Lee Offers Its Own Stimulus

Lee County is putting up $25 million in cash incentives to fund expansion and relocation at a time when money for economic development is limited. It ain’t nearly as much as the $787-billion stimulus being put up by the Obama Administration, but it’s still significant.

The Lee County Economic Development Office will manage the initiative, dubbed FIRST (Financial Incentives for Recruiting Strategic Targets), aimed at high-value business projects. Target industries include life sciences, aviation, shared services, information technology and manufacturing.

Grove Sound-Off: St. Joe’s Future

The St. Joe Co., once the state’s biggest land baron, is not exempt from difficulties in the lumbering real estate market. The Jacksonville-based company (also known by its simple ticker symbol, JOE) posted net losses of $27.9 million in the fourth quarter and $35.9 million for all of 2008.

Those financial results would have looked much better had it not been for huge write-downs related to the SevenShores condominium project in Bradenton and a goodwill write-off from a past acquisition. St. Joe still owns 586,000 acres in Florida, mainly in the Panhandle where it has transformed several beachfronts.

Britt Greene, the company’s first-year CEO, says St. Joe is in a sound position to capitalize on future growth, with plenty of cash and almost no debt. What do you think?

Naiop Modifies Its Identity

The group formerly known as the National Association of Industrial and Office Properties has turned its acronym into a noun, emphasizing its expansion into a commercial real estate development association. With 56 chapters throughout North America, including six in Florida, the change is expected to open the way for more membership.

“Naiop is the leading association for the development industry, extending its reach beyond office and industrial product types into mixed-use, medical office, retail and more,” states Thomas Bisacquino, the group’s corporate president in Herndon, VA. “We recognize that our members engage in diverse development opportunities, and our brand expansion supports our vision of advancing responsible commercial real estate development.”

Grove Sound-Off: Miami CBD in Trouble?

What had been reported as good news for one of Downtown Miami’s newest office buildings last spring was suddenly negated this week. We got word late Thursday that a large lease agreement between law firm Bilzin Sumberg and the 40-story Brickell Financial Centre has been called off.

That may come as no surprise in the ongoing down cycle, when many corporations (including law firms) are in contraction mode and certainly don’t look to pay more rent. So what becomes of gleaming new office developments that seemed like solid plays just months ago, yet now appear to harken the RTC days? Give us your thoughts.

Schwartz’s Happy Homecoming

For a fellow who isn’t even a native of Tampa, people here certainly treat Jeff Schwartz like one of their own. The former ProLogis CEO was given a near-royal reception by the crowd attending last week’s meeting of the Real Estate Investment Council.

Schwartz showed up only a little late to his Feb. 10 speaking engagement, planned well in advance of his resignation last November (kudos to REIC officer Julia Rettig for keeping it on the calendar). He flew up from Miami that afternoon, but his suitcase didn’t make it so he had to dash to a local mall to buy a dress shirt to go with the jacket and jeans he wore for the occasion.

Seminole Salvation?

The Seminole Tribe of Florida has a deal for state leaders that promises a quick and easy solution to their budget woes. It’s the same thinking that leads some of us into casinos in the first place: One big score and all our financial problems are over.

The Seminoles’ original compact with Gov. Charlie Crist in November 2007 involved giving the state $100 million annually in exchange for allowing “Vegas style” card games at their casinos. Now they have upped the ante to $288 million, along with the promise of creating 45,000 jobs and adding new, bigger hotels to its sites. (The one planned for Tampa would be the city’s largest, four times the size of the one there now.)

Grove Alert: Mission, Lillibridge and Publix

Here are three Florida-related stories on GlobeSt.com that may warrant your attention.

First off, New York-based Mission Capital Advisors is soliciting bids on a $221-million portfolio of loans and REOs for a regional bank, secured by real estate assets in Florida and six other states. Overall there are 50 loans or REOs within eight available pools, including 35 loans and four REOs in Florida.

Give Us Your Best Deals!

Even though some people may consider 2008 the worst year ever for commercial real estate in Florida, plenty of interesting deals got done—and Real Estate Florida wants to recognize them. Our next issue will highlight the state’s top transactions in leasing, sales, development, finance, and mergers and acquisitions.

Electronic forms for nominations can be accessed by clicking here. Please follow instructions closely so as to save work on the editors’ parts, not to mention increase your chances of being selected. Deals will be judged on dollar value, square footage, creativity and impact on the local market.

Feel free to contact me or Crystal Proenza with any questions, and submit your entries as soon as possible. Good luck!

How Bad is Bad for Retail?

It’s no surprise that 2008 was a tough year for retail real estate in Florida and this year isn’t likely to show improvement in fundamentals statewide. Yet Justin Greider, associate director with Holliday Fenoglio Fowler in Orlando, has still managed to find some good news within the sector.

In his 2009 Florida Spring Retail Report for the International Council of Shopping Centers, Greider notes that statewide occupancy fell three full percentage points last year to 91%, its lowest level in more than five years. “However, 91% is still very strong historically and is a higher occupancy than many other product types and other markets achieve in their best year,” he says.

Magazine on the Move

Real Estate Florida and the Southeastern “central command” for GlobeSt.com have changed offices. The new address is 1934 W. Spruce St., Tampa, FL 33607. The new telephone number is (813) 254-2154. Please update your favorite contact databases accordingly.