All posts by Your SuperMan of Real Estate

I am a commercial realtor and entrepreneur who lives in Naples, FL. The epicenter of the universe...I enjoy running, martial arts, shooting guns, the beach, travel, reading, master mind sessions, good food, new challenges, and spending time with my daughters.

Oh Thank Heaven…or maybe not for 7-11

UPDATE!  7-11 APPROVED 5-18-2016

By Joseph Cranney of the Naples Daily News

The Naples City Council approved a plan Wednesday to build a 7-Eleven in River Park, despite objections from a group of residents who argued the development will cause traffic and safety problems in the neighborhood’s west end.

The 4-3 vote came down to Mayor Bill Barnett, who sided with the developer’s plan to build the convenience store and four gas pumps at the retail strip that sits at the corner of Fifth Avenue North and Goodlette-Frank Road.

Several dozen residents nearly filled the seats at the council chambers and nine spoke during public comment, all opposed to the plan. An influx of cars will create a safety hazard for neighborhood children who will cross the street near the 7-Eleven, residents said.

See link to full article:  7-11 approved

 

By Joseph Cranney of the Naples Daily News

A plan to build a gas station and convenience store in River Park that is opposed by some residents has some Naples City Council members concerned about the commercial development’s impact on the neighborhood.

Vice-Mayor Linda Penniman wants to know the environmental risks of the plan to build a 7-Eleven with six gas pumps on the retail strip that sits at the corner of Goodlette-Frank Road and Fifth Avenue North, near the Gordon River. And Councilman Doug Finlay said he is concerned the project will have an adverse effect on traffic in an area residents use to get and leave home in the east end of River Park.

See full article:  New 7-11 On Goodlette and 5th North

 

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Napoleon Hill Visits the Ferrari Capital Club ;-)

MasterMind session with Guest Speaker Napoleon Hill.  Virtually that is!
Watching this video with my colleagues really spurred some great thoughts, discussions, and synergistic energies leading to two new offers being prepared today.  The timeless book Think and Grow Rich is very inspirational.

Think and Grow Rich

See link to video below:

http://www.jaybartels.info The Mastermind consists of 2 or more people who work in perfect harmony for the attainment of a definite purpose. Join me here on …
YOUTUBE.COM
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Collier tourism forecasts record year for 2016

The numbers are in…Look for a record breaking year ahead!!

By Laura Layden of the Naples Daily News

Jack Wert’s picture of tourism in Collier County remains rosy.

In his annual tourism report Tuesday, Wert said he expects the number of visitors to grow 1 to 2 percent over last year, setting a record.

While visitation in the first quarter wasn’t as strong as it was last year, he said other indicators point to growth this year, including an expected increase in European tourists this summer.

See link to complete article:  Naples Daily News

By the Numbers

Here’s the typical profile for visitors in Collier County:

Average age: 48

Median household income: $150,000

Saw, read, heard Collier County’s advertising message: 53.3 percent

Travel influenced by Collier’s message: 47 percent

Traveler type: 53.2 percent couples

32.2 percent family

10.2 percent single

5.7 percent ad hoc groups

 

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1031 Connection Jana Cohen Visits Ferrari Capital Club

Just finished with guest speaker and 1031 exchange expert Jana Cohen of 1031connection.com at my Ferrari Capital Club…Jana gave a phenomenol presentation and entertained all of our questions with great poise and clarity…it was nice to hear the real deal! Thank you Jana!!

The 6 IRS Rules for a 1031 Exchange…

  1. Real Property Use – Held for investment or rental
  2. 45 Day Identification Period
  3. 180 Day Exchange Period
  4. Qualified Intermediary (QI) holds the money
  5. Same Taxpayer required on title
  6. Reinvest all the money, buy equal or up to pay no tax!

The 6 IRS Rules for a 1031 Exchange…

Straight or Forward Exchanges involve selling the old property first and then buying the new property. When conducting a forward exchange, you must follow these 6 simple rules:

  • Real Property Use – Both your old and new properties must qualify as held for investment or business use. If both properties pass this test, you can exchange nearly any type of real estate.
  • 45 Day Identification Period – You have 45 calendar days from the closing of your sale to list the properties you may want to buy. You can list up to 3 with no restrictions, over 3 there are IRS rules that need to be followed to the letter.
  • 180 Day Exchange Closing Period – From the sale closing date, you have 180 calendar days to close on the purchase of one or more properties from the 45-day list. There are no exceptions or extensions to either the 45 Day Identification Period or the 180 Day Closing Period deadlines.
  • Qualified Intermediary (QI) – The IRS mandates that you use a QI to prepare the legal documents for your exchange. The QI must be an independent third party, and cannot be your friend, employee, broker, or even your CPA or Attorney. The QI also holds your money so you don’t have access to it.
  • Proper Title Holding – You must purchase and take title to your new property exactly as you held title to your old property.
  • Reinvestment Requirement – To defer all of your capital gains tax, you must buy a property equal or higher in value than the one you sold. Also, you must reinvest all of the cash proceeds from your sale.

 

 

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WaWa is coming…In the Know: Wawa, RaceTrac plan new projects in Collier County

What do you like better, WaWa or Racetrac?  WaWa is finally coming to Naples…

In this file photo, work nears completion in April 2015 on a Wawa location that opened last year on U.S. 41 in Fort Myers. (David Albers/Staff)

Wawa and RaceTrac developers still have multiple locations planned for new, 24-hour convenience stores and accompanying gas stations in the Naples area.

Wawa

Q: What is the latest on Wawa opening in Collier County?

— Jim Barr, Naples

Q: Are there any current plans for Wawa food market to build in North Naples?

— Joe F., Naples

A: Wawa, the Philadelphia-based convenience store chain with a cultlike following — especially for its made-to-order hoagies, has two locations proposed so far in Collier County. Both are in East Naples.

“We are in the process of permitting two sites in Naples at this point, but we are not far enough along to confirm them or place them on our construction list. We will keep you posted as our plans take shape and as permits are obtained,” said Colleen Labik, a spokeswoman for Wawa Inc. “Because we don’t want to disappoint anyone, we typically do not announce new store locations until construction has begun and all permits are obtained.”

 

Naples Daily News Complete Article

 

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Gulf Coast Town Center on auction block

Gulf Coast Town Center goes up for auction May 18th.  This will be exciting.  Beautiful center that has obviously been mismanaged.  Great opportunity for investor!!

Gulf Coast Town Center on Wednesday, Aug. 13, 2014. (David Albers/Staff)

By Patricia Borns, The News-Press

Less than two years ago Gulf Coast Town Center was coming out of the recession like gangbusters, on its way to being a Southwest Florida mecca of dining and retail.

Now south Lee County’s commercial epicenter is stunning the region with news it’s going on the auction block as a result of a $212.7 million foreclosure -– the largest stand-alone foreclosure in Lee County history.

No one thought it would come to this when Wells Fargo Bank sued the mall’s owners last year for defaulting on their $191 million loan.

See link to full article:  Naples Daily News

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Philanthropist Jay Baker got rich growing Kohl’s stores — now he’s sharing the wealth with Naples

Arriving at Baker’s airy Bay Colony penthouse, at first you see only walls crowded with colorful modern art, which somehow blends gracefully with his vast collection of antique baseball memorabilia, including well-worn gloves that were once owned by famed sluggers Babe Ruth and Lou Gehrig.

Then Baker’s oversized laugh arrives, and finally Baker himself, hand outstretched, dressed casually in a blue plaid shirt and khakis.

“Welcome, welcome!” Baker booms as he proudly shows off an inset of brightly colored Chihuly glass in his ceiling and settles in on the white leather couch. “Would you like a cup of tea?”

Click link for Full article about Jay Baker Naples Philanthropist in Naples Daily News

 

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Collier Commissioner Approve Gateway Triangle

Collier County commissioners approved a deal Tuesday morning to sell a rundown section of East Naples and develop it into a luxury entertainment and shopping center with two tall towers.

Davis Boulevard and US-41 is a main entry to downtown Naples from the east, but it’s not five acres of mostly abandoned lots and storage units.

Real Estate Partners International plans to build an 11-story hotel with a rooftop restaurant and an 18-story condo building. The space will look somewhat similar to the Mercato shops in North Naples, with retail, bars and restaurants at street level.

Still, the multimillion-dollar project is not set in stone.

The developer has 120 days to get support from the Naples Airport Authority to build the two towers because the project site is near the flight path to the Naples Municipal Airport.

A multi-million-dollar project could transform a rundown section of East Naples into a luxury shopping and entertainment destination.

The Gateway Triangle at US-41 and Davis Boulevard is known as the main entry into downtown Naples, but doesn’t quite play the part these days because it’s full of parking lots, an auto shop that has since moved and storage units.

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Real Estate Partners International wants to build an 11-story hotel with a rooftop restaurant, an 18-story condominium building, a boutique movie theater, and a number of restaurants, bars and retail spaces.

The proposal has some residents concerned, especially about the height of the proposed towers.

“I think it could be a neat development if they kept it quaint,” said Heather De La Torre.

The renderings, though, are anything but.

The proposed buildings are modern, the architecture is unlike any complex in East Naples and it would be packed into a narrow five-acre strip.

“I’ll be able to stand here in my driveway and see a towering building,” De La Torre said. “I didn’t realize it was going to be 18 stories. I think that’s a little massive.”

Collier County has been trying to sell or revitalize the land for years, and it will have to approve a zoning variance for the developer to build that high.

“The 18-story I’m iffy about because that’s quite high and I’m surprised they’re even thinking about it this close to the airport,” said nearby resident Edward Joslin.

The green light for zoning could come as soon as Tuesday, when commissioners will consider the proposal at a 9 a.m. meeting, but that still won’t mean the project is a go. The developer will have 120 days to get approval from the airport authority to construct the towers. Or, the developer can also walk away anytime within those 120 days.

Regardless of approvals, Joslin’s has other concerns.

“Traffic might be a problem with that much development there in a confined area because they aren’t really doing a whole lot of improvements to the roads,” he said. “There isn’t much you can do I don’t think.”

Despite plans for a parking garage, critics argue there isn’t enough space for cars to flow easily on to Davis or 41 from the lot.

Still, if the kinks can be worked out, residents are on board for change.

“That place has been a disaster – that triangle – for years,” Joslin said. “The buildings most of the time are vacant and it’s just been an eyesore. You need something there that’s going to stand out showing Naples.”

Bellasera in downtown Naples planning a 32-room addition

Going before the city design committee…

By Joseph Cranney of the Naples Daily News

The owner of the Bellasera hotel and condominium resort in downtown Naples is planning a 32-room addition to the property, to the dismay of some condo owners who say the project would worsen parking and cause a safety hazard.

David A. Lawrence, president of SunStream Hotels & Resorts and the Bellasera property owner, submitted an application to the city for the project last month. It proposes to add 32 units to the existing 100-unit condominium hotel. The new units would be built on two stories above partially-covered parking, a ground-floor lobby and 3,000 square feet of commercial space.

The project, which is recommended for preliminary approval by the city’s planning department, is scheduled to go before the city’s design committee on Wednesday.

See link to entire article:  Bellasera Hotel Expansion
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Naples Favorite Developer and Entrepreneur Phil McCabe visits the Ferrari Capital Club

Naples Favorite Developer and Entrepreneur Phil McCabe visited the Ferrari Capital Club today and gave a spirited overview of the Naples renaissance and redevelopment taking place along with the rundown on two of his current projects.  It was good to hear his take on whats happening now and to what the future holds…Thank you Phil for the enlightenment!!  See latest article from Gulfshore Life and photos from his visit to the Ferrari Capital Club below:

“I have vision and have taken a risk.”

Phil McCabe moves forward and he makes no qualms about it. If you don’t agree with him, well, you are stuck in the past or maybe have your head in the sand. To McCabe, who has one of the largest holdings of downtown Naples property, including the Inn on Fifth, being a developer is a lot like being a shark. If you aren’t moving, you are dying.

On May 1, McCabe plans to begin his latest Fifth Avenue South development project by demolishing a building he owns at the northwest corner of Fifth Street South. The move will displace several popular local businesses, including Avenue Wine Café and Bella Maria Café, perhaps putting their existence in jeopardy. In its place, he plans a new three-story building with retail on the first floor and 11 luxury condominiums on the second and third floors. The project will cost about $15 million.

 

On the character of Fifth Avenue South

“I hear all the time people saying that I’m changing the character of the street. And I am. But they’ve been saying that since I opened my hotel 17 years ago. They didn’t want the character of Fifth Avenue to change then either even though the storefronts were 40 percent vacant and the rent was $10 (per square foot). And look how much the street has changed, all for the better. There are even people on the city council who are saying, ‘I want it exactly how it is.’

“But it can’t be that way. It’s always changing. Businesses come and go. It’s already different than it was just last season. One of my stores, Fresh Produce, went bankrupt and closed. Caché went out of business. Another 10 stores went out of business this summer. So change is happening.”

 

How change made his hotel better

“In 2010, I tore down a building across the street from my hotel to add on to it. And I brought in truly five-star level service. We have a presidential suite that rents for $3,400 a night. We have someone who for the second year is renting it out for all of February and March. That helped elevate the whole hotel.

“So did closing McCabe’s Irish Pub. People were upset about that. But it didn’t fit in with a four-star hotel. We couldn’t be a four-star hotel with McCabe’s. We needed to change. And we’re still changing. We’re upgrading our elevators. We’re upgrading our spa.”

 

On his new project

“My building is roughly 40 years old. Does it lose some character? Yeah, but it’s a piece of crap, an absolute piece of crap. So it’s going to be change in a positive way. It’s going to build up the neighborhood and make Fifth Avenue even better. …

“It’s going to be retail on the first floor. No restaurants. The street has enough restaurants. There’s already too much food and beverage on Fifth Avenue. That’s one thing we don’t need any more of. It’s not going to be mom-and-pops but regional and national chains.”

 

Why this project and not the bigger proposed development on Fourth Avenue South?

“That’s a bigger project and something that I’m really excited about. But I just can’t do it now. I’m also building a hangar out at the Naples Airport and have a construction project going on in Kennebunkport, Maine. So the project at Fifth and Fifth, that’s what we are calling it, The Residencies at Fifth and Fifth, was something I could do right now. It fits in the scale of my time and my balance sheet. I can handle it.”

 

On the future

“I do get concerned about the global economy. It’s showing more and more signs of weakness and not just oil. Do I worry about doing this now? Of course, but it’s a risk worth taking. I don’t mean to brag, but I’ve been gifted with a vision. It’s part of my DNA. When I came in to start my hotel, people didn’t see it. But I saw it. I have a vision and have taken a risk. But it changed Fifth Avenue.”

 

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Gateway Triangle goes to vote this Tuesday

East Naples Gateway Triangle

The Gateway Triangle purchase goes to vote tomorrow for purchase and development of 11 story hotel and 18 story condo.  Naples developers Fred Pezeshkan who developed most of 5th Ave South and Naples High Rise pairs up with hotel mogul Jerry Starkey to push redevelopment East of 5th.  Its been a long time coming.  Looking forward to the progress…

By Greg Stanley of the Naples Daily News

Collier County commissioners will consider a deal Tuesday that would bring an 11-story hotel and 18-story condominium tower to U.S. 41 East along the southern boundary of Naples and East Naples.

Local developers Jerry Starkey and Fred Pezeshkan of Real Estate Partners International have offered the county $6.4 million for 5 acres between Davis Boulevard and U.S. 41. The project would also include a mix of restaurants and storefronts along with a high-end movie theater and a rooftop restaurant.

The county has been trying to redevelop the site since the late 1990s. The proposed project is ideal, exactly what redevelopment officials hoped for when the county bought the land in 2009, said Jean Jourdan, operations manager of the county’s area redevelopment agency.

Read the rest of article in Naples Daily News

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Racetrac Seeking Site on US 41 East Again

A sign hangs Wednesday, July 16, 2014 at RaceTrac at 1150 Airport-Pulling Rd. in Naples, Fla. The prominent gas and convenient store business put in its controversial application to build a major 24-pump station near a small neighborhood off U.S. 41 and Davis Boulevard. Now they’re looking to re-write the county’s zoning code as it relates to gas stations. (Corey Perrine/Staff)

By Greg Stanley of the Naples Daily News

A gas-station chain is fighting again to build a 16-pump site with a 24-hour convenience store just east of the U.S. 41 and Davis Boulevard intersection.

RaceTrac, which has been expanding into Collier and Lee counties over the past two years, has once again asked Collier County commissioners to waive a rule that prohibits gas stations from opening within 500 feet of one another. Neighbors rallied to fight the proposal in 2014, and, facing stiff opposition, RaceTrac withdrew its petition before commissioners could vote.

See rest of the story in Naples Daily News

 

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Naples Hyatt House on 5th Ave Has Grand Opening

The Grand Opening of Naples Hyatt House was a smashing success!!  Hundreds of people attended the event to meet and greet with Finfrock Development Team and all their associates who helped complete the project.  Almost all of Naples socialites, financial heavyweights, and political figures were in attendance to tour the upper scale hotel on 5th Ave South and on the water with a 5 star feel.  Everyone was commenting how incredible the build out how it must be 5 star!!  Live music, food, and service was amazing.  The highlight of the night came when developer Bill Finfrock of Finfrock Industries gave a speech thanking hotel guest, team members, and attendees that brought down the house!!.  It was definitely a night to remember and it was easy to see that the hotel is headed for world class success

Naples Hyatt House on 5th Ave

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Construction Mogul KP Pezeshkan of Manhattan Construction visits the Ferrari Capital Club

Construction mogul KP Pezeshkan of Manhattan Construction stopped the Ferrari Capital Club today and gave a sincere and out of the box presentation that left us all feeling master minded!! Stories of over 6 billion in construction, favorite projects, sales tips, and humble beginnings filled the room…and on a power point no less with short notice 😉 thank you KP!! We are all more complete than we were before 🙂

http://www.manhattanconstructiongroup.com for more information on Manhattan

Club attendee Marive King said “It was the most sincere and informative presentation about the business of being successful I’ve ever heard.  KP Pezeshkan delivered a message that creates self awareness, questions, who you are and what you bring to the deal.  Emphasis in knowledge of your client, your properties, quality of your presentation, and what you need to do”

Club Founder Clark Pear said “KP’s discsssion about out of the box techniques and getting to know your clients really got me thinking about my presentations and client knowledge..  These tips will help me to take my business to the next level”

 

KP gets a letter from Naples visitor:

Letter from visitor about KP to city council.001

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Several Naples commercial projects in Olde Naples sit idle as owners keep plans quiet

OLD-NAPLES-MAP
Looking forward to see  these locations finished and developed…

Patrons who declined their names walk near mostly-vacated retail space Thursday, April 7, 2016 in Naples, Fla. Several high-value downtown properties still sit vacant, including properties at Third Street Plaza, vacant land at 1075 Central Ave., and about 200,000 square feet of retail space at Naples Square.(Corey Perrine/Staff)

Patrons who declined their names walk near mostly-vacated retail space Thursday, April 7, 2016 in Naples, Fla. Several high-value downtown properties still sit vacant, including properties at Third Street Plaza, vacant land at 1075 Central Ave., and about 200,000 square feet of retail space at Naples Square.(Corey Perrine/Staff)
5:15 a.m.
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A vacant tract is shown near low income housing at 1075 Central Ave. Thursday, April 7, 2016 in Naples, Fla. Several high-value downtown properties still sit vacant, including properties at Third Street Plaza, vacant land at Central Avenue, and about 200,000 square feet of retail space at Naples Square. (Corey Perrine/Staff)

A vacant tract is shown near low income housing at 1075 Central Ave. Thursday, April 7, 2016 in Naples, Fla. Several high-value downtown properties still sit vacant, including properties at Third Street Plaza, vacant land at Central Avenue, and about 200,000 square feet of retail space at Naples Square. (Corey Perrine/Staff)

Construction is seen underway at Naples Square Thursday, April 7, 2016 in Naples, Fla. Several high-value downtown properties still sit vacant, including properties at Third Street Plaza, vacant land at 1075 Central Ave., and about 10,000 square feet of retail space at Naples Square. This comes as a recent surge in new development has slowed. (Corey Perrine/Staff)

Construction is seen underway at Naples Square Thursday, April 7, 2016 in Naples, Fla. Several high-value downtown properties still sit vacant, including properties at Third Street Plaza, vacant land at 1075 Central Ave., and about 10,000 square feet of retail space at Naples Square. This comes as a recent surge in new development has slowed. (Corey Perrine/Staff)

A vacant lot is shown at Naples Square Thursday, April 7, 2016 in Naples, Fla. Several high-value downtown properties still sit vacant, including properties at Third Street Plaza, vacant land at 1075 Central Ave., and about 200,000 square feet of retail space at Naples Square. (Corey Perrine/Staff)

A vacant lot is shown at Naples Square Thursday, April 7, 2016 in Naples, Fla. Several high-value downtown properties still sit vacant, including properties at Third Street Plaza, vacant land at 1075 Central Ave., and about 200,000 square feet of retail space at Naples Square. (Corey Perrine/Staff)

A construction crew member works at Naples Square Thursday, April 7, 2016 in Naples, Fla. Several high-value downtown properties still sit vacant, including properties at Third Street Plaza, vacant land at 1075 Central Ave., and about 200,000 square feet of retail space at Naples Square. (Corey Perrine/Staff)

A construction crew member works at Naples Square Thursday, April 7, 2016 in Naples, Fla. Several high-value downtown properties still sit vacant, including properties at Third Street Plaza, vacant land at 1075 Central Ave., and about 200,000 square feet of retail space at Naples Square. (Corey Perrine/Staff)

By Joseph Cranney of the Naples Daily News

At the west end of the large vacant lot on Central Avenue in downtown Naples, between 10th and 12th streets, Harry Miller stood over a bag of golf balls and held a black Taylor-Made pitching wedge. He faced east, looking across the 8.8-acre property and its yellowing grass. He aimed toward the makeshift pin that he and his friend set up, using a wooden stake and a plastic bag, about 100 yards away.

“They mow the grass pretty good out here,” Miller said before he flubbed his wedge shot.

Miller has been coming to the lot at 1075 Central Avenue to hit golf balls since 2010, after the old Naples Daily News building was torn down. The property was later sold to a company that planned a commercial development with more than 200 condominium units.

The project was approved by the Naples City Council last March, but is now on hold after a local builder, Jon Rubinton from Lotus Construction, was removed from the company’s list of managers in October.

See link to complete article:  Complete Article in Naples Daily News

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Collier commissioners reject proposal for preferred location of Atlanta Braves spring training site

By Greg Stanley of the Naples Daily News

Collier County commissioners rejected a proposal Tuesday to consider building an Atlanta Braves spring training stadium at the site preferred by the team near Interstate 75 along Collier Boulevard.

Commissioners, however, voted unanimously to reach out to the Braves to see if executives would consider other properties in the county. But it’s unclear if the Braves, who are in talks with Sarasota and Palm Beach over potential sites, would be interested.

“I think it’s dead,” said Commissioner Tim Nance, who thinks a stadium would benefit the county. “They need really good access to I-75. Maybe if we had another interchange. But the Braves aren’t going to wait on us.”

Click link to see rest of article in Naples Daily News:  Braves Stadium Rejected

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Plan by large landowners to preserve, develop Collier land blasted by residents

By Eric Staats of the Naples Daily News

A standing-room-only crowd lambasted a proposal Tuesday by large landowners to receive a federal permit to remake eastern Collier County into a mix of new towns and preserves.

The U.S. Fish and Wildlife Service, which held the public input session, is reviewing a Habitat Conservation Plan, or HCP, that would be the basis for a proposed 50-year permit that would allow development to impact 10 federally listed species.

Related story: Feds kick off public review of environmental ‘super-permit’

The HCP includes some of the last occupied habitat of the endangered Florida panther but also would consider impacts to species like wood storks, sandhill cranes, bonneted bats and eastern indigo snakes.

To see rest of article click link to Naples Daily News:   Plan to develop land blasted

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Christopher Shuccart of JCS Realty Group visits the Ferrari Capial Club

Great meeting today at the Ferrari Capital Club! It was great to have Christopher Shuccart of JCS Realty Group speak about his holdings Vincentian Village, Victoria Square, Hitching Post, and 560 6th…Great energy!! Thank you Chris!!

Vincential Village.001560 5th site map.001

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Goldman Sachs Finally Pays Up…Gets Off Easy

Fraud

Goldman Sachs will pay $5 billion to settle federal and state probes into the bank’s sale of mortgage-backed securities before the financial crisis, the Justice Department announced Monday.

Authorities said Goldman misrepresented the quality of loans it securitized and then sold to investors ahead of the housing bubble and 2008 crisis. The settlement includes a $2.4 billion civil penalty, $1.8 billion in relief payouts to underwater homeowners and affected borrowers and $875 million to resolve various other claims.

“This resolution holds Goldman Sachs accountable for its serious misconduct in falsely assuring investors that securities it sold were backed by sound mortgages, when it knew that they were full of mortgages that were likely to fail,” acting Associate Attorney General Stuart Delery said in a statement.

The bank did not immediately respond to a CNBC request for comment.

It follows similar settlements with other major firms reached in the wake of the financial crisis. JPMorgan ChaseBank of AmericaCitigroup and Morgan Stanley all previously struck multi-billion dollar agreements with the Residential Mortgage Backed Securities working group, which was formed in 2012 to investigate practices in the mortgage market.

New York Attorney General Eric Schneiderman

Getty Images
New York Attorney General Eric Schneiderman

Goldman had disclosed a preliminary deal earlier this year, but authorities outlined additional details of the bank’s conduct on Monday.

New York Attorney General Eric Schneiderman, who co-chairs the working group, said the funds will aid the ongoing recovery. About $670 million will go to the state of New York for relief.

“This settlement, like those before it, ensures that these critical programs — such as mortgage assistance, principal forgiveness, and code enforcement — will continue to get funded well into the future, and will be paid for by the institutions responsible for the financial crisis,” he said in a statement.

Authorities said Goldman acknowledged that it received information indicating certain loans did not meet the standards it had described to investors. They also said the bank did not “typically” identify and eliminate loans with credit exceptions.

The DOJ also said Goldman acknowledged it received “certain negative information” about loan originators’ practices but did not share many of the findings with investors.

Goldman shares traded more than 1 percent higher Monday afternoon.

— The AP contributed to this report 

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Eye on Lee!!

leecountymap

Lee County, Florida: Where Business (and Population Growth) is Trending

Lee County, Florida has a spot on the map as one of the fastest-growing places in the nation, recent U.S. Census Bureau estimates show.

Lee County, Florida: Where Business (and Population Growth) is Trending

The Cape Coral-Fort Myers, Florida, metro area – which includes all of Lee County – saw a 3.3 percent population increase between 2014 and 2015, tying with both Midland and Odessa, Texas, for third-largest increase in the U.S.

Lee County saw 22,749 new residents between July 1, 2014, and July 1, 2015 – growing to 701,982 people.

Three other Southwest Florida metros are also among the top 20
fastest-growing:

• Punta Gorda (2.8 percent)
• North Port-Sarasota-Bradenton (2.7 percent)
• Naples-Immokalee-Marco Island (2.6 percent)

More than an eighth of the growth from migration in the Cape Coral-Fort Myers area came from outside the United States, and the rest came from domestic migration.

Dr. Chris Westley, associate director of FGCU’s Regional Economic Research Institute, told The News-Press that the growth has been in the works for a long time, and said that Cape Coral experienced much of that growth this past year.

There are a variety of large-scale development projects in the works for 2016 to accommodate the growth, including new condos, shops and offices in downtown Fort Myers, as well as a $10 million convention center in Cape Coral. You can read more about the plans here.

For more information on Lee County demographics, click here.

You can also check out Business Insider’s list of the 17 fastest-growing cities in America to see how other metros rank.

 

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