Live Local Act 'like throwing a hand grenade' on local real estate

Welcome to Orlando Business Journal's weekly LinkedIn newsletter. I'm Digital Producer/Senior Staff Writer Richard Bilbao, rounding up Orlando business news to keep you in the know when time is short.

Despite his support of the intentions behind Florida’s Live Local Act, DeBary City Manager Carmen Rosamonda has been taken aback by the extent to which the still-new legislation has been used as a cudgel against his city and others.

“A lot of developers right now are using this as a threat — every developer I’ve met within the past three or four months has threatened the city with it — and they’re using it as a weapon.”

The weaponization Rosamonda describes is related to the local zoning preemption element of Live Local Act, a law that received bipartisan support and was designed to help alleviate the state’s affordable housing crisis. The language regarding preemption requires cities and counties to approve multifamily projects on land with industrial or commercial zoning — so long as 40% of the proposed units meet its affordable housing designation.

In such a scenario, a developer might allude to its ability to build apartments on a property that has commercial or industrial zoning to create some leverage — especially if it is a property city leaders would prefer not to see apartments built on.

Read the rest of the story here.

And now, on to other big business deals, transactions and activity headlines from the week.

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Real estate news of the week

• This local ZIP code among fastest growing in nation for new apartments: The area saw more than 2,800 units deliver between 2017-2022.
• Why this local area is a top destination for corporate site selection: A report highlights the evolving trends driving corporate relocation and site selection.
• JLL chosen to lease under-construction medical office: The project boasts proximity to AdventHealth's massive new medical campus in the Lake Nona region. Here's what else to know.

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Orlando news bites

Don't miss these other top stories:

• The play-by-play of 2023’s remaining Space Coast launches: Find out what SpaceX has planned for its Kennedy Space Center and Cape Canaveral launches in November and December.
• City approves purchase of Pulse nightclub site: The the property is where 49 people were killed and 53 others wounded in a 2016 mass shooting.
• These local colleges gained more students since the pandemic: Enrollment figures have shifted at local colleges due to the Covid-19 pandemic and other factors.

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Restaurant news & notes

Check out the latest news on popular local places to eat:

• New Tex-Mex restaurant to debut in Winter Park: The concept has 11 locations so far in the U.S.
• Miami pizza chain opens its first local restaurant: The new pizzeria will boast 32 indoor seats and another 28 outdoor seats, and offer takeout, delivery and catering.

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Nominations & Events

Things to put on your busy calendar:

• Nominate now for the 2024 Women Who Mean Business, which honors the top businesswomen in Central Florida. The deadline is Nov. 9.
• Orlando Business Journal's 2023 Power Players event will be held Nov. 9 to honor business leaders and executives who are helping grow and innovate the way business is done throughout the region.
• Nominate for the 2024 Fire Awards, Orlando Inno’s premier recognition program, honoring the companies and organizations setting the local innovation economy ablaze. Deadline: Jan. 25, 2024.
• Nominate for the 2024 Inno Madness, when Orlando Inno will bring the innovation, tech and startup community together for some healthy competition … bracket-style! Deadline: Feb. 2, 2024.
• Nominate for the 2024 Most Influential Leaders, which will recognize outstanding Central Florida executives who use their cachet to better the region. Deadline: June 20, 2024.

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That's all for this week's top headlines, and thanks for supporting?OBJ.

This weekly round-up of Orlando business news was compiled by Richard Bilbao, digital producer/senior staff writer. Questions? Comments? Concerns? News tips? Send them to [email protected].