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Specifically, it could be the next place to see the kind of infill redevelopment the city already has experienced in areas such as Creative Village and the Packing District.
"You drop the pin on the map, and it's a really good location," Ustler told Orlando Business Journal. "It's right next to a hospital [Orlando Health's Orlando Regional Medical Center], and there's an ability to add thousands and thousands of housing units. There's a SunRail station, an [Interstate 4] exit and a lot of retail that already exists on Orange Avenue."
Ustler's bullishness on the area isn't just talk, either. As OBJ previously reported, his Ustler Development Inc. is involved in the mixed-use project that would bring 856 apartments and 10,000 square feet of retail space to a 5.6-acre industrial site at the northeast corner of West Kaley Street and South Division Avenue. The project is being co-developed with Orlando-based CentreCorp Inc. and Orlando-based Atrium Management Co.
(Ustler will be honored at CFCAR's upcoming 2023 Hallmark Awards Event as the Recipient of the Wilbur Strickland Lifetime Achievement Award.)
The development team isn't unique in reassessing the potential of the industrial corridor along South Division Avenue, either, said Misty Heath, the executive director for the SoDo Main Street District. Not only that, but the involvement of Ustler — who also is the master developer for the $1.5 billion Creative Village mixed-use project and has been nicknamed "Mr. Downtown" for his success in areas around Orlando's urban core — lends credibility to the speculation about the area's potential.
"I do perceive that people are looking at the area with a different lens," Heath said. "Some out-of-town developers are looking to more intentionally develop that space. Over the next 10 years or so, we're going to see a greater shift — I wouldn't be surprised, long term, if we see that area have a more walkable, neighborhood feel."
Heath told OBJ there are industrial property owners within the corridor who actively are considering whether or not now is time to get top dollar for their land, sell to a developer and relocate. Others, she added, are mainstays and are not likely going anywhere.
As for the West Kaley project, it would rise on land currently home to Nassal Co., a scenic fabricator for themed environments. Ustler, who recently has talked about the challenging environment for lending for projects in the urban core, told OBJ the land contract between his development group and the property owner has been extended through the third quarter of this year and includes additional built-in extensions. He added that even once the transaction closes with Nassal Co., the plan is for the firm to lease back the property for a time. Ustler said the project likely will have a couple of years of predevelopment work before really ramping up in 2026 or 2027.
That timing is intentional, he added, as the development group is trying to nail down the schedule for what he deemed a "pioneering" project in an emerging district and does not want to be "too early."
That said, the redevelopment of an industrial corridor is an exciting prospect, he added, noting the successful redevelopment of large out-of-state industrial areas such as the west side of Atlanta and Brooklyn in New York City.
"There are industrial areas all over the country that are being sort of recycled. We're not scared of that part of it at all."
Far from it, he noted the potential for architectural design in the would-be district to lean into the area's industrial roots. Additionally, both Ustler and Heath noted the South Division Avenue corridor's relative lack of existing residential inventory helps create another plus for developers — that being a dearth of neighbors to push back against new projects.
Meanwhile, demand for multifamily housing in Orlando's urban core will continue to make projects like the West Kaley plans more attractive to developers.
Given the updated timeline Ustler laid out for the West Kaley project, it also may find itself ramping up during a time when Orlando could, once again, be experiencing challenges related to apartment supply and demand.
Source: OBJ
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This year's event will take place on June 21st at The Monroe, located on the ground floor of The Julian Apartments at Creative Village in Downtown Orlando. Craig Ustler, CCIM, the developer behind many highrises in downtown Orlando including Creative Village, will be honored at CFCAR's upcoming 2023 Hallmark Awards event as the Recipient of the Wilbur Strickland Lifetime Achievement Award.
Award entries will be accepted until May 24th and and the process for applying for an award just got A WHOLE LOT EASIER!
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Event sponsorships are also available at a variety of levels.
JLL Capital Markets closed the sale and financing of Building 100, a 464,400-square-foot, cross-dock distribution facility at Pace Logistics Center in Auburndale.
JLL represented the seller, Intersect Development Group, in the sale of the property. JLL also worked on behalf of the new buyer to secure the acquisition financing.
Completed in 2023, Building 100 is a state-of-the-art facility that offers 40-foot clear heights, a 60-foot speed bay, dock levelers, 450-foot building depth and a 185-190-foot truck court.
The 30-acre site is located at 1234 Pace Rd. within a strong industrial submarket in the I-4 corridor of Polk County. The property is equidistant between Tampa and Orlando with convenient access to Interstate 4 as well as State Routes 557 and 33. The Polk County industrial market has only a 3% vacancy rate with growing rents and strong historical absorption.
The JLL Capital Markets Investment Sales and Advisory Team representing the seller was led by Managing Director Luis Castillo, Senior Managing Director Britton Burdette, Director Cody Brais and Analyst Taylor Osborne. The JLL Capital Markets Debt Placement Team representing the new owner was led by Managing Director Paul Spellman, Senior Director Taylor Allison and Analyst Emma Buch.
As Orange County planners prepare for a population uptick of 700,000 people by 2050, they’re expecting many of these newcomers to take up residence in one of four core areas: along the International Drive corridor, around the campus of UCF, next to downtown Orlando or near the Orlando International Airport.
“Our analysis identifies this sector, which is about 34,000 acres in size, as being able to absorb about 44% of the population growth,” Alberto Vargas, the county’s lead planner, told GrowthSpotter. “So out of 700,000 people we are talking about 304,000 people that will move into the urban service area.”
On Tuesday, the Orange County Commission will vote on a major overhaul to its long-term comprehensive plan called Vision 2050. While the 497-page draft document delves into growth expectations for the entire county —including neighborhoods and rural communities — a major emphasis is placed on these targeted, high-population centers.
Under Vision 2050, county planners are clearing the way for higher-density (from 50 dwelling units per acre to up to 100 dwelling units per acre) and taller buildings in the tourism district, near Orlando’s downtown, along University and Alafaya Drive, and areas near Lake Nona. They’re also hoping to make it easier for developers to bring residential products to old, underutilized commercial properties, such as strip malls, where large parking lots sit mostly empty.
The prospect of higher density and taller buildings being allowed in the county is encouraging to Craig Ustler, CCIM, the developer behind many highrises in downtown Orlando including Creative Village.
Ustler will be honored at CFCAR's upcoming 2023 Hallmark Awards Event as the Recipient of the Wilbur Strickland Lifetime Achievement Award.
“Vargas has done a great job with the Vision 2050 plan and it follows the principles of new urbanism and facilitates density in the appropriate locations,” he told GrowthSpotter. “I am focused on Downtown Orlando and the city but I appreciate what Alberto and the County have done and it will attract more ‘urban type’ development as well as the developers that deliver that kind of product.”
With the changes presented in Vision 2050, Ustler said he could potentially be interested in future projects in the county.
“I commend Alberto and the County for this Vision 2050 plan because it is well presented and functions as a ‘market mover’ meaning it creates clear expectations and directs growth to the desired locations,” he said. “The County’s plan certainly makes it more likely that I would be interested in future projects in the County, but in the near term my focus is on Creative Village and Downtown Orlando.”
The current comprehensive plan the county follows was adopted in 1991 and was last updated in 2009. The county’s Vision 2050 plan has been a work in progress for many years with input from residents and the development sector.
Leading up to the adoption of its Vision 2050 plan, the county has in recent months taken steps to speed up the approval process for new multifamily development projects. The county has also used public meetings to itch the need for more missing middle products
In January, county planners identified private land where these missing middle projects could go: two locations along Colonial Drive and another near Orange Blossom Trail where an operating, yet old, shopping center sits.
These under-utilized shopping centers dot the Orange County landscape, Vargas said. One goal of Vision 2050 is to make it easier for the private sector to redevelop these properties by adding residential units.
Under the current plan, developers would have to go through several steps in the rezoning and approval process to move forward. It will be simpler under Vision 2050.
“Now we are focusing very much on the retrofitting of those under-utilized parcels which are a big chunk of that 34,000 acres in the targeted segment,” Vargas said. “We did not get many developers (for projects like this) in the past because developers were not able to do it, there were all of those barriers, now it’s a lot more attractive. The hope is that when developers know this door is open, they will be more willing to bring forward projects like this.”
Source: GrowthSpotter
At its March 13 meeting, the Leesburg City Commission approved the rezoning and a site plan for the Crossings at 44, a mixed-use development on State Road 44 just west of the Sumter County line.
The property, located to the west of Whitney Road, spans 34.7 acres and its plan calls for a 280-unit apartment complex, a 150-bed assisted living center, a 120-bed rehabilitation center and a 120-bed skilled nursing facility as well as 40,000 square feet for commercial use. The maximum building height across the community is three stories, and the developer must employ “dark sky” lighting standards.
Ryan Solstice, representing Hesko Holdings, told the commission that the development would be completed in phases, starting with the apartment complex, then commercial.
The city’s planning commission recommended approval at a meeting in January. And the city commission approved the plan unanimously after hearing from Solstice, Planning and Zoning Director Dan Miller and the public.
Plans filed with the request showed that a five-building warehouse park with a total floor area of more than 1.5 million square feet would be constructed on the undeveloped land on the east side of Wetherbee Road.
Once the deal is completed, Prologis, based in San Francisco, will have 165 acres added next to its Prologis Park at Airport International Park of Orlando (AIPO), which is situated immediately west of Orlando International Airport.
The plans reveal buildings of 504,450 square feet; 451,000 square feet; 301,125 square feet; 148,000 square feet and 130,000 square feet in size.
Less than three weeks after being filed, a bill blocking China and six other “countries of concern” from buying or holding interest in land within range of strategic sites in Florida is heading to the Senate floor.
The Senate Rules Committee voted unanimously to advance the measure (SB 264), a priority of Agriculture Commissioner Wilton Simpson intended to safeguard state security against foreign threats.
Countries named in the legislation — which also includes provisions to protect Floridians’ health information — include China, Cuba, Iran, North Korea, Russia, Syria and Venezuela.
If passed, the bill would ban the governments of those nations and businesses based there from owning real property within 20 miles of “critical infrastructure.” That includes military bases, water treatment facilities, power plants, emergency operation centers, seaports, telecommunication facilities, police stations and other such structures.
Tampa Republican Sen. Jay Collins, a decorated Army Special Forces veteran and the bill’s sponsor, said the measure “does a very good job of protecting our strategic-level interests.”
“We’ve talked about the humanities issues around the world,” he said. “Frankly, there are people who just don’t believe in the American dream and the American way of life.”
As an added layer of protection, Collins’ bill — as well as a House version (HB 1355) by Republican Rep. David Borrero and Democratic Rep. Katherine Waldron — would require documentation from potential buyers attesting their good intent. Any entity purchasing agricultural or real property within 20 miles of a military base or critical infrastructure must provide an affidavit affirming compliance with the proposed law, which would go into effect July 1.
The bill also bars government agencies in Florida from entering into contracts with those seven countries for services that include access to personal information.
Similarly, it would also require health care providers to ensure that the repositories for their patients’ digitally kept records are located within the United States. An amendment the panel approved Wednesday expanded that proviso to also allow storage of that data in U.S. territories and Canada.
Beginning Jan. 1, 2024, any company bidding on government contracts involving access to Floridians’ personal information would have to provide a signed affidavit asserting a foreign country of concern does not own the company or hold a controlling interest in it.
Miami Springs Republican Sen. Bryan Ávila, a lieutenant in the Florida Army National Guard, co-introduced the bill.
According to the U.S. Department of Agriculture, 6.3% of nearly 22 million acres of privately held agricultural land in Florida was foreign-owned in 2021. Senate staff wrote in an analysis that while it is “unclear” how much of that land — roughly 1.4 million acres — belongs to China, “the (federal) department does report that (China) owns 96,975 acres in the ‘South Region,’ which includes Florida.”
SB 264, HB 1355 and a similar but more limited measure (SB 924) Boynton Beach Democratic Sen. Lori Berman filed last month — more than two months after Collins and Borrero announced their legislation — complement an executive order from President Joe Biden. The executive order, which Biden signed Sept. 15, defines additional national security factors the Committee on Foreign Investment in the U.S. must consider when evaluating transactions.
Biden acted in response to growing, bipartisan concern among government officials over protecting Americans’ data, enhancing U.S. supply chain resilience and safeguarding the country’s position as a tech leader.
“The United States’ commitment to open investment is a cornerstone of our economic policy, benefits millions of American workers employed by foreign firms operating in the United States, and helps to maintain our economic and technological edge,” the executive order said.
“However, the United States has long recognized that certain investments in the United States from foreign persons, particularly those from competitor or adversarial nations, can present risks to U.S. national security.”
Isabelle Garbarino, director of legislative affairs for the Florida Department of Agriculture and Consumer Services, signaled support for Collins’ bill Wednesday.
HB 1355 and SB 924 both await a committee hearing.
Source: Florida Politics
On Friday, March 24, the Florida Legislature passed SB 102, a comprehensive housing bill and one of Florida Realtors®’ top priorities during the 2023 session.
Florida Senate President Kathleen Passidomo (R-Naples) created and strongly backed the bill, called the “Live Local” plan. On social media, Florida Realtors also thanked Speaker of the House Paul Renner (R-Palm Coast) and Rep. Demi Busatta Cabrera (R-Coral Gables) for their efforts in getting the bill passed.
“The Live Local plan … is the product of my discussions with stakeholders over a number of years,” Passidimo said when introducing the bill in January. “With their advice and input, we are tackling this complex issue from all angles – from incentivizing private sector investment, to increasing state funding, to common sense reductions in regulations, this plan will improve options for both homeownership and affordable rental units in communities across our state.”
No single solution exists for solving Florida’s affordable housing shortage, and the bill does not take a single approach. Any change that might help boost housing and provide shelter for Floridians was considered, and the final version passed on Friday is comprehensive.
Broad changes in SB 102
— It allows counties and municipalities to offer a property tax exemption to property owners who dedicate units for affordable housing at extremely-low-income, very-low-income or both. — It provides a property tax exemption for land owned by a nonprofit leased for at least 99 years as affordable housing for extremely-low to moderate-income people. — It authorizes a local-option property-tax exemption to property owners who dedicate units for affordable housing for extremely low income and/or very low income Floridians.
— It allows counties and municipalities to offer a property tax exemption to property owners who dedicate units for affordable housing at extremely-low-income, very-low-income or both.
— It provides a property tax exemption for land owned by a nonprofit leased for at least 99 years as affordable housing for extremely-low to moderate-income people.
— It authorizes a local-option property-tax exemption to property owners who dedicate units for affordable housing for extremely low income and/or very low income Floridians.
“This is one of the most significant and transformative affordable housing bills seen in Florida since the Sadowski Act was passed in 1992,” says Florida Realtors Vice President of Public Policy Andy Gonzalez. “Not only does it allocate hundreds of millions of new dollars to the state’s affordable housing programs, it does so in a balanced way, prioritizing both homeownership and rental opportunities equally.”
Source: Florida Realtors
From real estate development to agriculture, land in Florida continued to fuel record-breaking prices in 2022, according to the Lay of the Land 2022 Market Report. The report also highlights a drop in land transactions as interest rates kept rising.
Issued by SVN | Saunders Ralston Dantzler at the annual Lay of the Land Conference, the report analyzes transaction volume in the residential market, ranch, and recreational land, farm and nurseries, citrus, timberland, and transitional land. The findings are a good reflection of the real estate market as the US and Florida continue to recover from the economic policies enacted during the pandemic and indicate where the market is headed in 2023.
“From nearly $5 trillion pumped into the economy to combat the effects of the pandemic to rising interest rates, it’s no surprise that we saw fewer transactions last year and possibly into this year as the Fed attempts to combat inflation and rumors of a recession continue to swirl,” said Dean Saunders, co-founder of SVN | Saunders Ralston Dantzler. “With an average of 1,142 people a day moving to Florida, the state’s real estate market is well-positioned and will continue to see substantial growth, making it an attractive investment if there’s an economic downturn.”
The report points out that power companies’ solar farm purchases and Florida’s investment in conservation acquisitions are having an influence on the demand for land. The decreasing cost of solar panels is just one of several reasons for the rising interest in solar farms. According to the report, 28,640 gross acres of transitional sales were for solar-powered development in Florida, representing an 83 percent increase from 2021.
Demand for conservation land has increased over the last two years with the Florida Legislature making investments of $700 million into Florida’s conservation programs, such as Florida Forever, Rural and Family Lands Protection Program, and the Wildlife Corridor. In 2022, there were over 100 transactions for conservation with purchases in fee-simple acquisitions and conservation easements. 22 of those were conservation easement sales totaling 24,867 acres for approximately $47.5 million. Since the inception of the Florida Forever program in July 2001, the state has purchased more than 902,011 acres of land with approximately $3.3 billion.
“Consistent funding has been one of the biggest challenges facing conservation efforts,” said Saunders, who spearheaded the creation of the conservation easement program when he served in the State Legislature. “We have been fortunate that the Governor and State Legislators have made conservation a top priority and are making a significant investment to balance conservation and development so we can protect our local waterways and drinking water sources and critical wildlife habitats while accommodating new development.”
The report also highlights the real estate market on Florida’s Treasure Coast, growth in the value of farm and timberland assets in South Georgia, as well as land transactions in the Everglades Agricultural Area and Miami-Dade County’s Homestead Area Farms.
Some of the report’s key findings include:
Ranch & Recreational Land
Residential Lots & Land
Farmland & Nurseries
Citrus
Timberland
Diversified professional services and investment management company Colliers has welcomed Matt Siegel to the company as executive managing director and brokerage market leader for West/Central Florida, a region that includes Orlando, Tampa and Fort Myers. Siegel will replace Danny Rice, who is transitioning to become market leader of Colliers Houston.
Tampa-native Siegel is charged with leading and growing Colliers’ West/Central Florida brokerage operations for the three-market region, which includes over 95 brokers and 50 support staff and had transaction volume of more than $2 billion in 2022.
Prior to joining Colliers, Siegel served as managing director of CBRE Tucson (AZ) where he drove growth through recruiting, new business development and sales management. His commercial real estate career began in Dallas-Fort Worth, TX, where he served as VP and market director for NAI Robert Lynn and specialized in office and industrial brokerage.
Source: ConnectCRE
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