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The next meeting will be:
Friday, November 17th, 2023
Doors open at 8:30AM Meeting starts at 9:00AM at the
Orlando Regional Realtors (ORRA) Building 1330 Lee Road Orlando, FL 32810
(Your properties must be on TotalCommercial to be presented.)
Sponsored by the Florida CCIM Chapter Central District since May 2008 Co-sponsored by ORRA Commercial Council and CFCAR | CFCREA.
NO REGISTRATION NEEDED Just show up ready to make some money! Breakfast Provided by CFCAR
A new business park with 67,800 square feet of office and flexible warehouse space is being planned in Stevens Plantation in St. Cloud by a development company headed by Public Service Commissioner Mike La Rosa.
La Rosa, a Republican from St. Cloud, served four terms in the state House of Representatives before being named to the PSC in 2020. This week, he was chosen to be the PSC chairman. La Rosa is the vice president of La Rosa Development, a business he founded alongside his father and brother. In 2022, La Rosa Development paid $825,000 to the City of St. Cloud for the 5.5 acres on Progress Avenue.
The city's Development Review Committee approved the Site Development Plan, which was designed by KPM Franklin. According to the plan, there will be three 10,640 square foot one-story office buildings facing Progress Lane and three 12,000 square foot warehouse structures behind them. La Rosa was informed by the DRC that he may move on with site development if he complied with the guidelines in the staff report.
Source: GrowthSpotter
Newmark announced the completion of the $80.4 million sale and financing of The Grove at Clermont, a brand-new, 288-unit multifamily asset in Clermont.
The asset traded from a joint venture between Penler and CrossHabor Capital to Venterra Realty.
Newmark Multifamily Capital Markets Vice Chairmen Scott Ramey and Patrick Dufour, Director Brad Downing and Associate Paul Grant represented the seller in the sale transaction.
“The Grove at Clermont is the second closed sale this year of a recently constructed, Class A luxury garden apartment community in the Orlando MSA, representing continued investor confidence in top-of-the-market multifamily assets in Central Florida,” said Ramey. “The buyer, who already owns assets throughout Central Florida, is poised to benefit from The Grove’s strategic location and the booming growth that the Clermont submarket is currently experiencing.”
The Newmark Multifamily Capital Markets team secured new acquisition financing from Freddie Mac, totaling $45,088,000. Vice Chairman Matt Williams, Directors Kyle Schlitt and James Maynard and Assistant Vice President Robert Wright facilitated the loan on behalf of the buyer, Venterra Realty.
“Our team was able to capitalize on the property’s leasing velocity and place the loan into the Freddie Mac Lease-Up program, which offered the client the best combination of proceeds and rate based on a stabilized cash flow,” said Schlitt.
The two-story, 288-unit multifamily asset features well-appointed apartments with ground floor direct entries into all units, private balconies and patios, luxury wood grain plank flooring, quartz countertops, stainless steel appliance packages with front-control ranges and designer subway tile backsplashes. In addition, residents enjoy an amenity-rich environment with access to a resort-style, tropical pool, a 24-hour commercial-grade fitness center, a clubhouse equipped with gaming rooms, beer tap and multiple meeting spaces, and an expansive outdoor game lawn with grilling stations.
Following the construction of a 155,000-square-foot commercial center along S.R. 417 in 2021, Southern Development & Construction saw the immediate vacancy of nearby warehouse buildings and realized that additional industrial space was needed in this Oviedo-area neighborhood.
Accordingly, the company intends to build a second industrial park on nine acres just across from its Oviedo Commercial Center.
Plans for the new Connection Point Commercial Center project have been filed with Seminole County. Plans include three warehouse buildings with a combined area of 124,000 square feet and a maximum of 30 bays.
Applying for a building permit in Orange County is now quicker and easier now that a step in the process has been eliminated.
The county has done away with the second page of permit application materials, which has, for 20 years, required a notarized signature.
In addition to saving time for applicants, county officials say the change will save roughly 55,000 sheets of paper per year.
After Allen became the county’s building official in July of 2022, he began reviewing every step in the process to see what could be streamlined. He noticed a redundancy.
The county was already obtaining the same information electronically that was requested via page two of the application. The same information was also captured in the Notice of Commencement documents, required by state statute.
This marks the latest effort by a local government body to help developers get through the approval process quicker. The City of Altamonte Springs recently started a pilot program with AutoReview.AI to use Artificial Intelligence for site plan reviews.
A nearly 20-acre stretch of land just west of the Seminole Towne Center Mall near Sanford is being eyed for a large-scale mixed-use project with more than 300 apartment units, 406,437 square feet of nonresidential space, and a 120-room hotel.
Winter Park-based Douglas Partners has submitted an application to Seminole County requesting to change the zoning for an assemblage of 21 parcels along International Parkway from its current agricultural and office designation to clear the way for the new development.
The proposed land-use change was scheduled to go before the county’s planning and zoning commission on Nov. 1. Staff is recommending approval.
The property, located a short drive south of S.R. 46, sits within Seminole County’s High Intensity Planned Development Target Industry (HIPTI) area. The future land-use designation was established by the county in 1990 to attract economic development to land along the northside of I-4.
“The proposed development meets the criteria of the future land-use as it provides for a mixture of non-residential target industry uses, such as medical office, outpatient facilities, general office, hotel, and commercial support uses,” Chad Moorhead with the Maitland-based engineering firm Madden, Moorhead & Stokes wrote in application materials. “The proposed development will contain a supportive, high-density residential section that is intended to house the employees of the target industry and other adjacent uses.”
The largest Brevard County transaction of 2023 involved the sale of an apartment building in Melbourne.
Built in 1990 close to the intersection of North Wickham and Lake Washington Roads, Caribbean Isle, a 376-unit apartment development, was purchased for $71 million by Wickham Road Owner LLC, a subsidiary of Journey Capital, based in New York.
Northland Caribbean Isle LLC, a division of Northland Investment Corp., located in Newton, Massachusetts, was the seller. According to Brevard County records, Northland previously paid $22.6 million for the property in 2013.
A Florida brokerage team for Institutional Property Advisors — a division of Calabasas, California-based Marcus & Millichap Inc. — led by executive managing director Shelton Granade represented the seller in the transaction.
Source: OBJ
Lincoln Property Co. is eying a vacant lot across from the Lake Eola amphitheater for a new mixed-use tower.
The 1-acre site includes two parcels: 170 E Washington St. and 137 Wall St., which houses a parking lot and condemned office building for St. George Orthodox Church, which was built in 1926.
Scott Stahley, executive VP of LPC’s Florida office, filed an Appearance Review Board application last month hoping to get on the board’s October agenda for a courtesy review but later withdrew the request and renderings with plans to resubmit in a few months.
Graham Oakley with Baker Barrios is the lead designer and described the project as a 305-foot tower that would combine 364 residential units with a hotel and commercial space.
The team includes Sean Glickman, Chris Smith, and David Craig, who will each be based in the firm’s Orlando office.
Glickman and Smith will serve as Managing Director and Director, respectively, while Craig will serve as a financial analyst and joins as a support member for the team. Their primary focus will be on private capital investors and unanchored shopping centers in the central and northern part of the state.
“Our team is excited to be part of the firm and look forward to being of service to its retail platform. By partnering with Cushman & Wakefield’s investment advisory, single tenant sales, and leasing teams, our ability to serve clients will be unmatched,” said Glickman.
Both Glickman and Smith come from Colliers where they worked together on the Retail Investment Sales team for Central Florida. During their time there, Glickman led that team which provided financial analysis, valuation, investment sales, equity and debt placement and redevelopment expertise.
Glickman has worked as a retail investment sales broker at several other well-known commercial real estate firms over the years. He also an entrepreneur having formerly owned two businesses in sales and insurance during the start of his career. Smith has been in retail investment sales since 2012 and has partnered with Glickman for most of his commercial real estate career. He gained valuable experience in client relationship management and building long-term business partnerships before getting into commercial real estate that have helped him successfully close retail deals.
Wanda Riley, Cushman & Wakefield’s Managing Principal of Florida, added “Cushman & Wakefield continues to invest and leverage the strength seen in our Florida markets. This fantastic team brings extensive retail expertise, and their addition demonstrates our firm’s continued growth in the state.”
“We are excited to have Sean’s team based in Orlando and be primarily focused on private capital investment in retail centers and unanchored strip centers. We look forward to working with Sean and his team on opportunities in Central and North Florida where the collective talent of both teams best serves the client’s needs,” noted Mark Gilbert, Cushman & Wakefield’s Retail Capital Markets Leader for the Americas.
The city of Debary is looking to hit pause on new development proposals for nine months while it overhauls its land development code.
According to city staff, the pending growth moratorium, which passed first reading by the City Council on Oct. 4, would not impact projects already under review or those within the city’s transit-oriented development district — a 261-acre area around the SunRail station.
The ordinance is slated to come back before the council for final adoption on Oct. 18.
“The temporary development moratorium is focused on the review, the adoption, and the implementation of a new land development code,” said Steven Bapp, the city’s growth management director. “Our land development code is probably twenty years old. We are transitioning to a more modern type code.”
Bapp said the city has been planning to update its code since 2020, when a third-party contractor was tabbed to help with the process. That task was delayed due to turnover in the city’s growth management division and the COVID-19 pandemic.
The code has not seen a facelift to this scale since DeBary became a city in 1993, Bapp said, adding that the process will consist of several meetings and workshops with council members and residents.
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