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Real Estate
Aware that it may seem unseemly to boast in a slow economy, especially after Sept. 11, timeshare developer Deborah Linden lets seep a description of her company's 2002 with a twinge of apology. "I hate to say this," she says, but 2002 was "the best year we've had." Her Island One finished 2002 with $45 million in revenue and a record, though undisclosed, profit.
Linden's not alone in having to apologize for good times. But she is otherwise unique. "A trailblazer," says Howard Nusbaum, president of the American Resort Development Association. "Deb broke the gender barrier in vacation ownership in spectacular fashion, becoming a leading figure in almost every front: Political advocacy, community building, industry advancement and on and on."
Linden, 47, started her career sweeping basements for her father's building company in suburban Chicago. In 1981, at age 26, she founded Island One in Orlando with her family. It was the early days of the timeshare industry when everyone catered to the mid-market and sold units for a fixed week at a fixed resort. Today, Island One still is mid-market -- two-bedroom units for $12,000 to $13,000 -- though like others it now has a point system that owners use to select weeks and resorts.
A rare independent in a consolidated industry, Island One has 40,000 owners, 700 units in central Florida, five resorts -- "soon to be seven" -- plus alliances with other companies for its owners to swap vacations. Linden, who bought control of Island One from family and outside investors in 1996,is branching out to Naples and Daytona. She's had corporate suitors but for now isn't selling. "I really want to build value in my company and sell it up the road."
DEBORAH LINDEN
CEO / Island One
Orlando
Vacation spot: "I sell vacations. I don't take them."
But really: With her son, Jimmy, the Caribbean and skiing.
Diversify: "I don't want to do any more business in Orlando than I'm doing. I'd like to grow in other parts of Florida."
Honor: In 2000, Linden won the first lifetime achievement award from the American Resort Development Association, an industry group she chaired from 1993 to 1995.
Makeover Man
Places that attract George Rahael represent Florida sprawl stereotypes. One spot, ostensibly a city's main intersection, is no more than six lanes of asphalt separating a confluence of parking lots. Another site is a forgettable strip of tired shopping centers.
Rahael and his Amera Corp. aim to make the first -- an intersection in northwest Broward's Coral Springs -- into a $300-million office-residential-retail downtown. The second, west Broward Boulevard just off I-95, will take another $300 million to reconfigure for offices. He's also starting a $60-million retrofit of a branch bank site in east Boca Raton into a hotel-office development.
His aim for all: Converting low-density, already-developed locales into urban, pedestrian-friendly sites. Rahael, 54, came to south Florida in 1979 from his native Trinidad and developed retail properties. In 1986, worried a recession was coming, he stopped developing. Open for business again since 1991, he prefers makeovers to developing virgin suburbia; makeovers are harder, but the sites are proven and the natural evolution is redevelopment of an urban character.
In loads of planning and charette sessions, he readied plans for Coral Springs, Fort Lauderdale and Boca. Too much? "A very valid question, particularly in this year's economic environment," he laughs. But "we're not building millions of square feet next year. We'll do it as the market needs it."
His favorite places feel crowded to those already there, but Rahael, with a confident, cosmopolitan air, envisions plenty more people coming. "My view is, you haven't seen anything yet."
Another Recession Avoider
Greg Ruthven, 45, president of The Ruthvens, a spec warehouse developer founded by his father, Joe. The company owns 75 buildings all within 15 minutes of its base in Lakeland. Ruthven is slowing new projects -- as the company did in 1989. Joe Ruthven "has good intuition on when to turn off the spigot," Greg Ruthven says.
Power Broker
Damien Madsen tells how in his first week as a 24-year-old rookie commercial broker he closed a lease deal and earned a $5,000 commission. "This is so easy," he thought. He didn't close another deal for 10 months.
Madsen, 40, broke the sophomore jinx long ago. Last year, he was Orlando's top producing office broker, according to the National Association of Industrial and Office Parks' local chapter. It helps to have inventory: Madsen works for St. Joe Co.'s Advantis Commercial Real Estate Services. His biggest client is the developer of Gran Park at SouthPark, Flagler Development, a unit of Florida East Coast, which once was owned by St. Joe.
Connections help, but Madsen has the experience. In college, he sold books door to door. When he graduated from the University of Central Florida in 1986, he decided that if he were going to sell, "you might as well sell something big." His lease deals and a land sale put him at $98 million in deals in 2002.
The only commission revelation you'll get out of Madsen these days is that $5,000 story from his rookie year. Pay schemes are so varied in commercial real estate that it's impossible to guess beyond the obvious: He's doing very well. "It has been without a doubt a great career for me," he says.
DAMIEN MADSEN
Executive Director /
Advantis Commercial Real Estate Services
Orlando
Pastimes: Water-skiing, snow skiing, fishing, travel.
Quote: "Whether a market is good or bad, there's always a role for the broker."
Advice to rookies: "You're not going to make a whole lot of money the first couple years. Work extremely hard and always be honest and above-board with your clients."
The Rookie
Lance Benson, 29, associate, Cushman & Wakefield, Miami. In 18 months, this North Carolina State engineer grad has built an up-and-comer reputation. Under veterans Maggie Kurtz and Diana Parker, he helps represent more than 1 million square feet of office space. He created a Young Guns real estate networking group. Born without legs, he walks on crutches. "It's definitely not something that held me back." Indeed, the former high school wrestler is training for next month's Tropical Marathon in Miami.
