Lake Shore Real Estate Developments Llc Florida - PDF by ffy15205

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									Real estate OppORtunities




                                                      Wei Chen
                                                      CEO
                                                      US Capital Holdings, LLC
                                                      “Broward County is a dynamic market for
                                                      commercial real estate, offering the latest facilities
                                                      and services to companies considering expanding
                                                      or relocating. Whether a company needs new
                                                      class A office space, an industrial building, vacant
                                                      land, or a start up office, Broward County has it
                                                      all and is on the cutting edge of green building
                                                      construction.”


  32                        www.browardalliance.org
                                                                                                                                                         Real estate OppORtunities
Real Estate
For expanding and relocating companies, Greater Fort
Lauderdale/Broward County offers an attractive commercial
real estate market. Among the highlights:
                                                                                                        Photo courtesy of the City of Plantation


• A fast-growing number of “green” buildings     Broward Smart Growth Partnership                      For more information: www.
  meeting or seeking Leadership in Energy        Smart growth is a concept that balances the           smartgrowthpartnership.org
  and Environmental Design (LEED)                need to grow with a desire to maintain our
  certification from the U.S. Green Building     quality of life. It is for growth, but growth that    Energy-Efficient Buildings
  Council                                        preserves choice, improves communities, and           Throughout Greater Fort Lauderdale/
• High-rise and mid-rise Class A office          conserves environmental benefits for future           Broward County, developers are
  buildings in Broward’s central business        accessibility.                                        constructing energy-efficient buildings
  districts                                                                                            with environmentally friendly features.
• Suburban business parks that offer             The Broward Smart Growth Partnership is               For example, Stiles Corporation recently
  companies a campus-like setting                a collaborative that promotes livable and             completed Lake Shore Plaza II, a 130,000-
• Industrial sites and warehouse                 sustainable communities in Broward County.            square-foot office building in Sunrise that has
  and distribution space near major              Guided by Smart Growth America principles,            been pre-certified to receive Leadership in
  transportation arteries                        the group fosters sustainable growth by:              Energy and Environmental Design (LEED)
• A wide range of regional, neighborhood                                                               certification by the U.S. Green Building
  and specialty retail centers                   • Encouraging the development of consensus            Council (USGBC) at completion. USGBC
• Vibrant mixed-use developments, including        driven, community based growth and                  is a national not-for-profit organization that
  new “town center” projects                       redevelopment plans                                 encourages environmental responsibility.
                                                 • Promotion of transportation alternatives
Broward had 29.4 million square feet of office   • Identifying and promoting alternatives for          In Plantation, 321 North, a 33-acre mixed-
space with a vacancy rate of 14.3 percent          school sprawl                                       use redevelopment project by US Capital
as of mid 2008, according to a report from       • Providing more high quality affordable              Holdings, LLC, has been accepted into the
Cushman & Wakefield. Approximately                 housing                                             LEED for Neighborhood Development
460,000 square feet of new office space was      • Adopting “smart” building codes                     pilot program. Born from a collaboration
under construction. Leasing activity for the     • Encouraging developers to build places              of the U.S. Green Building Council, the
first half of 2008 totaled 1.3 million square      with quality designs, diverse materials, and        Congress for the New Urbanism and Natural
feet.                                              product variety                                     Resources Defense Counsel to evaluate
                                                 • Encouraging and educating citizens to               developments in their entirety, the new
Broward’s industrial market contained              support smart growth initiatives                    LEED for Neighborhood Development pilot
93.9 million square feet of space with a         • Asking citizens to locate within                    program recognizes projects that incorporate
5.9 percent vacancy rate, according to             neighborhoods with transportation options           smart growth, new urbanism, and green
Cushman & Wakefield. Approximately 2.3           • Asking citizens to support neighborhood             design principles.
million square feet of new space was under         businesses
construction. Leasing activity for the first                                                           Kaplan University, one of South Florida’s
half of 2008 was 1.4 million square feet.        The partnership provides a forum to raise             largest employers, recently opened a 100,000
                                                 public awareness, promote smart growth best           square-foot facility equipped with the latest
The Broward Alliance provides assistance         practices, develop and share information,             in energy-saving and hurricane protection
with locating real estate sites and finding      policies, tools, and ideas and cultivate              technology. The new space includes an
sources for acquisition and construction         strategies to address barriers to advance             energy-recovery unit that uses the energy
loans. Visit www.browardalliance.org.            opportunities for smart growth.                       from cooled air being pumped out of the

                                                                                                      Broward alliance economic sourceBook                  33
                                                                                                                                                       Royal Palm II in Plantation
Real estate OppORtunities




                            building to cool incoming filtered fresh air,     luxury resort on Fort Lauderdale beach        national and local experts with answers
                            rooftop solar panels to heat the building’s       opened in 2007.                               and insights on redevelopment challenges,
                            hot water, and upgraded windows and a roof      • The 25-story Hilton Fort Lauderdale Beach     opportunities and best practices.
                            structure to withstand high winds.                Resort with 373 studios and suites opened
                                                                              in 2007.                                      Cities and developers showcased their
                            Luxury Hospitality Investment                   • The $205 million W Fort Lauderdale – a        current and planned projects, and attendees
                            Greater Fort Lauderdale/Broward County            member of Starwood Hotels & Resorts’          learned about market trends, financing
                            is enjoying a strong wave of hospitality-         prestigious Luxury Collection – is            options and resources for redevelopment
                            sector real estate investment. According to       scheduled to open in late 2008.               in Broward County. The conference
                            the Greater Fort Lauderdale Convention          • Construction has begun on Trump               focused on State Road 7, which will be one
                            and Visitors Bureau, recent upscale projects      International Hotel & Tower Fort              of Broward County’s major redevelopment
                            include:                                          Lauderdale, a 24-story building designed by   corridor projects over the next few years.
                                                                              world-renowned architect Michael Graves.
                            • The 589-room Fort Lauderdale Grande           • The Hollywood Grande Resort, a 225-room       In its ongoing efforts to manage Broward’s
                              Hotel & Yacht Club, formerly the Fort           boutique hotel managed by WorldHotels, is     redevelopment, Broward County plans
                              Lauderdale Marina Marriott, which has just      scheduled for completion in late 2009.        and finances regional infrastructure;
                              completed a $70 million transformation.       • WCI Communities is planning an ultra-         establishes countywide land use policy;
                            • LXR Luxury Resorts’ 384-room Hyatt              luxury, oceanfront condo-hotel at the         targets financial assistance to priority areas;
                              Regency Pier Sixty-Six Resort & Spa,            OceanSide project in Pompano Beach.           and facilitates joint city-county planning.
                              competed a $30 million renovation.            • The Las Olas Company is planning              Redevelopment programs currently include
                            • The 261-room Courtyard by Marriott Fort         numerous upgrades and improvements to         neighborhood enhancement, single-family
                              Lauderdale Beach re-opened in 2007 after a      The Riverside Hotel and the surrounding       home construction, upgrading commercial
                              multi-million dollar makeover.                  Las Olas area                                 corridors and community code compliance.
                            • The Hyatt Regency Bonaventure
                              Conference Center & Spa in Weston             Redevelopment                                   CREatInG a SEnSE of PLaCE
                              (formerly the Bonaventure Resort &            In a concerted endeavor to build a stronger     One of the cornerstones to building a strong
                              Conference Center) completed a $100           Broward County, elected officials, municipal    Broward economy is fostering a sense of
                              million renovation.                           planners, private developers and economic       place and a quality of life that appeals to the
                            • Il Lugano at the Intracoastal in Fort         development professionals are banding           creative workforce. “Sense of place” defines a
                              Lauderdale, an $80 million 14-story project   together to explore winning redevelopment       community’s creative assets and may include
                              recently completed.                           formulas.                                       these types of features:
                            • The Crowne Plaza Hollywood Beach, an
                              upscale condo hotel with 311 guestrooms       A 2007 redevelopment conference hosted          • Exceptional cultural facilities, programs
                              overlooking the Intracoastal Waterway,        by The Broward Alliance, “Rethinking              and events
                              opened in October 2007.                       Redevelopment in a Changing Market,”            • Historical preservation
                            • Ritz-Carlton Fort Lauderdale (formerly the    examined the plans, projects and issues         • Embracing diversity
                              St. Regis Resort), a $240 million landmark    shaping Broward’s future. The event featured    • Development of walk-able, livable cities or

  34                        www.browardalliance.org
                                                                                                                                                                  Real estate OppORtunities
Sun-Sentinel Building, Downtown Fort Lauderdale                                                                                                   IKEA, Sunrise

           city centers                                  art projects, cultural tourism and historic       conventional front-garage townhomes, neo-
         • Variety in housing choices                    preservation.                                     traditional rear-garage townhomes, mid-rise
         • Efficient transportation choices              Here is a sampling of the innovation and          multifamily units and 300 units of affordable
         • Environmental preservation programs           creativity at work in Broward cities:             housing. A linear park is planned as well as
         • First class entertainment and shopping                                                          approximately 240 acres of open space.
           venues                                        Coconut Creek
         • Many outstanding recreation choices           Main Street is an award-winning vision for        Coral Springs
         • Groundbreaking educational system             a mixed-use downtown with contiguously            The Coral Springs Community
         • Parks and public space preservation           certified green buildings. The downtown           Redevelopment Agency (CRA) recently
         • Excellent cultural tourism programs           site, Creek Commons, has a total of 430           completed the first phase of the Downtown
         • Authentic and well-designed buildings         acres and the plans include residential,          Coral Springs Redevelopment Project,
         • Top quality city services delivery            retail, office space, elevated parking, bus       One Charter Place, a $25 million Class A
                                                         transit station, entertainment venues, 72         office center by Amera Urban Developers
         To further the goal of developing a sense       acres of green space and 79 acres of lakes        with over 100,000 square feet of mixed-use
         of place, the Broward Department of Urban       and canals. Promenade at Coconut Creek is         development. Coral Springs Downtown
         Planning and Redevelopment prepared a           a 23-acre mixed-use project opening in late       will be a mix of redeveloped properties
         Community Design Guidebook with local           2008. Retail tenants include Starbucks, DSW       and new construction offering office, retail,
         architect Anthony Abbate. The Guidebook         Shoes, Chico’s, Banana Republic, Coldwater        residential and institutional facilities, as well
         is being utilized as the county redevelops      Creek, Ann Taylor Loft, and many others.          as a new government center. In addition,
         to accommodate the anticipated future           The Promenade is being designed to the U.S.       developer Amera completed The Walk, a
         population.                                     Green Building Council’s LEED Core and            blend of Class A office and premium retail
                                                         Shell Rating System and will offer cleaner air    space interspersed with fountains and lush
         A ten-step community design and review          and more efficient water and energy usage.        landscaping.
         process has been developed for artists,
         architects and designers. Several cities have   Cooper City                                       Dania Beach
         already recognized the effectiveness of this    The city’s newest substantial development         The city has completed construction of the
         program and have adopted the guidebook to       is the 500-acre mixed-use Monterra                Beachwatch Restaurant on the new Dania
         make a more livable, desirable community        development project on the former Waldrep         Beach Pier. Besides breathtaking views of the
         for now and into the future.                    dairy. Construction on single-family              ocean, visitors can use the newly constructed
                                                         homes has begun in the first phase. The           permanent bait shack.
         Most of Broward’s cities are now active         non-residential area is platted for 270,000
         in areas such as the preservation of parks      square feet of office and commercial area         Davie
         and green space, innovation in recreation,      including a town center. The town center is       The town has embarked upon a 925-acre
         entertainment and cultural facilities; city     planned for 110 residential units in addition     redevelopment area south of I-595, west
         core redevelopment, the creation of walkable,   to the 1800 residential units throughout          of SR7/441, east of the Florida Turnpike
         livable communities, transportation             the rest of the project. The residential          and north of the Seminole Hard Rock
         innovation, affordable housing, public          units will include single-family homes,           entertainment complex. A planned

                                                                                                          Broward alliance economic sourceBook                       35
Real estate OppORtunities




                                                      Downtown Fort Lauderdale skyline (Photo: Mark Freerks, South Florida Business Journal)


                                                      urban environment is being created that                      325,000 square feet. On the southwest side
                                                      will include office, industrial/flex, and                    of the interchange, Riverbend’s 50 acres are
                                                      commercial space plus residential and hotel                  in planning to accommodate mixed-use
                                                      property.                                                    development, including residential, retail and
                                                                                                                   corporate offices.
                                                      Deerfield Beach
                                                      The Deerfield Beach Community                                The city is preparing today to meet the needs
                                                      Redevelopment Agency (CRA) recently                          of tomorrow. Master Plans are underway in
                                                      completed $2.8 million in drainage and                       the Downtown New River area, North US-1
                                                      “streetscape” improvements to Ocean Way                      corridor, South Andrews Avenue, Central
                                                      as its first major project.                                  Beach and numerous other areas to ensure
                                                                                                                   smart growth and enhance quality of life.
                                                      fort Lauderdale
                                                      Riverwalk and the Arts and Entertainment                     Hallandale Beach
                                                      District have become a true downtown                         A major redevelopment project at
                                                      urban center with all the amenities. With                    Gulfstream Park is underway which will
                                                      the completion of the final phase of the                     comprise in excess of 1 million square feet
                                                      city’s Riverwalk, this signature downtown                    upon completion. The Village at Gulfstream
                                                      destination serves as a gateway to the                       Park will include condos, office-retail
                                                      upscale shops and restaurants lining Las                     complex, hotel, and movie theater with
                                                      Olas Boulevard and connects historical                       outdoor cafes, pedestrian promenades and
                                                      points of interest to modern museums,                        water gardens.
                                                      entertainment venues and distinctive
                                                      residential neighborhoods.                                   Hollywood
                                                                                                                   With more than 15 linear miles of
                                                      Near downtown, the city has invested                         commercial corridors targeted for
                                                      more than $20 million in the Northwest-                      redevelopment, business opportunities
                                                      Progresso-Flagler Heights CRA to enhance                     abound in Hollywood. The city has
                                                      infrastructure and facilitate redevelopment.                 undertaken ambitious land use and zoning
                                                      Numerous projects are coming to fruition,                    changes to promote redevelopment and
                                                      including Bamboo Flats, Mill Lofts and                       prepare for future growth. The citywide
                                                      Foundry Lofts. The opening of Sixth Street                   master plan adopted in 2001 allows for
                                                      Plaza will mark the beginning of several                     increased densities and intensities for
                                                      new commercial projects proposed for the                     developers who assemble parcels along
                                                      Sistrunk Corridor.                                           key commercial corridors. The creation
                                                                                                                   of innovative land use categories such as
                                                      To the west of downtown, Amera                               Transit Oriented Corridor and Transit
                                                      Corporation is developing Riverbend,                         Oriented Development is already spurring
                                                      a mixed-use 100-acre transit-oriented                        progressive redevelopment projects along key
                                                      community in a lushly landscaped                             transportation routes.
                                                      environment with numerous water features.
                                                      Riverbend Corporate Park’s initial phase                     Plans for a 40-acre mixed-use project called
                                                      will encompass 18 acres with six, two- to                    Sheridan Stationside Village, adjacent to I-
                                                      four-story Class A office buildings totaling                 95 and the CSX railway (Tri-Rail) will result

  36                        www.browardalliance.org
                                                                                                                                                   Real estate OppORtunities
in South Florida’s first Transit Oriented         opportunities are available
Development. This landmark project will           within the Lauderdale Lake
offer substantial new office space, new           CRA’s boundaries, and
commercial/retail space and more than 1,000       over $600 million in new
new residential units all with convenient         development is already on
access to multiple transportation alternatives.   the drawing boards or under
A short distance away is the historic             construction. One example
downtown district, part of a designated           is Bella Vista, a large-scale
Regional Activity Center with an area             new urbanism redevelopment
identified for the creation of a new downtown     project on the State Road 7
office district. Along the State Road 7           corridor that incorporates
Corridor in western Hollywood, the City has       the traditional neighborhood
                                                                                      BankAtlantic Center
innovative zoning in place to support the         design of walkable, livable
                                                                                                      Cricket Stadium has recently opened in the
growth of commercial and resort development       cities. Lauderdale Lakes also has over
                                                                                                      new Broward County Regional Park.
to complement the popular Seminole Hard           200,000 square feet of supportable retail
Rock Hotel and Casino complex.                    space throughout the business district.
                                                                                                   Margate
On Hollywood Beach, the historic oceanside
                                                                                                   A new City Center is planned for the
Broadwalk, a 2.5-mile pedestrian walkway          Lauderdale By the Sea
                                                                                                   intersection of Margate Boulevard and
lined with shops and restaurants, has             An award-winning “Portals to the Sea”
                                                                                                   State Road 7. The Margate Community
undergone a major renovation to restore and       project designed by architect Anthony
                                                                                                   Redevelopment Agency (MCRA), which
enhance its unique character. The Broadwalk       Abbate was recently completed. The design
                                                                                                   now controls 32 acres of land, envisions the
improvements are part of one of the most          kept the character and context of the town
                                                                                                   City Center to be a mixed-use development
ambitious coastal redevelopment projects          and enhanced the natural beauty of the beach
                                                                                                   containing 750 residential units including
in the state with more than $120 million in       and ocean. The four portals are equipped
                                                                                                   retail, office, and other non-residential
public and private development completed or       with showers, benches and shade shelters.
                                                                                                   uses, that will give the city an identifiable
underway.
                                                                                                   downtown. The MCRA anticipates that the
                                                  Lauderhill
                                                                                                   center would feature restaurants and retail
Lauderdale Lakes                                  The city has embarked on revitalization plans
                                                                                                   businesses representing an international
Nearly 550 acres of prime development             for three areas. Additionally, a world-class



                                        Stiles divisions allow projects to be completed
                                       from start to finish, all by one reliable company
                                                      that shares your values.

                                       Architecture                       Development
                                          Capital                     Property Management
                                       Construction                          Realty




                                                      INVEST. BUILD. MANAGE.

                                          300 S.E. 2nd Street | Ft. Lauderdale, FL 33301
                                                954.627.9377 | 954.627.9305 FAX
                                                         www.stiles.com


                                                                                                  Broward alliance economic sourceBook                37
Real estate OppORtunities




                            Lake Shore Plaza II (Mark Freerks, South Florida Business Journal)

                            village. Another part of the vision is using                 with zoning in place for a walkable urban       projects will provide luxury apartment and
                            the city’s many canals and lakes as an asset                 community, a new park and dozens of             condominium units within walking distance
                            similar to the RiverWalk project in San                      townhomes, lush landscaping and mixed-use       of Class A office space, retail shopping and
                            Antonio, Texas. The MCRA anticipates                         developments.                                   services, dining options and entertainment.
                            selecting a developer in late 2008.                                                                          The Residences at the Fountains includes a
                                                                                         Parkland                                        one-acre linear park and a transit stop. One
                            Miramar                                                      The city recently opened its Community          Plantation Place is located at the southern
                            Miramar’s planned corporate campuses,                        Center and Amphitheater, a major addition       gateway to the city’s evolving Midtown
                            designed expressly to meet the needs of clean                to Parkland’s recreation system. The city       District. Redevelopment plans call for a
                            industry, have made the city a preferred                     is also building a new Public Works/Fire        vibrant, mixed use “Main Street” destination
                            locale for major corporations and Fortune                    Station building at the Old City Hall           at I-595 and University Drive.
                            500 companies. Now, a new 54-acre Town                       site. The “green” building will provide a
                            Center has become the city’s focal point.                    centralized location for all Public Works       Pompano Beach
                            It is designed as an idyllic traditional                     operations and to provide a state-of-the-art    With its convenient transportation links, the
                            downtown with pedestrian-oriented streets,                   fire station facility.                          city is home to over 28 million square feet
                            beautiful Mediterranean-style architecture,                                                                  of industrial/ warehouse/ distribution space.
                            main street storefronts, and waterfront                      Pembroke Pines                                  There are also opportunities to develop
                            views. Conveniently located in the center of                 A vibrant City Center is planned that will      Class A office space in the CRA’s northwest
                            Miramar, it will soon house a cultural center                have an old-fashioned neighborhood feel and     area. The city is also developing a master
                            and arts park, public library, educational                   a place where residents can shop, work, enjoy   plan for its beach area and has contracted
                            facilities, businesses, retail space, restaurants,           an outdoor concert, and sit in the park.        with the Urban Land Institute to study
                            cafes, and a transportation hub, as well as                                                                  its Atlantic Boulevard corridor and make
                            condominiums and townhomes, garden                           Plantation                                      recommendations on improving the area.
                            apartments and live-work units, all joining                  Plantation Midtown, with more than 860          The CRA offers development incentives
                            the award-winning City Hall. Completion of                   acres, is the largest commercial district       for both residential and commercial
                            the site is scheduled for 2011.                              in the City of Plantation. This district is     development.
                                                                                         slated for a renaissance as a live, work
                            oakland Park                                                 and play Town Center for Plantation and         Sunrise
                            Downtown redevelopment is underway                           central Broward. Two new redevelopment          A new downtown is being developed,

  38                        www.browardalliance.org
                                                                                                                                                                           Real estate OppORtunities
                                                      Industrial Market
                                                      Market                               Rentable              Vacancy          YtD net             Under
                                                                                           Building              Rate %           absorption          Construction
                                                                                           area                                   Sf                  Sf
                                                      Central Broward                            19,591,197               6.5%           -113,287                    0
                                Weston Town Center    Coral Springs                               7,121,170               6.3%            -47,676                    0
                                                      Northeast Broward                          12,168,724               5.7%           -231,655           244,000
beginning with the completed Colonnade, a
pedestrian-friendly, upscale shopping center          Pompano Beach                              29,740,070               7.6%           -514,251           243,455
near Sawgrass Mills mall. Three more projects         Southeast Broward                          33,373,745               4.3%             96,358           255,994
are underway that will round out the residential      Southwest Broward                          16,071,694             10.8%              78,826           212,042
and commercial urban village concept.                 West Sunrise                                8,924,044               4.9%             40,873                    0
                                                      TOTAL                                    108,917,930                6.3%           -623,096           955,491
West Park
The City is expecting major changes over the                  CBRE statistics include industrial/flex properties, multi/single tenant, owner-user, 10,000 SF and greater
next few years with the development of a quality,
mixed-use district on State Road 7. Plans             office Market
include 575,000 square feet of office/flex space;
500,000 square feet of commercial space; 1,000
                                                                                           Rentable              Vacancy          YtD net             Under
high-rise units, 450 garden apartments, 50                                                 area                  Rate %           absorption          Construc-
townhouses; and a 200-room hotel.                                                                                                 Sf                  tion Sf
                                                      Commercial                                  1,951,157              9.3%             -58,661                    0
Weston                                                Cypress Creek                               3,649,450             10.9%              46,069                    0
A new city hall was completed in 2007. The
                                                      Deerfield Beach                               886,601             13.1%             -21,644                    0
city is also near completion on a Public Works
Center, which will also serve as a secondary          Downtown (CBD)                              5,128,372             14.8%              75,163                    0
Emergency Operations Center.                          Ft. Lauderdale                              1,929,602             13.6%             -75,469                    0
                                                      Hollywood                                   2,098,647              4.8%              26,337                    0
Wilton Manors                                         Northwest Broward                           1,260,474             17.1%               -2,176            50,000
A Main Street district is being developed
                                                      Plantation                                  2,715,627             11.4%             -33,941                    0
as a traditional town center with a business
                                                      Pompano Beach                                 872,257             18.7%             -54,787                    0
area and pedestrian friendly environment for
affordable living, shopping, dining, arts, culture,   Sawgrass                                    1,928,926             15.7%                  197            92,362
entertainment, and special events.                    Southwest Broward                           2,188,550             14.1%                7,285          103,411
                                                      TOTAL                                     24,609,663              12.6%             -91,627           245,773
                                                                                                                                   Year End 2007 CB Richard Ellis, Inc.

                                                                                                          Broward alliance economic sourceBook                                39

								
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