Broward County and its economy are enjoying good times. Development is on the rise, companies are moving here (like our recent deal with Polenghi Group) and other companies are expanding here, such as retailers Hobby Lobby, Whole Foods Market and Trader’s Joe’s. When “luxury” and non-essential retail grows in a region, it is a sure sign in the rise of personal disposable income.
The median household income for Broward County families from 2006-2010 (most recent period of data collection) was $51,694, compared with $47,661 for all of Florida and $43,605 for Miami-Dade County. Palm Beach County had the highest median household income, at $53,242, according to American Community Survey.
Meanwhile, Broward County’s population grew by 6.9 percent from 2010 to 2014 (U.S. Census Bureau) and now stands at roughly 1.9 million residents. And we’re not just adding people, we are adding jobs. The county’s unemployment rate is currently 4.8 percent compared with 5.4 percent from a year ago.
Two of the largest developments that are getting set to begin are The Manor@Flagler Village in Fort Lauderdale and Dania Pointe in Dania Beach.
Manor@Flagler Village (rendering is shown here) will be a mixed-use project with 382 upscale apartments and 22,476 square feet of retail. Related Group is the developer and their target audience for the project are millennials.
Dania Pointe has been years in the making and is huge, encompassing some 100 acres of land with 1,000 linear feet fronting I-95. Plans call for a regional open-air mall plus about 500,000 square feet of retail, office and residential space. Local folks will recall that some of the land was formerly occupied by Boomers, a family entertainment center and go-cart complex, and Dania Beach Hurricane, a wooden roller coaster that shut down in 2011. The development team is comprised of Kimco Realty, Robert Shapiro’s Master Development and Terry Salzman’s Salzman Real Estate Advisors. The project is slated to be built in phases and probably will not be complete until sometime in 2018.
Morris Southeast Group
Contact: Gary Marsh at 415.453.7045 or firstname.lastname@example.org
Morris Southeast Group Represents Italian Lemon Juice Maker Polenghi USA Inc. Select North American Headquarters in Deerfield Beach
Weston, FL; July 1, 2015 – President Ken Morris, SIOR, RPA of Morris Southeast Group announced that he represented Polenghi USA Inc. in their lease of 24,047 square feet of industrial space located at 720 Powerline Road in Deerfield Beach, FL.
The Milan, Italy subsidiary of Polenghi Group (www.polenghigroup.it) is in the process of converting a vacant warehouse building into a lemon juice bottling plant. Over the next few months Polenghi will be importing hundreds of thousands of dollars of Italian bottling equipment to outfit its new facility for production. The lemon specialists plan to initially import about 25,000 liters of lemon juice weekly from Italy, and the plant is scheduled to begin operations in late summer or early fall, said Morris.
Morris was referred to Polenghi by the Greater Fort Lauderdale Alliance, the primary economic development organization for Greater Fort Lauderdale/Broward County. The Alliance focuses on creating, attracting, expanding and retaining jobs and capital investment in a multitude of industries. Morris has been a member of the Alliance since 2010 and the new Polenghi facility in Deerfield Beach is expected to employ approximately 17 workers.
Morris reports that the company considered California and Central Florida near Orlando before selecting Broward County for its North American headquarters.
Polenghi’s facility is in the Quiet Waters Business Park just east of the Sawgrass Expressway with direct access to I-95 and the Turnpike. The Class A building is one of several in the business park, all of which feature 24-foot clear height with dock high rear loading. Tony Hoover with CBRE represented Quiet Waters in the long-term lease. Financial terms were not disclosed.
“The property is the right footprint for Polenghi’s business and I am very pleased that the Greater Fort Lauderdale Alliance was effective at recruiting the company to South Florida. Broward County is a great place for business and I am confident that Polenghi will find this to be true,” said Morris.
For over 40 years founder Giancarlo Polenghi has run the lemon juice business that also specializes in lemon-flavored cooking products, sorbets and aerosol-based flavorings. The company exports its products in over 50 countries worldwide.
In the second quarter, Morris has leased over 75,000 square feet of space and sold a 45,000-square-foot building.
About Morris Southeast Group
For more than 35 years, Morris Southeast Group has been recognized as one of South Florida’s leading providers of commercial real estate services. Located in Weston FL, Morris Southeast Group is a full-service firm specializing in owner and tenant representation, corporate services and investment sales in the office, industrial and retail sectors throughout Miami-Dade, Broward and Palm Beach Counties.
For more information contact President Ken Morris at (954) 474-1776 or visit www.morrissegroup.com.