Bill McConnell and Kenneth Kurtz, CCIM represented the landlord in the deals. CLICK ON THE HEADLINE FOR MORE
Developers have submitted plans to add 1,970 homes in seven projects in addition to a variety of office, commercial, hotel and retail projects. CLICK ON THE HEADLINE FOR MORE
Bill McConnell and Kenneth Kurtz, CCIM of NAI Rauch Weaver Norfleet Kurtz & Co., represented JV Cypress, LLC in four lease transactions at the Cypress Creek Business Center.
The transactions, totaling 6,807 square feet in lease deals include the following tenants:
The building, which totals 39,990 square feet, is located at 2901 W. Cypress Creek Rd. in North Fort Lauderdale.
Get ready to witness a dramatic spurt in new development in Broward County, if dozens of high-rise apartment towers, hundreds of single-family homes and a few mega commercial projects are given the green light.
The recent surge in development proposals could change the county’s landscape — and prove there’s no such thing as “built out.”
Among the many projects in the pipeline, according to county records:
The uptick is striking.
“This year we’re definitely seeing more proposals,” said Barbara Blake Boy, executive director of the Broward Planning Council, a county advisory board.
In 2013, the number of residential units for which developers sought approvals jumped 218 percent at the Broward County Planning Council, one of the earliest stages in the process.
This year, approvals are again on the increase. Developers have submitted plans to add 1,970 homes in seven projects in Pompano Beach, Miramar, Plantation, Pembroke Pines and Lauderdale Lakes. That’s nearly as high as the total for all of 2013.
“Is there a higher level of proposed development activity than there’s been in the last few years? The answer to that is absolutely yes,” Stiles Corp. President Doug Eagon said.
Eagon said the South Florida housing market is more robust than elsewhere in the country right now, with heavy demand for rental apartments coming from millennials who’ve finally gotten jobs, and from baby boomers downsizing after their kids move out.
“There’s been a pretty dramatic increase in activity,” Executive Director Jim DiPietro said at the Broward Board of Rules and Appeals, which has seen a spike in building permit revenue. “You can see the way we started to claw out of the recession.”
The dramatic development surge might seem counterintuitive to those who’ve scanned the horizon and seen that nearly every square inch is paved and built upon (except for the two-thirds of the county that’s in the Florida Everglades).
In fact, Broward County was considered largely built out in 2005, according to the county’s recently released population planning report. But that doesn’t mean it’s game over for developers.
“When people say, ‘Well, we’re out of land,’” Eagon said, “the reality is we’re very close to being out of vacant land, but the redevelopment potential is still very good.”
The county’s vote is typically the first step, a general approval spelling out what type of development and how much of it can take place on the land. Many more projects that already had those approvals are under construction now.
In the cities, towns and neighborhoods where the construction trucks are headed, residents may be hesitant to embrace more growth. Developers will have to show that their projects won’t overburden local roads and schools, among other things.
Broward County Commissioner Tim Ryan said improving public transportation and ensuring that some of the new housing is affordable to the working class will be critical in this wave of development.
“You want to try to change the mindset, I think, in the coming decade,” Ryan said, “to get more people onto mass transit.”
Regardless, he said, people are coming. Population estimates for Broward show the flow to the south will continue, driving demand for more housing.
“They keep having winters like they just did,” Broward planning section manager Martin Berger said, “and they’re going to keep coming.”
Source: SunSentinel
RWNK Inks 7,000 SF In Cypress Creek Lease Transactions
/in Done Deals, News/by SFOBA STAFFBill McConnell and Kenneth Kurtz, CCIM represented the landlord in the deals. CLICK ON THE HEADLINE FOR MORE
Broward County Gearing Up For Development Surge
/in News, Trends/by SFOBA STAFFDevelopers have submitted plans to add 1,970 homes in seven projects in addition to a variety of office, commercial, hotel and retail projects. CLICK ON THE HEADLINE FOR MORE