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South Florida Business Journal
News in Brief: Global music artist Daddy Yankee opens padel club
Singer and entprepreneur Daddy Yankee opened the 10 by 20 Padel Club at 5300 Powerline Road in Fort Lauderdale. www.10by20.com.<\p> Miami-based Barrington Brothers, managed by Arthur and Kenneth Barrington, opened The Kavista, a 282-unit apartment project at 471 N.E. 83rd St., in the village of El Portal in Miami-Dade County. www.thekavista.com.<\p>
Office building owner files for bankruptcy to stop $111M foreclosure
The owners of the Gateway at Wynwood office building and a neighboring bank office filed Chapter 11 reorganization a day before a scheduled foreclosure auction was set to take their properties away.<\p> The Gateway at Wynwood LLC and 2830 Wynwood Properties both submitted Chapter 11 petitions July 1 in U.S. Bankruptcy Court for the Eastern District of New York, as both companies are based in Valley Stream on Long Island. David Goldwasser signed the petitions as chief restructuring officer of both companies. <\p>
Spirit Airlines hires industry veteran as new CFO
Spirit Airlines has brought on an aviation industry veteran as its new chief financial officer.<\p> The Dania Beach-based airline (NYSE: SAVE) announced it appointed Fred Cromer, who previously worked at Xwing, Inc., Bombardier and ExpressJet Airlines. In addition to being CFO, Cromer will also serve as an executive vice president, according to Spirit.<\p>
These are America's most-delayed flights
Airlines are expecting record-breaking traffic for the summer — and for the July Fourth holiday — but fliers on many routes would be wise to build in some extra time for their travel plans. <\p> That's according to an analysis by The Business Journals of the latest on-time data from airline analytics company Cirium Inc. The analysis looked at routes with at least 20 flights. <\p>
Massive downtown project expected to finish in 2025, DDA says
After eight years of on-and-off construction, the Flagler Street project in downtown Miami is slated to be finished in 2025, a timetable from the Miami Downtown Development Authority stated.<\p> At least, that is the plan. There still isn't a date for construction to start on Section E, a portion of Flagler Street that stretches from Miami Avenue to West First Avenue. And completion for another section of Flagler Street could be delayed if the 48 E. Flagler St. complex isn't demolished. <\p>
Miami company raises $10 million to create OnlyFans rival
A Miami startup is the first venture-backed adult content platform after raising $10.2 million in seed funding. <\p> Slushy, a creator monetization business, raised the capital from a range of investors, including Tinder co-founder and former CEO Sean Rad, former Shutterstock CEO Jon Oringer and the electronic duo The Chainsmokers. <\p>
D.R. Horton buys $65M Homestead site for 503 homes (Photos)
D.R. Horton (NYSE: DHI) paid $65 million for a 96.8-acre development site in Homestead.<\p> Richard T. Alger and several family members issued 11 deeds to the Arlington, Texas-based homebuilder covering their agricultural land at the northeast corner of Southwest 328th Street and Southwest 172nd Avenue. The Algler family had farmed that site for decades, but now it’s giving way to housing development, like much of Homestead as people continue moving further south.<\p>
Ex-NFL star's firm buys North Miami apartments
A firm led by Elvis Dumervil, a former Pro Bowl NFL player turned real estate developer, paid $11.35 million for the Caribbean Club Apartments in North Miami.<\p> Miare LLP, managed by Oleg Vorobyev in Sunny Isles Beach, sold the 62 apartments at 13200 N.E. Seventh Ave. to Prestige District LLC, managed by Dumervil of North Miami-based Prestige Estates. International Finance Bank provided a $7.9 million mortgage to the buyer.<\p>
University buys Macy’s store for $40 million
The University of Miami purchased the Macy’s furniture and mattress store in Pinecrest for $40 million.<\p> The Cincinnati, Ohio-based retailer (NYSE: M) sold the 77,861-square-foot retail building at 13251 S. Dixie Highway to the Coral Gables-based nonprofit university. The 4.6-acre site was developed in 1972.<\p>
Lennar buys ranch land in this state for 300-home neighborhood
The nation's second-largest homebuilder, Lennar Corp., plans to build a 300-home community on 47 acres it recently purchased in Aubrey, Texas.<\p> The property, known as Loyd Ranch, is off FM 2931 and had been owned by the Loyd family for the better part of a century, according to Bryan Haggard Land Group, the firm that brokered the sale earlier this month. Josh Bryan, partner at Bryan Haggard Land Group worked with the family and the listing brokers at Coldwell Banker to seal the deal.<\p>
Miami-Dade County adds 4 acres in this city to rapid transit zone
About four acres of land in Opa-locka are to be included in Miami-Dade County's rapid transit zone, an area that grants additional development rights for transit-oriented developments.<\p> The Miami-Dade County Commission unanimously approved an ordinance that included 4.02 acres at approximately 13307 Alexandria Drive into the county's RTZ during its July 2 meeting. The legislative item was passed with minimal discussion.<\p>
Housing, shopping center planned near Boynton Beach
A landowner wants approval for a mixed-use project with multifamily and a retail center west of Boynton Beach.<\p> Hypoedania LLC, 4269 Hypoloxo Pool LLC and 4269 Hypoluxo Home LLC, all managed by Kathryn Joy Anderson in Monument, Colorado, filed a large-scale land use amendment in Palm Beach County for Ruby Village on May 8. It concerns the 13.55-acre site at 4269 and 4225 Hypoluxo Road.<\p>
Miami Spice returns with Michelin spots among 250-plus lineup
The annual Miami Spice dining event will return with more than 250 participants. <\p> The Greater Miami Convention & Visitors Bureau announced the two-month-long restaurant showcase will run from Aug. 1 to Sept. 30.<\p>
Miami among U.S. cities with lowest rise in super commuters
The pandemic didn't just usher in a new era of remote and hybrid work. It also spawned the rise of the super-commuter.<\p> Super-commutes — defined as commutes of more than 75 miles — have grown 32% among the nation's 10 largest metros since the pandemic.<\p>
Local airports have among most-delayed flights in the U.S., study says
South Florida airports had some of the least on-time flights in the Sunshine State – and the nation.<\p> At Miami International Airport, only 6,807 of 10,533 flights – 64% – arrived on time, followed by Fort Lauderdale-Hollywood International Airport, where only 5,947 of 9,235 flights – 61% – arrived as scheduled. <\p>
Apartment project near major highway planned with only 3-bedroom units
A developer has proposed an 11-story tower in the Goulds neighborhood of Miami-Dade County with only three-bedroom units.<\p> Topvest Capital LLC, managed by Nehemiah Davis in Miami, filed a pre-application with county officials concerning the 0.3-acre site at 11980 S.W. 216th St. Located two blocks west of U.S. 1, the property currently has a single-family home that was built in 1955.<\p>
County could lease Wynwood site to developer for apartments
Miami-Dade County could lease the site of a county office in Wynwood to a developer to build a mixed-use project.<\p> The county’s Housing, Recreation, Culture & Community Development Committee will consider the ground lease with De Hostos True Norte Holdings LLC, an affiliate of Greenwich, Connecticut-based Richman Group, for the 0.97-acre site at 2902 and 2948 N.W. Second Ave., and 220 N.W. 30th Street. The property currently has an office utilize by the county’s Community Action and Human Services Department for social services.<\p>
'Care Bears' maker files for bankruptcy with over $50M in debt
Basic Fun Holdco LLC, a toy design and marketing company that developed iconic brands such as Lincoln Logs, Tonka and Care Bears, aims to reorganize its business through bankruptcy.<\p> The Boca Raton-based company filed its Chapter 11 petition with the U.S. Bankruptcy Court for the District of Delaware on June 28, listing debts between $50 million and $100 million. <\p>
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