Residential Real Estate News

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Cinépolis to open 9-screen complex of upscale movie theaters in Lake Nona

Dallas-based Cinépolis will open a nine-screen complex of movie theaters and become an anchor tenant in the commercial section of Lake Nona, a master-planned community near Orlando. Cinépolis Lake Nona will feature a lobby-area bar and lounge, high-definition projection technology, and fully reclining leather seats with push-button access to menu and bar service from in-theater waiters. The 40,000-square-foot Cinépolis complex is scheduled to open in Lake Nona Town Center in 2020. Lake Nona Town Center ... [more]
Author: sffreelance
Posted: August 19, 2018, 7:00 pm

Tampa apartment complex built in 1990 near MacDill Air Force Base sells for $40M

A California-based firm bought a 276-unit apartment complex in Tampa for $40 million. Investors Management Group Inc. (IMG) of Woodland Hill, California, paid about $145,000 per unit for the property formerly known as Pavilions at Ballast Point. IMG plans extensive exterior and interior renovations to the property, which has been renamed Solis at Ballast Point. The 24-acre property at 6306 South MacDill Avenue in south Tampa is near MacDill Air Force Base and downtown Tampa. ... [more]
Author: sffreelance
Posted: August 19, 2018, 6:00 pm

Meritage Homes starts construction of 59-home development in Lake Worth

Meritage Homes has started construction of a 12-acre residential development in Lake Worth with 59 houses – the first development of its kind in Lake Worth in more than a decade. Scottsdale, Arizona-based Meritage expects to finish building the $16 million development, called Lake Cove, within 18 months. Construction of a model home is expected to conclude in early fall. The houses will range in size from 1,708 to 2,819 square feet and will be ... [more]
Author: sffreelance
Posted: August 19, 2018, 5:05 pm

Developer lands 40-year, $30.5M loan on Melbourne apartment project via HUD

The developer of a 171-unit apartment building in Melbourne got a $30.5 million loan on the property through the U.S. Department of Housing and Urban Development (HUD). Walker & Dunlop Inc. arranged the fixed-rate, 40-year loan on behalf of the developer through HUD’s Section 221 (d)(4) mortgage insurance program. The developer, Zimmerman Development, held a groundbreaking ceremony in July for construction of the Highline apartment building in downtown Melbourne. Zimmerman expects construction of the eight-story apartment ... [more]
Author: sffreelance
Posted: August 19, 2018, 4:15 pm

Ground floor of parking garage in downtown Fort Lauderdale may be converted to commercial and retail space

The city government of Fort Lauderdale is soliciting bids to convert the ground floor of its downtown parking garage to commercial and retail space. The city will accept bids until Oct. 15, according to Bradley Arendt of Colliers International, a brokerage firm that has a contract to manage the city’s real estate holdings. “There is certainly interest” among developers, Arendt told the Sun-Sentinel. He also told the newspaper that the ground-floor project, called Riverwalk Center, ... [more]
Author: sffreelance
Posted: August 19, 2018, 3:00 pm

Jeff Greene won’t build city-approved downtown development in West Palm

The Palm Beach Post reported that billionaire and gubernatorial candidate Jeff Greene has decided not to build One West Palm, a mixed-use complex in downtown West Palm Beach that would have apartments, hotel rooms and offices. Greene got Federal Aviation Administration approval in spring and city approval more than two years for the two-tower, 30-story project at 550 Quadrille Boulevard. But Greene told the Post he won’t build One West Palm largely because the city ... [more]
Author: sffreelance
Posted: August 19, 2018, 2:00 pm

Why long-term renters are buying homes in cities they’ll never live in

When buying a house in your own city is too expensive, find another city. The concept is finding traction among a growing number of would-be home buyers priced out of their own cities. The idea, according to the Wall Street Journal, is based on the strategy institutional investors followed after the housing market crashed when they snapped up single-family homes across the country at rock-bottom prices. Similarly, with the aid of new real estate tech ... [more]
Author: sffreelance
Posted: August 19, 2018, 1:00 pm

Developers compete to build on city-owned land near I-95 in Hollywood

Four developers are competing to win city approval to build on a 30.6-acre site just west of Interstate 95 in Hollywood. The developers will present their proposed projects Wednesday to a city-designated selection committee, which will recommend one of the four projects to the city commission. The developers proposed projects for 1600 South Park Road, now occupied by a public works facility owned by the city of Hollywood. The costliest proposal in response to the ... [more]
Author: sffreelance
Posted: August 18, 2018, 8:30 pm

Red Roof Inn’s new extended-stay brand will debut in Fort Lauderdale

The Ohio-based Red Roof Inn hotel chain will introduce its new extended-stay brand in Fort Lauderdale. A 129-unit hotel is scheduled to open Tuesday at 3031 West Commercial Boulevard under the new brand, HomeTowne Studios by Red Roof. The first HomeTowne Studios by Red Roof will open at a hotel formerly known as Crossland Fort Lauderdale. The Red Roof Inn chain plans to open 30 HomeTowne Studio locations at existing hotels in 15 states and ... [more]
Author: sffreelance
Posted: August 18, 2018, 7:30 pm

Airbnb’s new concept offers olive branch to landlords, property managers while riling up residents

Airbnb is getting into multifamily rentals, though controversy continues to dog the tech company. The short-term rental giant has quietly laid the groundwork to operate rentals en masse out of 14 building complexes by 2020, according to Bloomberg. So far, Airbnb is operating two branded buildings in Nashville and Kissimmee, Florida, To execute the new business, Airbnb partnered with Miami-based developer Newgard Development Group for the venture now known as “Niido Powered by Airbnb,” which ... [more]
Author: sffreelance
Posted: August 18, 2018, 6:35 pm