WEST PALM BEACH, FL-The developers are expecting an 11% return on their $250 million investment, according to published reports. If they achieve that, it would rank the venture among the top 10% to 15% in profitability for shopping centers in the country, say industry sources.
HOLLYWOOD, FL-The Seminole Indian tribe, which opened the country's first high-stakes bingo hall on reservation land here back in 1979, is preparing to break ground on a new $300 million development of gaming and complementary facilities. But it first must clear the local site of an existing mobile home and travel-trailer park.
FORT LAUDERDALE, FL-Buoyed by a 40% jump in third-quarter profits, locally-based Extended Stay America Inc. will boost future investment in new projects by $100 million annually. This year it expects to open 30 properties costing around $250 million.
MIAMI-Latest population estimates (1999) by the Census Bureau show that while Miami-Fort Lauderdale continues to be one of the nation's fastest growing metropolitan areas, population is not increasing nearly as fast as it had been. Metro Atlanta has displaced Miami-Fort Lauderdale as the country's 11th largest urban center.
FORT LAUDERDALE, FL-Developer R. Donahue Peebles is again on track to build a 500-room Westin hotel next to the Broward County Convention Center. County commissioners have backed away from their threat to declare Peebles in default of his original agreement after minority business leaders rallied to his defense.
MIAMI-South Florida's luxury condominium apartment market is now more centered than ever in Miami-Dade County. Not only is most of the region's newly constructed condo housing here, but so are nearly all conversions from rental properties.
SUNRISE, FL-Lured by a $4.2 million incentives package, Sam Zell's American Classic Voyages Co. will be relocating next year from Chicago to a new 230,000-sf office building breaking ground here Nov. 8. Codina Development Corp. of Coral Gables, FL is the general contractor.
WEST PALM BEACH, FL-A company representing interests of Miami Beach financier Victor Posner has embarked on a new move into South Florida real estate development. The initial focus is on Palm Beach County projects.
CORAL GABLES, FL-After completing the 14-story Verona Tower at Deering Bay Yacht & Country Club in the local Old Cutler area last May, Watermark Communities Inc. has begun the Siena multifamily building of similar size. The Bonita Springs, FL-based company also plans a $150 million expansion of the Jupiter Yacht Club in Palm Beach county.