In case you missed it, view a recording from the Florida Realtors® 2020 Virtual District 12 Conference. Lawrence Yun, Chief Economist and Senior Vice President of Research, gives his views of the current economy and housing market
Download the presentation.
Access to health care options is top of mind for many during this challenging time. In response, the National Association of REALTORS is funding two months of Members TeleHealth as a benefit for those who do not currently have access to telemedicine. In addition, NAR is subsidizing an ongoing, significantly-reduced rate thereafter.
Members TeleHealth is a telemedicine service that provides virtual access to a doctor for non-emergency medical issues, and allows patients to stay home during illness. Through this plan, NAR members receive 24/7 access to MDLIVE, a network of more than 2,300 U.S. state licensed and board-certified physicians who are professionally trained to provide treatment through smartphone, tablet, or computer.
Common issues treated through telemedicine include allergies, asthma, flu, fever, virus, headaches, rashes, joint aches, urinary tract infections, nausea, infections, pink eye, acne, and more.
The COVID-19 health crisis has forced dramatic change upon REALTORS® businesses more quickly than we have ever seen. In response, the National Association of REALTORS® has reactivated its Right Tools, Right Now program to provide the support REALTORS® needs.
Click here to view Right Tools, Right Now!
Right Tools, Right Now was first activated in 2009 in the midst of the financial crisis. Under its umbrella, you’ll find new and existing NAR products and services available for FREE or at significant discounts to REALTORS® and REALTOR® associations. The program includes products, resources, and services from all areas of NAR, including:
For example, now’s a great time to refine your tech skills through the program’s free e-PRO® certification course or to learn more about helping your clients (or yourself) build wealth through a free real estate investing course. These are just a couple of the outstanding offers available now. Visit the page often as new offers will be added regularly.
And, If you need help finding any resources, or have questions related to COVID-19 and real estate, NAR's Member Support Team is ready to help. You can call a new hotline, 1.800.874.6500, between 8 am and 6 pm, CDT, Monday – Friday.
Paul P. Partyka, CCIM, MiCP, Partner at NAI Realvest, and 2020 President of CFCAR, closed on the sale of 9.82 acres on Livingston Road, near Formosa Garden Blvd, in Kissimmee, Florida. He represented the seller, Maingate Hills, Inc. The buyer, Primeland Real Estate Development, LLC plans to develop a luxury condo hotel on the site.
The new development will be called Sycamore Orlando Resort and will consist of 6 seven-story buildings, with a total of 380 condo hotel units.
Sycamore Orlando Resort will be a luxury vacation destination with numerous amenities including a bakery-café, fitness center, kids club, pet club, on-site restaurant, rooftop bar, spa, sports bar and sushi bar as well as 24/7 concierge service.
Construction is expected to begin in June 2020 with first phase completion by June 2021 and final completion by June 2022.
“This will be an outstanding addition to the luxury accommodation market near the attractions area”, according to Paul P. Partyka.
“This will be an outstanding addition to the luxury accommodation market near the attractions area”, according to Paul P. Partyka.
Crescent Acquisitions LLC — an entity related to Crescent Communities LLC — seeks approvals from Seminole County to build a mixed-use project on 14.8 acres on the southwest corner of Wilson Road and International Parkway, according to county documents.
The project, called Novel Parkway, may feature 325 apartment units, up to 42,500 square feet of commercial uses and/or 120,000 square feet of self storage.
Novel Parkway may cost more than $61.8 million to build and create 618 temporary construction jobs, based on industry standards. A Crescent representative wasn't available for comment. Maitland-based Madden, Moorhead & Stokes LLC is the consultant, county documents showed.
The property owners are the trust of Jeno F. Paulucci and the successor trust of Paul V. Mellini, according to Seminole County documents.
New apartment development is a major opportunity for Seminole County, which has experienced years of job and population growth, Miguel de Arcos, managing partner of Maitland-based Central Parc Group, previously said. De Arcos himself is involved with at least four early-stage multifamily projects in the county, but not with the Novel Parkway project.
The projects also will create more business activity and economic growth, as new residents will demand more shops, restaurants and services in the area. Seminole County sites make up at least 7.7% of the region's apartment complexes under construction, or roughly 612 units, showed the most recent report by Charlotte, North Carolina-based Real Data Inc.
The north submarket, which includes the proposed Novel Parkway project, features a 2.9% vacancy rate and 11,585 units, Real Data Inc. reported. That's lower than the Orlando-area average vacancy rate of 3.5%. In addition, the submarket's average monthly rental rates of $1,227 is lower than the Orlando-area average of $1,335.
In June 2019, Crescent Communities also sought approvals for a 360-unit apartment complex near Olde Florida and Westwood boulevards along Interstate 4, according to Orange County records. And the developer looks to build a 260-unit project, Novel Nona Place, in Lake Nona. In addition, Crescent developed the $75 million, 693,000-square-foot, mixed-use Novel Lucerne project south of Orlando’s central business district.
Lake County’s Groveland area continues to see investment from big players in the industrial development market.
Just recently, a company led by media billionaire and developer Edmund Ansin paid $4 million for about 123 acres on the northwest corner of US Highway 27 and O’Brien Road, according to a deed filed in Lake County.
Marvin Puryear with SVN Saunders Ralston Dantzler Real Estate represented the selling entity, a company tied to real estate player and property investor Richard Bosserman.
Dave Lundberg with Lundberg Properties Inc. represented the buyer.
Ansin is active in both the broadcasting and real estate. His company, Sunbeam Television, owns WSVN-TV in Miami and WHDH-TV in Boston.
Meanwhile, real estate business is handled through his Sunbeam Development Corporation, which owns and manages a portfolio of commercial real estate properties primarily located in Indiana and Florida.
Developments include suburban office parks, industrial parks and shopping centers. According to the company’s website, Sunbeam will typically invest in large tracts of land in major growth areas.
In Florida, the company’s largest project is a 2,500 acre commerce park located near the Broward/Miami-Dade county line in Miramar called Miramar Park of Commerce.
Lundberg told GrowthSpotter that Sunbeam is active in Central Florida, and may either invest in this particular property or choose to develop it.
“It can go either way,” Lundberg said. For any development to take place on the land, the owners must first rezone the properties from its current Agricultural classification.
It currently features an Urban Medium Density Future Land Use, which allows residential developments at a maximum density of about seven dwelling units per acre, in addition to civic commercial and office uses.
Limited light industrial uses may only be allowed as a conditional use, unless permitted as an Economic Development Overlay District use, according to marketing material used by SVN Saunders.
Across O’Brien Road, about 40 acres are being planned to house a new residential development, Puryear said.
The Lake County site that recently traded hands features 2,740 square feet of frontage along US Highway 27, and is in close proximity to Florida’s Turnpike and State Road 19.
The property is located within the Lake County/Groveland Joint Planning Area, where other large industrial facilities are being planned.
Nearby, Kroger Co. and U.K.-based e-grocer Ocado are building a 375,000-square-foot customer fulfillment center at 7925 American Way that is estimated to cost $125 million to complete.
The area is also rumored to house a new Amazon distribution center. Seefried Industrial Properties, a regular developer for the e-commerce giant, is proposing to build 202,044-square-foot facility northwest of the Republic Drive and Independence Boulevard intersection within the Ford Commerce Park.
The company is behind building Amazon distribution centers in Lake Nona, as well as facilities in California, North Carolina and Alabama.
Lawrence Yun, NAR Chief Economist, will talk about the economy and the potential effect of Covid-19 on commercial real estate, followed by a QA session.
This meeting will be streamed to our virtual online platform. Registration is complimentary but required (Click on the "Watch Live" link below to register).
Friday, May 8, 2020
01:00 PM - 02:00 PM CDT
Click on the following link for other upcoming Sessions and Meetings: https://2020.legislative.realtor/sessions
Amazon has struck another massive lease deal in Central Florida — this time for the region's biggest available industrial space.
The Seattle-based e-commerce giant will occupy the entirety of an existing 1.1 million-square-foot distribution center at 3015 Coast Line Drive, Orlando Business Journal has learned. The warehouse previously was the Winn-Dixie Distribution Center.
Meanwhile, new construction approvals are being sought for the site, according to documents filed with the St. Johns Water Management District. The site plan is called "DFL4 Seaboard Road." The name "DFL" is important as that's a code name used for Amazon projects, according to supply chain consultant MWPVL.com.
The new construction team includes Raleigh, North Carolina-based civil engineer Kimley-Horn & Associates Inc.; Orlando-based architecture firm Baker Barrios Architects Inc.; and Orlando-based Leading Edge Land Services Inc. as the surveyor. CBRE Group's David Murphy and Monica Wonus — along with Kevin Kelly, David Sours and Lucy Durbin — were handling leasing of the space for the building owner.
Greenwich, Connecticut-based real estate investment trust Starwood Property Trust Inc.'s Wd Coast Line Drive Fl Property LLC owns the property, according to Orange County records.
New construction is an important economic driver in Central Florida. It creates jobs and also provides more space for companies involved in e-commerce, logistics, housing and other industries.
Still a Hot Sector
Despite the novel coronavirus' business interruption, most construction continues in Central Florida including industrial real state, said local industry expert Bo Bradford, co-president of Lee & Associates Central Florida, who isn't involved in the deal or project.
Industrial is a hot real estate sector as companies — such as Seattle-based Amazon.com — try to deliver goods to customers faster.
"The big [companies] still are moving forward, taking advantage of what they think will be better pricing as the work dries up," Bradford told OBJ.
The Silver Star industrial submarket, which includes the future Amazon warehouse, had a 9.2% vacancy rate — largely due to the Winn-Dixie vacancy, Lee & Associates Central Florida reported. The Orlando-area's average vacancy is 5.8%. The submarket features 18 million square feet of space.
In addition, the submarket's average asking rate is $8.51 per square foot, which is higher than the Orlando-area average of $7.46 per square foot.
More than a dozen prominent downtown executives aim to create a special district west of Interstate 4 to boost the area and attract new businesses to the Parramore neighborhood.
The executives — mostly developers, major property owners and pro sports leaders — seek to create a "neighborhood improvement district" across 130 acres that would help shape the future of the Parramore area, according to documents obtained by Orlando Business Journal. The district's official boundaries haven't been finalized, but city of Orlando spokeswoman Samantha Holsten confirmed city staff is reviewing a request to form the improvement district.
Per documents, the district's goals are to: develop a more attractive neighborhood; form a community advisory board; improve communication between businesses; support new development projects; and create community-based revenue opportunities to support programs and initiatives.
The documents also break down the leadership behind the neighborhood improvement district. Those involved in the group include:
SED DevCo LLC — which is partnering with the Orlando Magic to build the $500 million Sports and Edutainment (Education + Entertainment) project in this area — is leading the charge on creating this district. "It is not the intention of SED DevCo to create a [neighborhood improvement district] that would place a greater financial burden on any residents of the community," said the documents.
Currently, a five-member exploratory committee is being sought to form the neighborhood improvement district. Orlando's city council will need to approve the committee's formation — the date for that vote has not been scheduled
"This is another step in the project which represents a $500 million investment by the Magic and its partners that will create jobs and provide dining, hotel and entertainment options and continue the revitalization of downtown Orlando," Orlando Magic spokesman Joel Glass said via email.
The latest Orlando neighborhood improvement district — the Downtown South Neighborhood Improvement District — was created in 2010 to oversee the redevelopment of 720 acres.
The formation of a neighborhood improvement district reflects the complicated nature of reimagining an existing area versus simply developing on vacant land, said Gregg Logan, managing director of Bethesda, Maryland-based real estate advisor RCLCO, who isn't involved in the neighborhood improvement district. This type of district also incentivizes both the public and private sectors to work together to help improve an area.
"Everyone has an interest," Logan said.
On Tuesday, April 21st, from 10-11 a.m. CDT, join Erin Stackley, Senior Representative, Commercial Legislative Policy for the National Association of REALTORS®, for a COVID-19 legislative update for commercial real estate. This presentation will include details on the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act and its new SBA 7(a) Paycheck Protection Program. Tune in tomorrow from 10:00-11:00 a.m. CDT for a livestream on CCIM Institute's YouTube channel.
CLICK HERE TO WATCH THE LIVESTREAM
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