Tag Archives: Downtown

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.

Weekly Hotsheet – August 7th

West Palm Beach’s CityPlace target of foreclosure suit.

WEST PALM BEACH — A lender has filed foreclosure against CityPlace, the high-profile shopping  complex that’s facing financial woes in spite of its high occupancy.

CityPlace fell behind on its $150 million loan in March, and an entity  affiliated with LNR Partners of Miami Beach on Thursday filed a foreclosure  suit in Palm Beach County Circuit Court.

When contacted, CityPlace Partners said: “CityPlace Partners continues to work  closely with the special servicer to realign the loan and ensure the  continued long-term success of CityPlace. Those talks are ongoing.”

Real estate experts say it’s unclear whether the lender would seek to take  back the property.

“I would think they’re going to try to work it out,” said Tom  Prakas, a restaurant broker who has negotiated a number of leases at  CityPlace.

The foreclosure suit names CityPlace Retail LLC, an affiliate of New  York-based Related Cos. Related is led by Miami Dolphins owner Stephen Ross.

CityPlace’s retail occupancy stood at 93 percent earlier this year, according  to a report from Fitch Ratings. Tenants include Macy’s department store,  Barnes and Noble Booksellers and Muvico Theaters

Despite its high occupancy and bustling traffic, CityPlace hasn’t been immune  to the effects of the economic downturn. A recent appraisal of the property  listed its worth at $143 million, down from a boom-time value of $233  million.

CityPlace’s net operating income fell from $9.3 million in 2006 to $5.2  million in 2009, according to an analysis by Trepp LLC, a New York firm that  tracks commercial real estate.

While CityPlace can boast high traffic and a healthy occupancy rate, real  estate brokers say a number of tenants pay very little rent to occupy space.  The move makes the center appear lively, but it doesn’t add revenue to  CityPlace coffers.

CityPlace was built on land leased from the city of West Palm Beach, and  CityPlace hasn’t missed any payments to the city, said West Palm Beach  spokesman Chase Scott.

Scott said he expects CityPlace to survive its financial issues. So does  Joseph Schober, president of the CityPlace Tower Condominium Association.

“It’s not going to go away,” Schober said. “It’s a very viable  place.”

Schober said the lack of a convention center hotel has robbed the center of  much-needed traffic.

Sources close to CityPlace say its partners put at least $20 million in equity  into the project, making them reluctant to walk away when the center began  having problems paying its mortgage.

“They had real money in that place,” one real estate source.

Source: floridarealtors.org

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




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

New Short Sale In Five-Star Gated Community In Downtown Boca Raton

Short Sale in one of Downtown Boca Raton’s most desirable full-service buildings!! – $475,000.00
Main Photo
Bedrooms: 2
Bathrooms: 2.5
Parking Spaces: 1
Year Built: 1998
Subdivision: Townsend Place
Located on Floor #: 1
Floors in Bldg: 9
Square Footage: 2000
Agent Name: Brian Pearl, P.A.
Broker: Keller Williams East Boca
MLS #: R3057209
HOA Includes: Cable, Water, Insurance, Common Areas, Etc.
Price: $475,000.00
Flexibility: Negotiable
Additional Pricing Information: Short sale subject to lender approval; broker cooperation welcome. Only ONE LENDER! Experienced short sale team has over 95% closing ratio!
Homeowner Dues: $1170/mo.
500 SE Mizner Blvd #A102
Boca Raton, FL 33432
  • Range/Oven
  • Full Refrigerator
  • Washer/Dryer
  • Dishwasher
  • Sink Disposal
  • Microwave
  • Security System
  • Vaulted Ceilings
  • 600SF Lanai
  • Marble Countertops
  • Saturnia Marble Flrs
  • Solar Tinted Windwos
  • Eat-In Kitchen
  • Swimming Pool
  • Hot Tub
  • Guest Parking
  • Recreation Center
  • Pool Deck
  • Valet Parking
  • Concierge
  • On-Site Management
  • Two Fitness Centers
  • Spa/Sauna
  • Gate-Manned Entry
Short Sale subject to lender approval; all final commissions approved by lender will be split 50/50 between brokers. Experienced Short Sale Attorney handling negotiations with bank; ONLY ONE LENDER!

**A SPECTACULAR DEAL IN TOWNSEND PLACE**
PRICED TO SELL, this spacious first floor residence is one of the few units in the building that experience 10ft ceilings. You will feel as if you’re in a private single family home, with the spacious floor plan and oversized 600 sq ft lanai overlooking the renowned Boca Raton Resort Golf Course!! Gorgeous Saturnia marble floors run throughout the living areas, and top-of-the-line details adorn the rest of the interior. Townsend Place, a full service 5-star building, includes in its amenities concierge service, valet, business services, a state-of-the-art fitness facility and a two-story Club Room that opens on to the recreational deck available for residents and their guests. Satellite TV, Wireless Internet at Common Areas (incl. the pool area), and on-site management are just a few other offerings in this gate-manned development. **Townsend Place is also a PET FRIENDLY building (up to two pets combined weight of 35lbs or one pet under 25lbs). Townsend Place Condo Association requires a $500 moving fee as well as 3 months of maintenance fees due from buyer at closing for capital reserve funding.

Brian Pearl, P.A.
561.245.1541

 

All information in this site is deemed reliable but is not guaranteed and is subject to change

Manhattan Home Prices Plunge

manhattanHuge downturn for co-op and condo owners in pricey housing market. Number of sales ticks up as buyers with money take an opportunity.

The housing bust has finally clobbered super-pricey Manhattan home prices.

Reports released Thursday by four major New York brokers show that prices cratered during the three months that ended June 30.

Prices fell between 13% and 19% compared with the same quarter last year. The brokers found median prices that ranged from $795,000 to $849,000.

The decline shows a marked turn from the first quarter of 2009, when the year-over-year change in median home prices ranged from a loss of 2% to a gain of 6%.

Another change in the recent period: More people are buying.

The number of sales picked up by more than 28% in the second quarter, according to Prudential Douglas Elliman.

Driving the increase were sales of studio apartments and one-bedrooms, both of which gained market share, according to Jonathan Miller, president of appraisal company, Miller Samuel, which compiles data for Prudential Douglas Elliman.

“It’s value-based shopping,” said Pam Liebman, chief executive of the brokerage Corcoran Group. “People are coming back into the market, but nobody is going to overpay.”

Of course, in Manhattan “value” means studio prices that go for a median of $400,000 and one-bedrooms that fetch $650,000.

New waterfront luxury mid-rise in Downtown West Palm Beach

aerial-tower1

Located on Clear Lake, in the heart of sunny West Palm Beach, The Edge is a visionary development that provides the exhilaration of an urban lifestyle, while also offering a sanctuary to escape the stresses of everyday life. The Edge is only minutes from the sun-kissed beaches that have made South Florida famous, and just a hop, skip and a jump from the best nightlife, theaters, restaurants, shopping and cultural attractions of the Palm Beaches.

Priced from the very low $100’s
Lease Purchase Options Available
Leasing offered, starting at $1,275 per month

New “Green” Luxury Apartment Building In Downtown Ft. Lauderdale

 

pool

 As the finest rental community in Fort Lauderdale, Satori will awaken your senses in life-inspiring ways.  Fill your soul with the serenity of a gentle waterfall or the tranquility of a relaxing Zen garden. Enjoy the ease and convenience of neighborhood shops nestled in a brick-paved village just below your residence.

Live in harmony with a plethora of earth-friendly features that save you money on energy costs while reducing your carbon footprint.  Free yourself from everyday chores with private concierge and valet services.

Pamper yourself in luxury with wonderful amenities — from beautifully appointed interiors by designer Steven G., to the spectacular infinity pool outside your 2-story health club and spa. Everything at Satori has been designed to enrich your life.

amenitiespool21

Recharge and refresh in The Club

Awaken your senses in a private two-story health club and spa that is the heart and beat of Satori. Take a swim in the infinity-edge pool, a favorite gathering place for your neighbors and their guests. Enjoy a long afternoon of languor and repose lounging or sipping cocktails by a tantalizing waterfall as it cascades into a whirlpool spa. Stretch and unwind in a yoga class or power through a cardio and strength workout in the gym. The Club also features a Cyber Cafe and conference room, media center, and juice bar.

sauna

Renew Your Mind At the Spa

Inside The Club at Satori you’ll also enjoy a full spa with massage treatment rooms, whirlpool, and men’s and women’s steam and sauna. Soothe away your stresses with a healing massage. Or pamper yourself with a rejuvenating facial in this tranquil oasis.

 

Indulge at the Gourmet Demonstration Kitchensushi

If you enjoy tantalizing cooking classes and guest chef appearances, the gourmet demonstration kitchen at The Club will provide the backdrop for you to experience culinary masterpieces by local chefs. Indulge in decadent desserts from gourmet pastry chefs or enlighten your palette with a wine tasting hosted by a renowned sommelier. It’s all here, just for you! 

 Maintain your chi in our tranquil Zen garden

Discover what an unexpected moment of bliss can add to the quality of your day. Whether you take a moment to meditate in the formal Zen Garden, or gain a measure of inner peace from the mere sight of a reflecting pool lined with palms, or enjoy the smell of fragrant flowers surrounding a verdant courtyard, life at Satori will reward you with happiness.

Enjoy eco-friendly living and make your friends “Green” with envy.

With Satori’s extensive list of “Green” features, you’ll be doing your part to leave a smaller carbon footprint for tomorrow while saving money on your energy costs today.

energy efficiencieswasher

HIGH-EFFICIENCY AIR CONDITIONING (SEER 15) helps reduce electrical consumption by 14%. Carrier’s Hi-efficiency “Puron” meets the Energy Star Guidelines. Plus the use of no CFC based refrigerant is environmentally friendly and won’t deplete the ozone. Efficient MERV 8 air filters reduce air pollution.

PROGRAMMABLE THERMOSTATS help you save energy and lower electric bills.

ROOF SOLAR SYSTEM using Flex Light Photovoltaic system to help lower building electrical costs.

WHITE REFLECTIVE ROOF MATERIAL lowers energy consumption by using single ply 80 mil white reflective roofing material containing 7.5% recycled content.

FRONT LOADING WASHERS AND DRYERS not only use less water and less energy, they are also more gentle on your clothes.

recycle

recycling and pollution prevention

CHLORINE-FREE POOL eliminates chemical exposure to your skin, eyes & hair

RECYCLING PROGRAM for plastic, newspapers, and garbage is good for the environment by reducing landfills.

BARK PARK has an abundant supply of bio-degradable waste bags

ENVIRONMENTALLY FRIENDLY CLEANING PRODUCTS

PUBLIC TRANSPORTION helps reduce greenhouse gases while lowering fuel costs and Satori makes it easy with a bus stop right outside the front door. So next time you go grocery shopping, or spend a night out with friends, leave your car home and take an earth-friendly bus

PLUG-IN STATIONS available in the garage for charging electric/battery powered vehicles.

eco-friendly construction

ZERO VOC-EMITTING CARPET AND LOW VOC-EMITTING PAINTS means low Volatile Organic Compounds.

CONCRETE PAVERS use recycled content.

LIGHT GAUGE STEEL used for interior walls contains a minimum of 31% recycled content.

THE DRYWALL uses gypsum board with no reportable VOC content.

COVERED PARKING GARAGE utilizes a reduced heat island effect to reduce global warming.

PRESERVED NATURAL HABITAT through redevelopment of the property.

RECYCLED MATERIALS from the demolished buildings.

CONSTRUCTION WASTE diverted from landfills to recycling transfer stations

pricing 

1bd/1bth from $1,407 per month
875 – 976 square feet

2bd/2bth from $2,149 per month
1,215 – 1,516 square feet

3bd/2bth from $2,500 per month
1,426 – 2,885 square feet

**Select units offer 2 free months
**Pricing and availability subject to change

Types of Downtown Properties

The Types of Urban Living Homes in North America

There are many opportunities for a prospective individual or couple to get into the real estate market. Whether you are looking for a permanent residence or a real estate investment home, both the United States and Canada markets provide numerous types of housing that will suit your lifestyle and requirements. Obviously, the most expensive but most sought after urban living real estate property is a home. Not only does a private home provide you with ample space and privacy, but they are really at a premium in most major cities and towns these days as they have become quite expensive, especially homes and residences near city centers and major transportation routes. The more common real estate development now sees the construction of townhomes and townhouses which are attached dwellings that give the privacy of a home but within a residential community that is based on smaller properties for couples and families. The most urban type of real estate property on the market these days in both Canada and the United States are definitely condos or condominiums. Also called apartment residences, condos in both the United States and Canada have seen an exponential increase in both the number of units being planned and built, but also in the interest from all types of buyers and investors. Living in a high-rise residential building has its perks including amazing views, luxury amenities, features and finishes that are comparable to a custom home and of course the community aspect. With condominiums, there are penthouse suites as well as loft residences available to the real estate investor or home buyer as well.