Votes Matter in Palm Beach County!

By staff writer

March 2019

Credit: Bruce R. Bennett / The Palm Beach Post

Residents of Palm Beach County turned out by the thousands to recent municipal elections, which resulted in re-elections, new faces, and even a couple runoffs for the mayors of Palm Beach County.

It was quite the day for the mayoral incumbents of Palm Beach County, as three of them were reelected. Boynton Beach’s mayor Steven B. Grant won quite convincingly, garnering more than 62% of the vote within his city. “My vision for Boynton Beach is a family-friendly farming and fishing city. When Henry Flagler built the train station back in the 1920s, that’s what this city was. We’re trying to adopt a version of that designed for the 21st century,” Mayor Grant told Invest: Palm Beach when he sat down with us late last year to discuss his vision for Boynton. Now he has a second term to see it fulfilled.

Another landslide victory belonged to Pahokee’s returning mayor, Keith W. Babb, Jr., who managed to grab more than 50% of his city’s vote. Mayor Babb, Jr., will be serving his second term as the city’s mayor, and he has been in loyal service to the city of Pahokee for almost 30 years, serving in myriad government positions.

Not all of the mayoral incumbents won by large margins, however. The race for Jupiter’s mayor came down a mere 400 votes that swung in the favor of incumbent mayor Todd Wodraska. “With some of the land that we set aside for bioscience, we’re ready to have a large employer locate its headquarters here or else establish a second headquarters,” Mayor Wodraska explained to Invest: Palm Beach earlier this year.

While there are quite a few returning faces, West Palm Beach will be swearing in their new mayor, Keith A. James, on April 4. Mr. James is a Harvard graduate who was recently the president of West Palm Beach’s City Commission. The new mayor will be hoping to use all of his experience to keep guiding West Palm Beach in the right economic direction.

Perhaps the most intriguing outcome from the election is the upcoming runoff for the mayoral position in Riviera Beach. Neither the five-time incumbent Thomas Masters nor the newcomer Ronnie Felder were able to attract more than 50% of the vote, and thus a runoff will held on March 26th. Invest: Palm Beach will be keeping a close watch on this race, as it’s sure to be a big topic of conversation throughout Palm Beach County in coming weeks.

For more information on our interviewees and mayoral candidates, visit:

https://www.wpbf.com/article/runoff-in-race-for-riviera-beach-mayor/26804592

https://www.keithjamesformayor.com/about-keith/

https://www.palmbeachpost.com/news/20190312/final-results-in-palm-beach-countys-march-12-elections

https://stevenbgrant.com/

http://www.cityofpahokee.com/Pages/PahokeeFL_Commission/mayor

https://www.jupiter.fl.us/directory.aspx?EID=91

 

A City in Development

By staff writer

March 2019

Construction and development is nothing new for Palm Beach County residents, and for those residing in Delray Beach the development of their city has become par for the course. With over $950 million in construction permits filed last year alone, Delray Beach is on the cusp of a developmental renaissance.

“We have a few developments in the works,” Delray Beach Mayor Shelly Petrolia told our Invest: Palm Beach team when she sat down with us earlier this year. “One of the largest and arguably most important is West Atlantic Avenue. We have had three blocks in our CRA District that have gone out to bid, and we are just to the point where we are getting those bids back. This is an area that has not been graced with the same activity as the rest of the city, so we are working hard to bring it up to speed.”

The city has come a long way since its humble beginnings as a sleepy farming community in the late 1800s. Since being incorporated as the City of Delray Beach in 1927, the area has grown into a hotspot destination for tourists and residents alike looking for a lively, cultural beach spot without the “hustle and bustle” of South Beach. For Delray Beach, development is a necessary step towards being able to accommodate and improve the lifestyle of its population, which has only seen a steady increase since 2010.  

It’s not just Atlantic Avenue that Delray Beach is focusing on; in fact, there are multiple areas of this city of 68,000 residents that will be seeing more development. “Congress Avenue is another area that we are trying to ignite,” Mayor Petrolia told Invest:. “There are plans for a mixed-use development in that area with over 1,000 residential units. The property is an old Office Depot that is over 40 acres, and we expect it to bring a lot of activity to that part of the city. It is a very large piece of land.”

The hope for all of this construction and development isn’t just to improve the lives of the residents of Delray Beach but also to bring in and support Delray’s biggest economic sector: tourism. It should come as no surprise that this vibrant and scenic beach town is a large draw for tourists, and with over 100 million visitors traveling to Florida every year and 7.9 million in Palm Beach County alone in 2018, Delray Beach is making sure it is a destination of choice.

“Hospitality is booming right now,” Mayor Petrolia continued. “We have new hotels coming in like Kolter Hotel, the Ray Hotel and ALoft. Our market is demanding more rooms. There have been a few more proposals, so we are in the process of seeing which ones will be approved. As a city, we are working to make sure that we have the space to house those who are visiting, whether for vacation or business. Tourism is a driver for us, so we want to make sure that we have top options for people who are choosing Delray Beach.”

While development and construction can carry with it some negatives, like congested roadways and inconvenience for residents, the City of Delray Beach knows that it is a necessity in achieving the ultimate goal: becoming the best version of itself for 2019 and the foreseeable future!

For more information on our interviewee and the City of Delray Beach, visit http://www.visitdelraybeach.org/

 

Unprecedented Opportunity

By staff writer

February 2019

With foreign investment slowing and residential real estate values in Palm Beach County outpacing the region, investors, first and second homebuyers and young professionals are flocking to Palm Beach to snap up unprecedented opportunities in one of the nation’s most in-demand markets.

A 2018 South Florida Business Journal analysis of the region found that 10 of the 25 zip codes with the fastest double-digit percentage price growth were all located in Palm Beach County. Meanwhile, an analysis of Multiple Listing Service data found Palm Beach County luxury condominium home sales jumped 28 percent in December 2018 as $1-million-and-up homebuyers continued selecting Palm Beach’s incredible live, work, play lifestyle.

In December 2018 the median sale price of a single-family home in south Palm Beach County, where many of those fast-growing zip codes are located, rose 10.9 percent compared to the previous month and 8.6 percent year-over-year. The area has long boasted miles of pristine white sand beaches, luxury shopping, new construction and top-notch schools.

“We are seeing trends surrounding millennials and young professionals here in the region,” Chris Heine, Jr., president of Chris Allen Realty, told Invest: Palm Beach when he sat down with our team in December. “Young professionals in their late 20s and early 30s are renting luxury condos and buying million-dollar homes. This is something that we were not seeing a few years ago. As the Palm Beach business market grows, we are attracting younger professionals who are looking for their first homes and making investments in beautiful properties.”

The total number of year-over-year sales in December 2018 fell by 10.3 percent, which was attributed to a lack of inventory at lower price points. Helping to drive that trend was the fact that the average commitment rate for a 30-year conventional fixed-rate mortgage decreased from 4.87 percent in November to 4.64 percent in December, according to Freddie Mac. As such, it’s not only the Palm Beach lifestyle that new and second home owners are looking for but also the investment opportunity given an ongoing — though perhaps limited — low interest rate environment and current price growth trends.

“We’re seeing a movement of capital to Palm Beach,” Lee Smalley, managing director of BBG, told Invest:. “Yields and cap rate compression in South Florida are becoming tighter. Investors looking for a good rate of return are moving north of Broward and Miami-Dade counties.”

The positive investment and buying climate all point to a shrinking pool of opportunities until a wave of new inventory hits the market in 2019. The remnants of the now more-than-decade-old real estate crisis have vanished, with short-sale transactions decreasing 57.1 percent in December 2018 from 21 to nine. At the same time, cash transactions comprised 44.5 percent of all closed sales in Palm Beach in December 2018, up from 44.9 percent in 2017. Palm Beach cash transactions are more than double the nation’s average of 22 percent.

“We’re seeing a lot of domestic buyers come to the market here,” Ari Albinder, owner of Mizner Grande Realty, told Invest:. “We’re helping these individuals find a new primary residence or second and third homes. We specialize in waterfront homes, oceanfront estates, country clubs communities, condominiums and brand-new construction.”

There’s no question that Palm Beach County real estate is hot, and savvy investors from across the nation and from a younger demographic are taking note. Invest: Palm Beach will be keeping a close eye on these trends as we move into 2019.

For more information on our interviewees, visit their websites:
Chris Allen Realty: https://www.chrisallenrealestate.com/
BBG:
https://bbgres.com/location/miami/
Mizner Grande Realty: http://www.miznergranderealty.com/

 

 

A Prosperous Future

By staff writer

January 2019

Jupiter, Florida, is the northernmost town in Palm Beach County. The area was originally named for the Hobe tribe who lived at the mouth of the Loxahatchee River, but a sequence of mapmaker misunderstandings and mis-transcriptions led to the adoption of the name Jupiter, after the Roman god. Today, Jupiter is perhaps best known for its golfing community and the iconic red-brick Jupiter Inlet Lighthouse, built in 1860. However, the sands are beginning to shift as Jupiter, and the entire Palm Beach North region, tout the advantages of living and doing business on “Florida’s Prosperity Coast.”

Invest: Palm Beach recently sat down with Todd Wodraska, mayor of the Town of Jupiter, to talk about how Jupiter and the northern part of the county are changing.

When they think of Jupiter, most people think of the golfing community,” Wodraska told Invest:. “We’re trying to create a more significant experience on our waterfront. Over the past decade, we’ve had incredible success with making our waterfront accessible to the public. We created the Jupiter Riverwalk concept — a two-and-a-half-mile stretch of public access where people can enjoy the waterfront via a pathway that runs through residential, commercial and natural areas. We also have great waterfront places to dine. We’ve tried to make sure that our natural resources are enjoyed by everybody and not just walled off by condominiums and gated communities.”

In addition to ensuring access to the waterfront for everyone, Jupiter is also setting its sights on attracting a large employer. “We’re primed and ready for the bioscience sector and the biotech spin-offs of Scripps,” Wodraska said. “Since Scripps came online, the Jupiter Medical Center has matured from a regional hospital into a powerhouse player on the healthcare front. By partnering with Scripps, the Jupiter Medical Center has blossomed into this fantastic healthcare facility. With some of the land that we set aside for bioscience, we’re ready to have a large employer locate its headquarters, or second headquarters, in the state of Florida.”

Jupiter is one of Palm Beach North’s 10 municipalities that, along with unincorporated areas, are home to nearly 200,000 residents and a diverse mix of large and small businesses. In a recent conversation Beth Kigel, president and CEO of the Palm Beach North Chamber of Commerce, told Invest: about how the entire region is working together to attract business and preserve quality of life.

“Our shared purpose is to foster partnerships to ensure that Palm Beach North is Florida’s Prosperity Coast,” Kigel said. “‘Florida’s Prosperity Coast’ is a moniker that has been given to Palm Beach North, and it really fits who we are. Our average household income is higher than Florida’s average. 40 percent of our population has a bachelor’s degree, and we are becoming a tech hub and a great place for businesses to locate.”

While the Town of Jupiter and northern Palm Beach County certainly have plenty of sunshine, beaches and golf to offer residents and visitors alike, the region is turning to smart development, incentive programs and innovative partnerships in order to ensure a prosperous future for Florida’s Prosperity Coast. Invest: Palm Beach is excited to see what’s in store for Palm Beach North in 2019 and beyond!

For more information on our interviewees, visit their websites:

Town of Jupiter: https://www.jupiter.fl.us/

Palm Beach North Chamber of Commerce: http://www.pbnchamber.com/

A 21st-Century Vision

By staff writer

January 2019 – 2 min. read

 From the moment former Civil War Major Nathan Boynton laid eyes on the more than 12 acres of sunny, pristine beaches that would later bear his name, Boynton Beach has been a vision.

Beginning with the hotel Boynton built in 1895 as an escape from harsh Michigan winters, through the city’s years as a thriving farming community connected to the country by the Florida East Coast Railroad and later through its evolution into the third-largest municipality in Palm Beach County, Boynton Beach has shown both its resilience and adaptability. The city has weathered the rise and fall of the dairy industry, widespread damage from Hurricane Wilma in 2005 and more than its share of gang-related violence but is heading into 2019 led by a young mayor with his own vision for this community built on sunshine and sand.

And it’s a vision that will take Boynton Beach back to its roots.

“My vision for Boynton Beach is a family-friendly farming and fishing city,” Mayor Steven Grant told Invest: Palm Beach when he sat down with our team in December. “When Henry Flagler built the train station back in the 1920s, that’s what this city was. We’re trying to adopt a version of that designed for the 21st century.”

Part of this vision is the $500 makeover that will transform the city by turning its east end into a walkable and vibrant downtown area. Projects in this massive revitalization broke ground in 2018, and the entire effort is expected to be complete by September 2019. In addition to the four-block Town Square — which will feature a new city hall, library, playground, fire station, parks, amphitheater and parking garage — mixed-use developments like the eight-story Ocean One and the 371-unit Villages at East Ocean Avenue will bring both residential and retail space.

“We have a great retail base here,” Mayor Grant said. “But we’re going to have to start redeveloping that retail presence for the 21st century. Sears, ToysRUs and Sports Authority have all recently closed. We have a lot of the big-box retailers that will need to find a new market or model, and I feel there is a great opportunity now to transform those retail spaces for mixed-use, modern applications, whether it’s co-working spaces or incubators.”

The hope is that moving toward a pedestrian-friendly downtown center with sleek, modern shops and amenities will encourage both residents and visitors alike to spend time in Boynton Beach, sparking economic growth and at the same time instilling a larger sense of community.  “We’re embracing new technology in Boynton Beach to make sure that we’re connecting and working with our residents while we all strive to develop as a community and an economy,” Mayor Grant told Invest:.

With three leaders under the age of 35 (Grant, Commissioner Christina Romelus and Commissioner Justin Katz) forming a three-to-five majority on the Boynton Beach Commission, it seems the long-awaited redevelopment of Boynton Beach is getting the youthful injection it needed. Invest: Palm Beach will be keeping a close eye on Boynton Beach’s transformation in 2019!

For more information on our interviewee and the City of Boynton Beach, visit https://www.boynton-beach.org/.

Midterm Madness

By staff writer
November 8, 2018 – 2 min. read

Tuesday’s midterm elections attracted record numbers of voters, with estimates putting the count at 113 million. This historic turnout brought 110 female winners, the country’s first openly gay governor and more than 30 flipped seats in Congress, but it also underscored the deep and often contentious divide facing our nation. Capital Analytics has been keeping a close eye on the results, particularly those affecting our markets in Florida, Georgia and Pennsylvania.

One of the biggest takeaways is the Democrats regaining control of the House, surpassing the 23 seats necessary for majority rule by more than 10. In Florida, former University of Miami president Donna Shalala won the 27th District previously held by Republican representative Ileana Ros-Lehtinen, edging out Republican opponent Maria Elvira Salazar. Democrat Debbie Mucarsel-Powell also won over Republican Carlos Curbelo in Florida’s 26th District. Pennsylvania saw three seats flipped by Democrats Mary Scanlon in the 5th District, Conor Lamb in the 17th District and Chrissy Houlahan in the 6th District.

Two congressional races in Georgia remained too close to call Wednesday evening, the first in the 6th District, where Republican Karen Handel is seeking reelection but trailed Democrat Lucy McBath 49.55 percent to 50.45 percent. In the 7th District, Republican Rob Woodall and Democrat Carolyn Bourdeaux were in a similar position, with Woodhall holding a slight lead of 50.23 percent over Bourdeaux’s 49.77 percent. Georgia law requires a recount if the final vote margin is 1 percent or less, according to the Associated Press. Both campaigns are waiting for absentee ballots to be counted in hopes of naming a clear winner.

Though the House succumbed to the “blue wave,” the GOP not only retained control of the Senate but also bolstered it with a number of key victories in states like Indiana, North Dakota and Missouri. In Florida, the hotly contested race between Republican former governor Rick Scott and incumbent Democrat Bill Nelson is heading for automatic recount. According to unofficial returns posted on Wednesday by the state Division of Elections, Scott held a 30,239-vote lead out of 8.1 million ballots cast — a difference of just .38 percent. In Florida, if the margin in a race is less than .5 percent, a recount is automatically triggered. The Senate race might not be the only one to move to recount, either. Florida’s agriculture commissioner contest between Republican Matt Caldwell and Democrat Nikki Fried is even tighter, with Caldwell carrying a slim .16 percent lead on Wednesday evening.

While Tom Wolf comfortably won reelection in Pennsylvania, the Florida and Georgia governor’s races were much more hotly contested. In Florida, Democrat Andrew Gillum conceded to Republican opponent Ron DeSantis early on Wednesday, but by late Wednesday DeSantis’s lead had narrowed to a margin of just .57 percent. However, this still remained outside of the .5 percent margin that requires a recount under Florida law. Votes were still being counted on Thursday morning, and if the margin falls below .5 percent, a recount will be triggered.

Georgia’s gubernatorial race is even closer, with Democrat Stacey Abrams refusing to concede to Georgia Secretary of State Brian Kemp (R) and vowing to “fight for every vote.” While Kemp’s campaign declared victory to reporters on Wednesday evening, the Abrams campaign readied its legal team to challenge the election results. A runoff, if it comes to that, would be held on December 4.

Even as heated battles underscored the increasingly polarized nature of U.S. politics, culminating in a divided Congress, the 2018 midterms marked a new high for women taking seats in the chamber, with 98 women projected to win in the House and 12 in the Senate. Even more notable is the fact that 34 of these women are newly elected members of Congress. This “pink wave” includes 29-year-old Alexandria Ocasio-Cortez, the youngest woman in history to take a seat in Congress, serving New York’s 14th District. In Pennsylvania, a record-breaking four women are projected to win seats in the House. This is particularly momentous considering not a single woman currently represents the state in the House. Women are also projected to win in nine gubernatorial races (not counting Stacey Abrams, who is still vying to become the country’s first female African-American governor).

In addition to the inroads made by women, there has also been a noticeable push for diversity in public office. Two Muslim women and two Native American women will take seats in Congress, and Colorado’s Jared Polis (D) will become the country’s first openly gay governor. Overall, more than 100 LGBTQ candidates claimed victory on Tuesday night, indicating changing attitudes toward how voters think about both LGBTQ candidates and rights. Exit polls suggest that voter diversity also hit all-time highs for midterm elections, with the non-white vote estimated at 28 percent. (For perspective, in 1990 non-white voters accounted for just 9 percent of the vote.)

While some races remain too close to call and others were resounding losses or victories, depending on which side of the party line you walk, the fact that so many people showed up to vote is something all parties can be proud of. We’ll be keeping an eye on the tight races in Florida and Georgia and looking forward to what’s in store in 2020.

 

Capital Analytics Spotlights Palm Beach as a Premier Business Destination

Invest: Palm Beach to highlight economic opportunities in the region

November 1, 2018
FOR IMMEDIATE RELEASE

PALM BEACH, FL — Following the resounding success of its South Florida annual business guides, Invest: Miami and Invest: Greater Fort Lauderdale, Capital Analytics is setting its sights a few miles up the coast to launch Invest: Palm Beach in 2019. Innovation is a focal point for the inaugural report of Palm Beach, the first of an annual series that will underline and assess key issues and opportunities in the Palm Beach market.

Invest: Palm Beach will feature insights gleaned from one-on-one, in-person discussions with over 200 C-level executives, tackling the high-impact stories unfolding in the Palm Beach business community, including the area’s emergence as a healthcare hub, its strong real estate market and a growing workforce bolstered by an entrepreneurial spirit. The report will cover all of the main sectors of the Palm Beach economy, such as healthcare, education, marine, real estate, technology, banking and finance, tourism, manufacturing, trade, aviation and transportation.

“Palm Beach is a natural extension for our Florida division,” said Abby Melone, president of Capital Analytics.  “A new focus on Palm Beach will give our readers the full picture of South Florida. It’s an ideal      location for us to encourage international investment. The continued growth of opportunities in the Palm Beach market make it an ideal place for the company’s newest operation.”

The production of Invest: Palm Beach is underway as the Capital Analytics team has already connected with many high-profile industry leaders in the area. It will be the first and most comprehensive report on the region’s dynamic business climate. Currently in its fifth year of publishing the well-read and highly praised Invest: Miami, Capital Analytics has begun to expand into markets both in and outside of its home state of Florida.

“Palm Beach is an exciting place to be right now. We’re seeing record highs in investment, the real estate market is booming and population growth and manufacturing are up. Invest: Palm Beach will keep that momentum going by giving the region’s top executives in all of the major sectors a forum to let the world know why Palm Beach is such a great place to do business,” said Jaime Muehl, managing editor of Capital Analytics.

With the report expected to launch in the spring of 2019, a number of key players in the Palm Beach business community have already expressed their praise and excitement to be included.

The team will be led by Executive Director Yulia Yurevich-Paranchuk and Editorial Manager Jordan Blumetti. Yurevich-Paranchuk brings with her an extensive background in real estate and business development, while Blumetti, a skilled writer and journalist, will oversee the composition of the guide on the ground. This powerhouse duo is excited to create a high-quality report that showcases Palm Beach’s prosperity.

For more information contact
Jaime Muehl
Managing Editor
contact@capitalaa.com
TEL: 305-523-9708, ext. 230