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South Florida Business Journal
Beachfront restaurant in Broward files for bankruptcy
A restaurant operator in Broward County has filed for bankruptcy with debts totaling about $1.7 million. <\p> Class Act Restaurant Group, LLC, the parent company of Deerfield Beach Cafe, submitted a petition for Chapter 11 reorganization on July 1 with the U.S. Bankruptcy Court for the Southern District of Florida. <\p>
A popular job-posting strategy can backfire
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> The hiring process sparks plenty of questions for employers and candidates alike. <\p>
Brightline reports $116 million loss in 1st quarter of 2024
The opening of Orlando station has given Brightline a huge infusion of revenue. However, the Miami-based train company still reported a net loss of more than $116 million in the first three months of 2024.<\p> According to its quarterly unaudited financial statement, Brightline collected $48.93 million in revenue between Jan. 1 and March 31 of this year, a 206.8% year-over-year (YOY) increase. <\p>
Downtown restaurant development targeted in foreclosure
The developer of a restaurant project in downtown Delray Beach has been named in a $7.94 million foreclosure lawsuit.<\p> SHE 27 LLC filed a foreclosure complaint June 25 against Englishtown, New Jersey-based Icon Development Holdings II LLC, along with loan guarantors Anthony D. Shafer, Icon Dev Owner II, IRC Equities Holdings LLC and IRC Equities II FL LLC. It targets the 0.9-acre site at 27 S. Swinton Ave. and 104 S.E. First Ave., near the Old School Square district and one block south of the popular Atlantic Avenue shopping and dining strip.<\p>
Child care issues costly for families and employers, experts say
South Florida’s child care problems are expensive – not just for families, but also for employers.<\p> According to the Florida Chamber of Commerce, the state’s economy loses $5.38 billion annually, with about 80% of the loss from employee turnovers and absences.<\p>
Apartments with retail space planned near new transit system
A developer has proposed an eight-story apartment building in the Perrine neighborhood of southern Miami-Dade County.<\p> Belle Development LLC, managed by Eduardo Lopez of Miami-based E&E Design and Construction, filed a pre-application with county officials concerning the 0.4-acre site at 18222 and 18234 Homestead Ave. It’s located near the South Dade TransitWay, where the county is building an electric rapid bus transit system. County officials have encouraged more density near this future public transit route.<\p>
County could purchase office near airport for $26M
Miami-Dade County could purchase an office building near Miami International Airport, where it would relocate county employees.<\p> On July 10, the county’s Airport and Economic Development Committee will consider purchasing the 97,488-square-foot office at 7200 N.W. 19th St. for $26.31 million from W-Crocker LAM Office Owner VIII, an affiliate of Chicago-based Walton Street Capital. <\p>
Local electronics retailer files for bankruptcy for second time
A Doral-based electronics retailer filed for bankruptcy again after its initial case was dismissed with prejudice for a year. <\p> Camlem Trade petitioned for Chapter 11 reorganization for the second time June 26 under the name CMTRD LLC, listing nearly $5 million in debt and just over $13.7 million in assets. The company's largest creditor is American Express, to which it owes a combined $1.08 million for two credit cards. <\p>
88-year-old local credit union merges with 68,000-member institution
An 88-year-old Miami law enforcement credit union will merge with a Virginia-based member-owned financial institution that was founded inside the U.S. Department of Justice during the Great Depression. <\p> Justice Federal Credit Union told the Business Journal it will add over 4,800 members and $55 million in assets from Law Enforcement & Technology Federal Credit Union, formerly known as United Police Federal Credit Union. The deal puts Justice FCU at nearly $1 billion in assets and more than 68,000 members. <\p>
Homebuilder buys $14M golf course to build 300 homes
An affiliate of 13th Floor Homes paid $14 million for the Woodlands Country Club golf course, which it already has approval to redevelop.<\p> Ontario, Canada-based Clublink US sold about 277 acres of the golf course at 4600 Woodlands Blvd. to Woodlands Club Holdings, an affiliate of Miami-based 13th Floor Homes. Property data firm Vizzda confirmed the buyer and seller information.<\p>
Boca Raton's growth attracts wealthy households, firms and projects
Add Boca Raton, once a suburban community known for its retirees and affluent lifestyle, to the growing number of South Florida communities that are now hotbeds for development.<\p> As they are in many parts of Florida, builders are scrambling to capitalize on the influx of people and businesses since the start of the Covid-19 pandemic.<\p>
Developer buys site to build 2 hotels near future Chick-fil-A
An affiliate of DC Partners acquired a property in Palm Springs that was approved for a pair of extended-stay hotels.<\p> West Palm Beach-based 10th Avenue Partnership, led by John J. Hoecker and N. Kent Wilmering of Jupiter Realty Co., sold the 4.6-acre site at 2645 10th Ave. North for $5 million to DC Hospitality Palm Springs LLC, an affiliate of Bound Brook, New Jersey-based DC Partners. Property data firm Vizzda confirmed the parties in the deal.<\p>
Retail Roundup: David Grutman restaurant and a Michelin eatery close
David Grutman’s The Key Club in Coconut Grove and Jeffery Chodorow’s Leku Fish and Garden in Allapattah are two Miami restaurants that have closed, shocking local foodies.<\p> The Key Club, a classic American restaurant under Groot Hospitality, opened at 3015 Grand Ave. in May 2022. The 6,700-square-foot venue’s last day of service was June 29.<\p>
UKG lays off more than 2,000 employees before holiday
UKG conducted mass layoffs on Wednesday, just before the July 4 holiday, cutting an estimated 2,200 workers.<\p> The privately held staffing software company – with double headquarters in Weston, Florida, and Lowell, Massachusetts – cut approximately 14% of its workforce, according to a July 3 email to employees from UKG CEO Chris Todd that was reviewed by the Business Journal. <\p>
Office investors buy out partners in portfolio for $75M
Steven Shullman and Alan Shullman bought out their partners in a six-property medical office portfolio in Palm Beach County, paying $75 million for the remaining 50% interest in the companies, according to Marcus & Millichap.<\p> The deal consisted of the Delray Beach-based investors purchasing the remaining interest in the LLCs that own the real estate, not deeds. Rayus Radiology is a tenant in all of the buildings. A vacant property was also included in the deal.<\p>
Tractor Supply Co. store breaks ground in this city with $11M loan
A developer broke ground on a Tractor Supply Co. store in Westlake after securing a $10.8 million construction loan.<\p> Northbrook, Illinois-based BCL-CRE 3 LLC provided the mortgage to HSC Westlake LLC, an affiliate of Daphne, Alabama-based Hix Snedeker Cos. It covers the 4-acre site at 16830 Persimmon Blvd., which the developer recently purchased from Minto PBLH LLC, an affiliate of Coconut Creek-based Minto Communities, for $3.18 million. <\p>
Miami tech company launches new AI health tool
SelfDecode, a Miami-based technology company, launched a new health artificial intelligence (AI) tool called DecodyGPT. <\p> Similar to ChatGPT, this AI health assistant generates personalized health recommendations based on genetic information, lab results, lifestyle choices, symptoms, and health objectives. The company's analysis of more than 83 million genetic variants helps deliver the tailored advice, including diet, supplement and workout suggestions.<\p>
Cano Health CEO talks about firm's future after bankruptcy (Exclusive)
Cano Health CEO Mark Kent said the company is moving forward as a slimmer and more focused business after emerging from bankruptcy.<\p> The Miami-based health care provider for Medicare patients remains one of the largest health care clinic owners in South Florida, although it did downsize through the Chapter 11 reorganization. At its peak, Cano Health had about 4,500 employees and 170 locations, including clinics in multiple states, Kent said. Today, it has 80 locations – all of them in Florida – and about 2,200 employees.<\p>
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