Rail America Moving to Jacksonville

14 03 2008

Short line and regional railroad company Rail America Inc. will move its headquarters to Jacksonville from Boca Raton sometime after June 1.

Senior Vice President and General Counsel Scott Williams said the company is in the process of combining with Jacksonville-based Florida East Coast Railway, pending regulatory approval from the Surface Transportation Board. Fortress Investment Group owns both companies.

Rail America said the move will affect the jobs of no more than 95 employees, and that it has made offers to many of those employees and expect between 20 and 30 to relocate to Jacksonville with the company.

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Rail America Moving to Jacksonville

14 03 2008

Short line and regional railroad company Rail America Inc. will move its headquarters to Jacksonville from Boca Raton sometime after June 1.

Senior Vice President and General Counsel Scott Williams said the company is in the process of combining with Jacksonville-based Florida East Coast Railway, pending regulatory approval from the Surface Transportation Board. Fortress Investment Group owns both companies.

Rail America said the move will affect the jobs of no more than 95 employees, and that it has made offers to many of those employees and expect between 20 and 30 to relocate to Jacksonville with the company.





St. Joe Auctioning Off 3,000 Acres Online

12 03 2008

The St. Joe Co. is using the Internet to auction off more than 3,000 acres of land in the Florida Panhandle.

The bid deadline is May 1 and the offering includes land in three St. Joe properties — slightly more than 3,000 acres of recreational property in Gadsden County near Tallahassee called Concord, 56 acres in Port St. Joe with plans in place for an 18-lot residential subdivision called Sabel Island, and 29.5 acres in Bay County near Panama City that is residentially zoned for 50-60 lots called Brewton Lane.

During the online auction marketing campaign, buyers will have the opportunity to bid on one or all of the properties at Concord, Sabel Island and Brewton Lane. Clay Smallwood, president of land sales at St. Joe, said the company chose the online auction to reach a national and international market for the land that is not part of the company’s strategy for its core development business.

LFC Group of Cos. of Newport, Calif., is the Internet real estate auction marketing firm that will conduct the auction.

Based in Jacksonville, The St. Joe Co. is one of Florida’s largest real estate operating companies. It focuses on real estate development and sales, with significant interests in timber. At the end of September 2007, it owned about 718,000 acres, mainly in northwest Florida, and had $1.2 billion in assets.

Source: Jacksonville Business Journal





St. Joe Auctioning Off 3,000 Acres Online

12 03 2008

The St. Joe Co. is using the Internet to auction off more than 3,000 acres of land in the Florida Panhandle.

The bid deadline is May 1 and the offering includes land in three St. Joe properties — slightly more than 3,000 acres of recreational property in Gadsden County near Tallahassee called Concord, 56 acres in Port St. Joe with plans in place for an 18-lot residential subdivision called Sabel Island, and 29.5 acres in Bay County near Panama City that is residentially zoned for 50-60 lots called Brewton Lane.

During the online auction marketing campaign, buyers will have the opportunity to bid on one or all of the properties at Concord, Sabel Island and Brewton Lane. Clay Smallwood, president of land sales at St. Joe, said the company chose the online auction to reach a national and international market for the land that is not part of the company’s strategy for its core development business.

LFC Group of Cos. of Newport, Calif., is the Internet real estate auction marketing firm that will conduct the auction.

Based in Jacksonville, The St. Joe Co. is one of Florida’s largest real estate operating companies. It focuses on real estate development and sales, with significant interests in timber. At the end of September 2007, it owned about 718,000 acres, mainly in northwest Florida, and had $1.2 billion in assets.

Source: Jacksonville Business Journal





Safe Harbor for 1031 Exchange

10 03 2008

Effective for all exchanges on or after March 10, 2008, Rev Proc 2008-16 creates a safe harbor (meaning the IRS will not challenge the exchange) for “dwelling units” that meet the following criteria:

The relinquished property:

1. Was owned by the Taxpayer for 24 months prior to the exchange, and
2. Was rented for 14 days or more in each of the two 12-month periods immediately preceding the exchange.
3. The Taxpayer’s personal use in each of those years did not exceed the greater of 14 days or 10 percent of the number of days the property was rented at fair rental rates.

The replacement property must meet the same criteria. And the exchange must meet all other §1031 requirements.

It is unknown how the IRS will view properties that do not fall within this safe harbor.





Safe Harbor for 1031 Exchange

10 03 2008

Effective for all exchanges on or after March 10, 2008, Rev Proc 2008-16 creates a safe harbor (meaning the IRS will not challenge the exchange) for “dwelling units” that meet the following criteria:

The relinquished property:

1. Was owned by the Taxpayer for 24 months prior to the exchange, and
2. Was rented for 14 days or more in each of the two 12-month periods immediately preceding the exchange.
3. The Taxpayer’s personal use in each of those years did not exceed the greater of 14 days or 10 percent of the number of days the property was rented at fair rental rates.

The replacement property must meet the same criteria. And the exchange must meet all other §1031 requirements.

It is unknown how the IRS will view properties that do not fall within this safe harbor.








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