33-37 Lisbon St are 2 joined commercial buildings For Lease in the heart of Lewiston's downtown. Seller will finance, brokers are protected.Both buildings have a 2000 SF ground-floor retail space with additional apartment units upstairs.Retail spaces could also be used as offices.Upgrades include a brand new facade for both buildings, many ground-floor interior updates.Both buildings are located on Lisbon Street in Lewiston's most active downtown section.The buildings are neighbored by Fuel, Sidecar, Bear Bones Beer, & Orchid, the most prominent restaurants in Lewiston.Other neighbors include Androscoggin Bank, Mother India, Keybank, Chopsticks, Argo Marketing Group.
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The following summary is for Regency Suites, an approved ten-story mid-rise Condo-Hotel building in Orlando, FL containing 325 for sale condominium hotel units.
In April 2008, the project was 98% sold out, but the turn of the market and loss of construction funding forced the developers to halt construction and delay the project.
The property is located along the west side of Regency Village Drive, north of Vineland Road, in Orlando, Florida. The site has an area of 5.37 acres. Construction commenced in April 2006 and is approximately 13% complete; if construction were recommenced in December 2012, completion would be March 2014.
The new strategy is to obtain the transfer and acquisition of the property through a friendly bankruptcy filing. The new investor / development company would become the stalking horse in a friendly bankruptcy to acquire the property and clear $16 Million of secured and unsecured debt. The stalking horse could achieve the title transfer through the bankruptcy for a small fraction of the total project debt.
If the project is competed as originally designed without major changes, it would take 15 months to complete upon recommencement of construction. If the new development team desires to make design changes, such as converting 2BR units to One Bedroom units, “interior” redesign work would be completed, and it would create a major saving (between three and ten million dollars) in hard costs depending on the project’s final design. It is possible to build a six-story building with penthouse (as opposed to the designed 9-story building with PH), thereby saving millions of dollars in construction costs, while maintaining the 325 unit count.
Total development, finance and marketing costs depend on final construction plan and exit strategies. If a project redesign contemplated only executive suites and one bedroom units, the project could be completed with approximately $28M (325 units). However, if the full original project plan is completed, the total cost would approximate $35M (325 units). If the new development tea, desires to build less than 325 units, further savings can be achieved, and the project could be topped off at the 4th, 5th or 6th story, depending on funding availability and final project design.
Total gross sell-out is between $65 Million and $72 Million, depending on final plan.
Read More in the File Regency Suites
A former University of Miami director of finance pleaded guilty to tax evasion charges related to her failure to report $2.3 million she embezzled from the university, the U.S. Attorney’s Office for the Southern District of Florida announced Wednesday.Kimberly Jean Miller pleaded guilty to four counts of tax evasion Tuesday, according to a court record. Her attorney could not be reached for comment.The University of Miami said in an email that it "does not comment on personnel matters."Miller was the director of finance at UM’s Virginia Key-based Rosenstiel School of Marine and Atmospheric Science between 2002 until 2012, according to a court document. In her former role, she used her position to embezzle $2.3 million from the university by falsifying invoices from vendor International Assets, according to a court document.The scheme centered on International Asset invoices. Miller altered the name on the invoices so checks would be written to “Inter, Inc.” and then be returned to RSMAS. Miller would then deposit the checks into a business bank account she opened in 1993 for Intercontinental Oceans Inc., according to a court document.Miller failed to report the funds from the embezzlement scheme to the Internal Revenue Service, according to the U.S. Attorney’s Office. An internal RSMAS audit revealed that Miller had embezzled about $2.3 million over the course of a decade.Her sentencing is scheduled for August. Miller was charged by information, which normally precedes a plea agreement, in March.
Higher gasoline prices are rarely welcome news for consumers, but a study shows they are linked to lower home prices.
According to a working paper by faculty at Florida Atlantic University and Longwood University, home prices fall $4,060 for every $1 increase in the price of a gallon of gas.
A co-author of the study, Bennie Waller, a professor of finance and real estate at Longwood, told the Wall Street Journal that high gas prices may discourage real estate agents from aggressively marketing homes listed for sale. Specifically, agents may limit the driving they do to show homes to potential buyers.
Waller also said the study gas prices have a disproportionate impact on inexperienced real estate agents, defined as those with no more than four years of experience as an agent.
He said a high gas prices represent “a fixed cost for all agents, but older agents can spread it out over lots of transactions. Younger, less experienced agents don’t have a lot of transactions to spread those fixed costs over.”
Waller and study co-author Ken Johnson, a professor at FAU, reviewed 17,122 homes sales in central Virginia between 1999 and 2009 and correlated the data with gas prices, which ranged from $1.11 per gallon to $4.12 during the 10-year period.
Miami-Dade County will review plans for Royal Caribbean Cruises Ltd. and PortMiami to finance, design, build and operate a new cruise terminal as part of a public-private agreement.
Royal Caribbean is expected to invest more than $100 million during the construction phase of the project and PortMiami says it will invest "several million," according to documents submitted to the county for review. For the long-term, the deal would generate about $250 million for PortMiami.
The agreement — which will be voted on Wednesday — says Royal Caribbean will pay all costs of constructing the terminal and its accompanying facilities, and PortMiami says it will pay for environmental testing, any remediation, and maintaining the depth between the channel and the berth.
The development is expected to increase the cruise company's presence in Miami and make better use of an underutilized cargo space in the north-east quadrant of the port, which will become part of Royal Caribbean's new terminal.
Miami-based Royal Caribbean hosts about 730,000 cruisers at the port annually. But back in 2009, the company courted much more and averaged 1.6 million passengers annually. Miami lost a majority of the corporation's business when Royal Caribbean announced that Oasis of the Seas and Allure of the Seas, which are among the company's largest vessels, would be based at Port Everglades.
The master plan for the project will be submitted at a later date, and it's expected to include a new berth that could be used to host the company's largest ships, a parking garage and ancillary facilities.
Royal Caribbean Cruises Ltd. owns six cruise brands that operate a total of 44 ships, and aims to introduce eight ships by the end of 2020. The facility is expected to be complete by December 2018.