What’s Up In The Real Estate Market…

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Rosemurgy Properties sells former Macaroni Grill building

Cocozella LLC, an entity owned by Boca Raton headquartered Rosemurgy Properties, recently sold a 6,560-square-foot building that formerly housed Macaroni Grill.

The building located at 2004 NW Executive Center Court was purchased by Hillstone Restaurant Group of Beverly Hills, CA for $9.35 million. Hillstone Restaurant Group operates Houston’s Restaurant in Boca.

Rosemurgy Properties purchased the building in 2010 for $3.4 million.

“It was a great opportunity for us to sell the property to a best-in-class restauranteur in the Hillstone Restaurant Group,” said Alex Rosemurgy, CEO, Rosemurgy Properties. “They have a proven track record with the quality that Houston’s provides, and we are excited for them to bring another great dining experience to the Boca Raton community.  We were pleased to complete a real estate transaction where everyone benefits.”

Boca real estate office lands Orlando property

Barbara Loren, broker at Berkshire Hathaway’s real estate office in Boca Raton has landed a $350 million listing.

The property known as Orlando Kingdom is 350 acres and is available for sale as a whole or in 20 acre minimum sections.

Disney owns land on three sides of the property.  Development in the area has surged including projects by Lennar “Storey Grove” consisting of townhomes and estate homes, as well ass DR Horton’s project of 3,000 residences.

A billion dollar strategic road widening of a major expressway in 2016 further enhanced the location with Disney preparing for a west entrance. South of the property is “Flamingo Crossing Village,” a Disney owned mixed-use development has recently broken ground.

“I’ve worked with the private owner for many years and we agree that now is the optimum time to sell,” Loren said.

Local Realtor graduates from Florida Realtors Leadership Academy

Christel Silver, Broker/Owner of Silver International Realty in Delray Beach, recently graduated from the Florida Realtors Leadership Academy.

This rigorous program is designed to train emerging Realtor leaders who want to get involved, make a difference, grow their businesses and expand their leadership skills.

“This program was a great opportunity for forward thinking professionals to discover the inner workings of association management, business development and industry advancement at all levels of real estate,” Silver said.

Research faculty at FAU rank 19th in world for intellectual contributions in real estate

Research faculty at Florida Atlantic University rank 19th in the world for their intellectual contributions to the real estate industry through their publications in top real estate academic journals, according to the Journal of Real Estate Literature.

The Real Estate Academic Leadership (REAL) rankings emphasize contributions to the real estate industry body of knowledge based on author and institution from 2013 to 2017. Rankings are based on the number of publications in the top three peer-reviewed, finance-based real estate journals.

Delray using 3D zoning code application

Delray Beach is entering the digital age when it comes to planning for new development.

The city has teamed up with Miami-based real estate tech startup, Gridics LLC to use its Zonar.City software application. The Zonar.City application is the first interactive digital zoning code program of its kind and is designed to change the way cities manage and interact with their cumbersome zoning needs.

By adopting Zonar.City, Delray Beach will be able to integrate its zoning code into Zonar’s proprietary rules-engine so that all the regulations, variables, property records and parcels can be manipulated and analyzed in real-time on a 3D map interface.

Zonar.City is a cloud-based application capable of integrating any city’s zoning code to deliver immediate as-of-right building scenarios. Once a city’s code is digitized, users can expedite development plan compliance reviews and visually test proposed zoning code changes.

As part of the partnership with Delray Beach, Gridics will work with the city’s planning department to create an online, interactive 3D zoning map. Cities that integrate their code with the Zonar.City platform are newly enabled to easily answer community questions regarding building parameters and can more quickly analyze development plans for compliance to reduce plan review backlogs.

“Zonar’s 3D technology forms an integral part of our efforts to continue enhancing our Central Business District. We can now test zoning code changes in real time and see how new development will affect the overall character and scale,” said Tim Stillings, Director of Planning, Zoning, & Building for the City of Delray Beach. “Zonar makes it easy to manipulate planning and zoning scenarios and see the results graphically saving time and improving communication.”

Founded by three University of Miami graduate students with backgrounds ranging from urban planning and architecture to real estate tech and engineering, Gridics is focused on developing innovative solutions to complex, data-driven problems in the world of real estate.

The team partnered with the City of Miami and some of Miami’s leading real estate developers and architects to uniquely position the software and tune its accuracy before launching the product in late 2017. The City of Miami has since signed a contract with Gridics to use the Zonar.City platform to enhance their zoning and planning operations.

“We’ve solved a complex problem with Zonar that is helping cities large and small convert their written development regulations into a web-based, property-specific 3D visualization tool,” Jason Doyle, CEO of Gridics, said. “We’re excited to partner with a progressive city like Delray Beach that has been setting a strong example for other cities to follow with its planning practices.”