Real estate brokers’ forecasts signal sector opportunities

“Standard retail first and second generation space continues to dwindle away as tenants are forced to search for less opportunities at higher costs.”

David McComas, European Equities Corp.

“The multifamily market will continue to outpace all other segments of the market.”

John Burpee, NAI Tampa Bay

“Steady increases in all asset types in both rental rates per SF and sales price per SF. There will also be an increase in sales volume to levels not seen since the peak of the market in 2007.”

Deme… …read more

Ambitious Ford’s Garage restaurant/bar concept revving up in Brandon

Ford’s Garage restaurant and bar has flourished in the Fort Myers area, where the name Henry Ford resonates because the auto magnate had a winter estate there.

Now the owners are developing their third unit in a high-traffic area near Brandon Town Center, where Henry’s name doesn’t beep as many horns. “We did have that tie-in when we started — a lot of businesses use the Ford name down there,” said partner Zak Kearns. “But we’re confident of the concept. Ford’s Garage draws such a wide demographic.… …read more

Katherine Schwarzenegger on Dove, her parents and relating to Millennials (exclusive) (Video)

Author and lifestyle blogger Katherine Schwarzenegger often practices a public speech in front of her parents before going on speaking engagements.

They know a thing or two about that.

Schwarzenegger, an author and lifestyle expert, and daughter of actor and politician Arnold Schwarzenegger and journalist Maria Shriver, spoke to the Girl Scouts of West Central Florida Women of Distinction audience on Tuesday about her experiences with success, self-esteem and facing hard times.

I talked with her… …read more

New enclave of million-dollar homes in the works for Avila Golf & Country Club

A small development of new luxury homes is under development in Avila Golf and Country Club.

Alvarez New Concepts, the sole builder in the community, is planning to build 12 new homes on lots with golf course frontage, starting at $1.3 million and averaging 3,500 square feet of living space. The community will feature Spanish eclectic architecture.

President Bobby Alvarez said Monday that the streets in the new development have been paved, and that the final plat is under review. He anticipates… …read more

Newly built St. Petersburg apartments sell for $54 million

Hines Co. has sold off Azure, a 308-unit apartment complex in St. Petersburg’s Gateway area, for $54 million.

Passco Companies LLC, based in Irvine, Calif., said Friday it had acquired the property, which wrapped up construction in 2014, for $175,324 per apartment. It is 94 percent occupied, according to Passco.

The complex broke ground in early 2013, after Houston-based Hines paid $6.3 million for the Azure site. It was one of four new developments in the works in the Gateway area planned at the… …read more

EWI Construction founder: ‘Things are moving along at a faster pace’

Hotels, apartments, restaurants: Tampa-based EWI Construction is seeing a surge of activity across all sectors of commercial real estate. The company is about to begin construction on a 48-unit apartment project in Ballast Point and is working on plans for hotels in downtown Tampa and Ybor City, EWI Founder Casey Ellison told Tampa Bay Business Journal.

Construction seems to picking up — what are you seeing out there? We saw a spike probably nine months ago.

What’s different? Projects come, they… …read more

Husband-and-wife custom homebuilders auctioning off personal estate in Winter Haven with no reserve

An 11,000-square-foot estate on the auction block in Winter Haven has an in-house movie theater, music room and massage room — but if that’s not enough to keep a potential buyer entertained, the home is a five-minute drive from Legoland Florida.

The husband-and-wife team behind Built By Waters, a custom homebuilding company, will auction off 1700 N. Lake Eloise Drive with no reserve on March 14. The home, built in 2006, was previously listed for sale at $3.75 million and sits on 4.5 acres.

The… …read more

Florida’s economy ranks No. 7 in the U.S.

Great weather that attracts hordes of tourists, growth in non-farm payrolls, a recovering housing market and a $15 billion state government surplus all played a role in Florida being ranked as the seventh-best economy among the 50 states.

The rankings were compiled by Business Insider, which ranked the states’ economies on six measures: recent change in housing prices, non-farm payroll job growth, unemployment rate, GDP per capita, average weekly wage, and state government surplus and deficit.

Business… …read more

$70M apartments to break ground in downtown St. Petersburg

St. Petersburg’s next high-end apartment development is imminent.

Coral Gables-based Allen Morris Co. will break ground on the Hermitage, a 348-unit apartment building at 750 First Ave., on Wednesday. The Hermitage will include studio, one- and two-bedroom units. The building will stand eight stories and feature a rooftop pool.

The $70 million project is backed by AIG Global Real Estate, Allen Morris said in a statement. When it was announced in April 2014, construction costs were pegged at $65… …read more

Exclusive: New apartment development planned in Ballast Point

EWI Construction is building a 48-unit apartment complex at the intersection of Paxton and Macdill avenues in the Ballast Point area.

The site was once slated for a townhouse development that never came to fruition, said Casey Ellison, EWI Construction founder.

ABC Capital is the developer of the project, Ellison said, and he anticipates construction beginning this week and wrapping up by the end of the year. He declined to disclose construction costs.

One-bedroom units will be around 650 square… …read more