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South Florida Business Journal
Kiki on the River founder, hospitality veteran to open new restaurant
Two Miami nightlife moguls have teamed up to create a new waterfront restaurant and lounge along the Miami River, and this one will have an Italian-inspired twist.<\p> Roman Jones, founder of Kiki on the River, and Nicola Siervo, founder of KNR Hospitality Group, will launch Capitano, a two-story palazzo that’s set to be built at 28 N.W. North River Drive.<\p>
Mansion in exclusive yacht & country club sold for $19M
A couple sold their mansion plus a neighboring lot in the exclusive Royal Palm Yacht & Country Club in Boca Raton for $19 million.<\p> John S. Simoni and Barbara A. Simoni sold their homestead residence of 7,627 square feet at 174 W. Coconut Palm Road along with a vacant lot of 0.32 acres to the M Sean Revocable Trust and the M Beth Revocable Trust, both with Jonathan Bloom as trustee. David W. Roberts with Royal Palm Properties brokered the deal.<\p>
This city's downtown sees population and development rise
Developers continue to build thousands of new residences in downtown Fort Lauderdale as the urban area's population surpasses 26,000 people, a recent report stated. <\p> According to a newly released report from the Fort Lauderdale Downtown Development Authority, the downtown area's population increased 35.4% between 2020 and 2023 to 26,083 people. It's projected to rise another 28.1% between 2024 and 2028 – a much higher pace than the downtown areas of West Palm Beach (24.6%), Miami (18.9%), and Tampa (15%), the DDA stated. <\p>
Developer plans 8-story apartment building in Miami (Photos)
A developer has proposed an eight-story apartment building four blocks north of the Douglas Road Metrorail Station in Miami.<\p> The city’s Urban Development Review Board will consider plans for the Mosaic at Douglas Road on the 0.93-acre site at 3700 S.W. 28th Street, plus 2810 to 2828 S.W. 37th Ave. on June 20. Located just west of Douglas Park, it currently has a few homes and vacant lots.<\p>
Last Sears in South Florida could be redeveloped with Live Local Act
A Sears store in Miami, the last of the former retail powerhouse’s locations in South Florida, could be redeveloped into multifamily through the state’s Live Local Act.<\p> The city’s Urban Development Review Board will consider plans for the 8.1-acre site at 3655 S.W. 22nd Street/Coral Way on June 20. Owned by Sunny Isles Beach-based RK Associates, led by retail investor and Miami Heat minority owner Raanan Katz, the property currently has a 192,493-square-foot retail building that was completed in 1954.<\p>
Experts see value in businesses observing Juneteenth holiday
June 19 is Juneteenth National Independence Day, the nation’s newest federal holiday commemorating the end of slavery in the United States in 1865.<\p> Although Florida has recognized Juneteenth as an observance since 1991, Florida is one of 20 states that do not mandate it as a legal holiday and/or permanent paid day off, according to a 2024 Congressional Research Service report. Florida leaves the decision of how and if time is taken off to the county governments and local business owners.<\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
551 townhomes proposed in Miami-Dade County
Miami-based Bluenest Development is seeking approval for two for-sale townhouse communities in southern Miami-Dade County, each of them with a significant amount of workforce housing.<\p> The developer, led by brothers Salim Chraibi and Kamil Chraibi, filed two comprehensive development master plan (CMDP) amendments with county officials, along with zoning applications. The applications will eventually need County Commission approval, as they are part of the May CDMP cycle.<\p>
CEO of multibillion-dollar public company to step down after 25 years
The CEO of a local 5G engineering and installation company with nearly $4 billion in revenue plans to step down from his role after 25 years.<\p> Dycom Industries announced June 14 that its chief executive Steven E. Nielsen will retire on Nov. 30. The Palm Beach Gardens-based company's (NYSE: DY) COO and EVP Daniel S. Peyovich will succeed him. <\p>
Part of Coconut Grove condo/hotel sold for $16M
The bulk of the commercial space and 19 units in the Hotel Arya Coconut Grove, also known as the Mutiny Park Condominium, sold for a combined $16.23 million.<\p> The deed was executed with one deed for CU-1 – the 12,530-square-foot commercial unit – and eight deeds for the 19 condo-hotel units, according to property data firm Vizzda. The sellers were a combination of companies managed by Balbir Gosal, Baldev Johal, and Ranjit Johal. The buyer of the commercial unit was CG Miami Hospitality LLC and the buyer of the hotel-condo units was Hogni Investments FL I. Both of the buyers are co-managed by Juan Uribe, founder of Miami Vacation Rentals, and Florian Hagenbuch, a Brazilian entrepreneur who co-founded investment firm Canary and real estate platform Loft. <\p>
Avison Young exec named Savills’ co-head of Florida
Savills has appointed two new Florida co-heads, Tampa-based Mike Griffin and South Florida-based Donna Abood.<\p> Griffin previously served as the market leader for Savills’ Tampa Bay office. Griffin and Abood will spearhead Savills’ growth strategy, recruiting and retention, revenue production and brand visibility throughout the state. <\p>
Tech & Inno Tracker: ADT to lay off dozens at local facility
Home security company ADT plans to close certain units at its information technology center in Boca Raton and dismiss 73 employees.<\p> The Boca Raton-based business (NYSE: ADT) will permanently shutter some of its operations at 1501 Yamato Road by Dec. 1, according to a Worker Adjustment and Retraining Notification (WARN) filed May 30. All of the positions at the location will be eliminated, with the first wave of layoffs beginning in July.<\p>
CRE Tracker: Coworking giant to open new location in Boca Raton
International Workplace Group (IWG) will open a 13,000-square-foot Regus in Boca Raton as part of its expansion in Florida. <\p> Boca Raton’s third Regus location will open in the 6501 Park of Commerce building in the third quarter of this year. IWG founder Mark Dixon said the building was picked because its near where many hybrid working professionals live. <\p>
In the Pipeline: 48-story Live Local Act tower planned in Wynwood
A proposed 48-story tower in Miami's Wynwood would quadruple the neighborhood’s height limit thanks to the Live Local Act.<\p> Wynwood Interest LLC, an affiliate of Bazbaz Development, has proposed the 755,688-square-foot project on the 1.5-acre site at 2110 N. Miami Ave. It would feature 544 residential units, 19,393 square feet of commercial space and 621 parking spaces. Under the Live Local Act, 40% of the units must be workforce housing.<\p>
Royal Caribbean celebrates the delivery of its newest ship (Photos)
Royal Caribbean International is welcoming Utopia of the Seas this weekend.<\p> The Miami-based cruise line announced its long-awaited ship will make its debut at Port Canaveral next month. A celebration was held on June 14 at the Chantiers de l'Atlantique shipyard in Saint-Nazaire, France, where Utopia was built. Royal Caribbean said construction took more than two years.<\p>
Over 20 South Florida ZIP codes among America's wealthiest
Over 20 local ZIP codes rank among the nation's 1,000 wealthiest places, and Palm Beach County leads the way for most South Florida neighborhoods on the List. <\p> That’s according to The Business Journals Wealthy 1000, a new ranking of the nation's wealthiest ZIP codes based on a weighted formula that looks at a number of wealth metrics. <\p>
6 openings: New food hall launches in Hollywood and more
Hospitality businesses continue to target South Florida for new openings.<\p> From dynamic food halls to revitalized nightlife hotspots, the tri-county region is becoming home to a variety of dining and entertainment ventures. Here are six new openings that are bringing service to the forefront in Broward, Palm Beach and Miami-Dade County.<\p>
Hospital operator proposes clinic, emergency department (Photos)
Holy Cross Health could build a freestanding emergency department and primary care clinic in Deerfield Beach.<\p> The City Commission will consider the proposal from the Fort Lauderdale-based nonprofit health care system on June 18. It concerns the 2.06-acre site at 340 South Federal Highway, which is owned by an affiliate of home improvement chain Lowe’s. <\p>
22-story Hollywood tower with 248 condos launches sales (Photos)
Sales have launched for a 22-story rebranded condo project with flexible rental terms in downtown Hollywood. <\p> Slated to be built on a vacant lot at 1817 Taylor Street, One Hollywood Residences will consist of 248 residences between 517 and 1,425 square feet in size. <\p>
Big project nabs $84M loan in this emerging neighborhood (Photos)
The developers of the Nora District, a mixed-use project in an emerging neighborhood of West Palm Beach, obtained an $84.2 million construction loan to fund the first phase of the project.<\p> Bank OZK awarded the mortgage to Nora Holdings, a partnership between Place Projects, NDT Development and Wheelock Street Capital. It covers about 15 acres, including 818-831 N. Railroad Ave. <\p>
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