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South Florida Business Journal
Billionaire heir pays $148M for oceanfront mansion on island
An oceanfront mansion in Palm Beach was sold by a Canadian company for $148 million.<\p> The 13,127-square-foot home at 455 N. County Road was sold by 3160 Daulac Real Estate Limited Partnership, managed by Max Pencer of Westmount, Quebec, in partnership with siblings Richard Pencer and Gary Pencer. It was previously owned by their late father, William Pencer. The buyer was Sundown LLC, a Delaware-registered company managed by attorney Michael Gordon in Wilmington. <\p>
Flavor Palm Beach rebrands to add restaurant deals in these counties
Flavor Palm Beach has rebranded to Flavor South Florida as the culinary event expands to new cities.<\p> The monthlong restaurant showcase will return in September with dining deals at participating eateries from Palm Beach County, northern Broward County, the Treasure Coast and Melbourne. <\p>
Keyes Co. adds 300 agents from Broward real estate brokerage
More than 300 agents who worked for a brokerage based in Broward will soon be joining the Keyes Co.<\p> Agents affiliated with Coral Shores Realty will move over to Keyes in the next few days, a company spokesman said. They include Coral Shores broker/owner Ronald Cika and his son, managing broker Alex Cika.<\p>
Entire board of directors to step down from Coral Gables company
Appgate's board of directors will resign as the Miami cybersecurity company prepares to go private. <\p> The firm, which filed for Chapter 11 bankruptcy earlier this year, is restructuring in an effort to reduce its debt. As a private enterprise, Appgate will "be able to operate more effectively and efficiently," CEO Leo Taddeo said. <\p>
Publix, 333 condos break ground in Miami-Dade (Photos)
Coral Gables-based Shoma Group broke ground on a mixed-use tower in North Bay Village that will feature waterfront condos, retail and a Publix market. <\p> Shoma Bay will rise 24 stories on the 2.8-acre site at 1850 79th Street Causeway, at the corner of East Treasure Drive. It will feature 333 condos, a 35,037-square-foot Publix and 15,628 square feet of retail/restaurants. <\p>
City to test new water taxi service to Miami
Miami Beach announced it will launch a Miami-bound water taxi pilot program in partnership with Poseidon Ferry. The new service will start on June 30 and run for one year. <\p> The water taxi will transport passengers from Maurice Gibb Memorial Park in Miami Beach, which is located between 18th St. and Purdy Ave., to Venetian Marina & Yacht Club in Miami, at 1635 N. Bayshore Drive.<\p>
Unfinished Bal Harbour condo sold for discount at $17.5M
A condo at Oceana Bal Harbour with an unfinished interior sold for $17.5 million, a discount from its last trade.<\p> The Bal Harbour Condo – H Trust and the Bal Harbour Condo – W Trust, with attorney Ira Gilbert as trustee for both, sold the 7,442-square-foot Unit 2001 in the condo at 10203 Collins Ave. to Oceana 1402N LLC, managed by attorney Seth G. Cohen in Clermont. Ruthie and Ethan Assouline with the Assouline Team at Douglas Elliman represented the seller in the deal, while Ernesto and Monica Cohan with MC Miami Realty worked with the buyer. <\p>
LifeWallet CEO, powerboat maker buy out landlord on warehouses
An affiliate of powerboat manufacturer Cigarette Racing, led by attorney and LifeWallet CEO John H. Ruiz, bought out the landlord of its Opa-locka warehouses for $16 million.<\p> Braver Holdings LLC, formerly known as Cigarette Racing Team and managed by Skip Braver in Miami Beach, sold the 128,732 square feet of warehouses at 4355 N.W. 128th Street and 13041 N.W. 43rd Ave. to Cigarette Holdings RE LLC, managed by Ruiz in Coral Gables. The price equated to $124 per square foot.<\p>
‘Lock-in effect’ restricts homeowners despite inventory improvements
A U.S. housing market that continues to see home-price appreciation, paired with higher-for-longer mortgage rates, may prolong the lock-in effect that's stymied inventory the past couple of years.<\p> Many housing economists predicted 2024 would see more relief for homebuyers by way of greater inventory and households more willing to sell their homes after being tethered to record-low mortgage rates obtained during the Covid-19 pandemic.<\p>
News in Brief: Beach resort nabs $575M loan from pair of large banks
JLL’s Hotels & Hospitality group arranged $575 million in financing for the Diplomat Beach Resort, 3555 S. Ocean Drive in Hollywood. Citi (NYSE: C) and Deutsche Bank (NYSE: DB) provided the five-year mortgage with a floating interest rate to Trinity Investments and funds managed by UBS Asset Management’s Real Estate & Private Markets Multi-Managers business. www.jll.com.<\p> CBRE Capital Markets’ Debt & Structured Finance group represented owner The Green Cos. in securing a $14.1 million loan for the refinancing of Dadeland West Office Park, a six-building office collection in Miami. www.cbre.com.<\p>
325 apartments near Amerant Bank Arena sold for $89M
The AMLI at Sawgrass Village apartments near Amerant Bank Arena in Sunrise were sold for $89.42 million and renamed the Retreat at Sawgrass Village.<\p> PPF AMLI 127th Avenue LLC, an affiliate of Chicago-based AMLI Residential, sold the 325 apartments at 3000 N.W. 130th Terrace to MFREVF V-Sawgrass LLC, care of Mesirow Financial in Chicago. Equitable Financial Life Insurance Co. provided a $70.95 million mortgage to the buyer. Property data firm Vizzda confirmed the buyer and seller information.<\p>
Miami-Dade County files lawsuit to evict Seaquarium
Miami-Dade County has formally sued to evict the Miami Seaquarium from government-owned land.<\p> The county filed its lawsuit June 25 to evict MS Leisure Company Inc., a subsidiary of Cancun-based The Dolphin Company, from 4400 Rickenbacker Causeway in Virginia Key. The action follows the county serving MS Leisure a notice of eviction on April 22. <\p>
Air taxi company to develop vertiports in South Florida
UrbanLink Air Mobility is working with Ferrovial Vertiports to identify locations for air taxi take-off and landing sites in South Florida and other U.S. markets. <\p> Miami-based UrbanLink launched in May and aims to begin operations by 2026. The new business reports it already purchased 20 electric vertical take-off and landing (eVTOL) aircraft from Lilium Air Mobility and must build out vertiport infrastructure to support its urban air mobility network. <\p>
Black-owned distillery breaks ground in historic neighborhood
Victor G. Harvey, the founder and owner of Victor George Spirits, broke ground June 25 on his distillery and entertainment complex on Fort Lauderdale's culturally historic Sistrunk Blvd. <\p> Harvey’s development company, Northeast 6th Development, secured a $2.45 million, five-year forgivable loan from the city’s Community Redevelopment Agency to help fund the Victory Entertainment Complex project – which is about five years in the making.<\p>
Related Group uses Live Local Act to boost size of housing project
The affordable housing division of the Related Group has boosted the size of its redevelopment plans for a public housing site in the West Little River neighborhood of Miami-Dade County.<\p> Residences at Palm Court LLC, part of Miami-based Related Urban Development Group, filed a zoning application with county officials concerning the Palm Court/Palm Towers affordable housing site at 860, 930 and 950 N.W. 95th Street. The County Commission approved a 99-year ground lease with the developer for the 3.64-acre site in April 2023.<\p>
Pro athlete power couple sells island penthouse for $37M (Photos)
A firm led by tennis star Caroline Wozniacki, formerly the No. 1 player in the world, and husband former NBA All-Star David Lee sold a Fisher Island penthouse for $37 million.<\p> Zoweel LLC, managed by Wozniacki and Lee, sold the 7,000-square-foot Unit 7001, also known as PH-1- in Palazzo del Sol at 7001 Fisher Island Drive to Sandcastle Isle LLC. The buyer is a Delaware-registered company, so it’s not clear who manages it. Dina Goldentayer of Douglas Elliman represented the sellers in the deal and declined comment. Don Pingaro with Official was the broker for the buyer.<\p>
These jobs soared during the pandemic and are here to stay
Part-time job listings soared during the Covid-19 pandemic and have yet to recede — a potential sign that both workers and employers see benefits in the arrangements. <\p> Beginning in early 2022, the share of part-time jobs posted on job-search engine Indeed grew 10% before leveling off in 2023. <\p>
Amerant Bank to open its 1st branch in this city
Amerant Bank will open a new branch in downtown West Palm Beach— its first location in the "Wall Street South" city. <\p> The U.S. Office of the Comptroller of the Current (OCC) approved the Coral Gables-based bank's (NYSE: AMTB) application to launch its West Palm Beach banking center in the Related Cos.' CityPlace Tower at 525 Okeechobee Blvd., Suite 100 on June 3. The OCC received the new branch request in April.<\p>
Warehouse near Interstate 95 doubles in value with $55M sale
A Riviera Beach warehouse that houses Serta Simmons Bedding sold for $55 million, more than doubling in value since its last trade.<\p> Ratzon Realty (Interstate Park Logistics Center Florida) LP, an affiliate of Dallas-based Dalfen Industrial, sold the 236,554-square-foot warehouse at 3774 Interstate Park Road North to 3774 Interstate Park LLC, an affiliate of Irvine, California-based LBA Logistics. Property data firm Vizzda confirmed the parties involved in the deal. The price worked out to $233 per square foot.<\p>
Sporting goods store proposes indoor paddle facility at local mall
An indoor paddle sport facility might be coming to Sawgrass Mills. <\p> A City of Sunrise agenda indicates city commissioners could discuss a special exception use permit at its meeting tonight. The request was submitted by 4 Connection LLC, the parent company of Epic Athletic Club, an 8,000-square-foot sporting goods store that’s connected to the mall and operates at 12801 W. Sunrise Blvd.<\p>
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