ORLANDO, FLA. — The Orlando office market’s vacancy rate has exceeded 10 percent for the first time since year-end 2016, according to CBRE. The vacancy rate stood at 11.2 percent at the end of the second quarter, up from 9.1 percent the previous quarter. With the novel coronavirus causing the economy to halt in mid-March, many office players in the country hit the pause button on sales and leases. Orlando, like several other markets nationwide, was not able to escape the downturn as large swaths of space were given back quicker than they were absorbed. Alight Solutions vacated its 147,000-square-foot space in the University/Research submarket, and Hartford Insurance downsized by 27,000 square feet in Lake Mary. Orlando ended the second quarter of 2020 with 352,000 square feet of negative absorption, the biggest dip the market has taken since first-quarter 2018 when the absorption was minus-22,857 square feet, according to CBRE. CBRE also notes that development has not slowed in the market, with deliveries reaching an 11-year quarterly high. Five office buildings totaling 339,000 square feet came on line in the second quarter. There are another seven projects underway totaling 279,700 square feet, the largest of which is a 120,000-square-foot building …
ST. PETERSBURG, FLA. — Skanska USA has completed a $92 million renovation of the historic St. Petersburg Pier on behalf of the City of St. Petersburg. The 26-acre area now includes 44,000 square feet of retail and restaurant space, including the St. Pete Museum of History and Tampa Bay Watch Discovery Center. Other tenants include The Driftwood Café; Doc Ford’s Rum Bar & Grille; Spa Beach Bistro; Teak, a waterfront restaurant; and Pier Teaki, a rooftop bar. The five-story Pierhead building includes shops and a fishing platform. The pier area also includes the 35,000-square-foot Pier Plaza, which includes a playground, splash pad and seating areas. The 1,400-foot St. Petersburg Pier, which juts out into Tampa Bay, was originally built in 1889 and is the eighth pier in the city’s history. Rogers Partners, ASD | SKY and landscape architect Ken Smith Workshop designed the project.
ST. JOHNS, FLA. — Pebb Enterprises has unveiled its plans for a new 58,900-square-foot, Publix-anchored shopping center in St. Johns. Publix will occupy 48,400 square feet at the center, which will feature 10,500 square feet of in-line retail space. Publix Liquor Store and Lavender Spa have also signed leases at the space. Pebb Enterprises closed on the $2.8 million land sale July 10 and has begun site work. The Boca Raton, Fla.-based developer expects to deliver the property in summer 2021. The site is located at 855 County Road 210 W., across the street from Beachwalk, a 3,000-acre community that includes residences, retail, office and industrial space, as well as a planned 100-room hotel. Chris Stewart and Jenny Schuemann of Pebb Enterprises are handling leasing efforts for the Publix-anchored property.
JACKSONVILLE, FLA. — Alliant Credit Union has provided a $16.2 million refinancing loan for a 194,000-square-foot industrial/flex property in Jacksonville. The five-year, non-recourse loan has a 30-year amortization schedule. The building was 90 percent leased at the time of the refinancing to tenants including Konica Minolta and Fresenius Medical Care. The asset is situated at 9143 Philips Highway, 14 miles south of downtown Jacksonville. Jacob Cohen of Walker & Dunlop originated the loan on behalf of the undisclosed borrower.
BOCA RATON, FLA. — Office Depot, a wholly owned subsidiary of The ODP Corp., is providing $1.5 million to Feeding America, a domestic hunger-relief organization, in support of its COVID-19 Response Fund to help local food banks across the country distribute more than 1.3 billion pounds of food to communities in need. Feeding America’s COVID-19 Response Fund enables its network of 200-member food banks to secure the resources they need to serve the most vulnerable members of their communities. According to a recent survey by Feeding America, nearly 40 percent of those served by the network are seeking food assistance for the first time. Households with children are more likely to experience food insecurity, with a report by Feeding America finding that the number of food-insecure children could escalate to 18 million, an all-time high, due to the COVID-19 health crisis. “We are proud to support the Feeding America network of food banks as it works tirelessly to address the increased demand for food assistance resulting from the COVID-19 pandemic,” says Gerry Smith, CEO for Boca Raton-based Office Depot and The ODP Corp. “Now more than ever, we are committed to strengthening local communities and hope that this donation will help to provide relief for …
CLEARWATER, FLA. — McShane Construction Co. has delivered 1100 Apex, a 134-unit multifamily community in downtown Clearwater. The property offers studio through three-bedroom floor plans. Unit interiors feature stainless steel appliances, quartz and granite countertops, wood plank flooring and private balconies. Communal amenities include a clubhouse, fitness center, putting green, pool, outdoor lounge with grills, a fire pit and private cabanas. The asset also includes a parking deck with 202 parking spaces and 4,300 square feet of ground-level retail space. GSP Development developed the 15-story building and Kimmich Smith Architecture designed the community. Located on 2.1 acres at 1100 Cleveland St., the asset is situated equidistant from Tampa Bay and downtown Tampa.
VIERA, FLA. — ConcordRents has started construction of Venue at Viera Senior Living Apartments, a $32 million, 145-unit affordable seniors housing community in Viera, a master planned community located on Florida’s Space Coast near Melbourne. Units are reserved for seniors making between 40 percent and 80 percent of the area median income (AMI). Funding for Venue at Viera Senior Living comes from $16.8 million in tax-exempt bonds issued by the Brevard County Housing Finance Authority and $11 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. The developer, Atlantic Housing Partners, also provided some funding sources.
SANFORD, FLA. — Wendover Housing Partners has opened Warley Park, a $19 million, 81-unit housing complex in Sanford that was built to house veterans and the chronically homeless. Communal amenities include a fitness center, splash park, meeting rooms, computer rooms and a commercial kitchen to train residents for restaurant jobs. California-based nonprofit Step Up on Second will manage support services, including mental healthcare, after-school kids’ programs, job training and placement, GED classes and educational programs for ongoing skills. Residents utilize rental vouchers as payment, just as they would at other rental properties or motels. The property is located at 1500 W. 25th St., 22 miles north of downtown Orlando.
HIALEAH, FLA. — Bridge Development Partners and PGIM Real Estate will develop Bridge Point Cold Logistics Center, a 312,103-square-foot cold storage facility in Hialeah. The joint venture expects to deliver the speculative property in fourth-quarter 2021. The 20.1-acre site is situated at the intersection of NW 162nd Street and NW 102nd Avenue, 18 miles northwest of Miami International Airport. The asset will be able to accommodate multiple tenants and will feature 50-foot clear heights, 39 dock-high doors, 207 parking spaces and 49 trailer parking stalls. The building’s refrigeration system is expected to provide temperatures ranging from minus-10 degrees to -55 degrees. Ware Malcomb is the architect for the building. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield brokered the land transaction.
CORAL GABLES AND WEST PALM BEACH, FLA. — ZOM Senior Living and Watermark Retirement Communities have acquired two seniors housing development sites in Coral Gables and West Palm Beach. The Watermark at Merrick Park in Coral Gables will comprise 196 units including independent living, assisted living and memory care, with 50,000 square feet of amenities. The Watermark at West Palm Beach will feature 154 units of independent living, assisted living and memory care with 30,000 square feet of amenities. M&T Bank provided construction financing for the West Palm Beach project, while PNC Bank funded the Coral Gables project. MSA Architects and Lemay-Escobar Design designed both communities. Verdex Construction will build the West Palm Beach property, while Kast Construction will construct the Coral Gables property. Groundbreaking is slated for later this summer on both projects.