Fuddruckers franchisee sues Dezer firm to prevent redevelopment of Orlando mall

Artegon Marketplace in Orlando (Credit: Wikipedia)

The owner of a Fuddruckers restaurant at an Orlando shopping mall sued to prevent a company run by Michael Dezer from redeveloping the mall.

Dezer is the founder of Sunny Isles-based Dezer Development, which paid $23.7 million about a year ago for Artegon Marketplace, a shopping mall on Orlando’s International Drive, which winds through the city’s theme park district.

The previous owner of Artegon Marketplace, New York-based Lighthouse Group, evicted most tenants at the mall in early 2017.

Artegon Marketplace is now vacant except for spaces occupied by Fuddruckers, a movie theater and a Bass Pro Shop, all of which have their own entrances and remain open.

Soon after his company bought the mall, Dezer started to move his personal car collection into the mall and to plan such new attractions as a go-cart track and a vintage pinball museum.

Blue Hills International, the Fuddruckers franchisee, and at least eight former tenants of the mall are plaintiffs in a lawsuit against Lighthouse Group and a limited liability company Dezer controls, Dezer Orlando Center LLC.

According to the suit, the Fuddruckers restaurant would suffer a loss of business from any redevelopment of Artegon Marketplace that is “inconsistent with a retail mall.” Attorneys for Dezer have not formally responded to the claims in the suit.

The city government started imposing fines on Dezer for failing to obtain necessary permits and zoning to operate an auto museum inside Artegon Marketplace.

While some of those complaints were resolved in December, the city still seeks the details of Dezer’s plan for the mall property, which spans about 100 acres. [Orlando Weekly]Mike Seemuth

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Cohen proposes smaller redevelopment of Carefree Theatre in West Palm Beach

Carefree Theatre 2000 redevelopment rendering (Credit: Palm Beach Post)

Developer Charles Cohen proposed a downsized redevelopment of the Carefree Theatre site on South Dixie Highway in West Palm Beach.

Cohen proposed the development of 58 apartments, down from 90, and a complex of movie theaters with 600 seats, down from 800.

His proposal calls for construction of two four-story apartment buildings, one with 32 units and the other with 26.

Unchanged from his previously proposed project is a plan to build restaurant space and underground parking.

Cohen, a New York developer and a part-time resident of Palm Beach, bought the Carefree Theatre property at 2000 and 2100 South Dixie Highway three years ago for $3 million.

Since then, he has proposed several versions of a redevelopment project that city officials rejected.

The developer’s company, Cohen Brothers Realty Corp., has completed major developments across the nation. [Palm Beach Post]Mike Seemuth

Cohen proposes smaller redevelopment of Carefree Theatre in West Palm Beach

Cohen proposes smaller redevelopment of Carefree Theatre in West Palm Beach

The developer’s current proposal calls for 58 apartments instead of 90 and a movie theater complex with 600 seats, down from 800

February 02, 2019 04:00PM

Carefree Theatre 2000 redevelopment rendering (Credit: Palm Beach Post)

Developer Charles Cohen proposed a downsized redevelopment of the Carefree Theatre site on South Dixie Highway in West Palm Beach.

Cohen proposed the development of 58 apartments, down from 90, and a complex of movie theaters with 600 seats, down from 800.

His proposal calls for construction of two four-story apartment buildings, one with 32 units and the other with 26.

Unchanged from his previously proposed project is a plan to build restaurant space and underground parking.

Cohen, a New York developer and a part-time resident of Palm Beach, bought the Carefree Theatre property at 2000 and 2100 South Dixie Highway three years ago for $3 million.

Since then, he has proposed several versions of a redevelopment project that city officials rejected.

The developer’s company, Cohen Brothers Realty Corp., has completed major developments across the nation. [Palm Beach Post]Mike Seemuth

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Florida East Coast Realty’s $425M Panorama Tower refi is among city’s biggest

Florida East Coast Realty’s $425M Panorama Tower refi is among city’s biggest

Jerry Hollo and Panorama Tower (Credit: Wikipedia)

UPDATED, Feb. 1, 9:45 p.m.: Florida East Coast Realty closed on a $425 million refinancing of Panorama Tower, one of the largest such loans in Miami in recent years.

Wells Fargo financed the new debt, which replaces the $340 million construction loan the bank provided on the 85-story tower in 2015. It was one of the largest construction loan in Miami-Dade at the time.

FECR, led by Tibor Hollo and his sons Jerry and Wayne Hollo, completed the 1.3 million-square-foot skyscraper last summer. Its TWJ 1101 LLC closed on the five-year, 42 percent loan-to-value loan on Thursday, a spokesperson said.

The law firm Rosenthal Rosenthal Rasco announced the refinancing. Founding partner Kerry Rosenthal represented the downtown Miami-based developer on both the construction loan and refinance.

The project, at 1101 Brickell Bay Drive, includes 821 luxury apartments with more than 45,000 square feet of residential amenities, a 208-room Hyatt Centric hotel, 70,500 square feet of office space, 47,360 square feet of retail space, a 2,000-space parking garage. The loan also covers two office buildings totaling about 272,000 square feet at 1101 Brickell Avenue.

It’s also one of the most expensive new rental buildings in Miami-Dade, with rents ranging from $2,500 a month for a one-bedroom to over $6,700 for a three-bedroom apartment. FECR hired Fortune Development Sales, one of Miami’s top condo sales and marketing firms, to handle leasing of the tower last year, and more than half its units are now leased out.

The Brickell tower is the tallest residential building south of New York on the East Coast. It is also part of a wave of new luxury apartment buildings in Miami-Dade and Fort Lauderdale that are creating competition for individual condo investors and putting pressure on the shadow rental market.

FECR is also planning at least two mixed-use projects in the Brickell area that would be taller than Panorama, including The Towers by Foster + Partners, a pair of connected high rises planned for 1201 Brickell Bay Drive. It’s partnering with Corigin Real Estate Group and McCourt Global Properties on that development.

Florida East Coast Realty’s $425M Panorama Tower refi is among city’s biggest

Florida East Coast Realty’s $425M Panorama Tower refi is among city’s biggest

Tibor Hollo’s firm financed construction of 85-story mixed-use tower with $340M loan

Jerry Hollo and Panorama Tower (Credit: Wikipedia)

UPDATED, Feb. 1, 9:45 p.m.: Florida East Coast Realty closed on a $425 million refinancing of Panorama Tower, one of the largest such loans in Miami in recent years.

Wells Fargo financed the new debt, which replaces the $340 million construction loan the bank provided on the 85-story tower in 2015. It was one of the largest construction loan in Miami-Dade at the time.

FECR, led by Tibor Hollo and his sons Jerry and Wayne Hollo, completed the 1.3 million-square-foot skyscraper last summer. Its TWJ 1101 LLC closed on the five-year, 42 percent loan-to-value loan on Thursday, a spokesperson said.

The law firm Rosenthal Rosenthal Rasco announced the refinancing. Founding partner Kerry Rosenthal represented the downtown Miami-based developer on both the construction loan and refinance.

The project, at 1101 Brickell Bay Drive, includes 821 luxury apartments with more than 45,000 square feet of residential amenities, a 208-room Hyatt Centric hotel, 70,500 square feet of office space, 47,360 square feet of retail space, a 2,000-space parking garage. The loan also covers two office buildings totaling about 272,000 square feet at 1101 Brickell Avenue.

It’s also one of the most expensive new rental buildings in Miami-Dade, with rents ranging from $2,500 a month for a one-bedroom to over $6,700 for a three-bedroom apartment. FECR hired Fortune Development Sales, one of Miami’s top condo sales and marketing firms, to handle leasing of the tower last year, and more than half its units are now leased out.

The Brickell tower is the tallest residential building south of New York on the East Coast. It is also part of a wave of new luxury apartment buildings in Miami-Dade and Fort Lauderdale that are creating competition for individual condo investors and putting pressure on the shadow rental market.

FECR is also planning at least two mixed-use projects in the Brickell area that would be taller than Panorama, including The Towers by Foster + Partners, a pair of connected high rises planned for 1201 Brickell Bay Drive. It’s partnering with Corigin Real Estate Group and McCourt Global Properties on that development.

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Amazon won’t use the Opportunity Zone tax break for its NYC campus

Amazon won’t use the Opportunity Zone tax break for its NYC campus

Jeff Bezos and Long Island City (Credit: Getty Images and John Gillespie via Flickr)

Amazon won’t be taking advantage of the Opportunity Zone tax break in Long Island City.

The tech giant confirmed it won’t pursue the incentives for its planned campus in the Queens neighborhood, Bloomberg reported.

“We will not be using the Opportunity Zone on this project,” Holly Sullivan, head of economic development at Amazon, told the City Council in a Wednesday hearing.

The area in LIC where Amazon is planning its offices was designated as an Opportunity Zone last year. Under the program, investors can defer federal taxes on capital gains until Dec. 31, 2026, reduce that tax payment by as much as 15 percent and pay no taxes on possible profits from an opportunity fund if they hold onto the investment for 10 years. The initiative is part of the 2017 tax overhaul.

Amazon didn’t comment on whether others attached to the project, such as outside investors or future development partners, would seek to use the tax incentive, the report said.

As part of the bidding process the state’s Empire State Development and the city’s Economic Development Corporation offered up to $3 billion in tax breaks and a dozen sites in the state, including several in the city, according to previous reports.

Amazon has said it’s in no rush to add workers in LIC. The company expects to have 700 employees in the area next year and hit 25,000 by 2028. The firm said it will remodel its temporary offices before workers can move in, and it could take two years to break ground on the New York campus. [Bloomberg] — Meenal Vamburkar