Florida
South Florida Real Estate Spotlight: Developers, Lenders & Investors Break Down Today’s Market
As South Florida experiences a surge of home migration and inbound funding, a whole lot of actual property builders, lenders, and traders attended the 2023 Annual Bilzin Sumberg Improvement Convention in Miami to discover the newest tendencies driving the regional market.
Panels coated all the things from sustainability and transit-oriented improvement, to rental redevelopment and strategies for successfully structuring joint ventures. A candid dialog between Rialto Capital Administration CEO Jeff Krasnoff and Bilzin Sumberg’s Actual Property Group Chair, Suzanne Amaducci, delved into the dynamics unfolding in particular asset lessons, and what financial uncertainty means for the trade.
The annual gathering brings collectively policy-makers, planners, builders, lenders, traders, and attorneys from South Florida and past who’re desirous to develop their data of the area’s numerous and sophisticated actual property market.
Nationwide Builders Align With Native Companions
One of many clearest paths for out-of-market traders seeking to enter the South Florida market is the creation of a three way partnership relationship with a locally-based agency. These joint ventures are a possibility to marry nationwide improvement and funding experience with a deep understanding of the subtleties current within the native market.
South Florida-based companions deliver relationships with native consultants, public officers, potential traders, and neighborhood nonprofits – all of which will be useful in securing approvals and executing a improvement.
Whereas the thought of working alongside a neighborhood agency could also be interesting, structuring the partnership accurately is essential to realizing success, in accordance with Bilzin Sumberg Companion David Resnick, who makes a speciality of negotiating and structuring actual property joint ventures in Florida and nationally.
“Allocating threat in the course of the pre-development section, navigating capital stack shortfalls, and negotiating exit methods are among the many realities of a three way partnership,” mentioned Resnick. “How an entity is conceived and structured from the beginning can go a great distance towards delivering all companions a wholesome return on their funding, in addition to guaranteeing all events have a transparent understanding of, and an agreed upon roadmap to resolving, potential points that will come up later within the partnership.”
“As a litigator with experience in resolving actual property associated disputes, it’s essential to have paperwork which are particular as nicely. Whilst you won’t need to take a look at it, I do, and I need to be certain it’s drafted with no room for ambiguity,” added Jake Greenberg, Bilzin Sumberg Actual Property Litigation Companion.
The Getting older Condominium Conundrum: Alternatives for Redevelopment
Condominium redevelopment has grow to be an particularly interesting area of interest for joint ventures. As South Florida’s actual property market has matured and demand for housing intensifies, the area is dealing with a shortage of developable land.
Couple that demand with current laws addressing condominium security and budgets which is rendering some older communities ‘functionally out of date,’ and builders and traders are more and more pursuing the redevelopment of present condominiums.
When residents can not afford to fund particular assessments and repairs or resolve to monetize the worth of their property, it presents a possibility for South Florida builders to deal with a brand new, modernized use that may meet calls for in in the present day’s market.
“Main assessments mixed with a coming prohibition on waiving reserves might be a wakeup name for condos, and we’re seeing many communities go down the trail of termination and redevelopment as a way for assuaging pricey repairs and realizing the worth of their property,” in accordance with Carter McDowell, a Companion in Bilzin Sumberg’s Land Improvement and Authorities Relations Follow, who guides purchasers via the rental redevelopment course of.
Navigating a Altering Improvement Panorama
With South Florida experiencing extra home migration than some other state, probably the most urgent questions dealing with native residents is methods to safe attainable housing. Builders wish to fulfill this demand by structuring inventive price fashions and planning and zoning methods.
Municipalities are additionally taking part in a major function by ushering in privately-developed housing on publicly-owned land.
To make sure that all events are benefiting from these public-private partnerships, builders are working with authorities authorities to enhance public transit methods and facilities.
One instance is Grove Central, a partnership between Terra and Grass River Property, which is bringing transit-oriented improvement to Miami’s Coconut Grove neighborhood, adjoining to Miami-Dade County’s Metrorail system and alongside the brand new Underline linear park.
Because the panorama for underwriting offers and lending is altering, builders are on the lookout for methods to mitigate development pricing and insurance coverage prices.
Sustainability and resiliency have additionally been high of thoughts for brand spanking new tasks, as private and non-private sectors plan for the longer term.
“It’s essential that we incorporate local weather resilience options and sustainable enhancements for the neighborhood in an effort to actually make these tasks a win-win for the federal government from a tax and income standpoint, and likewise for the encircling neighborhood and its residents,” mentioned Terra’s CEO David Martin.
Florida
U.S. Amateur runner-up Noah Kent is transferring to Florida
Noah Kent is heading home.
The 2024 U.S. Amateur runner-up is transferring to Florida, he announced Saturday. The sophomore at Iowa, whose hometown is Naples, Florida, entered the transfer portal earlier this month, and he made his decision to join coach J.C. Deacon and the 2023 national champions come next fall.
Because of NCAA rules, Kent won’t be eligible to compete for Florida until the 2025-26 season, but he can finish his sophomore year with the Hawkeyes. This fall, he placed in the top 13 all four tournaments, his best finish being a T-5 at the Fighting Irish Classic.
And, of course, he has a tee time at Augusta National Golf Club in the spring.
Kent will essentially be the fourth member of Florida’s 2025 signing class, which ranked second in the country on signing day. He’ll join a talented roster that includes Parker Bell, Mathew Kress and Jack Turner, though with new NCAA roster limits coming, there’s bound to be some unprecedented roster turnover in college golf before the start of the 2025-26 season.
Florida
State Your Case: Do Panthers or Lightning own state of Florida? | NHL.com
There are two NHL teams in Florida: the Florida Panthers and the Tampa Bay Lightning.
They are separated by about 250 miles and have been fierce rivals since the Panthers joined the NHL for the 1993-94 season. The Lightning joined the League a season earlier.
Florida (21-11-2) and Tampa Bay (18-10-2) meet for the first time this season at Amalie Arena in Tampa on Sunday (5 p.m. ET; FDSNSUN, CRIPPS, SN, TVAS).
The teams have played each other 157 times in the regular season; the Panthers have gone 77-51-19, and the Lightning are 70-64-13. There have been 10 ties.
For years, the rivalry was a parochial affair, deeply important to hockey fans in the state but under the radar nationally. Lately, though, Florida supremacy has often meant NHL supremacy.
The Panthers are the reigning Stanley Cup champions and defeated the Lightning in five games in the best-of-7 Eastern Conference First Round last season to start that title march. They reached the Stanley Cup Final two seasons ago, going on a miracle run before losing to the Vegas Golden Knights. The season before that, they won the Presidents’ Trophy with an NHL-best 122 points but lost to the Lightning in a second-round sweep, marking the second straight time that their noisy neighbors ended their season.
The Lightning won back-to-back Stanley Cup championships in 2020 and 2021 before reaching a third straight Final in 2022, losing to the Colorado Avalanche. Tampa Bay won the Presidents’ Trophy in 2018-19.
This season, each team is on course for another appearance in the Stanley Cup Playoffs and has a point percentage of better than .600.
So which team has the merits to claim bragging rights in this all-Florida showdown as the rivals face off for the first time this season? That’s the question debated by NHL.com senior writers Amalie Benjamin and Dan Rosen in the latest installment of State Your Case.
Benjamin: Let’s lay out what the Lightning have accomplished in their 32-season history: They’ve won the Stanley Cup three times, becoming the first team from Florida to win it when they took the championship in 2004. But that doesn’t come close to what they’ve accomplished during the past 11 seasons, starting in 2013-14, when they became a powerhouse. They’ve been to the Stanley Cup Playoffs 10 times in those 11 seasons, making the Stanley Cup Final in a whopping four of them. Let me repeat that: Four trips to the Cup Final in the past 11 seasons, winning twice, in 2020 and 2021. And if that’s not enough, they made two more trips to the Eastern Conference Final, in 2016 and 2018. Forget Florida’s team. They’re the team of the past decade in the entire NHL.
Rosen: Yeah, yeah, yeah. But what have you done for me lately? Florida’s team fluctuates. It was the Lightning. It is the Panthers. They’ve got the Stanley Cup. They went to the Stanley Cup Final two years in a row. Sure, a few years ago, this wasn’t even a debate. Florida’s team, the Panthers? Please. No shot. Even the top executives with the Panthers would tell you that. But things change. With success come the riches. Just think about the past three seasons for the Panthers: Presidents’ Trophy winners in 2021-22, Stanley Cup Final in 2022-23, Stanley Cup champions in 2023-24. The Lightning lost in the 2022 Cup Final, lost in the first round in six games the next season and lost in the first round in five games to the Panthers last season. Florida’s team is Florida.
Benjamin: OK, sure, you have a point. Florida has done pretty darn well lately. But let’s see how history will judge the state of Florida and its hockey teams. Hall of Famers? The Lightning have got ’em. Though Steven Stamkos has moved on to the Nashville Predators, the Hall of Fame is going to come calling, and the forward will go in as a member of the Lightning. Add in coach Jon Cooper, forward Nikita Kucherov, defenseman Victor Hedman and goalie Andrei Vasilevskiy, and you’re talking at least five future Hall of Famers on a single team. That’s not just good, that’s historically good. It’s a group whose names are synonymous with winning, with the Stanley Cup, with the state of Florida. That’s powerful. That says the Lightning win this debate, no question.
Rosen: I have a question. Is Aleksander Barkov not paving his way to the Hall of Fame? Is Sergei Bobrovsky, with a Stanley Cup ring, 400-plus wins and two Vezina Trophy wins as the NHL’s best goalie, not a lock for the Hall of Fame? Is Paul Maurice, who could finish his career with at least the second-most coaching wins of all time, along with his Stanley Cup ring, not also a lock for the Hall of Fame? In the way-too-early department, could Matthew Tkachuk and Sam Reinhart be future Hall of Famers? I lied. That’s four questions. But you get the point. You brought up the Hall of Fame and I countered. That’s why the Lightning do not win this debate without question. Could they win it? Yes, certainly, if we were having this debate in 2023. It’s almost 2025. It’s a different world. It’s the Panthers’ world, at least in Florida. The Lightning are just living in it. At least the sun is still shining on them too.
Florida
State attorney says JEA board did not violate Florida’s Sunshine Law
JACKSONVILLE, Fla. – The state attorney for northeast Florida said there’s no evidence that members of the JEA board violated Florida’s “Sunshine Law” with discussions surrounding the resignation and replacement of former CEO Jay Stowe.
A source said JEA leaders met at an Avondale coffee shop to discuss the CEO stepping down. It sparked an investigation
In May, a JEA employee filed a complaint with the city’s inspector general prompting the investigation.
The Sunshine Law requires that public business be conducted at publicly-noticed meetings.
In October, the inspector general found that some board members did talk business outside of the meetings but the report made no determination on whether the Sunshine Law was violated and referred the matter to the State Attorney’s Office.
The state attorney’s office conducted its own investigation and said the allegations were “unwarranted and unfounded.”
DOCUMENT: State attorney’s report on JEA Sunshine Law investigation
It said the outside conversations did not involve JEA board business or were not covered by the Sunshine Law. The report also said that even if there had been evidence of a Sunshine Law violation, the fact that the decision to appoint Vickie Cavey as interim, and later permanent, managing director and CEO were made during public meetings would have resolved any purported violation.
Cavey responded to the investigation.
“JEA appreciates the thorough investigation by the State Attorney’s Office,” Cavey said. “The JEA Board recognizes the importance of the Sunshine Law and its obligations to comply. The report determined JEA board members complied with the law and that no criminal conduct occurred. The baseless allegations by a former employee cast a shadow over the good work our board and more than 2,200 employees do each and every day delivering foundational services to Northeast Florida. Maintaining the trust of our community is of utmost importance and this report could not have provided a clearer vindication.”
Board Chair Joseph DiSalvo made this statement in response to the report.
“On behalf of the board of directors, we appreciate the diligent work of the State Attorney’s Office. I think it is important to note their findings reinforce the fact that each member on the JEA Board of Directors fully embrace transparency and Sunshine Law compliance and our commitment to remain above reproach when it comes to ethics and integrity,” DiSalvo said.
Copyright 2024 by WJXT News4JAX – All rights reserved.
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