The 550 Building will be the area’s newest office building since 1989. CLICK ON THE HEADLINE FOR MORE
If enacted, the proposal would reduce a business’ rent tax by 25 percent in 2018. CLICK ON THE HEADLINE FOR MORE
Fort Lauderdale’s SOLO District (South of Las Olas) is undergoing a transformation to keep up with the fast growing pace of new residents and businesses. Demolition of Fort Lauderdale’s Justice Building will begin February 2017 to make way for the new 550 Building.
The 30,734 square feet Justice Building was built in 1982 and has been home to some of Broward County’s top law firms for the past 35 years. The building sits on the NE corner of Andrews Ave and SE 6th St., adjacent to the new Broward County Courthouse, in the highest pedestrian traffic areas in Broward County.
The 550 Building will be the Fort Lauderdale’s SOLO District’s newest office building since 1989. The new 86,367 square feet, 7-story, Class A building will feature 6 floors of office space and 7,500 square feet of ground floor restaurant and retail space. The property will also feature a new 663-space attached parking garage with “The SOLO Shoppes“ on the ground floor, which will be comprised of an additional 14,000 square feet of restaurant/retail opportunity.
Pre-leasing has already begun for all components and occupancy is scheduled for the Spring of 2018.
Florida Gov. Rick Scott told Realtors® in Orlando that he again included an issue close to members’ hearts – a reduction in the state’s business rent tax – as part of his proposed 2017 budget that he’ll send to the Florida Legislature for consideration.
Scott announced his tax cuts statewide in a two-day tour, with one of the five stops at Florida Realtors® Mid-Winter Meetings going on last week in Orlando. Scott made the announcement during the Florida Real Estate Trends 2017 conference.
“We’re honored that Gov. Rick Scott made time to update Florida’s Realtors on his proposed budget,” says 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “Realtors across the state stand ready to work with the governor to advocate for a cut in Florida’s onerous business rent tax.
“Florida is the only state that has a tax on commercial leases. It’s unfair to our small businesses, and it makes it more difficult to attract new business and industry to the Sunshine State. It also causes an additional burden if an existing Florida business hopes to invest more or expand, which in turn creates new opportunities for families in their communities.”
Gov. Scott called his trip around the state his “Fighting for Florida’s Future” Tax Cut Tour. Overall, he proposed $618 million in tax cuts to help Florida families and small businesses. Of those tax cuts, he earmarked $454 million – 73 percent – to reduce the business rent tax.
If enacted, the proposal would reduce a business’ rent tax by 25 percent in 2018.
“We are fighting to secure a bright future for Florida, and cutting taxes will help make our state the top location for job creators to invest in for generations to come,” Scott said. “I made a promise to keep fighting for jobs until my very last day as governor, and I ask the (Florida) Legislature to join me in fighting for the future of our students, our small businesses, our veterans and our families by cutting $618 million in taxes this year.”
Scott will send his final budget proposal to the Florida Legislature, which will consider his recommendations during the session that convenes on March 7, 2017.
In addition to the business lease tax deduction, Scott proposed the following tax cuts:
Source: Florida Realtors
550 Building To Be FLL’s SOLO District’s Newest Office Building
/in News/by SFOBA STAFFThe 550 Building will be the area’s newest office building since 1989. CLICK ON THE HEADLINE FOR MORE
Reduction In Business Rent Tax Part Of Gov. Scott’s 2017 Tax Cut Plan
/in News/by SFOBA STAFFIf enacted, the proposal would reduce a business’ rent tax by 25 percent in 2018. CLICK ON THE HEADLINE FOR MORE