Syncopated Real Estate offers an integrated approach to property acquisition and asset disposition. As a South Florida brokerage we facilitate the buying, selling, and leasing of real estate in both residential and commercial markets. A strategic coordination with real estate professionals and funding services allows for innovative solutions. The boutique brokerage approach caters to the individual goals of buyers and sellers. This is accomplished through listening to market rhythms and having the dedication to discover value. The ability to connect with resources such as family offices, legal services, accounting professionals, and private funding groups, generates informed transactions. This method to the real estate business achieves success while developing long term relationships.
The city of Fort Lauderdale may increase storm water fees to protect the public from flooding, which has worsened in recent years during periods of high tide.
City commissioners are considering a proposal to nearly double the city’s total annual revenue from storm water fees from $8.5 million to $16.6 million.
Under the proposal, the calculation of storm water fees would be based on the traffic a property generates.
The proposal came from consulting firm Burton & Associates, Inc., which conducted a rate study for the city.
City Manager Lee Feldman said the proposal would mean lower storm water fees for a warehouse than a supermarket, which benefits more from improved drainage to keep roads from flooding.
Feldman said more revenue from storm water fees could help Fort Lauderdale cover $140 million to $240 million in costs to improve drainage systems and heighten sea walls.
Mayor Jack Seiler said city commissioners should consider storm water fees based not only on the traffic a property generates, but also the extent to which a property is impervious and blocks storm-water drainage. The degree of imperviousness is how fees are calculated now.
The proposal by Burton & Associates would require owners of single-family homes to pay $6 a month for storm water drainage as part of their monthly water bills, which would be unchanged from last year.
But other types of property owners would pay more. The monthly storm water fee would rise from $1.06 to $4.18 for condo owners, from $178.42 to $758.64 for supermarket owners, and from $283.58 to $4,062.15 for government entities.
Flooding in Fort Lauderdale is likely to worsen as sea level rises. According to the Southeast Florida Regional Compact Climate Action Plan, sea level is expected to rise six to 10 inches by 2030. [Sun-Sentinel] – Mike Seemuth
Aqua at Pelican Isle, a boutique condominium in Naples, is nearly sold out.
Construction of the 11-story Aqua Tower II was completed last month, and sales have topped $60 million.
Aqua Tower II has only seven unsold units, including three furnished units and a penthouse.
Three furnished units that remain unsold at the Naples development are priced between $2.445 million and $2.545 million. They range in size from 3,940 square feet to 4,171 square feet.
The unfurnished and unsold units at Aqua Tower II are on the third and fourth floors and range in price from $1.995 million to more than $2.195 million. The units range in size from 3,900 square feet to nearly 4,200 square feet.
The unsold 6,500-square-foot penthouse has four bedrooms, four bathrooms, a half bathroom, grand salon, family room, dining room and master study, plus more than 3,000 square feet of outdoor living area, including a sunset terrace and a private sunrise balcony.
Among the amenities at Aqua Tower II are an outdoor putting green, a fire pit, and a game room with billiards, a bar, a fireplace and an interactive golf simulator.
Aqua at Pelican, located next to a 29-slip marina, has other amenities including a movie theater, library and swimming pool, plus spa facilities, a fitness center and a rooftop terrace.
The Hamptons, roughly a two-hour drive from New York City, is a popular retreat with big beaches, fine restaurants and plenty of emulators.
Residential property brokers around the world associate their pricey listings with the Hamptons, a collection of resort towns on the south fork of Long Island where many wealthy New Yorkers spend their weekends.
Ginger Martin, a Sotheby’s broker, says the Sonoma/Napa Valley area about 90 minutes north of San Francisco is comparable to the Hamptons, calling California’s wine country a “weekend place” where affluent, big-city residents can relax in style.
And, like the Hamptons, real estate prices are lofty in Sonoma and Napa, ranging upward from about $4 million for a one-acre parcel, Martin said.
Many foreign cities also have nearby retreats that serve as their equivalent to the Hamptons. For example, Southhampton-based Michaela Keszler of real estate brokerage Douglas Elliman said wealthy residents of Munich flock to Kitzbühel in Austria near Germany’s southern border, calling it “the Hamptons of Munich.”
Alexander Kraft, chairman and CEO of Sotheby’s International Realty France-Monaco, said the Hamptons equivalent for Paris is a town called Dinard in the Brittany region of France on its northern coast. And though Dinard has more seaside villas than oversized estates, properties there have become pricier since 2000, Kraft said.
The Hamptons equivalents for other cities with affluent residents include a North Sea island called Sylt (Hamburg), a quiet town called Ojai (Los Angeles), Lake Garda (Milan), a lakeside city called Muskoka (Toronto) and the coastal community of São Sebastião (São Paulo). [Bloomberg] – Mike Seemuth
The mixed-use Metropica development in Sunrise has attracted five additional retail tenants including three food-and-beverage businesses.
The 65-acre, $1.5 billion Metropica development will have 400,000 square feet of retail space and 1,900 high-rise residential units when it is completed.
The latest additions to Metropica’s lineup of retail tenants includes Bulla Gastrobar, City Works Eatery & Pour House, Harry’s Pizzeria, Sparkles and Sugarboo & Co.
Bulla Gastrobar, a casual dining restaurant business inspired by tapas restaurants in Spain, has locations in Coral Gables, Doral and Central Florida’s Winter Park.
City Works Eatery & Pour House, which has a location in Doral, features classic American food and 90 draft-beer handles. City Works also has locations in Minnesota and Philadelphia.
Harry’s Pizzeria would open its fourth South Florida location at Metropica. Harry’s also operates in Coconut Grove, the Miami Design District and the Downtown Dadeland district in Kendall.
Sparkles is a multi-brand jewelry business owned by Mirpuri Group USA and offers product lines under such brand names as Pandora, Swarovski and Thomas Sabo. Mirpuri operates six Pandora jewelry stores in Florida.
Other companies that previously committed to lease retail space at Metropica include Shake Shack, Kona Grill, Fogo de Chao, Salsa Fiesta, Anthropologie, Free People, Kendra Scott Jewelry, and entertainment anchors iPic Theatres and Kings Bowl.
Minto Communities began construction of six model homes at Westlake, a 3,800-acre master-planned community that became the newest municipality in Palm Beach County about a year ago.
Minto expects to finish the fully furnished model homes to coincide with the grand opening of the Westlake sales center in fall.
Minto’s models will serve as examples of its Cypress Collection and its Indigo Collection.
The Cypress Collection encompasses homes with 14 floor plans ranging in size from 1,483 square feet to 4,025 square feet, with two to five bedrooms and bathrooms and two- and three-car garages.
Homes in the Indigo Collection are larger, with 11 floor plans ranging from 2,410 square feet to 4,443 square feet. Indigo homes will have two to six bedrooms, two to four bathrooms, plus a half bathroom, and two-, three- and four-car garages.
Westlake’s amenities will include an aquatics center, open spaces for picnics and events, sports courts, a playground and a dog park.
An age-restricted apartment property in the Jupiter area with a 95 percent occupancy rate sold for $26.75 million, or $257,211 per unit.
A limited liability company linked to Washington, D.C.-based Gelman Management Co. bought the 104-unit property, called Riverwalk Pointe at Mangrove Bay, which is restricted to residents 55 and older.
Mangrove Bay Housing LLC, a joint venture of Eastwind Development and Index Apartments, sold the property, located off U.S. Highway 1 just south of Indiantown Road.
Eastwind and Index built Riverwalk Pointe at Mangrove Bay and held a grand opening in 2015.
A four-member team at Cushman & Wakefield brokered the sale: vice chairman Robert Given, vice president Calum Weaver, managing director Zachary Sackley and senior managing director Troy Ballard. [Bisnow.com] – Mike Seemuth
Another golf course in South Florida is a candidate for redevelopment.
The Broward County Planning Council last week recommended approval of a plan to build 415 houses and townhouses at the Crystal Lake Golf Club in Deerfield Beach.
The Broward County Commission will vote Aug. 22 on the proposed redevelopment of the 109-acre Crystal Lake golf property.
The redevelopment plan also is pending a decision by Deerfield Beach city commissioners whether to rezone Crystal Lake and approve a site plan.
Miami-based developer Stefan Hoyer proposed construction of 290 houses and 125 townhouses on the property, a development that would be known as Hoyer Homes a Crystal Lake. His proposal also would encircle the property with a 100-foot-wide water buffer for storm water drainage.
The developer would keep a minimum of 4.5 acres at the 109-acre property as an open space and would build an emergency medical services facility on the property for the Deerfield Beach Fire Department.
Hoyer also is redeveloping the old Raintree Golf & Country Club in Pembroke Pines.
In the last 10 years, the number of golf courses in Broward County has fallen from 61 to about 45 due to redevelopment and other reasons.
Atlanta-based RADCO Companies paid $41.7 million for a 536-unit apartment complex in Tampa, or about $77,800 per unit.
RADCO plans to spend about $7.7 million, or $14,500 per unit, to upgrade Cordova Apartment Homes, the company’s sixth acquisition of an apartment complex in Tampa. RADCO renamed the complex Sunstone Palms.
The Atlanta-based company financed the acquisition of Sunstone Palms with about $15.4 million of private capital and a $36.7 million loan from Prudential.
The 19-acre apartment complex, built in 1975, has 67 buildings two and three stories tall. The average size of the garden-style apartments is 875 square feet. Amenities include a fitness center, two swimming pools, a playground, picnic and grilling areas, on-site laundry facilities, a clubhouse, business center and dog park.
The Tampa rental property is near the University of South Florida and its medical center, which includes the H. Lee Moffit Cancer Center and Research Institution, Florida Hospital and the James A. Healy Veteran’s Hospital.
Palm Beach Gardens-based Kitson & Partners began construction of a Publix supermarket as part of the redevelopment of the Plaza del Mar shopping center in Manalapan.
The 28,000-square-foot Publix store is expected to open in about a year and will serve as an anchor at Plaza del Mar. The Manalapan shopping center measures 102,715 square feet, and its tenants include Chico’s, Evelyn & Arthur, John G’s and The Ice Cream Club, according to Kitson’s website. [Palm Beach Post] – Mike Seemuth
The city council of Las Vegas approved new rules to restrict owners who advertise homes as short-term rentals on Airbnb and other home-sharing platforms. Council members enacted the rules in response to complaints about homes used as “party houses” by short-term renters.
The new rules require owners to obtain a special use permit priced at $1,030, to submit proof of liability insurance for $500,000 in damages, and to post placards outside their homes with contact information and the maximum occupancy allowed.
The new rules also require that owners of short-term rental properties to have one additional parking spot for every bedroom in excess of five.
Owners of short-term rental properties in Las Vegas already had been required to arrange for a property inspection, to obtain a business license and to pay an annual permit fee of $500. Las Vegas also prohibits short-term rental properties from being within 660 feet of each other.
San Francisco-based Airbnb reported earlier this year that Las Vegas home owners last year hosted more than 250,000 guests and collected $35.5 million in rental revenue.
Airbnb spokeswoman Jasmine Mora said in a prepared statement that the new rules set by the city council in Las Vegas threatens the short-term rental income of “thousands of Las Vegas families.”
Airbnb has fought legal and regulatory battles in many metropolitan areas, including South Florida, where the company convinced a judge to issue a temporary restraining order that prevents Miami from enforcing a ban on short-term rentals in residential areas. [Daily Business Review] – Mike Seemuth