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Posts Tagged ‘tampa’

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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March 2011 Sales of Interest

April 19th, 2011 No comments

6160 Gunn Hwy TAMPA FL 33625

Address Gunn Hwy Tampa, FL 33625
Property Type Retail Shops
Sales Date 3/8/2011
Sales Amount $1,750,000
Amount/Sq Ft $110.51
Prior Sale Amount N/A
Prior Sales Date N/A
Exterior Wall Stucco

10412 N Dale Mabry Hwy

Address N. Dale Mabry Hwy Tampa, FL
Property Type Strip Commercial
Sales Date 3/25/2011
Sales Amount $1,500,000
Amount/Sq Ft $131.63
Prior Sale Amount $1,505,000
Prior Sales Date 4/30/2001
Exterior Wall Stucco

3802 Corporex Park

Address Corporex Park Dr. Tampa, FL 33619
Property Type Office Building
Sales Date 3/25/2011
Sales Amount $26,094,500
Amount/Sq Ft $187.68
Prior Sale Amount $9,500,000
Prior Sales Date Apr ’88
Exterior Wall Brick

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February 2011 Sales of Interest

April 19th, 2011 No comments

1615 N Himes Ave

Address N. Himes Ave. Tampa, FL 33607
Property Type Warehouse
Sales Date 2/1/2011
Sales Amount $537,500
Amount/Sq Ft $53.59
Prior Sale Amount $304,200
Prior Sales Date 11/18/2004
Exterior Wall Metal

4920 W Cypress St

Address W. Cypress St. Tampa, FL 33607
Property Type Office Building
Sales Date 2/22/2011
Sales Amount $1,678,200
Amount/Sq Ft $58.54
Prior Sale Amount $1,650,000
Prior Sales Date 11/07/1995
Exterior Wall Stucco


1105 E Twiggs St

Address E.Twiggs St. Tampa, FL 33602
Property Type Office Building
Sales Date 2/28/2011
Sales Amount $2,100,000
Amount/Sq Ft $203.67
Prior Sale Amount $31,500,000
Prior Sales Date 12/28/2010
Exterior Wall Brick

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Tampa Mayoral Candidates’ Responses to Questionnaire on Economic Development

February 25th, 2011 No comments

We asked our readers for help with some questions the first of the month. If any of you contributed a question along with our Linkedin Group on Economic Development, we thank you for participating.  Tampa Mayoral Candidates

Each candidate was provided 5 days to ponder the compiled questions and respond by February 23, 2011.  The posts are presented in the order in which they responded.  In other words, Ed Turanchik was the first to respond and hence his poll is listed first.

We thank each candidate for their participation.

Click here for their responses!!!!

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Ask a Question to the Tampa Mayoral Candidates

February 1st, 2011 No comments

Tampa Mayoral CandidatesIt is a critical time for Tampa and the surrounding area.  I am sure everyone has plenty of questions about what plans the future Mayor has for helping our city advance economically in the next 4 years.

We plan on asking the Tampa mayoral candidates a list of questions.  Hopefully, they respond and we will post the results here.  If you want to participate please ask your question by clicking on the link below:

Click here for the question.

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Top SBA Lenders in Tampa Area

November 22nd, 2010 No comments

The Tampa Bay Business Journal released its list of top 25 SBA Lenders over the past year.

The Top 5 are as follows:

  1. Florida Business Development Corp – 813.348.0677
  2. Live Oak Banking Co. – 866.954.8362
  3. PNC Bank – 772.231.6300
  4. Gulf Coast Business Finance – 727.234.5340
  5. Synovus Bank – 727.823.9199

For the complete list, please see www.tampabaybusinessjournal.com.

For those unfamiliar with the SBA’s 504 Loan program, it is a terrific vehicle for financing owner-occupied real estate.

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Study Reveals Tampa is the Least Expensive Large City

March 30th, 2010 3 comments

Very competitive labor costs along with moderately-low office/industrial leasing and sales tax costs help make Tampa the least-costly place to do business among 22 U.S. cities/locations with populations exceeding 2 million, according to a study by KPMG LLP, the audit, tax and advisory firm.

Click here for entire press release.

This is not entirely surprising.  The Tampa commercial real estate market has been pummeled by vacancies and falling rent rates.  With high inventories of shadow-space and vacancies, one can conclude that the pain is not over. Tampa’s once bullet proof economy has shown to be WAY too reliant on the construction industry to employ its citizens.  With the highest rate of unemployment in decades, devaluation of rents and prices of commercial property is a natural occurrence.

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Fallen Hero Escort in Tampa

February 3rd, 2010 No comments

Although, we normally reserve this blog for commercial real estate happenings, I believe this information is highly appropriate for our area. There are men and women around the world laying their lives on the line for our safety and respect should be given.

My thoughts and prayers go out to the family and loved ones.

Fallen Hero Escort Route

THURSDAY, February 04, 2010

1400 hrs: Marine Sgt. Daniel M. Angus  arrives at MacDill Air Force Base

1430 hrs. (approximate): Escort departs MacDill AFB

  • Escort proceeds North on Bayshore Boulevard to
  • East on Platt Street Bridge to
  • North on Florida Avenue to
  • East on Jackson Street to
  • North on Jefferson Street to
  • East on Twiggs Street to
  • Channelside Drive to
  • East on SR 60 to
  • South on Kings Avenue to
  • West on Lumsden Road to
  • South on Providence Road to
  • Serenity Meadows Funeral Home

(6919 Providence Road
Riverview, FL 33578-4528)

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Outlook: Commercial Real Estate Recovery to Begin in 2010

January 21st, 2010 1 comment

“We are going to see distress continue to mount this year,” Bach said.

Leasing rates for all sectors, including multifamily, retail, industrial and office, will continue to rise at least through the first six months, he said.

Grubb & Ellis’ Chief economist Robert Bach was in Tampa today to speak with Florida Gulf Coast Association of Realtors (FGCAR) and West Coast CCIM’s to discuss the outlook for commercial real estate.  (Complete story at the Tampa Bay Business  Journal)

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Tampa Downtown Office Building Sells

January 18th, 2010 No comments
601 Ashley - Office Space in Downtown Tampa

601 Ashley - Office Space in Downtown Tampa

I just learned that  601 N. Ashley sold last month. Besides the fact that the building is immediately next to our office, I find the sale interesting as I believe it is a microcosm of what is going on in the Tampa market. Novare Development and partners purchased the building in 2005 with the intent  to convert the building to condos.

Well, life happened in the wake of what seemed like a great plan and the market downturn torpedoed any opportunity to break the building down and sell it.  The purchase price in 2005 was $7,000,000 or $114.27/sq ft.  The price on last month’s sale was $4.1 million, or  $67/sq foot, a 41% decrease.   While the Tampa Downtown Sub market hovers around 20% vacancy, it will be interesting to see what the new owners have in store for the property.

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