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Coffee Talk (Sara/Mana)
Ellis Building destined for second head
When Benderson Development Co. LLC bought the 130,189-square-foot Ellis Building in downtown Sarasota this March, it was only natural to wonder if the commercial developer and property owner had additional development on its mind. Now, it's official.
According to Larry Fineberg, vice president of leasing for Benderson, the company plans a serious renovation of the existing building exterior and common areas and construction of a new building structure adjacent to Orange Avenue.
"We are working on finalizing the concept now," Fineberg says. "Right now the plan is to keep it within the existing footprint." As it currently stands Benderson would construct a business hotel structure on top of where the current building steps down. Fineberg says Benderson is planning to construct a parking structure behind the existing building to accommodate existing tenants, hotel guests and - based on discussions with the city - possibly public parking spaces.
"I will say we will do whatever we can to help with parking problem in downtown," Fineberg says.
Architect Don Lawson is designing the redeveloped and the new elements of the project.
Benderson expects to file for a site plan in September, which would allow the developer to build under the existing zoning.
"Right now they could build up to 180 feet," says Jane Robinson, planning and redevelopment director for the city of Sarasota. "Under the future plan, they would be capped at 10 stories or closer to 140 feet."
Lawson was unavailable for comment before press time.
Industrial broker considering Florida house run
Commercial Real Estate Broker Jon Kleiber says he is talking to his family about a possible run as a Republican for the District 70 state representative seat currently held by Nancy Detert, R-Venice. Back in June, Detert announced her plans to run for the U.S. Congress, District 13. She has reached her eight-year term limit in her current seat.
"I'm still in the process of analyzing and thinking it over," Kleiber says. "My personal (hot-button) issues are going to be education and dealing with growth."
Kleiber formerly worked in the technology center for Arthur Andersen before going into real estate in 2000 at the firm of Richardson Kleiber Walter. Kleiber previously ran as a write-in candidate for District 68 in Manatee County.
Back to school doesn't mean kids get all the fun.
For some executives, it's time to hit the books too. Fifteen executives have signed up for the inaugural class of the Executive Master of Business Administration at Florida Gulf Coast University in Fort Myers with a special concentration in real estate.
The real estate courses will be taught through the Lucas Institute for Real Estate Development and Finance, which was funded by a $2 million gift from David and Linda Lucas and whose grant was matched by the state. Lucas is chairman of the Bonita Bay Group, a residential development company headquartered in Bonita Springs.
Space in the class filled up quickly, said H. Shelton Weeks, the institute's academic program director. The three real estate courses will be real estate economics, law and land development.
Pity underpaid bank CEOs
Really, Coffee Talk writes that headline with all sincerity.
In case you're not sure for whom you should be shedding tears, SNL Financial of Charlottesville, Va., has compiled a handy list.
SNL looked at banks and thrifts with at least $5 billion in assets to determine the most overpaid and underpaid CEOs.
Four on the overpaid list lead banks - Northern Trust Corp., Whitney Holding Corp., AmSouth Bancorp and South Financial Group Inc. - with sizable retail operations along the Gulf Coast.
Shannon Fitzgerald just about gagged as the SNL staffer reported that Northern Trust's William A. Osborn made $6.8 million in fiscal 2004 while the Chicago bank returned a -5.34% over the past three years. AmSouth's C. Dowd Ritter was taking down $4.9 million while his bank was paying regulators a $54 million fine for violating the Bank Secrecy Act.
The underpaid group included Golden West Financial Corp.'s Herbert M. and Marion O. Sandler, Fifth Third Bancorp's George A. Schaefer Jr. and BankAtlantic Bancorp Inc.'s Alan B. Levan.
SNL says BankAtlantic paid Levan a pittance, $1.1 million, when investors consider the Fort Lauderdale banking company has returned 44.3% since 2001.
Who really wanted the Kelo decision?
The U.S. Supreme Court decision in favor of the City of New London in its eminent domain dispute with several homeowners was described as a win for local governments and developers. According to a study published by Retail Traffic, developers don't like the decision either. The online survey of 200 retail real estate and retail executives and architects found that 84.5% strongly disagreed with the ruling.
It turns out developers (about 93% of the surveyed) are just as worried that other developers will swoop in with government support and take underperforming projects.
However, at the same time, 83% of the respondents said "they thought the ruling would help in getting other projects built," and 35% said they have considered projects that might use eminent domain.
The survey participants said that the ruling would provide far greater benefit to mixed-use development and less benefit to big boxes and regional malls.
The Southwest Florida Paralegal Association Inc., will discuss the impact of the Kelo discussion at its monthly dinner meeting on Aug. 17, 2005, from 6 to 8:30 p.m. at the Sarasota Yacht Club, 1100 John Ringling Blvd., Sarasota. Bill Moore, managing partner of property-rights law firm of Brigham Moore LLP, is scheduled to be the guest speaker.
Etc...
The Florida Bar recently certified 221 Florida lawyers as specialists in 19 areas of legal practice, including seven attorneys in Manatee and Sarasota counties. Local certified attorneys are Rodney Carlton Wade of Bradenton in City, County and Local Government; Sarasotans Anthony J. Abate, William Garth Christopher, George Joseph Dramis III, Conrad Jorge Lazo in Construction Law; Earl John Wagner II of Sarasota in Tax Law; and Mark William Ingram of Sarasota in Workers' Compensation Law. Board certification recognizes attorneys' special knowledge, skills and proficiency in various areas of law and professionalism and ethics in practice.
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