File image In this 2005 artist’s rendering, The Promenade at Riverwalk is shown as planned then, bordering the Manatee River THE COMING VOTE (click here to read more) The Bradenton City Council will vote Wednesday on sweeping changes to plans for the Promenade at Riverwalk, a condominium project in the 700 block of Third Avenue West. This public meeting figures to be largely about development, with two other high-profile projects on the slate. The meeting is at 8:30 a.m. in City Hall, 101 Old Main St. Here is a look at the highlights: The ‘Pink Palace’ Hotel investors are trying to revamp the Riverpark Grande, the famed pink hotel that was a celebrity hot spot in the 1920s. Developers want to restore the vacant hotel, with plans that include 140 rooms, a restaurant and parking garage in the 300 block of 10th Street West. Southshore’s fate From the start, Riviera Southshore, a $25 million condo plan in an historic neighborhood, was controversial. When a bank started foreclosure proceedings against the developer, Riviera began to look like a doomed proposition. Investors this week will ask for a five-year extension to get the project built.

By Anthony Cormier

BRADENTON — Six years ago, a group of local investors won the right to build waterfront condominiums in downtown Bradenton.

At the time, city officials envisioned the project as a way to draw people, businesses and tax dollars to the Manatee River and downtown.

Developers planned homes, restaurants, even a movie theater.

But, as often happens with major land developments, plans changed. The movie theater is out, no stores or restaurants have been built and the condos grew taller than originally proposed.

Once again, developers are changing the Promenade at Riverwalk’s blueprint, this time squeezing out about a quarter of the parking spaces and an acre of open space.

While the height of one building will shrink — from 15 stories to 5 — the developers want to make some of the condos “senior-only,” which seems to counter an effort in Bradenton to bring younger residents to a vibrant, walkable downtown.

The City Council will review the proposal on Wednesday.

The project has met with resistance in the past, especially when some critics thought the Promenade would choke public access to the Manatee River. Also, its developers — led by builder Ron Allen, who has been tapped for city contracts and regularly donates to local political campaigns — are seen as being close to city officials who approved the plan.

For example, to give the project a boost, Bradenton agreed to use taxpayer money to build a new street and pave the waterfront park.

Now, developers are asking to trim the parking spaces to a lower number.

According to Planning Commission minutes, the parking issue was of great concern — especially because the revised plans call for about 930 parking spaces, down from the 1,300 spaces originally proposed.

In the past, developers promised to build a 550-space garage for the first phase. When that garage was built, it had 448 spaces — and a second garage would be smaller than originally proposed.

While Ed Vogler, a land attorney and one of the investors, acknowledged that the parking spaces are being dramatically scaled back, he says that the price of building multiple parking garages — which were initially planned — has skyrocketed.

“The reality is that it’s too expensive,” Vogler said.

The councilman who represents that area says that he is concerned about the proposed “senior-only” residences, which would cater to the over-55 crowd and feature condos that include meal and transportation services.

The condos would rent for anywhere between $2,800 to $4,600 a month. Although the investors are targeting affluent retirees, Councilman Bemis Smith says that Bradenton has largely been trying to welcome more young professionals and families to the city.

Some in Bradenton foresee downtown as a “walkable” community where residents work, shop, eat and live within a few blocks. Smith wondered whether the seniors, who will have a meal plan, would often venture out for a meal in downtown.

“My concern is that we want to create this vibrant place where people are out eating at restaurants, shopping at stores,” Smith said. “And I wonder if this is the right type of project for that.”

Source: HeraldTribune.com

The possibilities of Sarasota commercial real estate are quite impressive, as you can focus beyond the typical house and apartment complex investment. There are plenty of office buildings, retail properties, apartment complexes, condo spaces, and plots of land waiting for all your ambitious business ventures.

Commercial real estate includes any piece of property that can deliver revenue for whomever chooses to own it. Sometimes, you may want to purchase land or property for a specific reason, which means location becomes an important aspect of the Sarasota real estate process.

For instance, farmers looking for a place to cultivate a fruits and vegetable business may want fertile land located close to Fruitville Road, as it provides a great advantage when the local Farmers Market unfolds during the week and weekend!

Before you settle on a final piece of property in Sarasota, you should analyze all the pros and cons of a location. I suggest you ask yourself questions that will determine future success and any possible drawbacks. How much traffic will pass by your site? How far are the nearest grocery store, shopping mall, restaurant, and hotel? Is it easy to access the property.

Commercial Sarasota Real Estate Suggestions

To get you started on the right path in the world of commercial real estate in Gulfcoast Florida, I suggest taking a look at high traffic locations, including the shopping centers scattered about Sarasota County. For instance, the Southgate Mall is home to more than 100 popular stores like Footlocker, American Eagle, and Bath & Body Works. This site also offers access to a collection of restaurants and a movie complex, which makes the mall more appealing to shoppers. Purchasing property near here also opens a gateway to make profit with the visitors who frequent the mall.

The Importance of a Sarasota Real Estate Agent

The property itself is not the only information that becomes vital throughout this process, but this is why a Sarasota real estate agent plays an important role. These professionals are trained to clarify the fine print in contracts and illuminate the significant details that can make or break a business deal. It is their job to look into rates, read over terms and conditions, as well as explain every aspect of a property agreement and perhaps spot problems before they become a sticking point.

Commercial Real Estate Leasing Tips

Perhaps you are not ready to make a permanent commitment to a piece of property and would rather start off leasing Sarasota commercial real estate. An important factor to consider is that this process greatly differs from the leasing of an apartment or residential property. I recommend shopping around in order to locate the deal that best fits your personal goals and needs. Paying a visit to potential sites, analyzing the landscape, and double checking amenities is a must!

Seeking flexible leasing agreements rather than settling on a long term leasing contract will come in handy in the long run. Pay attention to the lease details, as you must work within the confines of your leasing conditions. This means if you want to paint the outside of your property, you must make sure the contract allows this action. Never sign a lease agreement if you do not think you can abide by all of the terms.

It is also OK to negotiate with property owners, as most have already made allowances for price hagglers. Do not purchase more space than you really need, as most businesses usually thrive on about 200 square feet per employee. Checking the references of the primary owner of potential property is a wise move that can determine if the owner is responsible. I also suggest consulting with a Sarasota attorney so that you are clear on the legal documents you will sign to finalize your real estate deal.

An important aspect of the real estate market in Sarasota is the commercial property. The importance of commercial property in the real estate market can never be stressed that much. It is due to the existence of these commercial properties that the real estate business of Sarasota is what it is today. As of now, commercial properties in Sarasota are still on the rise.

Irrespective of the high priced commercial property in the city, a few problems still plague the real estate arena. Property taxes and insurance are still the highest costs for owners and are often being passed on to teh tenants.

Property taxes and insurance are the two main issues that must be taken care of if the commercial properties in the city of Sarasota are to experience another boom. Despite the problems that plague the commercial property environment, a positive trend has emerged out of all this and it looks pretty promising as well. The commercial real estate boom is taking commercial real estate properties towards a world class business hub right in the heart of Sarasota. The advantage of Sarasota is the fact that the city has world class ameneties that attract plenty of foreign investment. Eventually more international and national businesses are expected to grow in the city and things are likely to take off again.

With the increase in the occupancy of the number of commercial centers coming up, space has become a big issue in the real estate industry.

Almost all the available room is being currently taken up by big commercial structures leaving hardly any room for new buildings to come up. So, this cramp in space is yet another issue that can pose a threat to the commercial property development of Sarasota. But as long as lease rates stay healthy, the price of development will be worth the risk.

TALLAHASSEE, Fla. (AP) – March 7, 2008 – A second major property tax-cutting proposal advanced Thursday in a commission that proposes state constitutional amendments, but only one is likely to go on the November ballot.

The new plan being considered by the Taxation and Budget Reform Commission would cut taxes about 12 percent a year when fully implemented. It would provide a 25 percent “super exemption” for all residential properties including second homes and rentals. They’d get only get half – 12.5 percent – in the first year.

For the first three years, the amendment would impose a 0.5 percentage point increase in sales tax to temporarily replace some of the money – about $4 billion to $5 billion a year – that school districts and local governments would lose.

A commission committee sent the proposal to the full panel for a vote. Another approach that would cut taxes 25 percent was previously cleared for commission action after getting committee approval.

“I think it would be wise to have the full commission have both of these tools available so they can make the ultimate choice when they’re fully vetted,” said Commissioner Carlos Lacasa, a former state representative from Miami, who is sponsoring the super exemption plan.

The competing plan would repeal that portion of property taxes the Legislature requires school districts to levy in return for getting state aid. The Legislature would have several options for replacing the $8 billion annual revenue loss, including a 1 percentage point increase in the sales tax and repeal of certain sales tax exemptions.

Both versions also would cap annual assessment increases on all property, except primary homes, at 5 percent. That would replace a 10 percent cap in Amendment 1, which voters approved Jan. 29. Primary homes, or homesteads, already have a 3 percent Save Our Homes limit.

The commission has not yet set a date for voting on the property tax proposals but has a May 8 deadline.

Lacasa’s plan received unanimous approval from the Governmental Procedures and Structure Committee, two days after Gov. Charlie Crist said in his State of the State address that he is looking to the commission for more property tax relief.

Some committee members prefer the school tax cut but voted for Lacasa’s proposal so all commissioners can take part in the final decision.

The super exemption applies only to homesteads valued at more than $50,000. Homesteaders also would continue to get an existing $25,000 exemption but would lose their Save Our Homes benefits unless they are a better deal than the super exemption.

The measure would repeal a second $25,000 homestead exemption that’s part of Amendment 1 and applies only to non-school taxes.

Another commission committee narrowly voted 6-4 to send the full panel a proposed amendment that would cap state and local revenues – taxes, fees and other income sources – after making some changes. The caps would let revenues increase to match inflation and population or school enrollment growth plus 1 percent.

The Planning and Budgetary Process Committee, though, removed a provision that also would have limited spending and added one that would require voter approval of new taxes or fees. Another change would let local government bodies exceed the caps for up to 10 years with a three-fourths vote. The Legislature could do the same with a three-fourths vote in the House and Senate.

The same committee also sent the full commission two measures that would affect schools. One would water down class-size reduction requirements and the other would lift a ban on state aid to parochial schools and other religious organizations in return for providing public services.

© 2008 The Associated Press, Bill Kaczor (Associated Press Writer). All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

$55 per square foot

Operating Mini-Storage Business with manager in place. Fenced in yard provides outside storage for RV’s, boats and automobiles. Other tenant, an antique car restoration business, in place.

- Fenced Yard
- Trailer Parking
- Fully Sprinklered

Directions:
2 miles west on Whitfield Rd. from US 301.

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Property Overview

Ground floor suite in the centrally located Ringling Professional Center. 3 good sized offices and reception area with private bathroom and lots of windows. Excellent location with proximity to downtown, easy access for clients with plenty of parking.
Owner would consider financing.

Directions:

Southeast corner of Fruitville Rd & Tuttle Ave.

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Sarasota, which is located on the Gulf Coast of Florida, has now heaps of commercial real estate market. Actually, many retirees and vacationers from other countries, wanted to have the piece of the beauty of Sarasota. Sarasota is known for its majestic and magnificent view, a reason why lot of people wanted to have a glimpse of the place. But now, loads of investors and businesses are really getting interested and fascinated with the commercial lots and investment properties the place has to offer.

The Sarasota commercial real estate market actually offers a lot including investment office properties for industrial and distribution, retail properties, investment, hotel and resort properties. Honestly in less than five years, Sarasota commercial real estate market has prospered. Living in this place is like living in a palace and not only that it’s like living in a highly economic market with a lot of opportunities and great commercial investment.

Real estate investors and realtors are now showing lot of interest in Sarasota commercial real estate market. Actually developers have made different strategies just to market and let everyone knows the beauty that this place has to give to every client. These days, real estate not only use ads and media in promoting and advertising the business, Internet is now one of the main sources of giving information about Sarasota commercial real estate market and where to find it.

In order to be sure if the businesses prefer either the view or the economy that comes in the place, they conducted a study. And the study shows that the investors prefer both view and economy. For every commercial real estate properties the Sarasota photos, detailed info about the property, the maps and the description of the site, all these matters.

A number of commercial real estate offered as low as seventy to eighty per cent of the Sarasota price, for them to persuade and attract investors. However, the great corresponding in quality and the better standing of the Sarasota commercial real estate, the investors even doubled the shares and investments, which just actually happened within few years. Excellent isn’t!

A lot of Professional marketing consultants from other places came in Sarasota to practice their experience in accounting, project management, finance and real operations in commercial real estate properties. Because they believe that will be having a better and brighter future in Sarasota commercial real estate market. So because of this, employment rates have also come up to a rapid growth in Sarasota commercial real estates.

To those who wanted to invest, it is actually assured that investing and spending money for a Sarasota commercial real estate property is an agreement. Excellent customer service; consistency, truth and appropriateness on the assessment of all the commercial property in Sarasota, and also offers honest approaches when it comes to tax administration, the Sarasota commercial real estate market is definitely assuring you to have all of these.

If really wanted to have a safe place for your business, Sarasota commercial market is indeed great with it. Bear in mind that these commercial real estate in Sarasota will give you lots of profits. Actually, it is been proven and will continually do it for years to come.

TALLAHASSEE, Fla. - March 4, 2008 - Barely a month has passed since Florida voters approved Amendment 1, allowing many property owners to transfer a portion of their Save Our Homes savings to a new homestead. Today, FAR officers and legislative leadership are in Tallahassee to encourage legislators to pick up where voters left off.

“We made a promise that Amendment 1 was only the beginning,” says John Sebree, FAR Vice President of Public Policy and chief lobbyist. “This session, we are taking advantage of every opportunity to get as much relief as possible for as many property owners as possible.”  

FAR’s 2008 legislative agenda includes four major initiatives related to property tax reform, and proposals that will entice property insurance companies to continue to offer homeowners insurance in Florida. Realtors also support legislation to fund affordable housing programs, reauthorize the state’s land purchase programs and provide necessary resources to combat unlicensed real estate activity.

“All of these proposals are reasonable, despite the budget challenges facing legislators,” Sebree adds. “Affordable housing programs are funded by housing trust funds, not the state budget. As for property tax cuts, there are several ideas on the table on ways to offset property tax cuts for commercial and non-homestead owners. FAR will work hard to make sure legislators clearly understand the budget implications of the Realtor initiatives.”

Following is a summary of FAR’s 2008 legislative agenda. Additional information, including our Legislative Tracker can be found on our website.  The Legislative Tracker allows you to follow the progress of specific bills that we have “tagged” as of special interest to Realtors.

Property tax relief and reform

·     Enforce the “highest and best use” appraisal standard on commercial property uniformly throughout the state, and require appraisers to consider permit and zoning allowances before using this standard. 

·     Modify statutes governing the Value Adjustment Board (VAB) appeal process so that appraisers rely on “preponderance of evidence,” not “presumption of correctness”-a very high standard to overcome in court-when appraising a property.

·     Enact further property tax relief and reform for recent and first-time homebuyers. With no Save Our Homes benefits to “port,” first-time homebuyers pay more than their fair share of the burden under Florida’s property tax system.

Property Insurance  

·     Continue state programs that encourage property owners to fortify their homes against storm damage. Since 2006, the state’s My Safe Home Florida program has issued more than 2,637 grants to homeowners to brace gable ends on the roof and protect windows, doors, skylights and garage door openings. Homeowners may also receive free wind inspections. Insurers support the program because it reduces their risk. Property owners benefit with lower insurance premiums. To date, 95,807 (76 percent) of participating homeowners are eligible for an average discount of $210 on their wind insurance premiums.

Affordable Workforce Housing

·     Utilize the Sadowski Affordable Housing Trust Fund for its intended purpose-to provide housing to those who need it most. FAR is asking the Legislature to invest the entire fund-about $500 million-in Florida’s housing infrastructure. Every $1 million allocated from the housing trust fund generates more than $10 million in economic activity and creates 100 jobs.

Florida Forever

·     Reauthorize the state’s land purchase program, Florida Forever, and provide adequate resources to address future conservation, environmental and recreation challenges.

Industry Regulation

·     FAR is working with the Department of Business and Professional Regulation to apply additional resources toward combating unlicensed real estate activity. Currently, there are three part-timers with the department dedicated to this cause. FAR has asked that these positions be converted to full time.

Real estate investing is considered to be a safe investment over time. This is one reason why many do this as a full time profession. One can also invest in real estate and not be involved full time. Most people think of real estate investments as homes or condos or multi-family properties. Commercial real estate is another excellent choice when it comes to investing in real estate.

Commercial real estate investments typically allow the owner to continue their day to day unrelated business while their hired professionals upkeep and maintain their commercial property investment. Although most people think of commercial real estate as office buildings, retail stores, or industrial facilities, there are a lot more property types in the commercial real estate.

Some examples include properties such as health care centers, retail structures and warehouse. One of the most desired and financed commercial property is called residential. More specifically, apartment buildings (real property that consists of more than four residential units) are considered commercial real estate.

Most people consider commercial real estate difficult to enter due to financing and larger down payments than residential property. Although this is true to an extent, there are many commercial financing programs that will offer up to 90% financing and some even up to 97% financing for small commercial properties up to $1 million dollars. Of course, commercial mortgage loans go significantly higher to $500,000 and more.

Commercial real estate investing can be significantly profitable due to increasing rents, inflation and material costs. An investor must be able to analyze an opportunity more thoroughly in commercial real estate versus residential real estate. Some initial analyses involve the rent rolls, pro-forma statements, and operating income. These numbers are crucial to the lenders to determine the amount of financing you will receive. Once you know the amount you will receive from the lender you can easily determine if the investment is worthwhile. You could take up commercial real estate for either reselling after appreciation or leasing out to residential tenants or retail tenants.

If you research and learn there will be substantial commercial growth in the area (due to tax breaks or gentrification), it may be wise to evaluate the potential for appreciation in commercial real estate and then seek out a good investment. If you find that a multifamily or office property, for example, is available but too expensive for you to buy alone, you may want look at joining or creating a small investor group and acquire it together. In another example, you might find it lucrative to purchase a commercial property that you can change to a warehouse which you can then rent to small businesses. As you have learned here, there are many creative ways to achieve success in commercial real estate investing.

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