Collier Lender

JACKSONVILLE – The U.S. Army Corps of Engineers, Jacksonville District, lifted the suspension of, and modified the permit for, the Cypress Creek Town Center, a Pasco County mall being constructed by Sierra Properties I LLC, a Tampa-based real estate development company.

The 1 msf Cypress Creek Town Center complex is at the junction of SR 56 and I-75. Wetlands on the mall site are connected to both Cypress Creek and Cabbage Slough of Trout Creek, both tributaries of the Hillsborough River, and are regulated by the U.S. Army Corps of Engineers under Section 404 of the Clean Water Act.

Florida’s industrial market is somewhat diversified by region, but the challenges facing it are not, according to longtime observers. Falling demand, rising vacancy and an abundance of caution among the few users out there shopping for space cut across geographic boundaries, they said, and it will be some time before a general economic recovery restores demand for industrial product.

Florida Real Estate Journal recently spoke with industrial real estate pros around the state to get the local market perspective.

North Florida

SARASOTA – The Sarasota/Bradenton commercial real estate market seems to be stabilizing, but any substantial recovery in leasing rates and property pricing is going to be a protracted affair, according to longtime market observer John Harshman of Harshman & Company.

“Over the past month, we’ve seen an increase in activity in primarily the office market and the retail market. Some of this is lateral moves from one building to another, but we’re also seeing a few new businesses looking at space – both to buy and lease,” he said.

MELBOURNE – Like every other market in Florida, this city in the heart of Brevard County has been hit by the commercial real estate downturn. But observers say interest is beginning to return to the area as the market turmoil creates bargains for buyers and tenants alike.

Florida Real Estate Journal spoke with three longtime commercial pros from the area to get their perspective on its prospects.

Michael Dreyer
Coldwell Banker Commercial Sun Land Realty

FORT MYERS – Market intelligence and innovation come together in an educational program designed specifically to address commercial real estate valuation, financing, capital markets, investment, and legal issues in the prevailing Southwest Florida market conditions.

The forum, “The New Market Reality for Commercial Real Estate,” is presented by the Real Estate Investment Society (REIS) on Sept. 22 at Pelican Preserve Town Center in Fort Myers.

Lori Moore, Esq. of Roetzel & Andress will discuss a wide range of legal issues affecting all participants in commercial real estate.

IRVINE, Calif. – RealtyTrac, an online marketplace for foreclosure properties, has released its July 2009 U.S. Foreclosure Market Report, which shows foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 360,149 U.S. properties during the month, an increase of nearly 7% from the previous month and an increase of 32% from July 2008. The report also shows that one in every 355 U.S. housing units received a foreclosure filing in July.

BONITA SPRINGS – WCI Communities Inc. announced that just over one year after the company entered chapter 11, the Delaware Bankruptcy Court overseeing its chapter 11 cases has confirmed the company’s plan of reorganization.

The court’s approval of the plan, which was supported by WCI’s senior secured lenders and its Official Creditors’ Committee, and had been accepted by an overwhelming majority of WCI’s creditors, cleared the way for WCI to emerge from bankruptcy on Aug. 31.