ULI Meeting Notes - 2/22/13

Here are some interesting notes from last Friday's ULI (Urban Land Institute) meeting.

This meeting's topic was titled Pockets of Change: Fort Lauderdale 2013 and Beyond.

Kelley Shanley, CEO of The Broward Performing Arts, presented an overview of their $50mil expansion project.  Key points are to offer more private function and group space, provide a club-level, making the Center a point of destination for dining and socializing, as well as theatre attendees. Part of the project involves the addition of the Huizenga Pavilion on the New River.  Offering indoor and outdoor settings with gorgeous waterfront views, this two-story structure will offer casual fare in a bistro-style atmosphere. On the top floor of the glass-facade structure is planned a Ballroom, offering 3000 sq. ft of event space for special events and pre-and post-show social events. Also intended, is the Rose Miniaci Arts Education Center facing Avenue of the Arts. In short, one should expect and look forward to a complete updating and restoration of the Center. For more info on this, you may write me.

Next, Mayor Jack Seiler spoke. He touched on FTL economic growth and the positive look of it's future outlook. Key points? According to Mayor Seiler, Fort Lauderdale's unemployment rate is currently lower than the State of Florida average and the National average. Surely good news for the real estate market. Additionally, he mentioned that Fort Lauderdale real estate tax rates remain lower in FTL than most other florida cities such as Miami. He also touched on one of Fort Lauderdale's unique features, the FLL Int'l airport's proximity to the Downtown and Port. It seems this is an added attraction for businesses as well as a strong factor in our tourism business. So easy to fly in, see the city and take a cruise, all within a short cab ride of a few miles.

Here is what we really care about. Mayor Seiler confirmed that currently, there are 4000 new units in some form of application or planning targeted for Downtown FTL.  See? If you hadnt read this far, you would've missed my hidden gold nugget of helpful information! All in all Seiler felt all of these points were positive signs for the economic outlook of FTL.

Now, if I still have your attention...another interesting tidbit came from developer Asi(pronounced "Ah-see") Cymbal whom introduced his New River Lofts project. The project is for 1000 multifamily units planned to go on the Southside of New River.  Many of us know it as the former site of Shirttail Charlie's.  Yes, now this blog is getting interesting!

Lastly, Dev Motwani, owner of Las Olas Riverfront, spoke of his plans for Las Olas Riverfront. Purchased with a 10- year redevelopment plan, he announced his change of plans.  Due to recent positives in the marketplace, he is projecting his redevelopment plan to start sooner, in fact, much sooner. Hmmm. He also agreed with Seiler's outlook for FTL and added his own sidenote on the All Aboard Florida Transit. He said, " It would be a game-changer" as it will connect Miami to Palm Beach to Orlando.

I hope this information will help you in your interaction with Sellers and Buyers when they have those questions that make me cringe like " What will my resale value for this neighborhood be like in 10 years?"