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  • 04/06/2023 11:07 AM | Debbie Colangelo (Administrator)

    At its March 13 meeting, the Leesburg City Commission approved the rezoning and a site plan for the Crossings at 44, a mixed-use development on State Road 44 just west of the Sumter County line.

    The property, located to the west of Whitney Road, spans 34.7 acres and its plan calls for a 280-unit apartment complex, a 150-bed assisted living center, a 120-bed rehabilitation center and a 120-bed skilled nursing facility as well as 40,000 square feet for commercial use. The maximum building height across the community is three stories, and the developer must employ “dark sky” lighting standards.

    Ryan Solstice, representing Hesko Holdings, told the commission that the development would be completed in phases, starting with the apartment complex, then commercial.

    The city’s planning commission recommended approval at a meeting in January. And the city commission approved the plan unanimously after hearing from Solstice, Planning and Zoning Director Dan Miller and the public.


    Source:  GrowthSpotter


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  • 04/04/2023 9:30 AM | Debbie Colangelo (Administrator)
    According to a master plan request the developer submitted to the city of Orlando, the ideas real estate giant Prologis Inc. has for the roughly 165 acres of land it will purchase from the Orlando Utilities Commission are beginning to take shape.

    Plans filed with the request showed that a five-building warehouse park with a total floor area of more than 1.5 million square feet would be constructed on the undeveloped land on the east side of Wetherbee Road.

    Once the deal is completed, Prologis, based in San Francisco, will have 165 acres added next to its Prologis Park at Airport International Park of Orlando (AIPO), which is situated immediately west of Orlando International Airport.

    The plans reveal buildings of 504,450 square feet; 451,000 square feet; 301,125 square feet; 148,000 square feet and 130,000 square feet in size.


    Source: OBJ

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  • 03/30/2023 2:18 PM | Debbie Colangelo (Administrator)

    Less than three weeks after being filed, a bill blocking China and six other “countries of concern” from buying or holding interest in land within range of strategic sites in Florida is heading to the Senate floor.

    The Senate Rules Committee voted unanimously to advance the measure (SB 264), a priority of Agriculture Commissioner Wilton Simpson intended to safeguard state security against foreign threats.

    Countries named in the legislation — which also includes provisions to protect Floridians’ health information — include China, Cuba, Iran, North Korea, Russia, Syria and Venezuela.

    If passed, the bill would ban the governments of those nations and businesses based there from owning real property within 20 miles of “critical infrastructure.” That includes military bases, water treatment facilities, power plants, emergency operation centers, seaports, telecommunication facilities, police stations and other such structures.

    Tampa Republican Sen. Jay Collins, a decorated Army Special Forces veteran and the bill’s sponsor, said the measure “does a very good job of protecting our strategic-level interests.”

    “We’ve talked about the humanities issues around the world,” he said. “Frankly, there are people who just don’t believe in the American dream and the American way of life.”

    As an added layer of protection, Collins’ bill — as well as a House version (HB 1355) by Republican Rep. David Borrero and Democratic Rep. Katherine Waldron — would require documentation from potential buyers attesting their good intent. Any entity purchasing agricultural or real property within 20 miles of a military base or critical infrastructure must provide an affidavit affirming compliance with the proposed law, which would go into effect July 1.

    The bill also bars government agencies in Florida from entering into contracts with those seven countries for services that include access to personal information.

    Similarly, it would also require health care providers to ensure that the repositories for their patients’ digitally kept records are located within the United States. An amendment the panel approved Wednesday expanded that proviso to also allow storage of that data in U.S. territories and Canada.

    Beginning Jan. 1, 2024, any company bidding on government contracts involving access to Floridians’ personal information would have to provide a signed affidavit asserting a foreign country of concern does not own the company or hold a controlling interest in it.

    Miami Springs Republican Sen. Bryan Ávila, a lieutenant in the Florida Army National Guard, co-introduced the bill.

    According to the U.S. Department of Agriculture, 6.3% of nearly 22 million acres of privately held agricultural land in Florida was foreign-owned in 2021. Senate staff wrote in an analysis that while it is “unclear” how much of that land — roughly 1.4 million acres — belongs to China, “the (federal) department does report that (China) owns 96,975 acres in the ‘South Region,’ which includes Florida.”

    SB 264, HB 1355 and a similar but more limited measure (SB 924) Boynton Beach Democratic Sen. Lori Berman filed last month — more than two months after Collins and Borrero announced their legislation — complement an executive order from President Joe Biden. The executive order, which Biden signed Sept. 15, defines additional national security factors the Committee on Foreign Investment in the U.S. must consider when evaluating transactions.

    Biden acted in response to growing, bipartisan concern among government officials over protecting Americans’ data, enhancing U.S. supply chain resilience and safeguarding the country’s position as a tech leader.

    “The United States’ commitment to open investment is a cornerstone of our economic policy, benefits millions of American workers employed by foreign firms operating in the United States, and helps to maintain our economic and technological edge,” the executive order said.

    “However, the United States has long recognized that certain investments in the United States from foreign persons, particularly those from competitor or adversarial nations, can present risks to U.S. national security.”

    Isabelle Garbarino, director of legislative affairs for the Florida Department of Agriculture and Consumer Services, signaled support for Collins’ bill Wednesday.

    HB 1355 and SB 924 both await a committee hearing.


    Source:  Florida Politics


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  • 03/28/2023 2:17 PM | Debbie Colangelo (Administrator)

    On Friday, March 24, the Florida Legislature passed SB 102, a comprehensive housing bill and one of Florida Realtors®’ top priorities during the 2023 session.

    Florida Senate President Kathleen Passidomo (R-Naples) created and strongly backed the bill, called the “Live Local” plan. On social media, Florida Realtors also thanked Speaker of the House Paul Renner (R-Palm Coast) and Rep. Demi Busatta Cabrera (R-Coral Gables) for their efforts in getting the bill passed.

    “The Live Local plan … is the product of my discussions with stakeholders over a number of years,” Passidimo said when introducing the bill in January. “With their advice and input, we are tackling this complex issue from all angles – from incentivizing private sector investment, to increasing state funding, to common sense reductions in regulations, this plan will improve options for both homeownership and affordable rental units in communities across our state.”

    No single solution exists for solving Florida’s affordable housing shortage, and the bill does not take a single approach. Any change that might help boost housing and provide shelter for Floridians was considered, and the final version passed on Friday is comprehensive.

    Broad changes in SB 102

    • Funding: The $811 million in total funding includes $252 million to SHIP (State Housing Initiatives Partnership) and $259 to SAIL (State Housing Initiatives Partnership Program). Going forward, it includes $150 million a year to SAIL for 10 years (total of $1.5 billion)

    • Hometown Heroes: It expands the Hometown Heroes Program strongly backed by Florida Realtors in the 2022 session of the Florida Legislature. SB 102 adds to the program by appropriating $100 million more. It also widens eligibility from career-based assistance to income-based down payment assistance. Previously, maximum loans were $25,000; under SB 102, that rises to $35,000.

    • Tax credits: It raises community contribution tax credit programs limits, which encourage Florida businesses to make donations towards community development and housing projects for low-income Floridians.

    • Private-sector investment: Encourages private investment in affordable housing through a new corporate tax donation program. Businesses can contribute to SAIL instead of paying portions of corporate and insurance premium taxes, up to $100 million a year. It also provides a small refund on sales taxes for building materials used by developments financed through the FHFC (Florida Housing Finance Corporation) and provides additional gap financing to workforce housing programs that may face construction hardships.

    • Property tax exemptions: The bill creates three new property tax exemptions:

    — It allows counties and municipalities to offer a property tax exemption to property owners who dedicate units for affordable housing at extremely-low-income, very-low-income or both.

    — It provides a property tax exemption for land owned by a nonprofit leased for at least 99 years as affordable housing for extremely-low to moderate-income people.

    — It authorizes a local-option property-tax exemption to property owners who dedicate units for affordable housing for extremely low income and/or very low income Floridians.


    • Missing Middle exemption: Creates a new “Missing Middle” property tax exemption for new or recently rehabilitated developments that set aside at least 70 current market rate units into affordable units.

    • Local government regulations: Under the bill, a local government cannot regulate the use, density or height (with some exceptions) of an affordable housing development if a proposed rental project is multifamily or mixed-use residential and in any area zoned for commercial, industrial or mixed use. It also defines, by percentages, what types of multifamily projects qualify. A local government cannot require an authorized development to obtain a zoning/land use change, special exception, conditional use approval, variance or comp plan amendment for use, density, or height.

    • Public property: It encourages the use of public property for affordable housing and allows for expedited permits and development orders for local governments.

    • Rent control: It removes provisions in current law that allowed local governments to impose rent control under certain limited circumstances. Under SB 102, rent control is banned under all circumstances.

    • Advertising affordable-housing land: Requires local governments to publish online their inventory of local government-owned property that may be suitable for affordable housing development. It also encourages local governments to consider “best practices”  it requires technical assistance to help facilitate the use of public property.

    “This is one of the most significant and transformative affordable housing bills seen in Florida since the Sadowski Act was passed in 1992,” says Florida Realtors Vice President of Public Policy Andy Gonzalez. “Not only does it allocate hundreds of millions of new dollars to the state’s affordable housing programs, it does so in a balanced way, prioritizing both homeownership and rental opportunities equally.”


    Source:  Florida Realtors

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  • 03/23/2023 7:09 PM | Debbie Colangelo (Administrator)

    From real estate development to agriculture, land in Florida continued to fuel record-breaking prices in 2022, according to the Lay of the Land 2022 Market Report. The report also highlights a drop in land transactions as interest rates kept rising. 

    Issued by SVN | Saunders Ralston Dantzler at the annual Lay of the Land Conference, the report analyzes transaction volume in the residential market, ranch, and recreational land, farm and nurseries, citrus, timberland, and transitional land. The findings are a good reflection of the real estate market as the US and Florida continue to recover from the economic policies enacted during the pandemic and indicate where the market is headed in 2023.

    “From nearly $5 trillion pumped into the economy to combat the effects of the pandemic to rising interest rates, it’s no surprise that we saw fewer transactions last year and possibly into this year as the Fed attempts to combat inflation and rumors of a recession continue to swirl,” said Dean Saunders, co-founder of SVN | Saunders Ralston Dantzler. “With an average of 1,142 people a day moving to Florida, the state’s real estate market is well-positioned and will continue to see substantial growth, making it an attractive investment if there’s an economic downturn.” 

    The report points out that power companies’ solar farm purchases and Florida’s investment in conservation acquisitions are having an influence on the demand for land. The decreasing cost of solar panels is just one of several reasons for the rising interest in solar farms. According to the report, 28,640 gross acres of transitional sales were for solar-powered development in Florida, representing an 83 percent increase from 2021. 

    Demand for conservation land has increased over the last two years with the Florida Legislature making investments of $700 million into Florida’s conservation programs, such as Florida Forever, Rural and Family Lands Protection Program, and the Wildlife Corridor. In 2022, there were over 100 transactions for conservation with purchases in fee-simple acquisitions and conservation easements. 22 of those were conservation easement sales totaling 24,867 acres for approximately $47.5 million. Since the inception of the Florida Forever program in July 2001, the state has purchased more than 902,011 acres of land with approximately $3.3 billion.

    “Consistent funding has been one of the biggest challenges facing conservation efforts,” said Saunders, who spearheaded the creation of the conservation easement program when he served in the State Legislature. “We have been fortunate that the Governor and State Legislators have made conservation a top priority and are making a significant investment to balance conservation and development so we can  protect our local waterways and drinking water sources and critical wildlife habitats while accommodating new development.” 

    The report also highlights the real estate market on Florida’s Treasure Coast, growth in the value of farm and timberland assets in South Georgia, as well as land transactions in the Everglades Agricultural Area and Miami-Dade County’s Homestead Area Farms. 

    Some of the report’s key findings include:

    Ranch & Recreational Land

    • The 2022 volume of sales containing over 500 acres was significantly less than it was in 2021. However, the volume of sales exceeding 1,000 acres experienced a significant increase compared to 2021.
    • The Pandemic drove the demand for people escaping city life and now the market is starting to normalize and prices stabilizing in 2023. 

    Residential Lots & Land 

    • Residential land and finished lot prices in Central Florida were up compared to 2021, but it varies by county and overall volume eased down. 
    • Demand for housing is still ahead of supply, but changing interest rates, inflation and supply chain disruption have slowed residential developers and builders down some. The need to develop communities will not subside anytime soon. 

    Farmland & Nurseries

    • The report tracks 61 transactions across 27 different Florida counties. Most of these farms consisted of fruit and vegetable production, irrigated farmland and sod farms. Sales, interest and activity remained extremely strong in 2022. 
    • In 2021, farms averaged $14,146 per acre and in 2022 averaged $12,616 per acre. However, sales volume increased significantly, and the report found more transactions as a whole in 2022 compared to 2021. Large agricultural tracts are continuing to be placed on the market in 2023. 

    Citrus

    • Citrus groves continue to make up a significant portion of Florida’s agricultural real estate sales as they have become extremely attractive for residential and commercial development. 
    • Compared to 2021, 2022’s average sale price per acre was approximately 19 percent higher.

    Timberland

    • The price range and average sales price for timberland were considerably higher in 2022 compared to 2021. This is in large part due to 1031 investors and investors diversifying away from the stock market. 
    • Most buyers were from Central and South Florida, but investors also came from other parts of the US and internationally. Overall, Florida continues to be a desirable place to invest in timberland markets. 

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  • 03/21/2023 2:52 PM | Debbie Colangelo (Administrator)

    Diversified professional services and investment management company Colliers has welcomed Matt Siegel to the company as executive managing director and brokerage market leader for West/Central Florida, a region that includes Orlando, Tampa and Fort Myers. Siegel will replace Danny Rice, who is transitioning to become market leader of Colliers Houston.

    Tampa-native Siegel is charged with leading and growing Colliers’ West/Central Florida brokerage operations for the three-market region, which includes over 95 brokers and 50 support staff and had transaction volume of more than $2 billion in 2022.

    Prior to joining Colliers, Siegel served as managing director of CBRE Tucson (AZ) where he drove growth through recruiting, new business development and sales management. His commercial real estate career began in Dallas-Fort Worth, TX, where he served as VP and market director for NAI Robert Lynn and specialized in office and industrial brokerage.


    Source:  ConnectCRE

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  • 03/16/2023 12:54 PM | Debbie Colangelo (Administrator)

    Shea R. Booster has always been passionate about agriculture. Whether he was raising hogs for his local fair or involved in his FFA Chapter, Shea's passion for agriculture constantly evolved.

    Shea’s involvement in FFA led him to be elected as the FFA Western Region National Vice President in 2018-2019 for the National FFA Organization. He spent over 300 days on the road, traveling more than 100,000 miles to advocate for agriculture across the country. This experience led him to the University of Florida where he graduated in '22 with a degree in Agricultural Education and Communications and minors in both Leadership and International Studies.

    With his passion for agriculture and leadership, Shea started his career as an agricultural real estate advisor with SVN Saunders Ralston Dantzler in May of '22. In his first year as an Associate Advisor with SVN Saunders Ralston Dantzler, he has helped broker over $11,000,000 dollars in assets ranging from land, livestock, and equipment. Shea is dedicated to connecting farmers and ranchers to land that they can run and operate for generations to come. 

    In addition to his role as an agricultural real estate advisor, Shea is also the owner and operator of People First Leadership Solutions, a leadership development consulting company. With clients located across the country, Shea helps organizations and individuals become better leaders by developing and implementing leadership development programs that are tailored to their specific needs. His unique blend of agricultural and leadership expertise allows him to make a positive impact in the lives of his clients and the agricultural industry.

    Shea is a brand new Realtor and can be reached at shea.booster@svn.com

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  • 03/14/2023 11:20 AM | Debbie Colangelo (Administrator)

    Franklin Street has arranged the sale of a newly built, 23,241-square-foot Class A medical office building in the Orlando suburb of Winter Garden for $11.2 million, or $481.90 per square foot.

    Franklin Street Director Matthew Weinberger, who specializes in healthcare real estate, brokered the transaction on behalf of both the seller, Verax WG, LLC, and the buyer, Charlotte-based Flagship Healthcare Properties, a fully integrated outpatient healthcare real estate firm.

    Completed in 2022, the multi-tenant property is 100% occupied and fully stabilized. It is anchored by AdventHealth Well 65+, a primary care practice that has five locations across Central Florida, with co-tenants including AdventHealth Sports Med and Rehab, Winter Garden OB/GYN, Orlando Neurosurgery and The Ear, Nose, Throat and Plastic Surgery Associates.

    Located at 12323 W. Colonial Dr., the property is part of the Winter Garden’s flourishing medical and commercial corridor with nearby hospital systems such as AdventHealth Winter Garden and Orlando Health – Health Central.

    “This first-class medical property is extremely well positioned within Winter Garden’s robust healthcare sector, while boasting a strong tenant roster that serves as a great benefit to the surrounding community,” said Weinberger. “We are pleased to have helped Flagship add another worthy medical office asset to its portfolio in the Central Florida market.”

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  • 03/10/2023 8:40 AM | Debbie Colangelo (Administrator)

    Grover Corlew, a Florida-based real estate investment group and owner of the revitalized Orlando Central office park, has signed more than 155,000 square feet of new office space, tenant renewals and expansions over the past year.

    In 2019, Grover Corlew reintroduced the one-and two-story mid-century office property following two years of extensive interior and exterior upgrades. The transformed complex of 21 scenic and suburban office buildings today offers discerning tenants appealing new workspaces with custom buildouts, stylish finishes, and floor-to-ceiling glass windows with plenty of natural lighting.

    “Orlando Central consistently remains a popular choice for businesses, despite the fluctuations in the office market we’ve witnessed over the past several years,” said Partner Anuj Grover. “We’re near full occupancy, with a continued steady interest from new tenants who are attracted to the property’s elevated Class-A enhancements and prime location near Baldwin Park and Winter Park.”

    With an emphasis on creating a workstyle to match the surrounding neighborhoods and upscale lifestyle, the property emphasizes workspaces that feature modern technology and sustainability, along with intuitive design features. Orlando Central works closely with individual tenants to personalize each space, adding custom upgrades such as open office plans, full-service breakrooms, nursing rooms, stand-alone coffee bars, payroll door access, LED lighting and more.

    “We’re thrilled to welcome so many new and notable tenants to Orlando Central and grateful for our longstanding relationships with tenants who have decided to renew or expand here,” said Partner Mark Corlew. “Orlando Central has location, ease, sophistication and value all working in its favor and that’s a winning scenario for most businesses looking to relocate in today’s market.”

    Among the notable 20 new tenants at Orlando Central Office Park are:

    • Acousti, an industry leader in interior building finishes and specialty construction, has signed a new lease for 8,200 sq. ft. of office space and will relocate its headquarters to 1040 Woodcock Road, Suite 100 later this month.
    • Interior Talent, a leading talent recruitment and retention firm for the architecture, interior design, engineering, retail and manufacturing industries, has signed a new lease for 6,915 sq. ft. of office space at 1080 Woodcock Road, Suite 200.
    • OptumServe Health, a division of UnitedHealth Group, Inc. (NYSE:UNH) that offers healthcare services for federal agencies and communities, has leased 4,717 sq. ft. of office space at 3751 Maguire Boulevard, Suite 211.
    • Quantum Improvements Consulting, a woman-owned business devoted to the science of training and providing solutions to improve human performance, has signed a new lease for 4,354 sq. ft. at 1080 Woodcock Road, Suite 100.
    • City Year, a nonprofit organization that recruits AmeriCorps members to pursue a life-changing year of service in public schools, has signed a new lease for 3,455 sq. ft. of office space and will relocate to 3165 McCrory Place, Suite 122, in May 2023.

    Renewals and expansions at Orlando Central accounted for more than 107,944 sq. ft. of leased space, led by the U.S. General Services Administration Department of Immigration with the renewal of  32,330 sq. ft. of office space and followed by Cuhaci Peterson™, a tenant since 2014 and a nationally recognized commercial architecture and engineering firm, with the renewal of 23, 869 sq. ft. of office space. Other notable transactions included the expansion of the Florida Department of Health offices to total 56,029 sq. ft. and the headquarters expansion of Franchise Brokers Associates to 6,046 sq. ft.

    Named Outstanding Building of the Year by BOMA Orlando in 2019, Orlando Central is situated 3.5 miles east of Orlando’s central business district. The office park is immediately adjacent to the west of Baldwin Park, one of Orlando’s few “live, work, play” communities set within a dense, walkable community with the perfect mix of amenities, parks and recreation. Located just five minutes north is the City of Winter Park, one of Central Florida’s most affluent suburbs well-known for its historic roots and high-end retail.

    Asking rents start at $26.00 per square foot. Todd Davis and Robert Kellogg with Cushman and Wakefield handle leasing for the office park.

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  • 03/09/2023 8:43 AM | Debbie Colangelo (Administrator)

    An extremely well-known and popular hamburger chain from San Diego announced Wednesday that it will be making its way down to the Sunshine State.

    Jack in the Box is coming to Florida! The California-based fast-food chain will also be heading to Alaska as well.

    Fourteen new Jack in the Box locations are expected to open across Central Florida, making it a good excuse for a quick road trip.

    “Through my travels to the West Coast, I fell in love with the Jack in the Box brand. After returning home, I read that Jack in the Box was looking to expand in the Florida market, and I knew that was our sign. Jack in the Box checked all of the boxes of what we were looking for in a franchise opportunity,” said Jonathan Peralta, Orlando franchisee.

    Tim Linderman, Chief Development Officer, stated, “We’re excited to see the brand’s continued expansion into new cities and states across the country, as both of these groups bring tremendous experience to the Jack in the Box franchise system and are the perfect franchisees to open these new markets. He added, “these signings come on the heels of another recent 37-store development agreement with new franchisees, which speaks to the tremendous value of the Jack in the Box system to new franchise operators who want to bring a proven concept into their markets.”

    Jack in the Box is one of the nation’s largest hamburger chains, with more than 2,100 restaurants across 21 states, according to a release.


    Source:  ABC-7

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