Editorial: Real Estate in Florida
01 November 2007
Florida boasts a huge real estate market, with new developments in constant demand. Even in the throes of a general market slowdown Florida’s combination of mild climate and natural beauty continues to attract businesses, both domestic and international, interested in buying and developing properties. Twenty-seven practitioners from 12 firms are included here, many of the firms originated in the state and exert a healthy presence in the field.
Greenberg Traurig LLP is a strong player both in Florida and internationally, with formidable bench strength and a breadth of practice ensuring an impressive showing for this “wonderful, very able group”. As well as an excellent transactional practice, the firm’s land use and zoning capabilities received praise. The firm has represented such companies as Swire Pacific Holdings, the Trump Group, Invesco and Hilton Hotels. All six practitioners listed hail from the Miami office: firm president Matt Gorson leads the charge. The former head of the group, he has been instrumental in shaping the firm’s real estate practice. Respondents to our survey praised him as a “wonderful deal maker” and “one of the most influential people in Miami real estate”. He has worked on many of South Florida’s defining projects, for clients such as Swire-Pacific Holdings, the Trump Group, M Dayco Holdings and Wachovia National Bank. The “fabulous” Albert Quentel was deemed “a dean of condominiums lawyers”and praised as “one of the best in the field”. He is advising the Pugliese Company on the development of the 41,000-acre City of Destiny on the Florida Turnpike. His past experience in representing pension funds in real estate equity transactions was also noted. Deemed “among the best”, the “very practical” Gary Saul is nationally renowned for his “dazzling ability with condominiums”, both in their management and financing. Burt Bruton was lauded as a “spectacular lawyer” and a “major state tax expert”, while others simply “couldn’t say enough good things about him”. He coordinated the work of local counsel in various multi-state financings and has represented a major financial institution in a series of construction loans in excess of $100 million. Kerri Barsh is co-chair of the firm’s national environmental and land development practice and focuses on compliance issues such as permitting, land use law, and enforcement and litigation. She has represented clients on cases involving air quality, wetlands and coastal permitting and mould, a particular speciality of hers. A “highly proficient and experienced practitioner”, she has served as chief environmental counsel to Greenwich Air Services. Clifford Schulman is co-chair of the national environmental practice and was recommended for his “boundless expertise” in land use and environmental work. Peers recognise the “high quality both of his work and of the projects he manages”. He is involved in zoning, land use and environmental approvals for construction on Fisher Island and Williams Island, and also appears in our environment chapter.
Bilzin Sumberg Baena Price & Axelrod LLP is a full-service firm based in Miami, with a real estate group described to researchers as “truly outstanding and nationally respected”. The group was praised in particular for its real estate financing and land use capabilities, counting Lennar Homes of California, the United States’ biggest homebuilder, among its clients. The firm is representing the company in a joint venture and financing with Stockbridge Funds to acquire Central Park West. Its lawyers also represented Fortune International in the $1 billion redevelopment of the Sonesta Beach Hotel, which includes provision for condo-hotel units. Brian Bilzin is a co-founder of the firm and boasts a “very high profile in the state and nationwide”. Bilzin is “the key contact in matters that concern Lennar Homes” and has also completed loan work with companies such as Barclays. He has in addition a strong track record for land bank work. John Sumberg is a “major player in the field” and considered “a very fine lawyer”. His practice concentrates on all-round services for hotel, retail, mixed-use and industrial projects, including condominiums, with particular experience in complex transactions. Clients include Fortune Development, Weitzer Communities and Landstar Homes. According to one source, Stanley Price is “the go-to guy for land use in Florida”. Land use is a large and successful section at the firm and Price is well known for complex land use litigation and advisory work as well as substantial legislature work with government and regulatory agencies, developers and landowners. He represented Regalia in the permitting of luxury condominium La Mansion, with units starting at $3 million. Deemed “an exceptional transactional lawyer”, chair of the real estate group James Shindell completes the listing for this firm. Shindell represented Argent Ventures in the acquisition and redevelopment of Omni Mall.
Carlton Fields PA boasts offices throughout Florida and its “cutting-edge” real estate group was widely praised for its “exceptional” work in the market. Three of its practitioners appear here, all based in the Tampa office. Roger Schwenke performed outstandingly in the research, gaining the most votes for this chapter. Schwenke’s practice spans environment and real estate work with a major emphasis on regulatory and transactional work in areas such as brownfields redevelopment. He is currently representing National Gypsum in the redevelopment of a landfill site. Peers described the “very prestigious” Ruth Barnes Kinsolving as a “great role model and mentor”. “A great deal facilitator”, she concentrates her practice on complex real property transactions, advising local and international parties. Her competence in the area of leases was also brought to our attention. Edgel Lester was recommended as “an excellent transactional lawyer”. He is chair of the firm’s real estate and finance practice group and represents financial institutions in lending and real estate financing.
Akerman Senterfitt boasts a “substantial real estate practice” and the firm’s seven
Florida offices ensure comprehensive statewide coverage, a fact often pointed out by interviewees. Recent high-profile transactions include the representation of the Boca Resorts Hotel Corporation in its $320 million acquisition of Boca Raton Hotel and Club, and the purchase of Fisher Island from Island Developers Ltd for Fisher Island Holdings. Julie Williamson is considered a “smart, gracious practitioner” and “very highly thought of” for commercial leasing and insurance matters. The chair of the group, the “excellent” Andrew Smulian, is considered an “outstanding dealmaker” with a strong real estate finance and transactional practice. Final inclusion Janice Russell is “a pleasure to deal with”, according to sources. They also highlighted her “excellent academic and transactional abilities”, especially in the field of marina development.
Ruden McClosky Smith Schuster & Russell PA boasts offices in Florida and Venezuela and offers clients expertise in the transactional, zoning, litigation, finance and development arenas. Marvin Rosen is a transactional lawyer located in the West Palm Beach office and his expertise encompasses developments and complex financings, with a particular focus on clients in the hospitality industry. He has worked on projects such as shopping malls, hotels, office buildings and residential-golf course communities. Fort Lauderdale practitioner Barry Somerstein is rated as “a top-drawer real estate lawyer”, excelling in transactional, finance, leasing and land-use aspects of the practice area. In Tampa, James Soble received praise for his lending, leasing, financing and development work and has been involved in many of Tampa Bay’s landmark developments. He is said to have a “great reputation” for shopping centre work.
Stearns Weaver Miller Weissler Alhadeff & Sitterson PA boasts offices in Miami, Tampa and Fort Lauderdale, and its real estate group is particularly well known for working on government-subsidised programmes, condo-hotels and condominiums, REITs and real estate syndications. The “awesome” name partner Richard Alhadeff is based in Miami. His name has been attached to well-known new properties such as Keystone Bay and Aventura Marina. He has also acted on the refinancing of a portfolio of hotels in Orlando and been instrumental in the acquisition and development of a golf course in the Lake County area. Also at the Miami office is the “very well respected” Robert Weissler, whose transactional expertise in the hotel and hospitality area was noted, particularly for representing clients in the US, Canada, the Bahamas and Europe in the acquisition, sale and financing of these projects. He also represented Miami Heat in connection with the American Airlines Naming Agreement and prepared the premium seating agreements for the American Airlines Arena.
Howe Robinson & Watkins LLP is represented by Osmond Howe, a “superb” lawyer recommended for his finance and transaction work and also “one of the best for lending”. White & Case LLP is well respected in the community and the real estate group attracts clients such as Starwood Capital, Carr Residential and St Joe Company for matters that run the gamut of real estate law. The firm recently advised the Panamanian government on the proposed redevelopment of the former Howard Air Force Base - a project valued at $700 million. William Walker was involved with this transaction and comes recommended as “a dean of the real estate community, who understands sophisticated transactions”. Respondents deem him “a fabulous attorney and a true leader”.
Hughes Hubbard & Reed LLP’s international presence facilitates complex transactions and its presence in Florida is critical to its South American operations. The firm has worked with local governments in private-sector partnerships including Miami’s Bayside Project, developed by the Rouse Company. The firm also represented Loews Hotel in the development of the Loews Miami Beach Hotel. William Weber was involved with this project and many more of the “largest transactions in South Florida”, according to his peers.
Holland & Knight LLP has a “very prominent real estate department”. John Halula has an “outstanding reputation” both in the transactional arena and as a real estate lending lawyer. He also works on lender representation, syndicated construction and permanent lending for financial institutions such as Wachovia, Bank of America and HSBC. Halula represented HSBC in the funding of the Brickell Icon, a large Miami development and also does significant work outside Florida such as the $290 million financing of a mall in Phoenix, Arizona.
Florida-based Shutts & Bowen LLP has been involved with high-profile projects such as the Mary Brickell Village in Miami, where the firm’s lawyers handled the acquisition of the project mid-construction. Shutts & Bowen is also well known for its group’s proficiency in condominium, hotel and office-type projects. Margaret Rolando is “among the best” in land use and condominiums, and has also worked on regulatory matters.
Lowndes Drosdick Doster Kantor & Reed PA is a central Florida firm and a “fixture of Florida real estate”, receiving special praise for its expertise in the hospitality, leisure and retirement industries. The firm has represented Wachovia, Wal-Mart, Duke Realty and CNL Hotels & Resorts. Hal Kantor “deserves a place on any list” and was praised for the land use aspect of his practice. He was also involved in projects such as the Sun Bank Center in Orlando and the Bonnet Creek Resort in Orange County.