DeSantis Signs ‘Live Local Act’ Into Law

By Kerry Smith and Marla Martin

Gov. DeSantis signed SB 102, the broad-based pro-housing bill backed by Florida Realtors, into law on Wed. It “does so many amazing things,” says Pres. Mike McGraw.

NAPLES, Fla. – Gov. Ron DeSantis signed Senate Bill 102, known as the “Live Local Act,” on Wednesday morning. The bill creates a comprehensive, statewide workforce housing strategy to increase affordable, attainable housing options for Florida workers who hope to live in the communities they serve. The governor signed the legislation following a press conference held at Founders Square in Naples.

In 2018 Collier County tax payers voted in the Collier County Infrastructure One Cent Surtax. Of all these funds collected the last few years, $20M was allocated to facilitate land acquisitions for affordable housing projects in Collier County. At the Board of County Commissions meeting on March 28th, the board unanimously adopted the Affordable Housing Advisory Committee’s (AHAC) proposed plan for private land owners and developers to submit their projects to Collier County in effort to utilize these funds to create affordable housing units in Collier County. The Land must be purchased by the County but can utilized the Collier County Community Land Trust (CCCLT) in a JV effort with a 100 year land lease to retain permanent affordable housing in Collier County.  You can watch the full discussion on this matter by CLICKING HERE and click on section 11.F in the agenda below the video. Additional materials can be downloaded from the BCC HERE.

To learn more about the CCCLT and their mission, please see their website at: https://collierclt.org.

For additional information you may contact our Managing Broker of KOVA CG, Todd Sabin who has sserved on the Board of the CCCLT since its inception in 2020. 

Market Update - NAPLES OFFICE

Naples is a midsized office metro that had 54 office sales close over the past 12 months. Annual sales volume has averaged $111 million over the past five years, and the 12-month high in investment volume hit $239 million over that stretch. In the past 12 months specifically, $62.7 million worth of office assets sold. Deals involving 3 Star office buildings propelled that sales volume in the past year, with $40.3 million in transaction volume.

Market pricing, which is derived from the price movement of every office asset in the region, sat at $266/SF during the first quarter of 2023. That figure is an improvement over this time last year, and the price is a large discount to the overall average for the country. The 7.1% market cap rate is only a few basis points lower than last year's number, and it's close to the country's average. 

Office rents in the Naples market were rising at a 2.9% annual rate during the first quarter of 2023, and have posted an average annual gain of 4.2% over the past three years. In addition to 360,000 SF that has delivered over the past three years (a cumulative inventory expansion of 3.7%), there is 130,000 SF currently underway. Vacancies in the metro were somewhat below the 10-year average as of 2023Q1, and trended slightly down over the past four quarters.

Employment in the metro was recently rocketing higher at annual rate of 5.1%, or a gain of about 8,100 jobs. 

Information provided by CoStarTM

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BUSINESS SPOTLIGHT

Todd Sabin of KOVA Commercial Group is pleased to broker an exclusive location for Transcend Capital Advisors at the prominent 821 5^th Avenue South property.

Transcend is an independent wealth management firm founded by Duncan Niederauer, former chief executive officer of the New York Stock Exchange, and a group of partners, including wealth advisor Eric Schwartz. Eric and his team are advising clients from the new 5th Avenue South location. Joining them is managing partner Robert Brown, a long-time resident of Naples and the former president of bonds at Fidelity Investments.

Transcend goes beyond traditional wealth management advice, standard stocks and bonds, to provide unique insights and investments usually unavailable to individual investors.

We welcome Eric and Bob and their team to 5^th Avenue South.

For more information on Transcend Capital Advisors, please visit their website at TranscendCapital.com or on LinkedIn

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9130 Galleria Court | Suite 100 | Naples | FL 34109