July 25th, 2022
Luxury Rental Buildings Take ‘Working From Home’ to the Next Level
Developers across the nation are doing what they can to make remote work more convenient to lure prospective tenants, setting off an amenities war as luxury rental buildings and condos dangle must-have conveniences like private offices, conference rooms, task lighting, wall-mounted monitors, podcasting booths and high-speed internet. Read More at The New York Times
Remote workers returning home could slow Florida’s rent increases.
Research from FAU, The University of Alabama, and Florida Gulf Coast University indicates that sharp rent increases in Fort Myers, Miami, and the other six markets will slow dramatically in the next year. At the same time, rents in the New York metro area are poised to rise about 21 percent by June 2023.
The main reason for this trend appears to be temporary Florida transplants returning home to New York, said Ken H. Johnson, Ph.D., an economist in FAU’s College of Business. Many workers fled New York because of COVID-related restrictions and worked remotely from Florida, but now firms are requiring their employees to come back to the office. Read More
Good News 😎
1. Maggiore Park in Coral Gables is now open
2. Florida Gas prices dropped an average of 17 cents per gallon last week
3. Back-to-school sales tax holiday
Florida shoppers will have two weeks of tax-free holiday ahead of the new school year, from July 25th to August 7th.
4. Florida unemployment rate dips in June
On Friday, the state Department of Economic Opportunity released a report that said the June rate was 2.8 percent, down from a revised 2.9 percent in May. The June number represented 303,000 Floridians unemployed in a workforce of 10.633 million.
EV
The Department of Energy reported sales of electric vehicles grew nationwide by 85 percent from 2020 to 2021. Florida ranks second to California, with close to 96,000 registered electric vehicles — up from 58,000 a year ago.
New Development
The developer, The Estate Cos, through affiliate Nomi South Holdings LLC, would build the 28-story project on the 2.2-acre site at 16375 Biscayne Blvd., replacing a restaurant building. It would total 759,439 square feet, with 363 apartments, 14,582 square feet of retail and restaurants, and 645 parking spaces. The amenity deck would include two pools, a game room, a yoga room, a spinning room, a lounge, a spa, a gym, and a movie room. Source: South Florida Journal
Morgan Group wants to redevelop a former Kmart store in Lantana into an apartment complex.
The Houston-based developer has the former Kmart at 1201 S. Dixie Highway under contract from Lantana SDC LLC. The four-story project would have 231 apartments and 442 parking spaces, plus a clubhouse and a pool. Source: South Florida Journal
In a 5-1 vote, Miami Beach's City Commission approved plans for a pair of Class A office developments on Lincoln Road. Miami Beach residents will be next to decide as the projects move on to the Nov. 4 ballot.
Starwood Capital Investments is partnering with local real estate firms Integra Investments and Comras Co. to build The Gardens at Lincoln Lane at 1080 Lincoln Lane North and 1680 Lenox Ave. The two commercial buildings will encompass 130,000 square feet of office space, 25,000 square feet of retail, and 425 parking spaces. Source: Commercial Observer
Lennar won a rezoning to build Enclave at Plantation with 40 single-family homes after dropping its initial plan to develop 111 townhouses on the 13-acre site.
The Plantation City Council approved a rezoning last week that allows Lennar to build Enclave at Plantation on the southeast corner of Broward Boulevard and Hiatus Road.