Developing land with the goal of erecting a new building can be both exciting and challenging. For instance, the parties on both sides of a commercial real estate transaction may find it difficult to mutually agree on certain terms of the deal. A new development in Florida is on the way and is expected to take the place of a long-time roller coaster in the state.
That wooden roller coaster is called the Hurricane, and it sits on property that numbers 100 acres. This acreage is now being assembled to build a new shopping center development called DaniaLive Marketplace. This center will span more than a million square feet and will include large stores, apartments, restaurants and a hotel.
Land deals involving eight owners are expected to be completed after several approvals are obtained for the development from the municipality of Dania Beach in the fall. At that rate, the roller coaster would be removed at the beginning of 2015. An entertainment complex known for laser tag, batting cages and Go Karts would also be closed as part of the development.
Officials of the city are hoping that the shopping center valued at between $150 million and $250 million will stimulate the local industrial area. The commercial real estate development appears to be moving full speed ahead and will provide new thrills in the Florida community to replace the thrills once experienced on the Hurricane. An applied knowledge of related laws may help developers to successfully work with city officials and to carefully consider complicated matters such as tax law when striving to complete deals in Florida.
Source: sun-sentinel.com, "Dania roller coaster could be knocked down for giant retail plaza", Paul Owers and Miriam Valverde, Aug. 3, 2014