscape, so they can really get a sense of, “OK…Now I get an idea of what this place is going to look like!” These buildings have been up for almost 4 years now, and when people come down here they see a bunch of beautiful buildings, and the rest looks like Beirut, and that is extremely unfortunate. Obviously we have a new sheriff at the rodeo, and we’re certainly hopeful that the Mayor is going to look at what’s going on down here, and whatever’s getting done gets done quicker, and gets more of it done.
EO: Is there anything else you’d like to leave us with today in terms of what’s happening downtown and maybe you’d like to let us know how if somebody’s interested in residential condo, how they could find out information?
KS: The easiest thing to do is go to our website which is www.notthesuburbs.com, and that will take you right to the website. We have all of the units, all the floor plans. You can print everything out in pdf. We are getting on Facebook and Twitter, so you can check us out there. If you want to learn more about the project, you can certainly do that, and its going to be interesting next year. There’s going to be a lot of pretty cool things happening. For some reason, I can’t put my finger on it, we’ve got more activity for the retail and the office, than we have had in three years. We just signed a lease with St. Leo University, about 16,000 square feet; they are locating their administrative offices, as well as 5,000 square feet of classroom space. That’s going to bring more people. Obviously, the gym is very excited about that because of potential new members. I think the Channel District in the next several years is really going to be on the rebound again.
EO: Well good luck on the grocery store. I hope that you guys get something, I’m pulling for you because I live over in Harbor Island – you’d be the closest store to us over there. Hopefully that works out for you and good luck in moving along with your plans on the rest of the residential properties. I hope all goes well for you over the next year.
Tampa
Tampa fared the worst in the second quarter posting negative absorption of 296,000 square feet because of closings by major retailers. Small shop leasing helped, however, posting positive absorption of 26,000 square feet.
Despite the net absorption, the vacancy rate in Tampa stands at a relatively low 7.7 percent. Average asking rents fell 3.2 percent to $14.67 per square foot from the first quarter.
PLANS, DESCRIPTION: Kforce Inc. purchased its headquarters in Ybor City for $28.5 million.
The price equated to $213 per square foot.
The four-story, 133,660-square-foot building was originally built in 2001. It occupies a 6.37-acre parcel and features a 4,200-square-foot fitness center, 100-seat cafeteria, coffee bars on each floor and an outdoor basketball court.
Kforce previously leased the building from iStar, a commercial real estate firm.
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Date: June 24, 2010
BUYER: MCA Enterprises Brandon, Inc
SELLER: Florida Wings Group, LLC
PROPERTY: Brandon Crossroads
PRICE: $2.6 million
PREVIOUS PRICE: $.7 million, January 2004
PLANS, DESCRIPTION: The property includes 2.01 unesable acres of land, and is improved by free-standing, 6,600 square foot Buffalo Wild Wings restaurant built in 2004.
The price equated to $394 per square foot.
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Comments:
There were also a couple of sizeable trades on apartment complexes, recently. Providence Place apartments in Brandon, FL sold on August 4, 2010 for $30 million and Carrollwood Station Apartments sold for $18.9 million on August 6, 2010. It is good to see some of these larger trades begin to happen.
Attendees: Eric Odum and Brenda Dohring-Hicks, CEO The Dohring Group and Listing Broker for ENCORE!
Date: July 15, 2010
Subject: Downtown Tampa: ENCORE! Project
A 40+ acre mixed use redevelopment district in Downtown Tampa. ENCORE!’s city within a city concept unites the central business district with Ybor City, Tampa Heights and other neighborhoods.
EO: Good afternoon and welcome to another Market Report from Net Lease Commercial Advisory. I’m Eric Odum, the principal and broker for Net Least Commercial Advisory in Tampa, FL, and today we have with us Brenda Dohring-Hicks for the Dohring Group. Welcome Brenda.
BDH: Thanks Eric.
EO: Thank you very much for joining us. Big news recently.
BDH: Big News!
EO: We have big news that the ENCORE! Project was approved recently and commercial real estate people got very excited, and the city got very excited, but a lot of the city of Tampa didn’t know what it was. Why don’t you just start from the beginning and tell us what the ENCORE! project is.
BDH: ENCORE! Is a brand new mixed use project….probably heard about it in the news the past couple of years as it was being formulated. We’re going to end up with somewhere in the neighborhood of about 900 residences, residential units in the project, but it’s a mixed use project. So it has commercial uses, there’s a site for a hotel; there’s a site for an office building, a couple of other commercial sites, one that we have ear-marked for a grocer.
EO: The entire project is on the East side of Downtown Tampa, correct?
BDH: That’s a good way to describe it – it’s on the NE side of Downtown.
EO: The NE side.
BDH: Yeah, people have been looking at maps lately to see where rail is coming in. That’s where it is. It’s on the NE side (of Downtown).
EO: Now, your involvement in the project is what?
BDH: We’re the broker responsible with our broker partner, Bill Eshenbaugh.
EO: So, Bill Eshenbaugh, the Dirt Dog.
BDH: The Dirt Dog. So the Dohring Group
EO: Ok
BDH: And as a brokerage firm, we specialize just in urban locations. So this is what we do.
EO: Got it.
BDH: We reached out to Bill Eshenbaugh because he’s so good at land, and let’s face it, when you’re an urban broker not many opportunities you get to do 40 acres of land in an urban location, so we brought Bill on board and the 2 of us work as brokers. We co-broke the entire thing. There are opportunities for other brokers, because we have two things to sell right now.
Number 1, the grocer – we really want to get that grocer in.
Number 2, there was a site that was set up for the Housing Authority for an office building for their use. They have decided to go ahead and put that one up for other commercial use, because we believe the community needs it.
EO: In getting back to the terms of the players – you’ve got Bank of America, who really heads the project. You’re the broker. Who’s the contractor on the deal?
BDH: The contractor is ZMG Construction. They are out of the Orlando area by home-base. It’s about a 1200 person National, and now International. They just got invited to go down to do some work in Haiti. They have formed a partnership with Malphus & Son who is a local Tampa contractor. So, the two of them now have a partnership – ZMG-Malphus. They are on the street as the contractor which is responsible for hiring all of the subs.
EO: Ok, so you have an external, larger contractor and a local contractor. And, of course, you and the Dirt Dog are the brokers and the Bank of America is the organizing entity, the driving force.
BDH: Yes, there’s a partnership between Bank of America and the Housing Authority. Bank of America is the managing member of that, but it is a partnership, ok?
EO: Ok, so between the Housing Authority and Bank of America. I heard you mention about multi family. You and I have talked about this in the past. I think a lot of people will be surprised, but there’s no a lot of discussion about….well there are all these towers that don’t have any people in them. Let’s talk about that a little bit. Because just north of us two blocks, we have two projects that everybody thinks are completely empty. So, let’s talk about housing in the downtown core.
BDH: Ok, well now, you know, those projects came out….. thank goodness they’re here. Skypoint 100% sold out, and well occupied. So, it’s not just sold out to the investors and nobody is living in them. Many of those investors if they didn’t want to be in this themselves, at least have the spaces leased…The Element was built as a condo project, but luckily was able to go rent them before they sold any. Its occupancy level is up in the low 80’s.
EO: Low 80’s – not bad for starving. They’ve only been less than a year on the Certificate of Occupancy. That’s not bad at all. A lot of people were surprised to hear that because they just assume that you’ve got vacant buildings downtown and it’s really not true. So there’s a need for this additional multi family in the ENCORE! Project.
BDH: There’s definitely a need. The problem in the downtown area is finding affordable housing because it comes very expensive. As we all know, the land or lack thereof, makes it very pricey. By this project coming on board and the partnership and because of the basis on how they were able to acquire this land, get grant funding, get very creative funding from different, from the neighborhood stabilization funding, their basis is lower. So, because of that strength from the financing, they can provide affordable housing. And that’s going to make them a different player than a Skypoint or an Element is going to be. So they are going to fill the niche because there are a lot of workers in Downtown, Tampa. Everybody isn’t an attorney. I know you might find that difficult to believe.
EO: It is hard to believe, most of my office tenants, or clients are attorneys. But, there are other people besides attorneys in Downtown Tampa. Talk about the transportation situation a little bit.
BDH: They always looked at transportation as an important piece as we started developing this property. Let’s face it. It has entrance and exits to the Interstate right where it is. So if nothing else had happened, it would still be good. The Project is close to bus routes, and its walk able. There’s no reason – I walk from my office which is what we call down in the core, up to this project all the time. I don’t like to do it in 95 degree weather, but nonetheless, it’s walk able. With the high speed rail that is coming in, it’s coming in due East one block from this property. So, with that high speed rail that comes, what we’re all looking at now is the intermodal transportation piece that will be for Hillsborough County, and connecting….. is your improved bus service, your improved taxi service, your improved walkability to have people have pedestrian access back and forth.
EO: And the agenda that’s coming down the pike with the light rail, that’s going to be on the agenda for the transportation initiative, coming up at the end of the year, correct?
BDH: Correct.
EO: So you’ve got light rail, high speed rail, the regular rubber on road transportation which is all within very short distance from this new…
BDH: Less than a block
EO: Less than a block, so it’s going to be the center of the universe really in terms of Tampa.
BDH: It’s the center. Right now it’s the terminus for the high speed rail, and so everything else is going to emit from it. So as we walk now. A big part of this project is the park that has always been there. There’s a linear park that has always been there. Affectionately referred to as the “Bro Bowl”… this was the skate park that became very, very famous. That park is going to be completely redone, so that will remain. It will be a really nice park. To the North of that, we’re putting in a Middle School. This area, when we looked at what it needed, it needed a middle school. Elementary schools are covered; everything is good, so now we’re going to have a middle school there. The primary boulevard coming through the project,….. you know, “encore” means ‘yes, let’s do it again, bring back more,’….. The whole project is bringing back Central Park Village, which was a very vibrant part of North Downtown in years past, so we’re bringing that back. Ray Charles Boulevard is the primary boulevard coming through the place, and the buildings are named things like “The Ella,” “The Fitzgerald,” you know those kinds of names….. “The Trio,” …..So, it’s really going to be the first time we’re going to have what we can call, “a city inside of a city.” We’re not alone. There are other cities that were able, but usually it’s something like we saw develop in Channelside, where there was an old industrial sector, and so it’s close enough to the city to be called a city. But, Channelside has a distinct personality to downtown. This is DOWNTOWN!
EO: Absolutely. Now let’s talk about it from the broker standpoint. Why should brokers pay attention to this project? Is there anything for the local broker community? Is there any way for them to participate?
BDH: Participate by bringing buyers for these parcels, typically about an acre in size, to put up multi family, put up an office, to find that grocer, to find that commercial piece – the new commercial piece is very excited to us because now we don’t have to put a corporate office there. Now we can put something that could be the likes of a drug store, a branch bank, coffee, fast food. There’s a prime opportunity. Again, bring it back to where the rail is, as well. So, some of those uses that might not have seemed to fit before because they were on the outskirts of downtown and now are at the epicenter of where all the people are going to be.
EO: In time frame, is this going to be 10 years out, 5 years out, what’s your timeframe for sinking the shovel?
BDH: Well, we’ve already started clearing, so we’re doing the entire infrastructure, and it’s a complete self contained. This will be a (LEED) Gold status from the infrastructure. I don’t think that’s been (LEED Gold) from an infrastructure standpoint. So, they’ve got their own water treatment plant, etc., etc. All of that will be in the ground. We must, by directive of the funding that we have, have more than 300 to 350 people living in units within 15 months now.
EO: 15 months! WOW! So you’re on roller skates…
BDH: There are a lot of people crawling all over that site right now. And with that, remember, these are mixed use buildings. So, it will be ground level retail. There are anywhere in the neighborhood of about 10,000 square feet per building that will be up and ready for someone to go into with some ready population within the next 15 months.
EO: That’s awesome. I mean it’s really good for us to see some activity. The last couple years, commercial real estate’s been tough, and so when you start to see some new initiatives start to roll around, you start to get the feel that maybe we’re starting to pick up a little bit…. things are starting to move forward in the right direction.
Brenda, I’d really like to thank you for being with me today to explain the ENCORE! Project and hopefully our viewers had a chance to watch and get something out of it. And, if somebody would like to get in touch, there’s an Encore site and I believe also your website, if you’d like to give us real quick idea how people can get in touch with you about the project.
BDH: Absolutely. There’s a couple ways to do it. http://www.DohringGroup.com. You can get a link there, but the best place to go is http://www.EncoreTampa.com. All the info that I might have in front of me as I’m referring and taking a look is out there. Information on how to get in touch with us direction is absolutely the best way.
EO: Brenda, thanks again so much, I appreciate you giving me the time.
From the Marcus & Millichap’s latest Retail Research Report Via the Tampa Bay Business Journal:
Forecasts included in the local report:
• Employers will cut another 4,000 positions this year. That’s an improvement over the 50,700 jobs lost in 2009.
•Asking rents are forecast to drop 3.1 percent to $13.78 per square foot, while effective rents will fall 6 percent to $11.71 per square foot. That compares to asking rents of $14.41 per square foot in 2009 and effective rents of $12.79 per square foot.
• Investors will find opportunities in operationally challenged centers in heavily populated Hillsborough and Pinellas counties. Prices have dropped low enough for investors to attempt turnarounds.
The retail vacancy rate in Tampa Bay shopping centers has grown to 10.5 percent or enough empty space to fill International Plaza about 10 times.
Yet while retail rents continue declining to an average of about $15 a square foot, down from $16.53 last summer, industry experts think Florida’s retail space glut has peaked, consumer spending is beginning to come back and rents are stabilizing.
With the shuttering of Circuit Cities around the area, another consumer electronics store is looking hard at taking vacated space in the Tampa market. Could the Circuit City store on N. Dale Mabry be an option? (Retailer Moves to Tampa)
Address 8206 Citrus Park Dr Property Type FedEx & Verizon – Store Building Sales Date 01/31/2012 Sales Amount $3,500,000 Amount/Sq Ft $531.67 (price includes .29 acres of adjacent parking) Prior Sale Amount $1,750,000 Prior Sales Date 05/11/2007 Exterior Wall Brick Address 15412 N. Dale Mabry Hwy Property Type Sonny’s BBQ – Restaurant Building Sales Date […]
Chicago group’s $4 million bid for Channelside complex rejected Two weeks ago, the Tampa Bay Times reported that at least two well-connected local groups have submitted bids to buy Channelside. Tampa Bay Lightning owner Jeff Vinik has teamed with Andrew Wright, head of Tampa commercial real estate firm Franklin …continue reading Breakfast menus serve up [... […]
Completion of Winn-Dixie and Bi-Lo’s merger means fuelperks program can continue The Hutton Company, representing Family Dollar Stores, secures former Coffee Cup commercial location JP Morgan Chase, Regions bank and Citibank all receive healthy ratings from BauerFinancial as real estate market improves and recession subsides With British Airways already on i […]
You are starting to imagine every aspect of the new restaurant you are about to open, the satisfied customers, the busy tables and the waiters buzzing round ensuring everything is perfect. You can visualize the space, where the kitchen is in relation to the dining area, where you’re going to greet the multitude of guests and how […]
Address 401 E Jackson ST Property Type SunTrust -Office Building Sales Date 12/15/2011 Sales Amount $82,500,000 Amount/Sq Ft $140.33 Prior Sale Amount $114,500,000 Prior Sales Date 09/17/07 Exterior Wall Glass Address 7911 W Hillsboroug AVE Property Type McDonald’s -Restaurant Building Sales Date 12/19/2011 Sales Amount $250,000 Amount/Sq Ft $91.47 Prior Sal […]
ULI Tampa Bay Commercial Real Estate Conference, held at A La Carte Event Pavillion, hear of economy that is slow to recover Tampa Bay Lightning, Wilson company and Tampa Tank team up to find real estate for homeless in Hillsborough County Columbia Restaurant and Metro Bay Real Estate win bid to Renovate Tampa Heights’ Waterworks […]
Owners of Belleview Biltmore hope to demolish property and replace with townhouses Retail or Medical office space to be put on Palma Ceia church site Wellcare, HCPCI and ConnectWise help put positive spin on Office Real Estate lease market Lee Roy Selmon’s Restaurant to Fill Space Vacated by Giordano’s Mexican Restaurant Taco Bus looks to […]
Attendees: Eric Odum with Ken Evans, Principal at Evolution Advisors Date: January 9, 2012 Subject: The Market Minute EO: Good afternoon and welcome to today’s Market Minute. I’m Eric Odum, principal Real Estate Broker for Net Lease Commercial Advisory. Today we have Ken Evans with us. Ken is a friend of mine now, but we […]
Purchase of Schalamar Creek Golf and Country Club the largest Commercial Real Estate transaction of 2011 Retail Real Estate showing signs of improvement according to LandQWest and Franklin Real Estate services Office Real Estate sector worst affected by turbulent market LongHorn Steakhouse, Kohl’s and Dick’s Sporting Goods just some of the new businesses alo […]
Real Estate values move in a continuing economic cycle. Understanding the general principles of the economic cycle is key to successful real estate investing.tampacommercialrealestate.com/real-estate-cycles/ […]
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CoStar introduced CoStarGo™ to about one hundred commercial real estate brokers in Tampa The event held at the Westshore Marriott was asuccess as CoStar ...article.wn.com/.../Top_of_the_list_Commercial_real_estate_br... […]
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South Tampa Real Estate Market Overview and Analysis Video by The Duncan Duo Show ... Tampa Commercial Real Estate How to Leverage Commercial Real Estate ...www.youtube.com/watch?v=zYXSejQ76J0 […]
The broker, Steven Silverman of Tampa Commercial Real Estate, recently located a suitable building for Freedom Scientific. They required a building that ... […]
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The new home for Freedom Scientific is an 11500 sf building located close to Tampa International Airport and close to the Veterans Expressway Freedom ...topics.dallasnews.com/article/0fdY7lu2V64qz?q=Florida […]
Tampa Commercial Real Estate, a commercial real estate brokerage firm negotiated the lease of an Office Warehouse to Freedom Scientific.www.prweb.com/releases/.../prweb9454203.htm […]
He might be contacted at: Tampa Commercial Real Estate. Web Site: http://www. TampacommercialRealEstate.com. (813) 785-3665. Sierra Trading Post ...www.hugohosting.com/tampa-real-estate-relocates-defense-co... […]
Tampa Commercial Real Estate, a commercial real estate brokerage firm based ... Full Story »Tampa Commercial Real Estate Relocates Defense Contractor to ...news.yahoo.com/cautiously-optimistic-commercial-real-estate-... […]
TAMPA — Commercial real estate company CBRE announced it has signed a long-term lease for approximately 25000 square feet of office space at the Bank of ...www.review.net/section/detail/4-25-2012-cbre-signs-lease/ […]
