Mixed-use developments are still new to Central Florida, so the jury is out as far as success, say the commercial practitioners at RealShare. However, “if you're proactive in your leasing and have a good tenant mix, you can be successful,” said John M. Crossman, president of Crossman & Co. in Orlando. However, he warns, there are challenges to mixed-use development, which can include residential condos, office space, retail, medical and more in one location. “The biggest challenge is planning. You want to find the right mix and you must find the right partners,” says Michael F. Beale, senior vice president/regional manager of Highwoods Properties in Orlando. Also, says Beale, “the complexity of the design requires you to find the right consulting team–planners, architects–who understand the nuances. One mistake early on can manifest itself throughout the other phases.”

Another opportunity for the area is green building, said Moss. “Environmental sustainability is becoming a key factor for corporate America. You're going to see developers building LEED-certified buildings, certainly in the office building market,” said Moss.

Of course, Florida has its share of unknowns as well. For example, the Hometown Democracy amendment has about half of the signatures it needs to be added to the November 2008 ballot. “This amendment would require a public vote for every single comp land-use plan change, whether it's fixing a glitch or changing the urban growth line,” explained Hal Kantor, partner with Lowndes, Droskick, Doster, Kantor & Reed, P.A. That's why Florida real estate practitioners are trying to get the word out to the public that this amendment would be a disaster. “It would effectively halt the entitlement process. Properties that have been entitled will gain in value while properties that have not been entitled will be mired in gridlock,” according to Richey.Of course, property taxes and the high cost of property insurance continue to hang like a black cloud over Florida's real estate market. Although, says Steve Moreira, president of Magic Cos., “By passing the super homestead exemption, houses will get sold again and B and C office space will get some relief.” Moreira says he realizes that this bill is a quick fix, but he thinks that the issue will continue to be revisited until a permanent fix is in place.Overall, says Moss, “Despite the downturn, opportunities abound for those with ambition and drive.”