USA - FLORIDA Law and Practice Contributed by: Jeffrey R Margolis, Marc S Shuster, James L Berger and Evan Rosenberg, Berger Singerman LLP
1. General 1.1 Main Sources of Law
new development of urban areas to accom - modate the growing trend of urban lifestyles; • a rallying industrial sector on the back of strong demand which absorbed new ware - house inventory resulting in a decrease in industrial vacancy rates; • increased leisure travel and increasing busi - ness travel driving demand for hotel and hospitality options; • increased need for affordable housing; and • an overall strong commercial real estate mar - ket in retail, multi-family and industrial. 1.3 Proposals for Reform This year, the Governor signed into law Senate Bill 1525 which takes away local municipalities’ authority to restrict or prohibit demolition of unsafe structures, with the exception of (i) struc - tures individually listed in the National Register of Historic Places, (ii) a single family home, (iii) a contributing structure or building within a historic district listed in the National Register of Historic Places before 1 January 2000, and (iv) a structure located on a barrier island in a municipality with a population of less than 10,000 people. Addition - ally, municipalities cannot limit the development of a site with an unsafe structure, require that the structure be replicated, or impose any require - ments that would not apply to other properties in the same zoning district. Buildings that only have a municipal historic designation can now be demolished. This bill will have a huge impact on cities such as Miami Beach, where there are many historic districts with strict restrictions on renovation and demolition work. Developers can now proceed with demolitions or renovations to structures that they previously would not have been allowed to change. The Live Local Act signed into law last year by the Governor provides zoning, tax and financing incentives to developers who incorporate work -
The main sources of real estate law are common law, state statutes, and county and municipal laws and regulations. 1.2 Main Market Trends and Deals Florida’s location, growing population, business friendly environment and desirable climate offer a wealth of business opportunities across vari - ous sectors, and Florida has consistently ranked among the top states in terms of commercial real estate development; this past year was no differ - ent. In addition, Florida’s commercial real estate market is heavily influenced by the influx of com - panies and businesses which have moved to the state, as well as foreign investment from South America, Europe and other parts of the world. Florida’s commercial real estate market contin - ues to outpace other regions in the US. Despite inflation, interest rates, and increased construc - tion and other costs, investors and developers are active in and remain optimistic about the Florida real estate market. Real estate trends in Florida over the past year include: • an increase in vacant land development transactions in the central part of the state, particularly Tampa, Orlando, and Jacksonville; • a high volume of loan refinances in the com - mercial office, multi-family, and retail spaces; • significant development of multi-family pro - jects and increased multi-family rental rates; • transportation hub development in connec - tion with the development of mass transpor - tation; • redevelopment of older properties and pro - jects including continued redevelopment and
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