Florida lawmakers closed out their session with another expansion of the developer-friendly Live Local Act.
Lawmakers approved a measure that allows developers to build Live Local projects on land owned by counties, municipalities and school districts, as long as the sites are in their respective jurisdictions and that the property owner co-files project applications with the developers. It also extends the workforce housing law to properties of more than 3 acres that are owned by religious institutions and home to a house of worship for at least a decade.
Sen. Alexis Calatayud and Rep. Mike Redondo, both Republicans representing Miami-Dade County, sponsored the latest bill, which now heads to Gov. Ron DeSantis’ desk for his signature.
Live Local, which was signed into law in 2023, incentivizes multifamily developers to set aside at least 40 percent of their units to households earning up to 120 percent of the area median income. It currently applies to commercial, industrial and mixed-use sites. These incentives include added density, height and property tax breaks.
Lawmakers decided against a clause that would have made it easier to build accessory dwelling units in single-family neighborhoods.
Legislators didn’t stop there. They also extended the property tax abatement so that it will go into effect once a developer secures a building permit, which could help developers finance their projects. The law currently offers property tax relief ranging from 75 percent to 100 percent once a project is completed.
Notably, after months of debate and a series of proposals, the legislature did not pass any property tax relief. DeSantis has said that it will be taken up at a special session.
What we’re thinking about: As President Trump puts pressure on Cuba, what would a regime change mean for the nearly 6,000 U.S. companies and individuals with claims on an estimated $9 billion worth of property in Cuba? Send me a note at [email protected].
CLOSING TIME
Residential: Ex-Starbucks CEO Howard Schultz closed on the purchase of a penthouse at the Four Seasons Residences at the Surf Club at 9111 Collins Avenue in Surfside for $44 million. Stockbridge Holdings paid $18 million for the pad in 2018.
Commercial: An 11-building industrial complex at 3435-3699 Northwest 19th Street and 1814-1896 Northwest 38th Avenue in Broward County sold for $81.5 million. Birmingham, Alabama-based Harbert Management sold the nearly 360,000-square-foot campus to Wakefield, Massachusetts-based Northbridge.
— Research by Mary Diduch
NEW TO THE MARKET
The Tuscan-inspired waterfront estate at 9401 Journey’s End Road in Coral Gables returned to the market for $75 million. The 2.1-acre peninsula property includes a nearly 14,000-square-foot mansion with seven bedrooms, eight bathrooms, two half-baths, a movie theater, spa, pool, cabana and guest/staff quarters, according to the listing. The home is on the market with Ralph Arias of One Sotheby’s International Realty. Raúl Alarcón, chairman and CEO of Spanish Broadcasting System, owns the property.
A thing we’ve learned
Half of the 1.5 million vacant homes in Florida are seasonal or vacation properties, which could help explain why full-time residents can’t afford to live in the state.
Elsewhere in Florida
- Gov. Ron DeSantis appointed Andrew Sheeran, a top health agency lawyer, as a Tallahassee circuit judge. Sheeran played a central role in crafting a controversial Medicaid settlement tied to the Hope Florida Foundation that’s now under criminal investigation, the Miami Herald reports.
- Miami-based Southern Glazer’s Wine & Spirits is expanding through acquisitions and partnerships, even as it reduces its workforce by just over 1 percent. The expansion plan includes a deal to buy Clare Rose Inc. and an extended distribution agreement with Pernod Ricard USA, according to the South Florida Business Journal.
- Florida Democrats are trying to flip the Palm Beach state House district that includes Mar-a-Lago, which could test President Donald Trump’s influence on his home turf ahead of the midterms, Politico reports.
- Fort Lauderdale police have made 38 spring break-related arrests and issued more than 1,000 citations tied to spring break, many along Fort Lauderdale Beach Boulevard, according to NBC Miami.
