What’s In The Real Estate Market

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What’s in the real estate market

Palm Beach County property values increase

The Palm Beach County Property Appraiser’s Office has submitted the preliminary tax roll to the Florida Department of Revenue taxing authorities.Palm Beach County-wide property values have increased 7.34 percent from 2016 to 2017.

“The healthy nature of the increase is partially due to new construction growth in residential high-end condominium properties and commercial and industrial development,” said Property Appraiser Dorothy Jacks, CFA, AAS.

The total market value totals $251,910,372,483 billion and the total taxable value is $176,846,761,549 billion, according to the property appraiser. The number of parcels totals

636,514 and 332,448 have homestead exemptions.

The values are based on the market conditions as of Jan. 1. This is the first of three certifications of value required by law of the Property Appraiser’s Office. A certification occurs in October prior to the mailing of the Nov. 1 tax bill, and a final after all Value Adjustment Board actions are certified.

Boca will see a 7.22 percent increase from $21 billion to $22.5 billion and Delray will see a 9.53 percent increase from $8.8 billion to $9.6 billion, according to the report.

Whelcel partners helps Boca Regional lease first urgent care center in city

With help from Whelchel Partners Real Estate Services, Boca Raton Regional Hospital has leased its first space in Boca Raton for an Urgent Care Center.

Located downtown at 10 E. Palmetto Park Road, the space is 3,600-square feet. The hospital operates another urgent care facility in Deerfield Beach at 3313 W. Hillsboro Blvd.

The office will offer in-office lab services, on-site digital x-ray, EKG equipment along with trained staff and top physicians to meet the needs of all non-life threatening illnesses.

The hospital took out a 10-year-lease on the Boca space, which is located alongside Orange Theory Fitness and R1 Coffee at the retail center on Palmetto Park Road and Dixie Hwy.  All three tenants are open for business.  Additional renovations are expected to the project including painting, new awnings and signage.

Boca Regional’s Urgent Care will be open from 9 a.m. to 9 p.m. with no appointment necessary and walk-ins welcome.

For more information regarding Whelchel Partners, please visit the website at www.whelchelpartners.com or call 561-939-6636.

Delray iPic under construction

Construction on the downtown iPic mo­vie theater began last month.

The project, also known as 4th & 5th Delray, will feature shops, offices and a new 326-space parking garage in addition to the luxury theater.

Local firm Butters Construction & Development is the general contractor on the project, which will generate more than 400 temporary construction jobs.

For more information on this project, visit 4thand5thdelray.com

Boca’s Cushman & Wakefield adds new team member

Boca Raton’s Cushman & Wakefield has added a new employee.

Dominic Delgado has joined the firm as Senior Director and will further expand Cushman & Wakefield’s retail presence in Palm Beach and Broward Counties.

Prior to joining Cushman & Wakefield, Delgado was the Executive Vice President at LDR Partners, a full-service Florida-based real estate firm, where he represented a mix of regional and national developers, REITS and private equity funds. Before joining LDR Partners, Delgado directed new business development and ran regional disposition programs for several national companies’ excess space and assets at SRS Real Estate Partners. Additionally, he worked at KW Property Management as a Community Association Management Coordinator and JCD Investments as the Director of Acquisitions. Delgado also founded, managed and invested in numerous successful start-up companies, including Shady Island Sunglasses and Isola Skincare.

Delray’s ‘Lisa’ building to receive Art Deco look

The downtown Delray Beach building known as the “Lisa Building” will soon be rebuilt to resemble an Art Deco style, one story building for retail shops.

Located at 47 SE 5th Ave., the project will add a 7,249-square-foot building that will house five retail bays and parking spaces in the back. The building will be located close to the iPic project, which is currently under construction.

The Art Deco style was not reminiscent of traditional Art Deco for some commissioners when the project was first presented to the city. So the developer toned down some of the elements, Planning Director for the city Tim Stillings said. Art Deco style is permitted as an architectural style downtown under the city’s design guidelines.

“The style is the same,” he said. “It’s Art Deco. But several of the elements were toned down a bit.”

But they weren’t toned down enough for some of the commission.

“A lot of people glob stuff on buildings with a few Art Deco elements and call it Art Deco,” Mayor Cary Glickstein said. “It’s one of the most simplistic architectural styles. It’s a throwback style. It is very clean. It is not full of adornments.”

Glickstein said the architectural changes weren’t enough for him. Commissioner Shelly Petrolia agreed that the columns on the building didn’t fit in with Art Deco and the downtown.

“The architecture is wrong for this space,” Glickstein said. “It’s a poor representation of Art Deco.”

The city’s site plan review and appearance board, which discusses the architectural guidelines, supported the project.

The rest of the commission supported the project and the developer received the approvals necessary to move forward.