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At least five projects underway in downtown Fort Lauderdale were hit with citation warnings after a channel of murky water was found near the development sites.
The city and county began investigating construction sites earlier this week after residents began complaining about an overflow of milky “sludgy” water spilling in Fort Lauderdale’s New River, according to the Sun Sentinel.
The bulk of the sludge is mostly between Andrews Avenue and Third Avenue, by where a number of projects are under construction.
Five contractors working with major developers in the city were cited by the city. It is unknown whether the contractors caused the issue, but officials told the Sun Sentinel that the contractors were not properly handling the water runoff at their construction sites.
The developments include Kolter Group’s 100 Las Olas mixed-use project, which at 46 stories is poised to be downtown Fort Lauderdale’s tallest building. The contractor is Kast Construction. The project at 100 East Las Olas Boulevard will consist of 121 condos, 238 rooms in a Hyatt Centric hotel, and 8,500 square feet of restaurants and retail on the ground floor, once completed.
Fort Lauderdale-based Stiles Corp.’s construction arm was also cited at 212 Southeast Second Avenue, where Stiles is planning to build a 27-story, 348-unit apartment tower.
Moriarty Construction, which is working with Property Markets Group for the redevelopment of the Las Olas Riverfront at 330 Southwest First Avenue, was also cited. Last year, PMG paid $29 million for 2.4 acres of the property from Fort Lauderdale-based developer Dev Motwani and his partners.
Moss Construction was also cited. Elevate Partners hired the contractor to help build a new a 25-story, 260-unit luxury rental tower called 4 West Las Olas, at 305 South Andrews Avenue.
And the city also issued a warning to Kast Construction at 116 South Federal Highway for not properly filtering a continuous flow of runoff there. Zom Living is planning a 456-apartment project on the site.
Fort Lauderdale spokesman Chaz Adams told the Sun Sentinel that the murky water does not pose a health hazard to humans, but it is a concern for aquatic life that relies on sunlight to live. [Sun Sentinel] – Amanda Rabines
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Miami-based Lloyd Jones announced a new division focused on the ground-up development of multifamily properties.
The private real estate investment and asset management firm, led by veteran developer Christopher Finlay, appointed Jamie Telchin to head the group as executive vice president of development and construction management. Telchin previously led the renovation of the Boca Beach Club and the ground-up development of One Thousand Museum, according to a press release.
Telchin has spearheaded the development of more than 1.5 million square feet of vertical construction in 12 projects totaling $800 million in total development costs, according to the release. That includes the 11 years he spent as president of the development group for Luxury Resorts & Hotels, an affiliate of the Blackstone Group.
At Lloyd Jones, Telchin directs all departments involved in the development and construction of ground-up projects.
Lloyd Jones is a real estate investment firm that specializes in the multifamily and senior housing sectors. Its project value is more than $750 million. — Keith Larsen
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CN Hotels just secured a $12 million loan to build a Hilton Garden Inn in Homestead.
Greensboro, North Carolina-based CN Hotels filed plans with the city of Homestead July 2017 to build a six-story, 130-room hotel with 76,632 square feet at 2601 Northeast 9th Court. The company purchased the 2.6-acre vacant land for the building on December 2017 for $1.7 million from a company affiliated with DDR Corp., according to property records.
Greensboro, North Carolina-based Pinnacle Bank provided the loan to CN Hotels.
A call to CN Hotels was not immediately returned.
CN Hotels, led by Jayesh Patel, owns a number of different hotels throughout the Southeast, including a Homestead 2 Suites in Dania Beach, a Holiday Inn Express & Suites in Hialeah, and a Best Western Plus in North Miami Beach.
Homebuilders are increasingly buying land in Homestead as more homebuyers are turning to the area due to the rising costs of single-family homes in other parts of Miami-Dade County.
Last April, Ecosteel USA, a construction and engineering firm and building supplier, proposed a massive, $240 million steel mill complex on about 124 acres of county-owned land in Homestead, outside the Homestead Air Reserve Base.
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Developer Brian Tuttle is keeping busy.
In the midst of developing Tuttle Royale, a 200-acre mixed-use project in Royal Palm Beach, Tuttle is also planning an active adult lifestyle community in Parkland with 195 single-family homes and boutique condo buildings.
Tuttle Land Development is proposing to build three or four condo buildings with density rights that will allow for up to 125 units priced from $349,000 to nearly $500,000. Some units will be dedicated to workforce housing. Tuttle said the single-family homes will be for residents 55 and older, with prices ranging from $550,000 to $800,000. The homes will be the second phase of his Parkland Royale project.
In exchange, Tuttle said he would sell back a portion of the land to the city of Parkland at the appraised value of about $50,000. The city would then be able to use the land to build a new 350-foot-tall 911 emergency communications system tower.
Records show Tuttle paid $650,000 for the 5-acre site at 15490 Loxahatchee Road in 2015. That same year, Tuttle entity TLH Sabra 2 LLC paid $8.5 million for at least 45 acres of adjacent land, records show.
Tuttle assembled, entitled and then sold the first phase of Parkland Royale, now called Four Seasons at Parkland, to K. Hovnanian Homes in 2014 for $53 million.
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Blackstone Group isn’t budging on its $3.7 billion bid for LaSalle Hotel Properties, prompting the real estate investment trust to consider another offer.
Maryland-based Pebblebrook Hotel Trust, which has long sought to buy the luxury hotel company, made a bid last week that LaSalle’s board unanimously agreed may lead to a superior proposal, Bloomberg reported.
LaSalle agreed in June to be bought by Blackstone for $33.50 a share. If the deal falls through, Blackstone will walk away with a $112 million severance fee.
“There can be no assurance that the discussions with Pebblebrook will result in the board’s determination that the Pebblebrook proposal is a superior proposal or the consummation of a transaction that is superior to the pending transaction with Blackstone,” LaSalle said in a statement to Bloomberg. But the firm added that it is now able to “engage in discussions with Pebblebrook in accordance with the terms of the Blackstone merger agreement.”
Pebblebrook, which already owns 9.8 percent of LaSalle, most recently offered investors 0.92 common share and the option of $37.80 per share in cash for up to 30 percent of the deal. That offer pencils out to $35.09 a share, according to Bloomberg. LaSalle denied an earlier proposal from Pebblebrook, which set the merger price at $35.89, before agreeing to the Blackstone bid.
Two shareholder-advisory groups — Institutional Shareholder Services Inc. and Glass, Lewis & Co. — last week recommended opposing Blackstone’s bid, have further
bolstered Pebblebrook’s chance of takeover, according to the outlet. [Bloomberg] —David Jeans
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