Silverstein Properties Expands Horizons to Tampa Bay: A Game-Changer for Commercial Real Estate

In a bold and strategic move, Silverstein Properties, the distinguished real estate powerhouse renowned for its iconic developments including One World Trade Center in New York City, has set its sights on Tampa Bay. This game-changing acquisition was made evident when they secured a prime property in the heart of Tampa in May 2022.

For those unfamiliar with Silverstein Properties, their name is synonymous with innovation, excellence, and transformative architecture. Their portfolio speaks volumes, with landmark properties that have redefined skylines and communities.

What Does This Mean for Tampa Bay’s Commercial Real Estate?

Silverstein Properties’ entry into Tampa Bay signifies a promising future for commercial real estate in the region. Their track record of visionary projects promises innovation, economic growth, and increased property values. The infusion of their expertise is expected to attract businesses, investors, and professionals, creating a thriving ecosystem that benefits the community. In addition, it undoubtedly holds the promise of transforming Tampa Bay’s skyline as well as the economy.

Why This Matters for You

If you’re a business owner, investor, or entrepreneur in Tampa Bay, this development opens doors to unprecedented opportunities. For the residents of Tampa Bay, it signifies a future filled with economic growth, job opportunities, and a vibrant urban environment.

In conclusion, Silverstein Properties’ arrival in Tampa Bay marks a pivotal moment in the region’s commercial real estate history. Stay tuned as we eagerly await the unveiling of their plans and witness the transformation of Tampa Bay into a hub of innovation, commerce, and unparalleled architectural brilliance. The future is indeed bright for Tampa Bay’s commercial real estate market!

If you are looking for an agent in the Tampa area, please reach out to Chris Mangione at 813-410-6944 or chrismangione@cohencommercial.com

For More information: https://tampamagazines.com/silverstein/#:~:text=Silverstein%20Properties%2C%20best%20known%20for,Bay%20property%20in%20May%202022

Brightline Miami to Orlando Now Open

Exciting news in the world of transportation! The Brightline train project is making significant strides towards connecting Miami and Orlando, bringing these vibrant cities even closer together. This high-speed rail link promises to revolutionize travel in Florida, offering a convenient and efficient alternative to driving. It’s a game-changer for commuters and tourists alike, and I can’t wait to see the positive impact it will have on our state’s economy and environment now that they have been open since last Friday (09/22/2023)! See More: https://www.wesh.com/article/brightline-train-miami-orlando/45227586

Florida’s Commercial Real Estate Resurgence: Rebuilding After Hurricane Ian 

When Hurricane Ian powerful Category 5 struck the beautiful shores of Florida in September of 2022, it left a trail of destruction and devastation in its wake across Florida’s. The impact was felt not only by residents but also by the commercial real estate sector, both of which suffered significant losses totaling an estimated $113 billion in cumulative damage. However, Florida’s resilience and determination have paved the way for a remarkable recovery in the state’s commercial real estate market. 

Immediately following Hurricane Ian, an extensive assessment was conducted to evaluate the damage inflicted on Florida’s commercial real estate. Properties, ranging from office buildings to retail centers, hotels, and industrial facilities, were inspected to determine the extent of the destruction. The evaluation helped in understanding the scale of the recovery effort required. 

In the aftermath of Hurricane Ian, some commercial properties faced extensive damage, making restoration financially unfeasible. However, this challenge opened the door to adaptive reuse, where damaged structures were repurposed for alternative commercial uses. This approach stimulated economic diversification by attracting new industries and businesses to the state, fostering innovation and creating employment opportunities. 

The recovery of Florida’s commercial real estate sector following Hurricane Ian stands as a testament to the resilience and determination of its people. Through collaborative efforts, innovative design practices, and adaptive solutions, the state has not only rebuilt what was lost but has also laid the foundation for a stronger and more sustainable future. The recovery process serves as an inspiration for other regions facing similar challenges, demonstrating that with unity and a forward-thinking approach, the road to recovery can lead to new opportunities and growth. Read more about the Florida commercial real estate market’s recovery post-Hurricane Ian here! 

New Investment Deal signed in Pompano Beach by Rapper Kodak Black

A 0.7-acre lot located at 1511-1547 Hammondville Road in Pompano Beach was just purchased for $1.8 million by rapper Kodak Black (featured Billboard 100 artist). The site features a 3,800-square-foot building and a 4,900-square-foot building. Kodak Black, legal name Bill Kahan Kapri, is considering renovating one of the buildings and tearing down the other to build anew. The new owner plans to transform the property into a “luxurious retail space” including a restaurant.

To read more about this transaction, click here.

New High-Speed Train Will Connect Miami to Orlando This Year

The Brightline train will soon be offering a speedy alternative to one of Florida’s largest tourist destinations, Orlando, a city that receives nearly 70 million visitors per year thanks to its elaborate mecca of theme parks. The South Florida based rail company currently serves Miami, Aventura, Fort Lauderdale, Boca Raton, and West Palm Beach. Driving between Miami and Orlando takes about 3.5 hours, and the train will shorten the ride to less than 3 as it reaches speeds of up to 125 MPH. The Orlando Brightline station is expected to open in 2023 and will be located inside Terminal C at Orlando International Airport. 

Brightline is the only privately owned and operated rail company in the United States. They currently offer two types of tickets, SMART (standard fare) and PREMIUM (business class). The latter offers access to a pre-boarding lounge, larger seats, and complimentary snacks and beverages onboard. However, snacks and beverages (alcoholic and nonalcoholic) are available for purchase with the standard fare. SMART starts at $10 one-way when traveling from Miami to West Palm Beach. PREMIUM tickets are about $35 one-way. Pricing for the Orlando route has yet to be released. Travel Off Path recommends purchasing tickets online in advance as fares tend to be higher in-person at the station. 

In 2022, Brightline carried 1.23 million passengers across South Florida. The railroad powerhouse is expected to grow beyond central Florida and into the western side of the state. Read more about Brightline’s future plans here and purchase a ticket here.

Report: Growth In Downtown Fort Lauderdale Exceeds Austin and Atlanta

Downtown Fort Lauderdale’s urban core, a 2.2-square-mile area between Sunrise Boulevard, the Avenue of Arts, Davie Boulevard, and U.S. Highway One, has gained 5,095 new residential units in the past five years, more than that of the downtown areas of Austin and Atlanta combined.

Jenni Morejon, the Fort Lauderdale Downtown Development Authority’s executive director, reports, “We are outpacing growth in terms of new rental units, and the pandemic has fueled a lot of that.”

Since the pandemic, South Florida rents have increased by as much as 32% year-over-year. This increase can be attributed to the influx of professionals and executives from New York, California, and other parts of the U.S. The average household income in downtown Fort Lauderdale has also increased a staggering 20.2% from last year to $146,358 a year. Read the report here.

West Palm Approves Immocorp’s Mixed-Use Project in Northwood

The City of West Palm has officially given the green light to redevelop the Northwood District. The plan, created by Gilbert Benhamou’s Immocorp Capital, includes 382 apartments, 63,200 square feet of commercial uses and roughly 13,000 square feet of public space located on 4.7 acres. The Northwood Square project will tie together the Northwood and Currie mixed-use districts. The site spans from 23rd Street north to 25th Street, from the FEC Railway east to Broadway Avenue.

To read more about the Northwood Square project, Click Here.

Procacci Proposes Mixed-Use Project In Fort Lauderdale

Procacci Development corporation proposed a mixed-use project in Fort Lauderdale. The city’s Development Review Committee is reviewing plans for the 2.4-acre site located on Bayview Drive. The site currently has a 101,803-square-foot office building that would be demolished for the project. Sunrise & Bayview Partners, managed by Phillip Procacci, purchased the site in 2014 for $7.9 million. The new project would include 180 multi-family units, 4,400 square feet of restaurants, 1,350 square feet of retail, 5,750 square feet of offices, and a 505-space parking garage. The residential units will be bigger in size ranging from 1-3 bedrooms, with many of the units being 2-3 bedrooms. The demand for larger apartments has recently increased due to the influx of south Florida residents fleeing other high-tax states.

To read more, click here.

Companies That Recently Moved Their Headquarters to South Florida

Many companies have decided to move their headquarters to south Florida due to the opportunities available. Common reasons for the moves include quality talent and workforce availability; multicultural and more pragmatic cities; and south Florida’s business-friendly reputation within it’s major cities. See below to learn more about where the companies are coming from and what they do:

Citadel & Citadel Securities
  – Financial firms
– Chicago to Miami

FundKite
– Financing for small businesses
– New York to downtown Miami

Belong
– Proptech company
– California to Brickell Miami

KruseCom
– Information technology
– New Jersey to West Palm Beach

SH Hotel & Resorts
– Private investment firm
– Los Angeles to Miami

El Al Israel Airlines Ltd.
– Airline
– New York City to Margate

AerCap
– Aircraft leasing company
– Los Angeles to Miami

West Marine
– National retailer of boating supplies and retail
– California to Fort Lauderdale

Windstar Cruises
– Cruise leisure company
– Seattle to Doral

American Queen Voyages
– Cruise line
– Indiana to Fort Lauderdale

Blockchain.com
– Cryptocurrency Exchange
– New York City to Wynwood Miami

To read more, click here.

Big Retailer Will Open Its First Florida Store at Sawgrass Mills

South Florida Business Journal is reporting plans of HomeSense store in Sawgrass Mills mall in Sunrise, Florida. The City Commission is considering a site plan revision requested by the owner of Simon Property Group. The mall owner would create a new entrance directly into the store for more convenience to the customers. HomeSense was founded by TJX Companies in 2001 and was launched in the United States in 2017. Sawgrass Mills is the second-largest mall in South Florida.

To read more about Sawgrass Mills potential plans of site revision, click here.