Florida Not Going to the Dogs Anymore
A phasing out of the state’s dog racing will open up hundreds of acres to other development but two other voter-approved amendments may have more far-reaching affects.
Florida voters earlier this week decided to put the state’s long-running history of dog racing on its last legs. But two other approved amendments may have a more far-reaching impact for the commercial real estate industry, believes the CBRE research manager.
The first was Amendment 5, which made it much harder for the state legislature to impose state taxes or fees. Voters approved a supermajority two-thirds to approve that action.
“Amendment 5, I believe will have the greatest sustained impact because being so business friendly is a huge selling point for relocation to the state. We’ve experienced tremendous momentum over the last 10 years in terms of population and employment growth and the rest of the country, and world, have taken notice,” Scott Brien, Research Manager at CBRE tells GlobeSt.com.
Amendment 5 by requiring a two-thirds majority of the legislature to raise taxes makes it much harder to change current tax and fee structures that could otherwise dampen the state’s momentum.
Voter actions viewed as wins for the state
Likewise, Brien calls the approval vote for Amendment 9 also a “win for Florida.” Voters approved prohibiting offshore oil and gas drilling, as well as vaping in enclosed indoor workplaces.
“We have seen the billions exchange hands as a result of the BP spill and the substantial impact it has had in the Gulf. Amendment 9 will help avoid such future occurrences and protect the $100 billion + tourism industry that will remain a critical economic driver for the state,” he tells GlobeSt.com.
As for the vaping portion, he says: “It is an extension of a 2002 amendment that banned smoking in most workplaces. The passing of this portion speaks to the emphasis on employee wellness across all sectors, especially with regard to air quality.”
And the dog racing ban that will take effect in 2020?
The state’s more than a dozen dog tracks that date back to the 1920s comprise about 600 acres. Each one is 30 to 130 acres.
“With many of the parks located in or near prime urban locations the opportunities are endless for redevelopment,” Brien says.
That will have a particularly significant impact on South Florida, where developable land is at a minimum.