New Two Billion Dollar Mini-City Planned South of Vegas

Las Vegas Developer Plise is planning a $2 Billion mixed-use development 10 miles south of the Las Vegas strip. The project is being called a mini-city project and is considered the most ambitious of its kind in all of Las Vegas. It will include 600,000 sf. of retail, 1.5 Million sf. of Class Office Space and 2,500 residential units. All of this will be situated among 17 acres of parks, trails and other public access areas. Vertical construction is expected to begin in 2008 and the entire project is not expected to be complete until 2014.

Biscayne Landing Acquires Key Loan

Boca Developers' mixed-use project in North Miami cleared a major hurdle with a $233.5 Million credit facility with Credit Suisse of New York. The project is being built in several phases and the loan will be released over phases as the project is under construction. This portion of the financing will help build out roads and amenities that are associated with the various components of the project. These amenities include health clubs and parks that are associated with the hotel component. The deal is seen as a strong sign of the long term strength of the South Florida market.

33 Story Condo Site Being Auctioned

A condo site in the Old City Disctrict of Philadelphia is being put up for auction with a $13 Million reserve price. The site has city approval for a 33 story building with 236 condominium units. The site had been listed on the market with a $18 Million price tag. When completed the building would have views of both downtown and the Delaware River. The seller is projecting $164 Million in revenue when the project is completed. Although there are fears that the condo market has been overbuilt in parts of Philadelphia, there has been little to no development of new condos in the Old City District.

Aquarius Tower to Rise This Summer

The 38-story Aquarius Tower has been scheduled to begin construction this summer in Atlanta. The project is a very impressive glass tower that has been built to reflect the feel of the Georgia Aquarium that sits accross the street. The project will have a total of 112 units with 38 floors. The units will range in size from 850 sf. to 2,100 sf. with prices ranging from the $300,000s to over $2 Million. The project is highly energy efficient with wind and solar energy components that have been worked into the design. The project is expected to be complete by the fall of 2009.

A picture of the proposed tower:

$30 Billion Development Rising in Russia

The Sverdiovsk region of Russia is seeing the start of what is being called the largest integrated urban development project in Europe. The project is expected to take until 2025 to be entirely complete, but there will be several milestones and segments of the project that will be completed at incremental times before final completion is realized. The gigantic project is being financed by investors who are taking segmented interests in the project so that it can be built out in gradual phases. Once complete there will be more than 9 million sm of residential housing, 4.2 Million sm of non-residential real estate, a 249,000 sm logistics complex as well as a 500,000-sm business center.

Below is a map of the location of the development, click the image for a larger view:

Jersey's Hamilton Square Under Construction

A 300-unit mixed-use project is rising in front of Jersey City's two-acre Hamilton Park. The project is a combination of new construction and reuse of what remains of the former St. Francis Hospital in Downtown. The first phase of the project is going to have 126 loft-style condos and 24,000 sf of ground floor retail space. This first phase should be complete at the end of this year. The building is being redeveloped to "green" standards. As part of the project a street that has been closed since 1970 will be reopened as a cobblestone street for pedestrian and vehicles.

$800M Mixed-Use to Rise in Savannah

54 acres on the east side of Savannah's historic district will start the transformation to an $800 million dollar mixed-use project that will include 11 mid-rise buildings with 350,000 sf of office and retail space, 850 residential units and two hotels. The project is expected to break ground near the end of the year. Total build out of the project will take around 7 to 10 years. The project is the first major development in the downtown area in over 150 years. The project will also expand the riverfront and riverwalk by about 2,000 feet. The project is being developed by a team led by Ambling Cos. Inc.

Suwanee Gateway Rising in The Atlanta Suburbs

Opus South Corp. , based in Tampa, has anounced plans to developer 148-acres in the city of Suwanee that is about 30 minutes Northeast of Metropolitan Atlanta. The development will include 138 townhomes, 340 apartments, 580,000 sf of office space, 360,000 sf of retail space, 14 retail outparcels and a hotel. The development is in a prime location right off of Interstate 85 at the main exit for Suwanee on Lawrenceville-Suwanee Road. The project has been approved by the city council and is scheduled to begin in the summer. The project is expected to be complete in about 5 to 7 years.

Here is a map of the main site:

Aqua Briza to Start Construction Soon

Urbanice Modern Life Developers is planning to start construction on Aqua Briza within the next six months. The project is a 57-unit, nine-story condominium tower located in Miami's Little Havana. Units will range in size from 600 to 820 sf. with balconies ranging from 120 to 150 sf. The project is being marketed as a high-style urban condo with great value. The prices start from $195,000 with the total estimated sellout of the project at $13 Million. That puts the average unit price at $228,000. The project is located close to Downtown and the Brickell Financial District. The project features one-bedroom unit as well as one-bedroom with den units. Urbanice Modern Life Developers is a joint venture between locally based ARKS LLC and Atlanta-based Wood Partners.

We will be detailing the project on AllMiamiPreconstruction.com within the next few weeks so come back soon!

Freedom Tower Passes Final Test

New York City, NY - The final major hurdle in the construction of the new Freedom Tower has been cleared with the approval of the Porth Authority of New York and New Jersey. The group met Thursday and gave final approval for the $2.9 Billion construction of the Freedom Tower. The tower is to have 2.6 million square feet of space with the height reaching a symbolic 1,776 feet. The tower will be occupied by numerous government offices occupying over half of the facility. Construction is expected to be entirely complete by 2015.

Building Near MLK's Birthplace To Be Converted Into a Loft

As part of the ongoing redevelopment of a group of buildings that were originally constructed as cotton wearhouses, an Atlanta partnership has anounced the conversion of a historic building on Aubrun Avenue. The project is located in the neighborhood that was the birthplace of civil rights leader Dr. Martin Luther King, Jr. The neighborhood has recently seen a rebirth as a live, work and play districtl. The overall project is called Studioplex and also includes 28 retails galleries. The converted building has not been given a name yet but is expected to be priced starting in the mid-$100,00's. There will be 112 loft residential units and 18 loft offices all featuring 12-foot to 17-foot ceilings, stainless steel appliances and granite countertops.

Below is a map of the proposed location. Click on the image for a larger view.

Cyclist-Friendly Project in South Carolina Sets September Start

Greenville, SC - A new theme of developments may be rising with the planned start of Pla d'Adet, an 85 home project set near the foothills of the Blue Ridge Mountains. The project is one of the first to include trails for cyclists and mountain bikers in its list of amenities. Traditionally Golf has been the main sport that would attract buyers of homes in sunny climates and subsequently property along a golf course will be worth more than a simliar property that is not on the course. The developers of Pla d'Adet are hoping that the growing number of cyclists will have the same affect on their development.

Although the development will include a wide range of amenities geared toward the general fitness minded buyer and not just cyclists. Among the amenities will be a 35,000 sf. Fitness Center with a workout arena, a 25-meter indoor pool, aerobic studio, group cycling studio, spa and dry sauna. There will also be two four-mile outdoor tracks, one for cycling and the other for mountain biking and trail running. The project is planning to break ground in September to coincide with the USA ProCycling Championships. It is expected to be complete by spring of 2008.

Oasis on the Bay to Begin Construction This Summer

The Related Group has anounced that Oasis on the Bay will begin construction this summer. Oasis on the Bay is Nestled on a prime centralized waterfront location, it is an excellent project for those who understand the value of waterfront property, but who do not want to pay the highest prices in town for that luxury. The property fronts the bay and is just minutes from South Beach and Downtown. We will be following the project closely and will post updates on the AllMiamiPreconstruction.com.

West Hollywood Approves 152-unit Multifamily Project

Greenwich Place is being hailed as the largest affordable housing complex ever in West Hollywood. Two years after plans were first submitted to the West Hollywood City Council, and following significant cooperation between the developers and city planners, the project has finally been approved (unanimously) for construction to begin. The project is expected to take up to 22 months for total build out once construction begins later this year. Greenwich Place is slated for a mix of 117 market-rate condominiums and 35 units of affordable housing. The project is in a very good location off Beverly Boulevard and San Vincente Boulevard in an area known as the Sherbourne Triangle. We will definitely be tracking this project and will let you know when more details become available.

Here is a map of the location, click on it for a larger view...

Five-Star Builders Begins Construction on "Floridian Key"

614 Townhomes will begin rising in Florida City, FL adjacent to the Florida City Prime Outlets Mall. The project is in close proximity to a Home Depot, Wal-Mart Superstore and the Homestead Sportes complex. The project is billed as a solution to the affordable housing crisis in South Florida. With units starting at 1,150 sqaure feet that start in the $200's the prices are definitely much lower than the urban areas of Miami-Dade county. To attract buyers in a slow residential market the developer is planning to offer several upgrades as standard features. They will probably offer additional incentives and we will be researching the project very closely to bring our members the best information available.

The Related Group Investing $1 Billion in Mexico

Jorge Perez, President and Owner of The Related Group, has anounced that the company will invest more than $1 Billion in Mexico in the next few years. Perez touts Mexico's "incredible weather and incredible beaches and landscape" as reasons that United States second-home buyers will be drawn to our neighbor to the South. One of the main targets is the U.S. Baby Boomer population, who as everyone now knows has expendable income and accumulated wealth that they will soon be bringing to bear for their retirement. Perez reasons that savvy U.S. consumers will gladly pay $300/sf. for a luxury condo on the beach in Mexico as opposed to prices that are 5 times higher in cities such as Los Angeles and Miami. The first project in The Related Group's plans will begin construction in 6 months in Puerto Vallarta. It will have 336 condos and will have a price tag of $200 Million. The team at All Preconstruction is already working to get details on these projects for our members. Check back soon at www.AllMexicoPreconstruction.com!

Trump and Related Group Getting Chummy

In a joint effort with Jorge Perez's Related Group, Donald Trump plans to build a Trump Tower in Florida's ritzy Palm Beach. The project is yet another in an ongoing string of joint ventures that the two mega developers have participated in, including the Trump Sunny Isles Beach,a 3 tower project that is nearing completion.

Additionally, Trump has expressed interest in developing the Briny Breezes trailer park with the Related Group. You remember Briny Breezes right? The 140 some odd trailer sites that sold for over $1 Million each because of their location, location, location that has shores on the Atlantic Ocean and the Intracoastal. The ink is not even dry on the Briny Breezes deal and these captains of industry are ready to make their move.

Trump and Perez are like Paris and Brittney, everyone wants to know...where will they go next? OK well not exactly like them...

Reserve at Blue Lake Set To Begin Construction

Ft. Lauderdale based Stiles Development has anounced that it plans to begin construction next month on Reserve at Blue Lake, a 172 Unit Mediterranean style development. The development is located at 5051 Broken Sound Blvd. (see map below) and is unique in that it borders the 78-Acre Pondhawk Nature Preserve, with views being incorporated into the design of the development. Reserve at Blue Lake is set to have 140 three-story townhomes and 32 two-story single-family homes. For full details on the project check the Daily List at AllPreconstruction.com.

Click on the pic for a larger view.

Insurance Relief in Florida

"The government has finally stepped in and done something right!", is the cry from Florida homeowners after a special week long legislative session closed Monday night with measures passed that could decrease a homeowners burden by anywhere from 10- 50%. The measures cover a wide swath of directives and requirements but most follow a constant theme, which is to allow homeowners to decided if they want to assume more of the risk on their property in exchange for lower premiums. Supporters of the legislation are happy about the relief for homeowners but some are still grumbling about the lack of relief for small business owners and landlords whose woes did not receive nearly as much atttention.

All in all it is great news for Florida real estate, at a time when taxes are going up in response to the boom of the last few years, this insurance rate relief is just what the doctor ordered. Particularly for investors who own income producing property, it makes the state a much more attracitve investment opportunity when you can break even cash-flow or even turn a profit as opposed to being substantially negative.

To read the highlights of the insurance overhaul in the Miami Herald click here.

Insurance Solution in Florida May Come Today

Ahhh the Sunshine State, the main problem with paradise is that the universe is balanced and so when you have a place that is nearly perfect, there is always something that will pop-up to return the balance. In the case of Florida that something is Hurricanes. The Florida peninsula is a sitting duck right smack in the middle of hurricane alley. Never was that more apparent than in 2005 when a record number of storms hit the state causing billions in damage. The insurance companies lost their shirt...and then they decided to go out and buy brand new silk shirts from Nordstrom's. So insurance premiums have been on the mind of every Florida property owner for the last two years.

Now the state legislature is finally making some solid moves to stop the collective bleeding. The proposals very greatly as can be expected but the common them is that homeowners will have to assume more risk, particularly in the event of a mega-storm, in order to reduce their premiums. The good news is that premiums are expected to go down anywhere from 10% to 25%. This will definitely help a problem that was quickly becoming a crisis. We will keep a close on the decision today and update you all tomorrow.

The Hilton Ft. Lauderdale Beach Resort Condo-Hotel Opened Today

The newest condo-hotel resort in Ft. Lauderdale opened 130 rooms for guests and promises to open another 40 by the time the Super Bowl comes to town in two weeks. The development has a total of 374 rooms but many have not closed yet which means that Hilton cannot yet let them out to guests. The property is sure to attract countless numbers of visitors in its coming years as it is one of the most beautiful and elegant buildings on the beach.

Lennar's Loss is Buyers/Investors Green Light

Lennar just posted a $196 Million loss for its fourth quarter 2006 numbers. It wasn't just the end of the year that was bad...after topping the $1 Billion earnings mark in 2005 for the first time in company history, total earnings in '06 dropped by nearly half. Lennar CEO Stuart Miller has got to be needing a good drink by now. The buying and investing world is also having a drink, but for a different reason.

Lennar's MEGA-loss means that the housing sector of the economy is still dropping back to more reasonable levels of growth...basically we are getting back to where we should be, which is still better off than we were before. It's bad news for owners of properties who expected to get rich of the equity in the homes...it's great news for first-time buyers and investors who are going to be able to get incredible deals. We already discussed this back in "2007: Year of the Incentives", the market factors are realtively simple supply and demand. But with Lennar's most recent report, and the company's widely respected status as a market indicator, we can expect that while Stuart Miller might be stewing over a vodka maritini overlooking Atlantic Ocean, there are thousands and thousands of smaller developers who are drinking far cheaper drinks while they pour over their numbers trying to figure out how in the world they are going to sell their units...let the negotiations begin!!!

Briney Breezes Trailer Park Sells for $510 Million!

In one of the most interesting deals in recent memory, the 488 units of the Town of Briny Breezes was sold to a developer this week for $510 Million, making most of the property owners instant millionaires.

The residents of the mobile home park (that was also incorporated as a town) voted by an 82% margin to ratify the board's position accept the developer's offer and sell their little piece. The developer is Ocean Land Investments, and they are delighted with the decision of the residents. They see the property as a windfall, and indeed it is one of the last pieces of land in South Florida that has both beach and intracoastal frontage. Ocean Land Investments is proposing 900 condo units, a luxury hotel and a marina. We will keep a close watch on this property as it could turn out to be a great project.

Here is a map of the location of Briny Breezes:

New Governor Fights for Lower Insurance Rates

The new Florida Governor Charlie Christ has been talking the talk and walking the walk as far as his following up in his campaign promise to lower insurance rates in the Sunshine State. The insurance problem has been termed a crisis over the past couple of years following the Summer of 2005 when the state was hit with 5 named storms in various parts of the state. Since then insurance premiums have been going up and up, making it more difficult for property owners to pay their bills. The rising insurance rates have coupled with rising property taxes and home values to make owning a home in Florida a very pricey proposition.

Christ has talked tough on both issues since he began campaiging last year and now that he is in office he is standing by his promises. He is saying that he doesn't care if the insurance companies come out of this "unhappy" and that they should be making limitless profits while Florida's economy suffers from the extra expense.

It seems like someone is finally getting it...

Jade Ocean Secures Construction Financing

On December 28, just in time to give a lot of people a VERY happy New Years, Jade Ocean was able to secure a $288 Million construction loan. The loan was brokered by Manny de Zarraga of Holliday Fenoglio Fowler and was touted as an example of the "continued strength of higher-end, luxury oceanfront projects." The finanacing was reported to be relatively easy to attain, in a market where this is becoming more and more difficult to accomplish. The success was boosted by the fact that 90% of the units have already been sold, all at prices north of $1 Million.

The project follows in the footstops of the already famous Jade in Miami's Brickell neighborhood. Jade Ocean is the true definition of luxury with unrivaled amenities and quality of life enhancements. From the futuristic-nautical shape of the tower to the cascading waterfalls and services at the touch of a finger, Jade Ocean is going to set the standard for opulent ocean front living on Miami Beach for a long time!

You can view the full details of the project at by clicking here.

Housing Continues Strength in South Dakota as New Commercial Center Will Break Ground

Things are happening up in South Dakota. In the part of the country most famous for the Mount Rushmore National Monument, people are beginning to settle in ever growing numbers. Housing starts peaked in 2005 as they did in most parts of the country, but while the rest of the states have seen a marked slowdown, Rapid City, SD has continued it strength over the last year.

Now developers R.H. Johnson and LANE4 Property Group are planning to break ground on the Meadows of the Blackhills, a sprawling 600,000 sf. big box retail center that will include a Sam's Wholesale Club, a Bed Bath & Beyond and a Home Depot among others. Initial plans allow for the possibility of lodging and commercial space to be added in the future. The location is at the northwest corner of I-90 and Exit 60 in Rapid City, South Dakota. The project is being billed as a regional development since it will serve not only Rapid City but also the 200 miles surrounding the area that sees an estimated 5 Million tourists each year.

2007 : Year of the Incentive

2006 is a year that the vast majority of the residential development community would like to forget. Inventories grew as the market slowed to a crawl. The unfortunate combination of increasing supply and restricted demand created one of the strongest Buyer's markets in recent history and all evidence points to a continued sluggishness in sales for the coming year.

So we are now entering the absolute best time to buy as not only are prices coming down but developers are willing to offer substantial incentives in order to move their inventory. These incentives can come in a variety of forms, from a year or more of HOA's paid, to cash back at closing, cash back after closing, guaranteed rental of your unit for a year or more, club memberships and even cars! A developer in West Palm Beach recently offered a lease on a brand new Mercedes for closing by a certain date!

This means that in 2007 the savvy investor will be able to secure excellent deals by finding developers that are willing to offer more incentives in order to move their inventory. Since we have been following this trend for some time we have been able to find and negotiate some incredible deals for our investors. Some of you may have received our emails on a deal we have in Tampa that we are getting at 20% below market! We will continue to focus on the incentives that the different developers are offering and provide them for you here. The market is down right now, this is the time to get the best deals and buy low because as history shows us, it will not stay down for long.