Beacon Lakes Case Analysis
Armando Codina is the chairman and CEO of Armando Codina Group of Company, which is one of the most active developers in Florida. However, Armando Codina is facing a challenging decision whether to abandon the Beacon Lakes development project worth $220 million or go ahead with the project. However, Codina has already spent $2 million to obtain the necessary approval to develop the 6.6 million square foot warehouse project Despite the approval, Codina is facing various obstacles making him considering whether to go ahead with the project or abandon the project. Codina feels that an unsuccessful project such as the Beacon project can affect his untainted career. Among the problems facing Codina is the uncertainty regarding the getting an approval for the project and expansion to the UDB (Urban Development Boundary) towards the west that is currently zoned to prohibit further development. (Segel, Barlick, & Gonzalec, 2008). Moreover, the negative press coverage regarding the project investment at Beacon Lakes is given Codina a consideration whether not to go ahead with the project. For example, the latest news of The SFBJ (South Florida Business Journal) shows that the press is against the project. The current weekly business news of the SFBJ reveals that the author is biased about the project because there are many illegal contaminations and dumping at the site. (Segel, Barlick, & Gonzalec, 2008).
Similar to the negative press coverage, the local government agencies are also placing obstacles to the approval of the project. Thus, Codina needs to obtain a wide variety of approval, reviews, and permits from more than 20 different local, state and federal government departments and agencies. Additionally, Codina is considering that the approval will affect the market conditions of the project looking at the recession and downward markets that have been affecting the US commercial real market sector since the last 12 months.
After estimating the project costs, Codina believes that the project cost is substantial. Apart from the environmental mitigation, operating...
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