Tag Archives: construction

Atlantic Plaza II gets first approvals from Delray Beach

atlantic-plaza-II-Delray BeachDELRAY BEACH — Atlantic Plaza II passed its height and density tests Tuesday but still faces one more hurdle before it can become reality.

Atlantic Plaza II is the $200 million mix of shops, restaurants, condos and office space proposed for nine acres slotted on the north side of East Atlantic Avenue between the Intracoastal Waterway and North Federal Highway. Its developers are vitamin magnate Carl DeSantis and the Edwards Cos. of Columbus, Ohio.

After about three hours of sometimes heated, sometimes unusual debate, Delray Beach city commissioners voted 3-2 to allow the project to exceed the city’s normal maximum building height of 48 feet and normal maximum density of 30 residential units per acre.

The project has attracted strong opposition particularly from residents of nearby neighborhoods who see it as too big for Delray, and out of character with the surroundings. Opponents included a group called the “Raging Grannies” that literally sung their protest to the tune of The Battle Hymn of the Republic. Others used more conventional methods to get their point across.

Resident Steve Blum, president of a homeowners association in the area called the project “bloated.”

“This is a travesty, a crying shame,” Blum said. “We are outraged.”

Proponents, however, cited the need to redevelop the site, now occupied by a rather architecturally undistinguished collection of shops and offices. They also cited the economic potential of the Atlantic II, which includes 80,000 square feet of class A office space, something doesn’t exist in the downtown.

One resident called it “a gift to the city. A private, $200 million development in Delray Beach that will reap benefits for years to come.”

Others urged the city to take a middle course and delay a vote on the project until after the March municipal election when three of the five commission seats are up.

Mayor Woodie McDuffie, who grew up in Delray Beach, recalled the city’s agricultural past, a time when the city was so slow that it was jokingly called Dullray, and its eventual transformation into the vibrant city it now is. Despite its growth, one problem that plagued Delray in McDuffie’s youth it still has today, and that is a lack of good-paying jobs. It has done well in providing jobs for waiters and cooks, evidenced by the restaurants along Atlantic, but not so well in providing jobs for accounts, lawyers, marketer, brokers and other white collar professions.

“It fills a void in the community,” McDuffie said of Atlantic Plaza II. “Either you grow or you die.”

As for delaying the project, McDuffie noted that the project has been on the drawing boards since he joined the city commission in 2007.

Jeff Edwards of the Edwards Cos. presented a list of changes the developers made in the plans to lessen the impact of the project on the area, many having to do with efforts to reduce traffic.

As originally proposed, the project had 50 residential units per acre, well above the 30 allowed by the city code. It reduced the number to 43 during its presentation Tuesday. Edwards agreed to a further compromise put forth by Commissioner Adam Frankel to cut the number to 40.

Commissioners Al Jacquet and Tom Carney voted against the proposal. Commissioners Angeleta Gray and Frankel joined McDuffie in approving it. The project’s site plan still needs to be approved by commissioners before the project can go forward.

New Single Family Home Development in West Boca Coming Soon…

NEWS RELEASE

Limited Opportunity To Buy Exclusive West Boca Homes:

Minto Communities Announces New Model At Boca Reserve

Six home designs in Mission, West Indies and Palm Beach styles offer breathtaking beauty for 44 single-family homes in exclusive enclave community.

BOCA RATON, Fla. – October 26, 2012 – In a community internationally known for its culture, arts and luxury, Steve Svopa, vice president of Minto Communities, today announced the construction of its first furnished model in Boca Reserve, an enclave community of 44 limited edition homes that raise the bar even higher.

Paying homage to great Palm Beach, Mission and West Indies styles of yesterday and today, Minto’s model features towering rotundas, dramatic foyers with symmetrical staircases, a luxurious master bedroom and an airy gourmet kitchen. Prices start in the high $400s.

“As we developed communities in West Palm,WellingtonandFort Lauderdale, home buyers told us of the need for elegant new homes inWest Boca,” states Svopa. “Through our special enclave community of 44 homes, we fill that need with exceptional value for innovative designs, features and quality.”

The furnished model, called The Callista, includes four bedrooms, three and half baths, den and family room under 3,652 A/C Sq. Ft. The two-story model also features a four-car garage, covered patio and balcony and a beautifully landscaped lot.

The Callista, like all 44 limited edition homes in Boca Reserve, includes ENERGY STAR® certified products and a generous offering of premium standard features such as:

  • 10’ tray or vaulted ceilings
  • 18” ceramic floor tile
  • Complete GE® Energy Star® appliances
  • Granite countertops in kitchen, baths and laundry rooms
  • Low-E double pane, insulated windows
  • Upgraded kitchen cabinets

The private enclave community also features water front and conservation homesites with stunning views.

Boca Reserve is located onWest Palmetto Park Road, west of US-441 in West Boca.

Lennar announces new luxury lakefront development in Parkland, Florida

Parkland has long been known as one of Broward County’s most desired, prestigious addresses with a variety of intimate, luxurious residential enclaves and neighborhoods. Lennar is about to raise the bar with the introduction of MiraLago, their gated master-planned community, slated to open later this fall.

“The uniqueness and splendor of this community starts with the intrinsic ‘wow factor’ of the actual site – the largest lake in Parkland. The existing shoreline is comprised of a number of ‘peninsulas’ that will provide the majority of the home sites with expansive, panoramic lake views,” explained Carlos Gonzalez, president of Lennar’s Southeast Florida Division.

Residents of MiraLago will also enjoy a spectacular clubhouse, perfect for families of all ages. Once completed, Club MiraLago will offer both indoor and outdoor amenities that will easily compare to a luxury resort. With its great location, residents will be close to everything they enjoy, including fine dining and retail establishments, shopping and local attractions. Plus, children will have the opportunity to attend A-rated Parkland schools.

While the homes at MiraLago will represent exceptional luxury, they will also offer some of the best values in homebuilding today. With Lennar’s “Everything’s Included,” buyers are given a wide variety of luxury features and upgrades included in the price. The program’s recent enhancements include more features and enhanced energy efficiency and technology at no additional charge. What others call options, Lennar calls standard features,” said Gonzalez.

Finally some good news! Inventory of homes for sale shrinking in South Florida.

The number of homes and condominiums for sale across South Florida has steadily declined over the past two years, an encouraging sign for the region’s battered housing market.  Broward County had 19,869 properties on the market in July, down 35 percent from July 2008, according to a multiple listing service report compiled by the Keyes Co. Palm Beach County’s inventory of homes and condos slid 31 percent to 23,947 during the same period.  The supply of new homes being built in the two counties also has decreased sharply in the past two years, said Brad Hunter of the Metrostudy research firm in Palm Beach Gardens.  In 2005, sellers rushed to list their homes, hoping to fetch record prices during the housing boom. But the frenzy led to a collapse and prices plummeted.  Thousands of foreclosures and short sales have clogged the market ever since, giving buyers plenty of choices and little reason to pay top dollar.  “You won’t get price appreciation until you get the inventory in balance,” said Mike Pappas, president of Keyes. “We’re making great strides.”  Declines in homes for sale already have helped stabilize prices recently.  The median price in Broward rose 7 percent during April, May and June to $209,800 from a year ago, the Florida Realtors said Wednesday. Palm Beach County’s median increased at the beginning of the year but dipped 2 percent in the second quarter to $235,500.  Pappas said his firm is handling fewer transactions involving foreclosed homes, and he thinks that’s an indication the foreclosure market has peaked.

Copyright © 2010 Sun Sentinel, Fort Lauderdale, Fla., Paul Owers. Distributed by McClatchy-Tribune Information Services.

Where are the best waterviews in South Florida?

You can go to pretty much any city on South Florida’s coastline and find a beautiful view of the Atlantic Ocean, but where do you go to find that perfect mix of Ocean, Intracoastal, City, and Bay views? 

I recently took a poll and here were the results:

#5 – Fort Lauderdale

Building: Las Olas Grand
Price: $1,250,000
Location: Downtown Fort Lauderdale


 

#4- Boca Raton

Building: Reflections
Price: $1,150,000
Location: Lake Boca Raton

 

#3 – Fort Lauderdale

Building: Point of Americas
Price: $2,149,000
Location: Harbor Beach (Fort Lauderdale Inlet)
View: On a clear day, you can see from Lighthouse Point to Miami.  Located right on the inlet, cruise ships and yachts are daily sights from your balcony.  Beautiful ocean views as well.

 

#2 – Palm Beach

Building: One Watermark Place
Price: $2,995,000 – $12,000,000
Location: Singer Island
View: Palm Beach Ocean and Lake views, overlooking all of Palm Beach.

 

#1: Miami

Building: Carbonell
Price: $1,500,000
Location: Downtown Brickell
View: Ocean, Miami River, Bay, Downtown Skyline, Key Biscayne, Miami Beach




New FHA guidelines may help condo sales

New FHA Guidelines Could Aid Condo Sales New Federal Housing Administration condo-loan guidelines that took effect Dec. 8 could make it much easier for condo buyers to get a loan. Under previous guidelines, half the units in a new condo development had to be sold before the FHA would underwrite a mortgage in the complex. New guidelines cut the requirement to 30 percent and raise the ceiling on FHA loans in a development to 50 percent from 30 percent.

The new rules also allow condo associations to turn down an accepted offer if they agree that it’s too low—unless they will be violating the Fair Housing Act. This is expected to motivate many associations to seek FHA-approved status for their buildings.  Even if they solve the vacancy problem, FHA loans can be a tough sell in some buildings, says Miami-area practitioner Madeleine Romanello, an associate with Douglas Elliman Florida. “An FHA loan still has the connotation of being low-income.

Condo boards say, ‘No, we don’t do FHA.’ They don’t understand that the FHA is the only game in town. We could be moving tons of condos if we could get their buildings FHA-approved,” Romanello says.

Source: Investor’s Business Daily

HOT New Short Sale Listing In Downtown Boca Raton!

exterior1

Beautiful “villa-style” first floor residence in desirable Townsend Place. This full-service, five star building features a gate-manned entry, valet parking, a gated garage for residents, concierge services, dual fitness facilities, a resort-style pool deck, two-story club room as well as on-site staff to tend to your every need.

This 2,000 square foot unit features 2 bedrooms, 2.5 bathrooms, Saturnia marble flooring, hurricane impact resistant windows and doors, 10-ft ceilings, an oversized 600 square foot private lanai, and designer furnishings!  This property is being offered as a short sale and is subject to acceptance by seller’s lender.  Asking $475,000.

500 SE Mizner Blvd #A102

Debt Clouds Future of Miami Landmark Fontainebleau

MK-AY137_SOFFER_D_20090903165202MIAMI — South Florida’s Soffer family, already roiled by the June bankruptcy of its $3 billion Fontainebleau casino-hotel project in Las Vegas, is grappling with troubles at another cornerstone of its $7 billion real-estate empire: The original Fontainebleau hotel in Miami Beach.

The Soffers bought the 55-year-old hotel in 2005 and embarked on a 2½-year, $500 million renovation aimed at returning it to its former glory, when it was a playground for stars including Elvis Presley and Frank Sinatra. But the 1,504-room property, which appeared in films such as “Scarface” and “Goldfinger,” now faces problems with the debt it took on, according to people familiar with the matter.

Lenders, led by Bank of America Corp., could declare a default on a $670 million construction loan for various reasons, including Fontainebleau’s failure to keep reserves to cover more than $60 million in contested liens against the property by contractors who have not been paid, these people said. A 45-day agreement not to declare default expired Monday, they said.

In a statement, Fontainebleau executives declined to comment on the expired forbearance deal, calling it a “private document.” They said the hotel is “engaged in constructive negotiations with our lenders.” The hotel has not missed a debt payment and the executives point out that it is faring better than its South Florida rivals since reopening in November.

The Miami troubles mark the latest setback in the Soffers’ recent push into big hotel projects, spearheaded by 41-year-old Jeffrey Soffer, the son of founder Donald Soffer. Known for racing cars, sailing on his 257-foot yacht and dating supermodel Elle MacPherson, Jeffrey Soffer extended the family’s luxury-property holdings with the Fontainebleau projects and the $130 million renovation of the 392-room Fairmont Turnberry Isle Resort in Aventura, Fla.

The Soffers’ biggest problem is the Fontainebleau Las Vegas, which filed for Chapter 11 bankruptcy protection in June after its lenders refused to provide it funds from its $800 million revolving loan to complete the project. Jeffrey Soffer signed $220 million in personal guarantees to secure financing for the project, Fontainebleau confirms.

Mr. Soffer, who has put his yacht, Madsummer, on the market for $175 million, says his family’s empire will persevere. “As with most businesses during these particularly difficult economic times, we are facing challenges,” he said in a statement. “But our family has always worked its way through the inevitable downturns that occur in the real estate market.”

The Soffers aren’t the first real-estate clan to be clobbered by the recession. Chicago’s Bucksbaum family lost $4 billion in the value of its stake in General Growth Properties Inc. as the mall owner descended into bankruptcy earlier this year. New York developer Harry Macklowe and his son, William Macklowe, were forced to sell the GM Building and hand over several other Manhattan skyscrapers to lenders.

The Soffers’ problems stem partly from the U.S. hotel downturn, which has pushed occupancy to its lowest levels in more than 20 years.

The Miami Fontainebleau is doing better than many. Executives say it is often more than 70% occupied, compared with 67.2% from January through July for the Miami market, according to Smith Travel Research. Dubai World, the investment arm of the Persian Gulf state, paid $375 million last year for a 50% stake in the hotel.

The Soffers stripped the iconic hotel to its foundation and shell, reconstructed each room, installed a massive swimming pool and added a spa, health club and trendy restaurants. The reopening gala was a lavish, celebrity-filled affair that featured a Victoria Secret lingerie show.

But lenders are withholding a final $26 million yet to be drawn on the construction loan until the Soffers resolve the problems with contractors, people familiar with the talks say. Those people say the lenders could also declare a default on the loan because the hotel had not delivered audited financial statements to the lenders or maintained cash-management records for the lenders’ review.

Fontainebleau executives say the contractors’ bills remain unpaid because an outside audit commissioned by Fontainebleau found that some contractors were overbilling or falsifying their work records. Attorneys for several of the contractors say they never saw results of the audit.

“I think it’s obvious there was no money to pay them,” said Herman Braude, one of the contractors’ attorneys. A spokesman for Fontainebleau declined to comment on the specific allegation from Mr. Braude.

Donald Soffer, 76, began building the family empire in 1967, when he bought 785 acres of swampland in northern Dade County to develop Aventura, a collection of country clubs, condominiums and office buildings. Last week, a Miami bankruptcy judge refused to force the Fontainebleau Las Vegas banks to pay.

“We’re working through these issues now,” the company said in its statement, declining further comment.