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UCF-area lands Orlando’s first booze-serving Taco Bell Cantina

TGIF, !

In the spirit of the weekend getting started, have you ever had a hankering for a craft beer to go with your Cheesy Gordita Crunch? Well, you’re in luck because a new millennial-focused, booze-serving Taco Bell Cantina will debut across the street from the University of Central Florida’s main entrance.

The fast-casual concept, a first for Central Florida and second statewide, will take up 2,846 square feet at the $100 million Plaza on University complex, a building that blends student housing units with ground-level shops and eateries on the northwest corner of University Boulevard and Alafaya Trail in east Orlando. JLL’s Brandon Delanois represented the landlord in the lease deal.

Taco Bell Cantina, which only has a handful of locations — including one near the University of Florida in Gainesville — features a more hip, urban-style decor than a typical drive-thru Taco Bell, like polished wood and exposed brick. It offers tapas-style menu items, USB ports, and serves beer, wine and sangria, as well as the option to get Taco Bell’s frozen drinks spiked with rum, tequila and vodka.

“Taco Bell Cantina is a great example of a brand evolving to cater to today’s millennial tastes and preferences,” said Delanois, JLL associate of retail brokerage, in a prepared statement.

No word yet on when the new restaurant will open, but check out these photos of a Taco Bell Cantina from our sister paper in Cincinnati.

Lockheed Martin’s new $50M R&D building

 

 

Global defense firm Lockheed Martin Corp.’s plans to build a $50 million research and development center in west may be a big get for the local community.

The Bethesda, Md.-based company announced Feb. 14 plans to expand its Missiles & Fire Control division in Orlando by adding a 255,000-square-foot building. The new structure will support Lockheed Martin’s major defense contracts such as its $548 million deal to produce more than 7,300 Hellfire missiles, and its $900 million long-range cruise missile contract.

“We’ve been fortunate to sustain our already strong pipeline of business and secure some major new business to support Missiles & Fire Control work contracts announced last year,” Lockheed Martin spokeswoman Dana Casey told Orlando Business Journal. “This includes our sniper and legion pod programs, infrared search and track systems, the long-range anti-ship missile contract award, and more.”

The building project, slated for completion in 2019, is expected to create subcontractor opportunities for smaller firms in the area. Brasfield & Gorrie LLC was named the general contractor. The project may create 500 temporary construction jobs, based on industry standards. Lockheed Martin executives also announced that the firm is hiring 1,800 workers across the U.S. within two years and 500 of those jobs will be in Orlando, paying an average annual salary of $87,000.

Currently, Lockheed Martin has more than 650 jobs open on its website, calling for software and system engineers, program managers and more. Go here for tips on how to get a job with the defense contractor.

Nearly 1,000 employees will work in the new building, performing engineering work and program management activities like planning, finance and human resources. And because the new building may give Lockheed Martin the space and workforce to accept more defense contracts in Orlando, the expansion may trickle down to manufacturers and parts suppliers in the area.

“It’s hard to envision the exact implications [the new facility] will have, but in the near term, we can say there’s a significant amount of local contract work supporting the effort,” Casey said

In fact, the company each year contracts a total of $5.1 billion worth of work to more than 1,600 Florida suppliers, Paul Lemmo, vice president of Fire Control and Special Operations Programs for Lockheed Martin

Here’s 2 spots where the Osceola Parkway Extension may be built — both are controversial

Would you rather see a major road built through a costly wildlife/nature preserve or a neighborhood?

This is the dilemma the Central Florida Expressway Authority, which soon must decide where to put the Osceola Parkway Extension, has been facing since last year.

The proposed Osceola Parkway Extension begins one mile west of the Boggy Creek Road and Osceola Parkway intersection, and extends eastward along the Orange/Osceola County line for six miles before turning south into Osceola County to meet the northern terminus of the proposed Northeast Connector Expressway. The project also includes a potential north/south segment linking to State Road 417 in the general vicinity of the Boggy Creek Road interchange.

The goal of the project is to relieve congestion and have regional connectivity. It’s part of the authority’s overall 2040 master plan, which includes other alignments.

One of the current alternatives shows that the extension could go through the 1,700-acre Split Oak Forest preserve, acquired in the 1990s, which is south of the Clapp Simms Duda Road. Environmental conservationists say doing so would defeat the purpose of having protected land that involved millions in funding.

However, if the project does not go through Split Oak, it could mean nine would be taken in the St. Cloud community Lake Ajay Village.

“The board is going to look at all the options. Our job is how are we going to move people in the next 40 years here in Central Florida,” Fred Hawkins, chairman of the Central Expressway Authority, told  Business Journal after the board’s Feb. 8 meeting. “We have to move those people and the to-do list is now, before more development occurs.”

Roughly $70 million has been allocated for the project so far, which would go toward property acquisition and engineering.

He added that going through a community such as Lake Ajay Village, located off Narcoossee Road, likely would be more expensive than going through Split Oak

“The properties directly affected are worth $450,000-$600,000. The property taxes they pay are between $3,000-$5,000 each. Not only will those properties will be affected, but all of them running along this area,” said Stacy Ford, a resident of Lake Ajay Village, during the public comments segment of the meeting. “The worst case for us isn’t that CFX will go through our homes, it’s that CFX puts this road right next to our homes because we don’t get compensation for the impact of that, which is our property values. At minimum, it’s going to be 20 percent.”

And if the project does go through Split Oak forest, Hawkins said there may be land compensated for that loss.

At the next expressway authority meeting on March 8, the board will go over the feasibility and cost of alternative corridors so it can move forward with project development and environment studies.

There are multiple public meetings for those who want to express their concerns regarding how the project may affect their property or commute. The meetings all will run from 5:30-7:30 p.m., and will be held:

  • Feb. 13 at St. Cloud High School
  • Feb. 15 at Lake Nona Middle School
  • Feb. 21 at the Association of Poinciana Villages Community Center

Lockheed Martin plans to expand Orlando division by 255,000 SF

Global defense contractor Lockheed Martin Corp. will expand in west as it continues to grab big contracts with work in Central .

The Bethesda, Md.-based company declined to share details until Feb. 14, when it breaks ground at 2 p.m. on its planned new 255,000-square-foot Research and Development II building on the property of the Missiles & Fire Control facility at 5600 Sand Lake Road. The new building is will open in 2019 and lead to job growth.

Orange County Mayor Teresa Jacobs, Orlando Mayor Buddy Dyer, Florida Department of Economic Opportunity Executive Director Cissy Proctor and Lockheed Martin Missiles & Fire Control Executive Vice President Frank St. John will attend tomorrow’s ceremony.

Lockheed Martin is expected to expand its workforce in Orlando as the company was approved for a $3.5 million incentive package from Orange County and Florida last year to create 500 jobs by the end of 2022. Currently, Lockheed Martin has more than 650 job open on its website, calling for software and system engineers, program managers and more.

Lockheed Martin in Orlando often scoops up big contracts. The firm recently grabbed a $148 million deal for its stealth jet fighter F-35 with a chunk of the work happening in Orlando.And on Feb. 12, Longbow LLC — a joint venture between Lockheed Martin (NYSE: LMT) and Northrop Grumman Corp.(NYSE: NOC) — scored an $8.8 million contract from the U.S. Army for laser and longbow Hellfire engineering services. Work for the one year contract will be performed in Orlando and two other areas.

Lockheed Martin is Central Florida’s seventh-largest employer with more than 9,000 workers, according to Orlando Journal research. Lockheed Martin is also the largest tech firm in Orlando.

Tavistock proposes upscale Isleworth-area mixed-use project

 

 

 

 

 

 Group is lining up plans for a new Windermere mixed-use development it wants to build on vacant land on the shores of Lake Down.

The developer of the upscale Isleworth Golf and Country Club is seeking Orange County approval for the yet-to-be-named project on 43 acres zoned for agriculture at the northwest corner of Conroy Windermere and South Apopka Vineland roads, in what’s called the Isleworth Four Corners planned development.

Plans include 21 single-family homes; a 107-bed assisted-living and memory-care facility; 72 independent-living units; 40,000 square feet of medical office space in a two-story that may include a clinic or emergency department; a 30,000-square-foot big-box retailer; and about 40,000 square feet of additional shops and eateries east of Isleworth that Tavistock already owns through its related Windermere Property Holdings LLC.

The county will host a community meeting at 6 p.m. on Feb. 27 at the Chain of Lakes Middle School Cafeteria, where Tavistock will present its plans. Previous versions included a gas station and hotel, but residents shot down those plans, said Tavistock spokeswoman Jessi Blakley.

may begin sometime in 2019, pending approvals, said Tavistock spokeswoman Jessi Blakley, adding that it was still too early to have a project general contractor chosen.

Andres Duany of architect and town planning firm DPZ Partners LLC is a project consultant; Vero Beach-based Merrill, Pastor & Colgan Architects principal Scott Merrill is the architect; Winter Park-based Donald W. McIntosh Associates Inc. is the civil engineer; and Rulon Munns of Bogin Munns & Munns is the zoning attorney.

This is one of several projects Tavistock already has in the works. It also has more than $3 billion worth of construction in southeast ‘s 17-square-mile community, and plans in the works for the 24,000-acre Sunbridge community, for which it recently snagged another 200 acres of land in Orange and Osceola counties.

City, county favor UCF to take over Sanford Burnham’s Lake Nona

Orange County Mayor Teresa Jacobs and Mayor Buddy Dyer both favor proceeding with negotiations between the University of Central Florida to take over Sanford Burnham Prebys Medical Discovery Institute at , according to recent correspondence between the two government officials.

After a contentious Jan. 23 county commission meeting,Florida Hospital sent a Jan. 30 letter to each local funding partner officially withdrawing its proposal for  from consideration. “That currently leaves us with the proposal, which again is the one that was preferred by the county,” wrote Jacobs in a Feb. 2 letter to Dyer and the Tavistock Group.

She goes on to say that UCF is proposing to lease the medical facility on a long-term basis and provide rent payments estimated at $2 million to the funding parties. UCF said it would work with the Sarah Cannon Research Institute in Nashville,Tenn., Hospital Corp. of America (NYSE: HCA), Provision HealthCare and Altercare as partners.

Jacobs said the purpose of her letter is to set a date with stakeholders to determine if everyone favors moving forward with the UCF proposal.

Dyer responded to the letter on Feb. 6: “Given the need to move forward in a timely manner and that no other proposals have been brought forward after the public presentations, the city of Orlando supports negotiating with UCF to lease the site currently occupied by  Burnham Prebys. This includes developing the appropriate draft agreements and bringing them to the city of Orlando and for review and consideration.”

However, Dyer indicated one concern is UCF’s timeline for when it will occupy the building. “Since the [Board of County Commissioners] supported the proposal with a less definitive timeline [compared to Florida Hospital], we would expect that should negotiations not be completed before [Sanford Burnham] vacates the facility, Orange County would be responsible for any ongoing maintenance and operations of the building created by a gap in tenancy.”

He concluded his letter stating that the UCF medical school has been a catalyst for growth and is confident about working with it.

“We now have the opportunity to meet with Sanford Burnham Prebys, finalize our proposal and present a complete plan to Orange County officials. We are eager to create an academic cancer research and treatment center that will serve our community – patients, researchers, providers and taxpayers,” Dr. Deborah German, dean of the UCF College of Medicine, told Orlando Business Journal.

$1B ‘Vertical Medical City’ downtown Orlando

-based developer Ponte Health Properties LLC wants to create what it calls “Vertical ” in Orlando — a $1 billion three-tower complex.

The proposed, privately-funded development would deliver medical services for people age 60 and older, ranging from preventive to critical care and assisted living.

Conceptual renderings show three connected towers with a total of 2 million square feet, and one of the towers would be 550 feet tall, which is 100 feet bigger than the SunTrust tower.

One of the towers would be for urgent care, surgery and recovery. Another would be for assisted-living for those age 60 and older, and the third building would be for physician and clinical offices. Health wants to have studio apartments for physicians and registered nurses as part of the project, as well as meditation gardens and a nutritional center.

“Six weeks ago, we didn’t know we were going to be building this project,” Ponte Health founder Tabitha Ponte told Orlando Business Journal. “It was not intended to be a full-scale development. It was an exercise to see the capabilities of our group for creating something like this for Chicago. But as we progressed and presented our project to health care professionals, we started receiving interest and we explored it.”

Ponte estimates the project will create more than 1,000 jobs, and she expects it to have a $2 million-$3 billion annual economic impact, based on similar health care developments.

The company, which is seeking an equity partner, said “a major health system has stepped forward with intent to lease one of the three towers” and operate the emergency and surgical part of the project, but Ponte declined to reveal the identity of the medical partner.

Orlando Health, Florida Hospital and Lake Nona’s GuideWell Innovation Center, which is where Ponte Health has its office, all told OBJ that they are not involved in the project.

Ponte Health currently is looking at building the project on the surface parking lot at 110 W. Jefferson St., according the city of Orlando. Nothing formal has been submitted to the city regarding the Vertical Medical City at this time, although the city has received two conceptual photos and an inquiry.

Ponte said she also is looking at several other downtown sites and will need just 1.5 acres to build on, and she wants to close on a site within the next 90 days.

Ponte Health also has considered building the complex near the future Lake Nona teaching hospital that will be built by the University of Central Florida and Hospital Corp. of America (NYSE: HCA), but Ponte has not talked to or Lake Nona developer Tavistock Development Co. about that idea.

If the development does get built in downtown Orlando, it would be between the Florida Hospital and Orlando Health downtown campuses, but Ponte said the new Vertical Medical City wouldn’t compete with them. “We are doing something different; it’s a particular demographic we are serving. My scale would be significantly lesser and specialize in a hospice and assisted living. I’m trying to create an experience for a demographic that’s not currently being taken care of. It will be a contemporary experience — modern with extensive green spaces within the building itself. I want it to feel like you’re still outside.”

She said the project also will also be high-tech with artificial intelligence systems and other technologies to help patients. “When I was a hospital patient after suffering a small stroke, I kept thinking, ‘Why is the building not helping me?’ That’s what’s really driven this company and project — our intent about the building helping the patient.”

Ponte said the group has a Feb. 8 pre-application meeting with the city of Orlando.

Here is the projected timeline of the project:

  • Approval for development: Summer/fall 2018
  • Foundation/site package: Spring/summer 2019
  • Break ground: Fall/winter 2019
  • Building package: Spring/summer 2020
  • Vertical construction: Winter/spring 2020
  • Construction completion: Winter/spring 2023
  • Occupancy: Summer/fall 2024

top 5 favorite Valentine’s Day gifts

Good morning, !

With Valentine’s Day just a few days away, many of us are making reservations and hitting the stores to find the perfect gift.

But did you know that the “perfect” gift varies drastically by state, as do many Valentine’s Day trends and traditions.

For example, while roses and chocolates may be considered classic Valentine’s gifts, but that’s not the case in several states that prefer, instead, to find more unique gifts for their loved one.

Here in the Sunshine State, we do prefer to go the more traditional gift route, with roses, teddy bears, chocolates, flower bouquets and a pedicure coming in as the top five gifts. In contrast, Florida shoppers said a bottle of alcohol and lingerie were their least favorite gifts for Valentine’s Day.

Here’s some other interesting data, courtesy of Offers.com:

  • To celebrate the holiday, 39% of Floridians said they would be staying in for the night. 28% will be heading to a romantic restaurant for dinner, while 2% plan to spend the night out on the town.
  • While shopping early can help you snag the best deals, 13% of Florida shoppers admitted that they wait until the week of Valentine’s Day to buy their gifts.
  • When it comes to the top treats they hope to receive on Feb. 14, Floridians want a box of chocolates (32%) and chocolate-covered strawberries (30%).
  • Roses steal the show as the top Valentine’s Day flower in Florida (42%). If you want to give a more unique gift this year, consider daisies (16%) and sunflowers (14%).

Lake Nona parent launches Tavistock Hotel Collection

 

Billionaire Joe Lewis’ Tavistock Group on Jan. 30 announced the launch of the new Hotel Collection that will oversee two new hotels planned to break ground in this year.

The new entity will oversee a “growing” hospitality portfolio, including the Tavistock Lake Nona Resort and the Tavistock Town Center Hotel in the southeast community. Kit Pappas — a 30-year hospitality veteran who previously was COO of  hotel developer and manager Capella Hotel Group — was appointed vice president of hotel management.

“It’s significant when an organization like Tavistock — known around the globe for its smart investments and commitment to excellence — says they want to create an innovative opportunity in your industry,” Pappas said in a prepared statement. “We now have an opportunity to create new brands and experiences with the same excellence, creativity and ingenuity that Tavistock is known throughout the world for, and I for one wanted to be a part of that from day one.”

Along with the Lake Nona project, the new Tavistock Hotel Collection will include additional properties in the future that focus on “exceptional services and delivering one-of-a-kind experiences.” In fact, sister company Tavistock Development Co. LLC recently bought Fort Lauderdale’s Pier Sixty-Six Hotel & Marina, with plans to reimagine it as the city’s social harbor.

“As we look to our future and that of Tavistock’s growing portfolio of world-class properties, the creation of the Tavistock Hotel Collection will allow us greater opportunities to engage with our customers and create more fulfilling experiences,” Tavistock Development President Jim Zboril said in a prepared statement. “This collection will only further these efforts by offering us these additional engagement opportunities.”

Meanwhile, here’s a closer look at the two Lake Nona properties:

Tavistock Lake Nona Resort

The new eight-story iconic performance resort and spa will feature one of the nation’s largest man-made Crystal Lagoons bringing the “beach” to Central Florida in 2020. The project, which will feature 250 guest rooms and 80 condos, will be built between the Lake Nona Golf & Country Club and the USTA National Campus. It’s expected to appeal to athletes, leisure travelers, incentive groups and families. Amenities will include 20,000 square feet of meeting space, an expansive rooftop lounge, a 120,000-square-foot beach volleyball venue, and a major fitness and spa campus. Miami-based Arquitectonica is the project architect.

Tavistock Town Center Hotel

The 16-story, 215-room as-of-yet-unbranded hotel is planned for the center of the overall, more than 3 million-square-foot Lake Nona Town Center, which is planned to become a destination for shopping, dining and entertainment when it debuts in late 2019. The 16-story, full-service hotel will be targeted to leisure travelers, business professionals and style-conscious guests. Amenities will include a 24-hour fitness center featuring Technogym equipment, an 80-seat restaurant and a vibrant rooftop pool and lounge with private event capabilities.

Check out the photo gallery for a closer look at the two properties.

The 17-square-mile Lake Nona is one of Central Florida’s hottest communities. It notched the No. 15 spot among the nation’s top-selling master-planned communities with 523 home sales in 2017, John Burns Real Estate Consulting reported. Additionally, the community already boasts more than 11,000 residents, 5,000 employees in its 650-acre life sciences hub, plenty of new activity in the 300-acre Sports & Performance District, and more than 11,000 students at its schools.

More Than A High Appraisal

Homes appraised above contract price had above-market appreciation rates

Housing Trends

For homebuyers, the outcome of appraisal is one of these three scenarios: (1) appraised value closely matches sales price, (2) appraisal falls short of sales price or (3) appraisal is higher than sales price. If a home sells for less than its appraised value, does that mean that the buyers got ‘a bargain,’ and should anticipate above-average appreciation during their ownership period?  Conversely, if a home sells for more than its appraised value, does that mean the buyers may have ‘overpaid,’ and could expect a below-market rate of price growth during the length of time they own the home?

Evidence seems to support the hypothesis that there is “money left on the table” in high-appraisal transactions. When property price appreciation was calculated for twice turned-over in the California market – first sale observed with a full appraisal and sales closing price in 2010 or later, and then a second time with a sale by the owner – homes previously appraised with a sizable premium above the contract sales price were found to have above-market appreciation rates.

Yanling Mayer Blog Post

As shown in Figure 1, excess rates of price appreciation averaged about 3.3 percent per year.  By comparison, closely appraised homes appreciated at about the market average, while homes with appraised value below their contract sales price appreciated 0.3 percent per year slower than the market.  Excess appreciation rates were annualized price gains at re-sale—annualized percentage difference between prior purchase price and subsequent re-sale price, in excess of average market appreciation during the same ownership period.  The CoreLogic county-level Home Price Index (HPI) was used as the benchmark of market-wide appreciation.

Yanling Mayer Blog Post

Figure 2 shows that high-appraisal homes – whether a distressed sale or not – had above-market price appreciation, averaging 3.15 percent among non-distressed sales or 3.9 percent among distressed sales. Real estate owned (REO) and short sales exhibited above-market appreciation rates across all three appraisal valuation outcomes, likely driven by their below-market pricing to motivate sales.  Investors’ value-enhancing repair and refurbishing work could also be a factor for their higher re-sale values – despite that only homes that were held for at least 18 months since initial purchase/appraisal were included in the analysis.  For both non-distressed and distressed sales, median prices of high- and low-appraisal homes were lower than closely appraised homes. Since both high- and low-appraisal homes may have drawn disproportionately from lower-priced homes, faster price appreciation experienced by low-valued homes alone could not explain away the large disparities in price appreciation between the two.[1]

In Figure 3, sample homes were further sub-grouped by the year in which they were initially purchased and appraised. Given significant market dynamics during 2010-2015, property appreciation rates were likely to vary depending on the timing of initial purchase.  They ranged between 2 and 5 percent, reaching the highest during the 2012 market bottom when market-wide underpricing was likely the severest.

Yanling Mayer Blog Post

A city-level breakdown is shown in Figure 4. Stockton (5.87 percent) and Riverside (5.22 percent) had the highest excess price gains, followed by San Francisco (4.62 percent), Los Angeles (4.35 percent), Bakersfield (4.24 percent), and San Jose (4.04 percent).  Due to the use of county-wide HPIs for benchmarking, some cities – such as Oakland, Riverside and others – that may have experienced faster-rising prices than its county as a whole could well see across-the-board positive excess price appreciation.

Regardless of the reason(s) why a home may have sold for less than its appraised value, the buyers appear to have benefitted by having a faster-than-market appreciation during their ownership tenure.