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Edition 173 - 7
The Boca Raton Tribune COMMUNITY NEWS East/West Boca Raton, FL
Traffic Woes Continue to Plague Commuters, Residents By Fred Hamilton & Jason Schwartz For the thousands of people who commute into Boca Raton each day, just getting to the office is becoming a big production. And with many of the city’s major arteries functioning at levels judged to be impaired or failing, some fear the sporadic traffic jams will worsen in the coming months and years. ``It reminds me of my days working in New York. It`s a fulltime job in and of itself to get in and out of this city during rush hour,`` said Richard Starling, an attorney who uses the Glades Road interchange from Interstate 95 in the mornings. ``And with the new developments coming on the horizon, it will only be a zoo.`` During the day, the city’s population soars from 85,000 to 250,000, and the main arteries can’t sustain the traffic volume, officials say. Glades Road and NW Second Avenue are among the center of congestion, said Mike Woika, assistant city manager. In fact, Glades Road is the most congested thoroughfare in Palm Beach County, he said. ``If you want to get to FAU or Town Center (at Boca Raton), what would you take - Glades Road,`` Woika said. ``It`s not like you can`t take Palmetto Park Road or Yamato Road and go around but it`s much easier using Glades Road.`` Unlike many bustling downtowns, there are not many businesses in the area to attract the same volume of traffic, officials said. Still some residents and city officials fear there could be a ripple effect. Traffic along the downtown streets could become stalled as the main roads become strained. Also having an effect is the projected traffic associated with a list of approved projects including a few apartment complexes, a new hotel and a grocery store. In one bright spot, parking downtown should not be an issue because all the developments have the required adequate parking, Woeika said. Also, the traffic count on the downtown streets is far from reaching its capacity, he added. The city, businesses, project developers and other stakeholders are working toward traffic coordination and communication
plans particularly on a controversial Archstone Palmetto Park apartments. Officials have created planned mobility areas or zones, which are designated areas considered ideal for redevelopment headquarters — like the city’s northwest area and its office parks. These planned mobility areas or zones would allow people to get around easier by walking, biking and city shuttles, reducing the need for cars. The areas that would get that land-use designation are the North Federal Highway corridor, Town Center Mall, downtown, Arvida Park of Commerce and Florida Atlantic University. The city also installed an advanced system of synchronizing traffic lights in hopes of reducing delays and cut the amount of time drivers spent at red lights. But that $306,781 system has only helped a small fraction, especially on Glades Road, which is so highly traveled, officials said. While they are not entirely thrilled with the new system, officials are hopeful that it will be more effective once the Interstate 95 interchange under construction at Spanish River Boulevard is completed. That interchange, scheduled to be finished in 2016, will allow motorists - many who now use Glades Road to get to Florida Atlantic University - to exit directly onto the campus, Woika said. Resident Shawn V. Copeland called the new growth absurd. “I retired to Boca Raton because of the quality of life it provided,” the former hedge fund manager said. “I am not ready for another metropolis. If I wanted to be in a big city, I would have stayed in Chicago.” Despite the gridlock, many think the development is good for the city. Mayor Susan Whelchel, for one, supported speeding up the timetable to create the planned mobility areas or zones considering that it has been a long time since the city had new growth. “I don’t know if you just want us to raise taxes after taxes after taxes,” she said at an August 2012 meeting. “I happen to believe in good solid, growth that produces good solid revenue as opposed to constantly raising taxes.”
Florida Community Bank Sells Distressed Properties to LA Investor at Significant Discounts
By CRA News Service Florida Community Bank has sold its distressed commercial property west of Boca Raton at a significant discount, the Boca Raton Tribune has learned. FCB recently sold eight units in Boca Raton’s Mission Bay Office Plaza Condominium, 20283 S. State Road 7, to Los Angeles-based Republic Western Investments, for $4.3 million. That’s a 46 percent discount on the foreclosed mortgage. CES Properties previously bought the condos for $3.5 million in 2001. The sale is part of two properties sold. The Weston-based bank seized them in 2012 after foreclosing on CES Properties’ $7.95 million mortgage. The loan was originated by Peninsula Bank, which later failed. Western Investments is managed by Behzad Nehmadi. The second piece of property was a 15,244-square-foot Corporate Executive Suites, 1375 Gateway Blvd. in Boynton Beach, FCB seized the property in early 2013 after foreclosing on MGZ Properties’ $3 million mortgage. That was also a Peninsula Bank loan. FCB Central Holdings, an
affiliate of the bank, recently sold the property for $2.3 million to Nehmadi’s Republic Western Investments. The buyer received a $1.61 million mortgage from FCB for that property, plus a $3.01 million mortgage that secured both the office building and properties in the Florida Keys. MGZ Properties bought the office on 2.3 acres for $2 million in 2003. Corporate Executive Suites leases the office to small businesses, which share the amenities. The Weston-based bank closed on its $42.5 million acquisition of Miami Lakes-based Great Florida Bank (Pink Sheets: GFLB), paying $3.24 a share. Florida Community Bank received a $20 million capital injection from its parent company, Bond Street Holdings, in the fourth quarter to help it handle the significant growth. “The strong support and collaboration between our teams to complete this transaction is extremely gratifying and only serves to reinforce the benefits of this combination” FCB President and CEO Kent Ellert said in a news release. “On Monday, we look forward to working together to serve our clients as one team with additional products and enhanced financial resources.”
Spanish River Christian School Robotics Teams qualify for State Competition Spanish River Christian School (SRCS) has two after-school competitive robotics teams that recently competed in the FIRST® LEGO® Leagueof Florida on Saturday, February 1, 2014 in Winter Haven, Florida. Both teams, “Mission 3.16 Launch” and “Mission 3.16 Orbit” competed in the Regional tournament. “Mission 3.16 Launch” won the 2nd place Project Award. Both teams have earned the right to compete at the State competition at the University of Central Florida in Orlando on
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March 2, 2014. That places the SRCS Mission 3.16 teams in the top 10% of Robotics teams statewide. Robotics competition melds science, technology, engineering, and math (STEM) principles along with the excitement of competition to make FIRST ® the ultimate Sport for the Mind™. The SRCS Robotics team, Mission 3.16, has earned the privilege of competing at the State level six of the last seven years and has brought home a trophy four of those years. February 14, through February 20, 2014