CBD Real Estate Investment LLC

“Buy land where the path exists; where there is no path, buy more land and create your own.” David Waronker

Wire Ranch

Press Release

WIRE RANCH

October 5, 2015

Celebration Florida

Residential developer CBD Real Estate Investment LLC of Celebration Florida announced the acquisition of 24 acres of land located on Highway 3013 (Gall Blvd) in Zephyrhills, Pasco County Florida,

Here, CBD proposes to develop 338 garden apartments in three and four story buildings.  The project will be known as “Wire Ranch.”  CBD has hired Cornelison Engineering of Zephyrhills Florida to engineer and permit the development.  Construction is expected to commence by the second quarter 2016.

With the unprecedented demand for rental housing, Wire Ranch will be another location where East Pasco County residents can move and live in affordable yet luxury housing.  CBD has two other projects currently being permitted in Zephyrhills for rental housing.  The Oaks at Pasco, which will be 224 units on the corner of Simons Road and Eiland Boulevard on the Silver Oaks Golf Course.  And, Pretty Pond Estates, 168 units at the intersection of Wire Road and Pretty Pond Road adjacent to the Publix shopping center,

Wire Ranch Investors LLC, an affiliate of CBD, bought the land on September 15, 2015 from the Purvis family for $966,000 in a cash transaction.

CBD Real Estate is a Celebration based real estate investment, development and building company with additional offices in Arizona and New Jersey.

 

 

Housing Dispute Advances A Judge Appointed A Planner To Help Edgewater Park Meet Its Affordable-housing Quota

Housing Dispute Advances A Judge Appointed A Planner To Help Edgewater Park Meet Its Affordable-housing Quota.

By Jan Hefler, INQUIRER SUBURBAN STAFF

POSTED: January 03, 1999

EDGEWATER PARK — Last year, the township was sued by a developer who contended the community had not provided sufficient zoning for affordable housing, as mandated by state regulations.

Now, the township’s zoning will be scrutinized. Superior Court Judge Ronald Bookbinder has appointed a professional land-use planner to serve as special master to review the township’s zoning plan and to devise a plan on how Edgewater Park should meet its affordable-housing quota of 50 units. The town must pay the planner’s fee, estimated at up to $5,000.

Meanwhile, the lawsuit by CBD Development Inc. of Mount Laurel is still pending. The complaint seeks zoning to build nearly 300 housing units on two vacant tracts.

CBD and township officials said they had agreed on a lower number in recent negotiations. They said they expected to file a plan with the judge this month. CBD lawyer Mark Vittese said the new number was “much less” than what had been proposed, but he would not elaborate. Township Solicitor Thomas Coleman 3d was unavailable for comment; Township Committeeman Robert Dovey said a compromise had been reached.

Art Bernard, former executive director of the state Council On Affordable Housing, was named special master Dec. 15. He was instrumental in formulating the council’s rules and, after leaving the agency, acted as a consultant to communities that have developed housing plans for low- and moderate-income families. Bernard could not be reached for comment.

Dovey said, “Our solicitor went to the judge to ask for a rezoning, but the judge said to wait because he wanted to appoint a special master to review it. We wanted to change the zone where the Irongate Apartments are located, so that it would be designated for senior-citizen housing.”

Less than one-third of the Irongate’s 296 units are occupied. Township officials want the apartments converted into housing for senior citizens and counted toward the town’s affordable-housing quota.

David Waronker, president of the development firm, said the town had ignored its affordable-housing obligations for years. He said he had filed suit because he wanted to develop land he was acquiring.

Waronker initially wanted to build 220 townhouses on a commercial 13-acre property on Route 130 and 70 homes on a six-acre tract on Beverly-Bridgeboro Road. His suit says he would include the state-mandated 50 units of affordable housing.

 

High-rent crisis: Workers can’t afford to live here

High-rent crisis: Workers can’t afford to live here

 DICK HOGAN, DHOGAN@NEWS-PRESS.COM8 a.m. EDT October 1, 2015

 

(Photo: Andrea Stetson/news-press.com)

Population growth, rising land prices and stagnant wages are making Southwest Florida, and around the state, one of the toughest places in the country for renters to make ends meet, according to a study released Thursday.

“Florida has the highest number of renter households in the U.S. paying unaffordable rent, with nearly 1 in 3 renter households in Florida’s top ten metro areas paying at least half of their household income (before taxes) toward rent and utilities,” according to the survey by nonprofit Los Angeles-based Make Room.

Southwest Florida is no exception: 28 percent of the Cape Coral-Fort Myers area’s renters are “severely burdened” by the high cost of renting.
Younger renters are bearing the brunt of the crisis: 6,223 people from 18-34 were severely burdened, compared to only 4,257 ages 50-64.

Statistics released recently by Carrollton, Texas-based ALN Apartment News show how rental prices have escalated: for apartment complexes of 100 or more units in August, the Fort Myers area has an average monthly rental cost of $1,083 – up 14.1 percent from a year earlier.

The market is stretched tight, according to ALN, which tracks rental statistics across the country: this market has an occupancy rate of 96.4 percent, up 0.6 percent over August 2014.

Statistics weren’t available from ALN or Make Room for the Naples area but the crisis there likely is even worse, said Steve Sanderson, executive director of the United Way of Collier County.

“We have many hard-working individuals who I regret to say are just one paycheck away from a major challenge,” he said. “Their car breaks down or a health issue or another issue they have to take care of. And part of the reason is that what they’re spending on housing in our market compared to other places in the country is significantly more. And because of that, they have significantly less money to spend in other areas of their lives.”

United Way is holding a forum and luncheon today at the Hilton Hotel in Naples on the issue of workforce housing in the increasingly pricey county.

 

A whopping 28 percent in Cape Coral-Fort Myers are “severely burdened” by the high cost of renting. The first residents of Colonial Commons are moving in this week. (Photo: Andrea Stetson/news-press.com)

Christopher Westley, director of the Regional Economic Research Institute and professor of economics at Florida Gulf Coast University, said the lack of affordable workforce housing threatens future economic development as employers from out of town eye this area as a potential place to operate.

“One thing recruiters want to know is ‘Can our workers afford to live down there?’ ” he said.

The aftershocks of the recession are also keeping the rental market tight, he said. “I think a lot of people are choosing to rent because they had such a bad experience with the housing market crash and they’re wary of committing” to home ownership.

Connect with: @DickHogan (Twitter) or email dhogan@news-pres

World’s Best Quotes on Real Estate

World’s Best Quotes on Real Estate

Real Estate Quotes

Some days, we really  need a bit of inspiration to help push us along in growing our business and doing great work. Every business, startup or established, can use the lessons and ideas from others to help move forward.

“I have always liked real estate; farm land, pasture land, timber land and city property. I have had experience with all of them. I guess I just naturally like ‘the good Earth,’ the foundation of all our wealth.” ~Jesse H. Jones

“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.” ~Warren Buffett

“What we call real estate – the solid ground to build a house on – is the broad foundation on which nearly all the guilt of this world rests.” ~Nathaniel Hawthorne

“A man complained that on his way home to dinner he had every day to pass through that long field of his neighbour’s.  I advised him to buy it, and it would never seem long again.” ~Ralph Waldo Emerson

“I would give a thousand furlongs of sea for an acre of barren ground.” ~William Shakespeare 

“Next to the writer of real estate advertisements, the autobiographer is the most suspect of prose artists.” ~Donal Henahan

“The small landholders are the most precious part of a state.” ~Thomas Jefferson, American President 

“Buy land, they’re not making it anymore.” ~Mark Twain, Author and Humorist  

“He that tilleth his land shall be satisfied with bread: but he that followeth vain persons is void of understanding.” ~The Book Proverbs 12 vs. 11

 

It’s tangible, it’s solid, and it’s beautiful. It’s artistic from my standpoint, and I just love real estate.
Donald Trump

I just bought a small condo overlooking the water. The water is in a cup, one floor below my unit.
Jarod Kintz

Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.
Franklin D Roosevelt

The best investment on earth is earth.
Louis Glickman

Real estate is the best investment on earth, however, when the music stops playing, which happens occasionally, don’t be the one left without a chair.
Steven Ivy

My own recipe for world peace is a bit of land for everyone.
Gladys Taber

Don’t wait to buy real estate, buy real estate and wait.
T Harv Eker

Buy real estate in areas where the path exists and buy more real estate where there is no path, but you can create your own.
David Waronker

Find out where the people are going and buy the land before they get there.
William Penn Adair

If you circle above Central Park at night in a helicopter, you’re looking down at the most expensive real estate in the world. It’s the American Monopoly board.
Ridley Scott

Cinnaminson Is Searching For Space For More Housing The State Is Requiring It To Provide 351 Affordable Units. But There Are Few Suitable Sites Left To Develop.

Cinnaminson Is Searching For Space For More Housing The State Is Requiring It To Provide 351 Affordable Units. But There Are Few Suitable Sites Left To Develop.

By Karen Auerbach, INQUIRER CORRESPONDENT

Posted: October 27, 1996

CINNAMINSON — When John Hunter’s ancestors purchased land here 16 years before America gained its independence from Britain, their farm stretched over 1,000 acres, sprawling across the borders of three future towns.

More than two centuries later, Hunter and his family grow sweet corn and sweet potatoes on 115 acres that are practically boxed in by industry and housing developments.

Years ago, developers approached the Hunters about purchasing their land. They said no, and eventually, the inquiries petered out. The family still has no intention of selling, said Barbara Hunter, John’s wife.

“This is more than a family farm; it’s a tradition, it’s a heritage,” she said.

As Cinnaminson struggles to provide affordable housing, however, its waterfront and the few remaining farms – the last ties to the town’s rural past – are virtually the only undeveloped spaces.

With Burlington County Superior Court reviewing Cinnaminson’s zoning laws as a result of lawsuits by two developers, Cinnaminson officials are looking at the township’s undeveloped land to determine where state-mandated affordable housing can be built.

Cinnaminson has no apartment complexes or single-family housing for low- to moderate-income families.

The township Planning Board this month gave the court its preliminary recommendations for a fair-share plan, which will determine how the township fulfills its state requirement of 351 affordable-housing units.

The recommendations identify six large sites and 11 smaller ones where the township could permit development of affordable housing. Among the properties are the Hunters’ farm and the Armstrong farm on the township’s Moorestown border, plus two Delaware River waterfront properties owned by the developers whose lawsuits forced the township to draft the plan.

CBD Development Inc., general partner in Harbour Reef Ventures, sued the township in May, alleging that the Planning Board evaded affordable-housing laws by rejecting the developer’s plans to build a 117-unit complex near River Road and Taylors Lane. Justin Spain, a Cinnaminson real estate agent, has been trying to develop the land for years. He sold the land to CBD about four years ago, but is a partner in Harbour Reef Ventures.

The Planning Board rejected CBD’s Harbour Reef application in April, after residents opposed it because of environmental concerns.

The dispute was not about affordable housing, residents and township officials say. But because Cinnaminson did not have an affordable-housing plan, CBD was able to sue the township based on the state Supreme Court’s 1983 Mount Laurel II decision, which provided developers with legal redress for restrictive zoning.

A second developer, Cresmont Limited Partnership, filed a similar lawsuit in June against the township. Cresmont never formally applied to the Planning Board for its proposed 579-unit Harbour View waterfront development on River Road, although it presented its plans to the Township Committee earlier this year, said Leo Holt, a principal partner in Cresmont and son of Delaware River waterfront entrepreneur Thomas Holt.

Cresmont’s suit also claims that the zoning ordinances kept out affordable housing.

CBD’s lawsuit claims that “Cinnaminson has affirmatively excluded most low- and moderate-income families and larger families from renting and/or owning residential units within the township.”

To allow for affordable housing in Cinnaminson, the township must change the zoning of various areas to permit residential development. The two waterfront sites already allow for that, but David Waronker, president of CBD Development, said other restrictions that prevent the construction of affordable housing prompted him to sue the township.

Of the total number of units in both developments under the original plans, 73 were to be affordable housing.

Even with those complexes, however, the township would be hundreds of units short of its state mandate. Planning Board Chairwoman Nancy Myers said Cinnaminson hoped to reduce the number of required units by receiving credit for existing housing, such as motels along Route 130 where welfare recipients live.

While the township planner and Planning Board, under court supervision, devise an affordable-housing plan, CBD Development is pressing ahead with plans for Harbour Reef. The state Department of Environmental Protection is expected to rule on CBD’s application for a waterfront development permit on Nov. 22, a decision that was postponed from last Thursday. Waronker said that even if the application were denied, he would change his plans for Harbour Reef from 117 townhouses to 178 apartments, with 15 percent to 20 percent to be affordable housing.

“This time there’s no holds barred,” Waronker said. “This time, we’re going to get exactly what we’re entitled to and get this matter behind us already.”