On June 30, Gov. Christie signed legislation extending the Permit Extension Act for an additional year in those counties most impacted by Superstorm Sandy. The Permit Extension Act, originally signed into law on September 6, 2008, in response to the 2007 recession, effectively extended certain existing property development permits and government approvals by suspending the running of the approval period. The act was further extended in 2010, 2012 and 2014. These extensions extended approvals through December 31, 2015, and in some cases, through June 30, 2016. The act expired on December 31, 2015, however, and as a result, no approvals were extended beyond June 30, 2016. Developers were therefore faced with having to seek extensions of previously granted approvals or to reapply.
The newly signed legislation grants a reprieve to "Superstorm Sandy-Impacted Counties." These are Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union counties. The running of the approval period is suspended through December 31, 2016, for government approvals in existence on December 31, 2015, concerning lands located entirely within one of these counties. The legislation therefore extends approvals in these counties for an additional year, up to June 30, 2017.
Day Pitney Real Estate Partner Daniel Diaz Leyva was featured in CityBiz article, "Day Pitney Real Estate Partner Facilitates $16M Loan for $38M Retail Acquisition in St. Pete."
Day Pitney Real Estate Partner Daniel Diaz Leyva was featured in Tampa Bay Business & Wealth article, "Shopping Center at Tyrone Square Mall Sells for $37.8 Million."
Day Pitney Real Estate Partner Daniel Diaz Leyva was featured in The Star News Today article, "Shopping Center at Tyrone Square Mall Sells for $37.8 Million."
Day Pitney Real Estate Partner Daniel Diaz Leyva was featured in The St. Pete Catalyst article, "Tyrone Square Mall Retail Center Sells in $37M+ Deal." Diaz Leyva facilitated the closing of a $16.5 million acquisition loan in connection with the sale.
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Indigo Properties and Linkvest Capital announced the acquisition of an eight-acre development site located at N.W. 138th Street and N.W. 107th Avenue in Hialeah Gardens, FL for approximately $5.83 million.
Day Pitney Real Estate Partner Daniel Diaz Leyva was featured in The Real Deal article, "Indigo, Linkvest plan mixed-use project in Hialeah Gardens."
On August 23, Indigo Properties and Linkvest Capital announced the acquisition of an eight-acre development site located at N.W. 138th Street and N.W. 107th Avenue in Hialeah Gardens, FL for approximately $5.83 million.
The arrival of Day Pitney Real Estate Counsel William Jordan was featured in Law360 Pulse article, "Day Pitney Adds Real Estate, Environmental Atty in Conn."
Day Pitney Real Estate Counsel William Jordan's arrival to the firm was featured in the Connecticut Law Tribune article, "Connecticut Movers."
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