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South Florida Business Journal
Spirit CFO departs role with airline for rental car giant
Spirit Airlines has named the company’s vice president and controller an interim chief financial officer after its former CFO stepped down to work for the rental car giant Hertz.<\p> The Dania Beach-based airline (Nasdaq: SAVE) announced Brian McMenamy will begin the role on June 14. McMenamy succeeds Scott Haralson, who served as Spirit’s executive vice president and CFO for five years.<\p>
240 apartments in Broward sold for $63M
The Harbour Cove apartments in Pembroke Pines were acquired by Atlanta-based Cortland for $62.55 million.<\p> Bel Pembroke Holdings, an affiliate of Boston-based Easton Vance, sold the 240 apartments at 1601 S. Hiatus Road to Hiatus Road FL Partners LLC, care of Cortland Partners. Berkley Point Capital, doing business as Newmark, provided a five-year, $47.49 million mortgage to the buyer. Property data firm Vizzda confirmed the parties involved in the deal.<\p>
Affordable housing with rooftop garden planned near transit hub
A developer has proposed an affordable housing complex with a rooftop garden in the Glenwood Heights/Brownsville neighborhood of Miami-Dade County.<\p> U.G. Investments LLC, co-owned by Milexys Fernandez and Ulises Fernandez in Southwest Ranches, filed a pre-application with county officials for the 0.36-acre site at the southwest corner of Southwest 54th Street and Northwest 30th Court. It’s about five blocks west of the Brownsville Metrorail Station.<\p>
Miami PR agency grows its brand after several acquisitions
Public relations firm Bevel officially rebranded after being acquired by Miami-based agency Avenue Z. <\p> Together, the merged businesses are combining PR, marketing and media to help clients build their brands across all digital channels. <\p>
Coworking giant to open new location in Boca Raton
One of the largest coworking companies in the world will soon open a 13,000-square-foot location in Boca Raton as part of its expansion in Florida. <\p> International Working Group (IWG) stated it will open a Regus at 6501 Park of Commerce Boulevard in the third quarter this year. <\p>
Small-business grants you can apply for this month
Despite the seemingly endless number of challenges that come along with being a small-business owner, the vast majority of entrepreneurs recommend it. <\p> A survey of employed adults and small-business owners by Justworks and The Harris Poll earlier this year revealed that 93% of small-business owners would recommend business ownership to others, with 59% saying it was easier than they had anticipated. <\p>
Tech & Inno Tracker: Local company wins Lockheed Martin contract
Terran Orbital (NYSE: LLAP) will build 18 satellite buses for Lockheed Martin’s Space Development Agency Tranche 2 Tracking Layer contract.<\p> Aerospace and defense giant Lockheed Martin is one of three companies contracted to build satellites equipped with infrared sensors capable of tracking hypersonic missiles in flight.<\p>
In the Pipeline: 286 apartments planned near Tri-Rail station
Cypress Creek Leaseholder LLC, managed by James Fratangelo of Avail Holding, wants to build apartments on the Park-and-Ride lot near a Tri-Rail station in Oakland Park.<\p> The developer holds a long-term land lease with FDOT for the 8.5-acre site on the west side of Interstate 95 and south of Cypress Creek Road, near the Cypress Creek Station. <\p>
Retail Roundup: Italian restaurant closes within 4 months and more
Val+tino, an Italian restaurant in Fort Lauderdale that was meant to be a rebrand of Chef Giovanni Rocchio’s Valentino Cucina Italiana, has permanently closed after four months.<\p> The 3,500-square-foot eatery was located at 620 S. Federal Highway, near Las Olas Boulevard. Val+tino’s parent company, SFL Hospitality Group, announced the restaurant is closed for the “entire summer” and will become a new concept by fall, in a Facebook post uploaded on May 8. <\p>
Lennar plans 800 new home lots around this state
While last week's city of San Antonio planning and zoning meetings included high-drama agenda items related to a residential development buffer around Toyota, also on the docket were hundreds of new home lots across the city. <\p> Miami homebuilder Lennar (NYSE: LEN), which boasts almost a quarter of new home starts in San Antonio, continued to plot new subdivisions at Stone Garden, a 556-unit community in Elmendorf — but that's not all. <\p>
Tri-Rail to launch express service from West Palm Beach to Miami
Tri-Rail will launch a new express service on July 1 that will reduce travel time between West Palm Beach and downtown Miami.<\p> The new express train will be a one-seat ride, not requiring passengers to disembark to connect to shuttle trains that go in and out of Tri-Rail's MiamiCentral station, according to the South Florida Regional Transportation Authority, the agency that oversees Tri-Rail. The express train cuts the trip by more than 30 minutes, a release stated. <\p>
Widow of hedge fund exec sells waterfront mansion for $16M
A trust controlled by Mia Manente, the widow of wealthy hedge fund manager Seth Tobias, sold a recently completed mansion along the Intracoastal Waterway near Palm Beach Gardens for $15.6 million.<\p> The VRJ Revocable Trust, which lists Manente as the settlor, sold the 5,631-square-foot home at 2390 Cardinal Lane to the EE-15 Trust, with Thomas P. Morr as trustee. The price for the off-market deal equated to $2,770 per square foot.<\p>
WeWork to leave Miami Beach location after 8 years
WeWork will depart its last location in South Beach as the coworking giant prepares to emerge out of Chapter 11 bankruptcy.<\p> The 429 Lenox Ave. building was among 18 rejected leases across the U.S., according to a supplemental reorganization plan provided to the Business Journal by WeWork. The company will reject its lease on June 30. <\p>
240 apartments slated for North Miami church site (Photos)
A church and religious school buildings in North Miami could be replaced with an apartment complex.<\p> The city’s Planning Commission will consider the application from NoMi Holdings Group 2, a partnership between Miami-based SP Developments and Medellin, Colombia-based Continua Developments, for Urbania NoMi 6th Ave on June 2. The developer assembled the 2.74-acre site at 12830 and 12840 N.E. 6th Ave. plus 575 N.E. 127th Street for $6.92 million in 2022.<\p>
Hotel/apartment tower planned at potential transit station (Photos)
Flex Capital Group filed plans for a hotel/apartment tower in North Miami as it’s banking on development of a Brightline passenger rail station next door.<\p> The city’s Planning Commission will consider the application for the 0.51-acre site at 1401 N.E. 123rd Street on June 4. Miami-based Flex Capital Group, managed by Or Shai and Roy R. Benmeir, has the property under contract from Fort Lauderdale-based Shani Management. It currently has a small automotive building, which would be demolished.<\p>
48-story Live Local Act project would be tallest tower in this area
A proposed 48-story tower in Wynwood would quadruple the Miami neighborhood’s height limit thanks to the Live Local Act.<\p> There’s been a development boom in Wynwood in recent years as it transitioned from a destination to check out street art on old warehouses and bars into a major residential, hospitality and office hub, but new buildings were limited to 12 stories by city rules. However, the Florida Legislature approved the Live Local Act in 2023, allowing developers to bypass local height and density limits in exchange for creating workforce housing in at least 40% of the new units. That means homes for people making up to 120% of area median income.<\p>
BurgerFi chairman resigns in the wake of 'liquidity challenges'
BurgerFi International, Inc. announced significant changes have taken place at the company, including the resignation of its executive chairman of the board, Ophir Sternberg. <\p> The Fort Lauderdale-based restaurant owner and operator (Nasdaq: BFI) said Sternberg resigned on May 23. He joined the company in 2020, the same year BurgerFi went public. <\p>
More workers are staying with their current employer in 2024
Most U.S. employees are now choosing to stay with their jobs instead of looking for new ones, a sharp turnaround from the job reshuffling that was common during the Covid-19 pandemic. <\p> A new survey by global advisory firm WTW found 72% of employees are choosing to stay with their employer — up substantially from the 53% who said the same thing in 2022. Back then, about 25% of workers were open to job offers, compared to just 11% now.<\p>
Google joins forces with local company for augmented reality
Magic Leap is forming a strategic partnership with one of the world's largest technology companies. <\p> The Plantation-based company announced a "multi-faceted, strategic technology partnership" with Google in a brief news release late Thursday. The businesses will combine Magic Leap's augmented reality technology with Google's platforms. <\p>
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