Landlords Lose Out in Crist Veto
Tampa Bay Business Journal, May 25
A measure that would have allowed landlords to charge tenants who break their leases extra fees died at the hands of Gov. Charlie Crist. Crist vetoed the potential law, House Bill 1277, which increased penalties and liquidated damages to the equivalent of up to two months rent. "While I understand that this would provide another option for landlords who manage rental property, I believe the impact on those Floridians least able to afford to pay such fees would be just too great," Crist said in a letter to Secretary of State Kurt S. Browning in announcing the veto. "With escalating insurance and ad valorem tax cost that are passed on to renters, Florida is experiencing a lack of affordable housing for those workers critical to maintaining the state's robust economy. I can not allow legislation to become law that would add to the housing burden of these Floridians." Also being vetoed Thursday was Senate Bill 920 that would create new specialty licenses for cosmetologists, which Crist said provided "too much regulation without a justifiable need." It also increased educational requirements for those looking to enter the cosmetology field.
"I am concerned that this bill is overly burdensome and would have negative impacts on peoples' livelihoods," Crist said. "Regulation should protect the public, but not limit competition or act [as] state-sponsored protectionism against free enterprise." Crist vetoed two other bills Thursday. One would have increased water vessel registration fees by $2. The other, the governor said, would eliminate consumer protections and raise rates for those utilizing the state's Medicaid program.
$110M Pays Down Debt on 850,000-SF Asset
By Natalie Keith
Globest.com, May 24, 2007
JACKSONVILLE, FL-The 850,000-sf River City Marketplace retail center on Duval Road has received $110 million in permanent financing. Terms of the financing, which was used to repay existing debt including a construction loan, include a 10-year interest only loan at a fixed rate of 5.43%. The financing was arranged by CBRE/Melody director Michael Strober, who is located in Tampa, through J.P. Morgan. Strober tells GlobeSt.com that the borrower was Farmington Hills, MI-based Ramco Gershenson, the developer of the center. The existing space at the retail center, located on 90 acres at the interchange of Interstate 95 and Airport Road just north of Interstate 295, was constructed in 2006. It is the largest shopping center in the north Jacksonville market. At the time of the financing, it was 95% leased with shadow anchors Wal-Mart SuperCenter and Lowe’s and other tenants including Ashley Furniture, Bed Bath & Beyond, Best Buy, Gander Mountain, Michael’s, Office Max, Old Navy, PetSmart and Ross Dress for Less.
Construction is still continuing at the center. When fully built out, it will contain 1.2 million sf of retail, restaurant and service space, Strober says.
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