South Florida Mall Winds Down

Palm Beach Mall’s future looks bleak now that Simon Property Group has declined to dispute a $53.2-million foreclosure. The 1.2-million-square-foot retail property goes up for auction March 4, according to this report from the South Florida Business Journal.

Whether the 42-year-old shopping mall will remain a mall in the usual sense is questionable. It has already lost one of its three remaining anchors, the rest of it has gone dark and reviving it in its current form is doubtful in this economy.

Train’s A-Comin’, Now What?

The excitement over Florida’s new high-speed rail line might be greater … if we hadn’t heard about it so many times before. President Barack Obama brought the state $1.25 billion as a down payment Thursday, and now we find ourselves asking, “What do we do now?”

That big chunk of stimulus funding, while much appreciated, is only the beginning of a long process that has good intentions (job creation, reduced dependence on cars and so forth) but is going to get expensive in the long run. Nobody really knows how much of the 84-mile line between Tampa and Orlando can be covered by Obama’s oversized check, and it doesn’t even factor in the even longer track proposed to Miami.

Top CRE Stories of 2009

As we close the book on 2009, let’s take a quick look at some of the top stories involving Florida commercial real estate, ranked in no particular order:

• Transaction volume remained minimal throughout the year, largely blamed on a continued hard freeze in capital markets. Banks were continually reluctant to lend on major projects or purchases. Other sources are available but terms are tight.

• The Seminole Tribe of Florida continued negotiating with the state government over exclusive rights to Vegas-style gaming. New development on its reservations was at stake, including a new hotel in Tampa that promised to be the city’s largest. The tribe won over Gov. Charlie Crist but is having a tougher time convincing the Legislature.

Downtown Jax Worth Reviving

Jacksonville has arguably one of the prettiest city skylines in Florida, including three of the state’s largest office towers. However, a street-level view of the urban core reveals trouble that can’t be seen as easily from a scenic distance.

The Florida Times-Union published a detailed analysis of the current state of Downtown Jacksonville that covers ways to bring it back to life, borrowing concepts from other cities across the country. While being located along an ocean coast offers some advantages, it doesn’t insulate it from economic woes that affect every sector of commercial real estate.

Beale, Bishop Forge New Bond

Oftentimes in commercial real estate, responding to opportunity means joining forces. That’s exactly what two industry veterans have done in the Central Florida market.

Michael Beale and Billy Bishop recently formed BishopBeale, a full-service commercial advisory firm based near Downtown Orlando. The longtime acquaintances combine at least four decades of industry experience, along with more than $200 million worth of investments and commercial properties.

Panama City Clear for Takeoff

It appears the $500-million investment in Panama City’s new international airport is already starting to pay dividends, with Southwest Airlines pledging to start jet service to and from the Panhandle vacation spot next spring. The popular Dallas-based low-fare carrier has a strategic alliance agreement with the airport’s developer, Jacksonville-based St. Joe Co., for eight daily nonstop flights.

Southwest’s arrival is expected to stimulate job growth and economic development within Northwest Florida, along with providing another option to bring travelers from around the country to its beaches, says Britt Greene, St. Joe president and CEO. The major state landowner is building the airport on 4,000 acres as part of its massive 75,000-acre Bay West development.

Seminoles Put On Pressure

The Seminole Tribe of Florida, which already has a potentially lucrative gambling pact with Gov. Charlie Crist, is trying to convince the state Legislature to approve it. Their message, in so many words: We want it all and we want it now!

James Allen, CEO of gaming operations for the Seminoles, made the tribe’s wishes known at the Florida Gaming Summit on Tuesday in Hollywood, as covered by the Miami Herald. Lawmakers might have heard him better had he made his remarks in Tallahassee, but Hollywood just seems a friendlier venue to make an argument for more gambling, doesn’t it?

Ready for RealShare, And More

A few notes and thoughts after clearing out the inbox from a long Labor Day weekend:

• You can now register online for our fourth-annual RealShare South Florida conference, set for Sept. 30 at the Hyatt Regency Miami. We will cover a broad range of topics in a single afternoon, from distressed assets and excess condos to the new wave of office space coming soon to the market.

Featured speakers will include Gene Berman of Marcus & Millichap, Tere Blanca of Blanca Commercial Real Estate, Michael Fay of Colliers Abood Wood-Fay, Keith Jennings of Westmount Realty Capital, Jose Juncadella of Fairchild Partners, Jonathan Kingsley of Grubb & Ellis, David Lynd of the Lynd Co., Jay Massirman of Rivergate Residential, Jack McCabe of McCabe Research and Eric Swanson of Flagler.

Recycling a Newspaper Building

Lakeland-based Publix Super Markets has purchased the former site of the Sarasota Herald-Tribune for a reported $6.3 million. Publix has long advocated recycling plastic and paper bags, but this might be its first foray into newspaper recycling.

Publix will tear down the existing building along US 41 to make way for a 52,000-square-foot store that is expected to open late next year. The store will have ground-level parking, with escalators carrying shoppers (and carts) to and from the second level.

Disney Won’t Mess with Marvel

Two combinations of youthful memories were combined in one Spidey-like swoop Monday with the $4-billion buyout of Marvel Entertainment Inc. by the Walt Disney Co. It might be difficult to keep Spider-Man and the Incredible Hulk separate from Mickey, Goofy and Buzz Lightyear, but it looks like Disney is going to try.

For starters, Disney will keep Marvel’s 70-year-old headquarters in New York City, rather than packing up those offices and moving westward to Burbank, CA. That’s a solid move on Disney’s part; you don’t mess with success, and Marvel has certainly enjoyed plenty at 417 Fifth Ave. in Manhattan.