Page 4 - WFL Cooperator Winter Expo 2020

Development Scientology Church and its Members Buy up Clearwater In a sweeping investigative report, the Tampa Bay Times reveals an epic property grab in downtown Clearwater, the coastal Florida town that is home to the spiritual headquarters of the Church of Scientology. The Times paints a detailed picture of a decades-long transactional takeover that spiked since 2017, when the church’s pro- posed redevelopment projects clashed with those of the Clearwater City Council. As the Times reports, the church and its parishioners have held real estate inter- ests in the community since it established its sprawling headquarters, an insulated campus called Flag, there in 1975. Even this first property acquisition was combat- ive and opaque, according to the Times: “Church officials used a straw corporation to buy the historic Fort Harrison Hotel and moved in under a fake name. They posted guards wielding billy clubs and mace. ... A few months later, the newcomers admitted they were actually Scientology.” Over the next four decades, the Times reveals, the church slowly but steadily amassed a sizable real estate collection: “58 properties in Clearwater under its name, 49 of them downtown. Seventy-three per- cent of the property is tax-exempt for reli- gious purposes.” While the Church of Scientology pursued its stated goal of making “‘Clearwater...the first Scientology city in the world,’” as the Times quotes from a ‘90s Scientology magazine, in 2016, con- sultants hired by the city itself proposed Imagine Clearwater, a “$64 million effort to reinvigorate the waterfront,” the Times recounts. The church then promised a $55 million high-end shopping and entertain- ment center with involvement from Tom Cruise, arguably Scientology’s most recog- nized follower -- but only if the city would withdraw its competing bid for a vacant lot the church was looking to add to its prop- erty portfolio. When the lot ended up selling to the city, the church cut off all communication and went on an enormous property buy- ing spree. Starting in 2017, says the Times, 32 Scientologist-owned companies bought 92 downtown properties for a total of $103 million, $99 million of which was paid in cash. Now, according to the Times , the church, its members, and companies they control own 185 properties cover- ing 101 acres in the center of downtown Clearwater, half of which were purchased after January 2017. With most of the city council members’ term limits approaching in 2020, Councilmember David Allbritton offered the following prediction: Speaking about church leader David Miscavige, Allbritton tells the Times, “‘He’s starting to assemble properties. If the council in 2020 isn’t on board with doing something his way, he’s going to do it himself.’” Brightline Service Shines on Affordable Housing Improvement High-speed rail service is changing the real estate landscape in South Florida, according to a piece by the South Florida Sun Sentinel . Near existing and planned stops along the Brightline train route, investors and developers have teamed up to build retail, office, hotel, residential, and multi-use projects that are transform- ing downtowns and attracting businesses, tourists, and consumers. Now, a consortium of five South Florida nonprofit groups called the South Florida Housing Link Collaborative is getting in on the action. With a mission to build and improve affordable housing along the Brightline corridor, the collabora- tive has obtained a three-year, $5 million investment pledge from JP Morgan Chase, reports the Sun Sentinel. With this financing, the collaborative plans to build 150 permanently affordable rental units; acquire and renovate another 50 existing units; and extend 200 loans to existing homeowners to make their hous- es energy efficient and resilient against storms and sea level rise. With the threats to displacement of residents either by the transit-boosted development boom in their towns or by coastal migration of wealthier residents from impending rising seas, the collaborative is committed to “protecting the most vulnerable people” in this region, according to Mandy Bartle, executive director of the South Florida Community Land Trust in Fort Lauderdale, one of the collaborative’s members. Bartle says the collaborative has identified 27 coastal loca- tions and 2,000-plus properties as potential candidates for purchase. The plan, says the Sun Sentinel , is to buy the land over three years. Build-out of new projects would take between four and five years. All would be within a half mile of the rail line, and all would occupy some of the highest ground in South Florida as a safe- guard against rising seas. Broward County Commissioner Nan Rich, a longtime affordable housing advo- cate, is eager to see the group succeed, according to the Sun Sentinel. Nearly 60 percent of the employed adults in South Florida spend more than 30 percent of their income on rent, which is the highest of any metropolitan area in the U.S., says Rich. Sarasota Development Will Either Complement or Conflict with Existing Waterfront Business Observer reports on several major development projects in Sarasota with potential seismic consequences for the downtown epicenter. Quay Sarasota, with projected comple- tion in 2025, will consist of nearly 700 high-end residences and more than 200,000 square feet of commercial, retail, and res- taurant space spread over 15 acres. The adja- cent 52-acre municipally owned property is also getting an upgrade when it transforms into The Bay, a redevelopment project slat- ed to consist of open space and event-driven amenities rather than commercial or resi- dential properties. Together, as the Observer proposes, this shiny new destination could take tourist and resident attention away from the historic city center that was built in the 1920s. Master developer of the Quay project, GreenPointe Holdings, anticipates that its $1 billion investment will be an extension of the existing downtown, rather than its com- petition. In various stages of development and approval, the vertical components of Quay Sarasota will include a 73-unit luxury condo tower being developed by The Kolter Group, a 241-unit apartment tower by a division of homebuilder Lennar Corp., an 18-story Ritz-Carlton Residences, and an 11-story apartment complex by Lennar Multifamily. Proposed is also a “‘condo project with a higher-end price point or a hotel, or both,’” GreenPointe’s president and CEO Edward Burr tells the Observer. In addition to the commercial component of the site, leasing of which will be managed by The Shopping Center Group, according to the Observer, GreenPointe has pledged to install a marina and a one-acre park within the project. Quay Sarasota is not the only large development project that GreenPointe is developing on Florida’s Gulf Coast, says the Observer. Tampa will have Triple Creek, a 990-acre master-planned community with more than 2,000 homesites, and Belmont, a 930-acre community with more than 2,000 residences and 180,000 square feet of commercial space. The company will also turn 700 acres in Lakeside into more than 860 homesites and a commercial space, called Bridgewater. And in Fort Myers, GreenPointe plans to build Hampton Lakes, a 413-acre project of more than 400 homes, and River Hall, a 1,500-acre property sched- uled to contain roughly 2,000 homes. n Please submit Pulse items to Darcey Gerstein at darcey@cooperator.com Industry Pulse Thurs., December 5, 2019 The Cooperator Western Florida Tampa Convention Center, 333 S. Franklin St., Tampa, FL 10:00 a.m. - 3:30 p.m. A must-attend for all board members, property managers, condo and HOA decision makers. Learn about the latest services from more than 180 exhibitors. Attend educational seminars, network with your peers, and get free advice from industry experts. For information, visit- tampa-expo.com Friday, December 6, 2019 CAI Gold Coast Chapter Annual Holiday Party Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard, 4350 PGA Boulevard, Palm Beach Gardens, FL 6:00 p.m. – 10:00 p.m. Join CAI Gold Coast Chapter for our Annual Holiday Party. Bring a new, unwrapped toy for Toys for Tots. Managers and board members are $50, business partners are $65, and non-members are $75. Register at https:// cai-goldcoast.org/event/holiday-party/. Sponsorship opportunities available. Monday, December 9, 2019 CAI - West Florida Chapter HOA, Condo, and Co-Op Board of Directors Certification Course and Trade Show Grove (Formerly Polo Grill), 10670 Boardwalk Loop, Lakewood Ranch, FL 8:30 a.m. – 11:30 a.m. This event is free for managers, board members, homeowners, CAI members and non-members. Topics to be presented include: condominium and cooperative association operations—statutes, governing documents, and resources; condominium and cooperative association elections—requirements and best practices; financial requirements for condominium and cooperative associations; and competitive bids and contracts for condominiums and cooperative associations. Sponsorship opportunities available as well. To register or inquire, visit www. caiwestflorida.org or call 941-927-1910. Thurs., December 12, 2019 2020 Legal Update Presented by Donna DiMaggio Berger, Esq. Becker & Poliakoff Fort Lauderdale Office, 1 East Broward Blvd., Suite 1800, Fort Lauderdale, FL 9:30 a.m. – 12:00 p.m. In this course, participants will receive a review of the laws passed during the 2019 Legislative Session impacting condominiums, cooperatives, homeowner associations, time- shares, and the community association man- agement profession. It is designed to provide board members and community association managers with a working knowledge of the changes to the law to assist them in ensuring compliance within their community associa- tions. Light refreshments will be provided. This class is complementary, but seating is limited. Registration is required. Visit www.floridacondohoalawblog.com/classes/ to register. CAL EN D AR December 2019 4 THE WESTERN FLORIDA COOPERATOR —EXPO 2019 FLCOOPERATOR.COM PULSE/CALENDAR