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Interest rates are climbing, but borrowers are tapping home equity in droves

As interest rates climb and salary growth stalls, borrowers are taking cash out against their homes in volumes not seen in over a decade. Close to $14.6 billion was withdrawn from home equity across the country during the third quarter, as more than 80 percent of borrowers chose to take out cash against their homes, according to The Wall Street Journal. However, these figures are still well below rates seen before the financial crisis, when borrowers cashed out over $80 billion for three consecutive quarters in 2006. Homeowners often seek to refinance their homes to retire their previous loans, and cashing out can be used to fund renovations or retire a college debt. The economy’s growth is driving up housing prices, but leaving worker salaries ...

Las Olas in downtown Fort Lauderdale is getting a Publix store under the Greenwise brand

Publix Super Markets will open a grocery store under its organic Greenwise brand at a mixed-use development in downtown Fort Lauderdale. Lakeland-based Publix plans to open the grocery store in 115,000 square feet of pre-leased, ground-floor space at the Main Las Olas development, now under construction A partnership led by Fort Lauderdale-based Stiles Corp. and San Francisco-based Shorenstein Properties LLC is developing Main Las Olas, which will include 357,000 square feet of office space and 341 rental apartments. Stiles acquired the 2.7-acre development site at the intersection of Southeast Third Avenue and Las Olas Boulevard in 2016 for $13.1 million. The Greenwise Market in downtown Fort Lauderdale is scheduled to open in the fall of 2020 at 225 East Las Olas Boulevard. Publix has a ...

NY developer plans 220 age-restricted rentals in Palm Beach Gardens

Plans to build an age-restricted apartment complex in Palm Beach Gardens are pending a proposed rezoning in the up and coming Arcadia Palm Beach Gardens community by RCA Boulevard. Troy, New York-based United Group of Companies plans to build 220 apartments for tenants age 55 and older. United Group wants to build the apartments on the 11-acre site of the Amara Shrine Center at 3650 RCA Boulevard in Palm Beach Gardens. The Palm Beach Gardens City Council is scheduled to vote Dec. 6 on the planned apartment project and a proposal to change the zoning of the development site from commercial to residential. The apartment complex would be called Arcadia Commons and would have one-, two- and three-bedroom apartments. Each apartment would have a washer ...

New bidder emerges for contentious West Atlantic project in Delray Beach

The route on Atlantic Avenue into downtown Delray Beach will soon possibly be redeveloped to expand new residential buildings, restaurants and offices. After 20 years of trying, it appears the time has come for construction to emerge. A controversial developer who once tried to buy the stadium of the National Football League’s Detroit Lions has emerged as a new bidder in the contentious West Atlantic project in Delray Beach. Harold “Sonny” Van Arnem is now one of six bidders seeking to purchase 6 acres at West Atlantic Avenue’s 600 to 800 block from the city, aiming to transform the downtown area into a bustling mixed-use project. Van Arnem entered the bidding when he became the managing principal of Uptown Delray LLC, which was previously led ...

21-story apartment building at CityPlace in downtown West Palm Beach may be built at former Macy’s location

New York-based Related Companies won city approval to build a 21-story apartment building on the site of a five-story building in downtown West Palm Beach that Macy’s formerly occupied. Macy’s vacated the five-story building at Related’s mixed-use CityPlace property in January 2017. The former Macy’s location is now used as a space for art exhibitions. City commissioners approved a resolution allowing a taller structure on the site of the former Macy’s department store in exchange for Related’s agreement to charge below-market rents for 15 percent of the apartments. Related has not submitted a site plan or a construction schedule for the planned apartment building, which is expected to have approximately 300 to 400 apartments. Under its agreement with the city, Related would charge below-market rents ...