STUART ATTRACTS SOUTH FLORIDA BUSINESSES

Stuart - Like many South Florida businesses, POMA CORPORATION will soon move north to Stuart. The aluminum products company will break ground in early 1999 on a new 80,000 sq. ft. building to be located on 14 acres of land on Willoughby Boulevard just south of Monterey Road.

Frank Poma says he's moving to Stuart because of the pro-business environment. Al Purino, president and officer-in-charge of daily operations expects the Willoughby location to afford ample room for expansion.

The company which employs approximately 100 workers with an annual payroll of $2.5 million, manufactures a wide variety of aluminum and steel railings, window awnings and louvers plus hurricane shutters and panels. Poma products adorn many of the best condominiums, office complexes, hotels and shopping malls from as far west as Guam and Hawaii to the Bahamas in the east.

Assisting Poma is the Business Development Board of Martin County, the leading economic development agency serving Stuart and the county. It is actively recruiting other industries for Stuart and the county and welcomes inquiries.

Stuart - The Royal Palm Financial Center located on U.S. 1 in Stuart is typical of a local upscale office complex that has reduced its vacancy rate in recent years. The complex, comprising four separate buildings, houses some of Stuart's most prestigious financial institutions.

To keep pace with the growing demand for commercial space, Stuart recently annexed 1,200 acres, which increased its size by 42%. The 42 separate voluntary applications ranged in size from one acre to 350 acres and are primarily vacant commercial property. Property and business owners are drawn to Stuart by its stable tax rates, conservative commission, consistent government staffing and revitalized downtown plus $16 million in city wide infrastructure improvements.

The City of Stuart, while sensitive to the dangers of urban sprawl that the annexations pose, is determined to maintain its traditional high development standards. The city commission will still however, be responsive to new volunteer annexation requests.

In another move to spur business development, the city recently expanded its Community Redevelopment Area, which will make several tax advantages available to properties. The original CRA covered only the downtown area but was instrumental in revitalizing the old commercial section of Stuart. We'll have more on the CRA in our next issue. Volume 1-Number 7
July 1998

Poma Corporation's new Stuart facility will look like its present building in Palm Beach.

Stuart - The Stuart City commission recently voted to improve a popular anchorage on the city's west side by developing the Stuart Southpoint Anchorage. Boaters can sail from Stuart to the Gulf of Mexico or the Atlantic Ocean via the Okeechobee Waterway or the Intracoastal Waterway. The land facilities will include a ship's store, pump out station, showers, dingy port and a laundry. The river anchorage will contain 50 to 75 moorings.

Many other amenities are near by. Two parks, Shepard and the newly renovated Flagler Park and Recreation Center are both within easy walking distance along a River Walk. A Publix shopping center is just 0.6 miles south along U.S. 1. The center offers, besides the grocery store, restaurants, fitness center, cleaners, barber shop and other retail outlets.

The new facilities will be managed by a harbor master, which will enable the city to better regulate unattended or abandoned boats and enhance the environment and aesthetics of the waterways surrounding Stuart.

Stuart- Mr. and Mrs. Business Owner, if you're looking for a relocation or expansion site, Stuart on Florida's east coast is the place for you. A progressive city with a commission that wants to be your business partner is ready and willing to help you move in. The Business Development Board would like to invite you to drive by and look us over and perhaps stop at one of our many excellent downtown restaurants for lunch.

Typical of Stuart's progressive policies was the creation in 1985 of Martin County's first Community Redevelopment Area (CRA). Totaling some 185 acres of the historic downtown area, the CRA provided the impetus for the rebirth of "old Stuart." Occupancy rates have soared from around 50% to 100%, and since then many property owners have subdivided their buildings to meet the demand for additional office and retail space. The assessed value of property in the CRA climbed from $51 million in 1985/86 to over $82 million in 1996/97. Because some properties were not on the tax roll, taxable value jumped from $41 million to $55 million during the same decade.

How did all this happen? While the booming local and national economy certainly played a role, the creation of the CRA and the public/private partnership it fostered, transformed a dead little old Florida town sitting along Flagler's Florida East Coast Railroad into a exciting thriving business and tourist attraction.

The CRA provided several advantages for the area. First, it allowed tax increment financing to put the new tax dollars generated by the increasing property values back to work in the CRA. Second, it encouraged the city to revise the zoning code to permit mixed use categories which allow single/multifamily uses as well as residential/commercial uses. Third, banks, especially local institutions, were willing to make low interest loans which helped new businesses move in and assisted existing commercial and retail establishments to expand. Fourth, the city began a vigorous grant application program, securing numerous state and federal grants each year. And finally, the city commission has been consistent in its willingness to work with developers on infrastructure needs, such as new and extended sewer systems, drainage, right-of-way improvements and landscaping.

Encouraged by the overwhelming success of the first CRA, Stuart has recently added an additional 560 acres to the project. The new area is across the St. Lucie River from the downtown area and connected by the new high-rise Roosevelt Bridge and the pedestrian friendly old bridge. The new CRA contains 421 parcels and comprises 18% of the total city area. Approximately 550 acres are vacant and suitable for development. The city planning department has developed several possible scenarios for developers to view and study. (See accompanying map) For instance, the city is anxious to work with developers in establishing marinas, hotels, restaurants and a convention center. The impressive aspects of the plan are that the same tax increment financing, mixed use zoning and loan and grant opportunities will exist. The most important aspect is that the City of Stuart stands ready, willing and able to become the partner of any developer who can create a viable and attainable project that combines economic reality with environmental sensitivity. For those unfamiliar with Stuart's location, the city lies between I-95/Florida Turnpike and the Atlantic Ocean. It's two hours from Miami and Orlando and 40 minutes from Palm Beach International Airport. The county airport, Whitham Field is a three runway facility serviced by several FBOs and home to many corporate jets.

The natural market area is much larger than Stuart and Martin County. The growing city of Port St. Lucie borders Stuart on the north. This booming city has surpassed Fort Pierce in population and offers a market potential equal to West Palm Beach. A lot of customers drive the two miles south to shop and do business in Stuart and many of St. Lucie County's business executives and professionals live in Martin County.

The Business Development Board of Martin County is the established economic development agency in the county and is ready to assist businesses assess the potentials of Stuart. Please call and let us help you evaluate Stuart and its potential for your business.