Choose your location
South Florida Business Journal
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>
Fort Lauderdale could approve $107M land lease
Fort Lauderdale officials could award a bid for a land lease and development deal valued at $107 million along the New River in the Himmarshee District.<\p> The City Commission will consider accepting the bid from Urban Street Development and Halmos Holdings for 330 S.W. Second Street on June 18. The New River Trading Post property currently has a two-story building with office and commercial space.<\p>
Waldorf Astoria tower in Miami nabs record $668M construction loan
The developers of the Waldorf Astoria Hotel & Residences Miami obtained a $668 million construction loan – the largest ever for a condo project in Florida.<\p> That’s another record for this downtown Miami skyscraper, which will be the tallest building in Florida at 1,049 feet when it’s completed.<\p>
County commission could vote on Miami airport $10M project
The Miami-Dade Board of County Commissioners may vote on a proposal that aims to secure $10 million for the creation of Sleeping Centers at Miami International Airport.<\p> Hotelzo LLC DBA Wait N Rest, a Boynton Beach-based company, is the contractor that will operate the new venture on behalf of the Miami-Dade Aviation Department (MDAD). It won the bid over Nap Bar, LLC, a now defunct sleep pod operator from Fort Lauderdale.<\p>
Nonprofit plans to build its 1st housing project in South Florida
The daughter of real estate developer Adam Adache has been having seizures since infancy. Maya was born with an intractable form of epilepsy. She underwent her first brain surgery at age 8, has been through medical clinical trials and often required stays in hospital intensive care units.<\p> Adache said that while Maya, now 17, has improved, she still experiences challenges. <\p>
FL budget targets insurance woes for condo associations with $30M fund
Gov. Ron DeSantis signed off on a new $30 million pilot program in the latest Florida budget to address soaring costs of insurance for condominium associations.<\p> The funding will supplement inspections and share costs for mitigation efforts in a bid to reduce premiums and make structures less vulnerable to damage, similar to a $200 million program established for homeowners during the 2022 legislative session. That same amount was allocated again for the My Safe Florida Home grant program in the latest budget. <\p>
Startup raises $7M for AI digital marketing that helps law firms
FirmPilot, a company that helps law firms increase their online visibility, closed a $7 million funding round.<\p> That includes a $5 million series A round led by Blumberg Capital and a $2 million seed round that closed last December. Other investors include Valor Ventures, SaaS Ventures, FJ Labs and Connexa Capital.<\p>
DEI efforts still relevant for business success
A lot has changed in the workforce since companies escalated their diversity, equity and inclusion efforts following the murder of George Floyd.<\p> Sadly, DEI initiatives at companies, universities and local governments are now often under attack and labeled by some as discriminatory against white people.<\p>
Affordable housing project nabs $50M loan led by big bank
A Kendall-based developer obtained nearly $50 million in financing to fund the next phase of an affordable housing project in South Miami-Dade.<\p> Pinnacle announced it secured $49.9 million in financing for a 120-apartment development near Cutler Bay that is part of phase 2 of Old Cutler Village. Construction at 10455 Old Cutler Road is expected to be completed in October 2025.<\p>
Meet the 2024 Diverse Voices
It’s been said that no community or region better reflects U.S. diversity than South Florida. Nestled at the crossroads of the Americas, the hemisphere and a flattening world, our community epitomizes multiethnicity.<\p> Our connections reveal our diversity. More than 200 languages can be heard in our schools and businesses, at our eateries and on our streets. Our international airports provide nonstop service for passengers and cargo to over 100 destinations, and our seaports connect and conduct trade with global ports, making them critical to worldwide commerce.<\p>
Most Americans still struggle to get away from work while on vacation
Most Americans struggle to get away from work while on vacation, even as some progress is being seen in restoring work-life balance.<\p> About 59% of the 2,000 Americans surveyed by communications firm Movchan Agency said they struggled to switch off during their downtime and 63% said they felt anxious if they didn’t check work emails while away. Overall, 54% said they worked while on vacation, although that's a lower share than previous years. <\p>
Boca Raton office buildings sold for $16 million
A 96% leased office campus in Boca Raton that specializes in providing space for startups and small businesses was just acquired for nearly $16 million.<\p> The Greenhouse, located at 5255 and 5301 N. Federal Highway, was sold by Wigder Investment Group for $15.68 million on June 12, according to commercial brokerage Marcus & Millichap, which announced the deal. The buyer is Bark Management, a real estate investment and development company. <\p>
NY company opens headquarters in Boca, to create high-paying jobs
Cloud services company Innovative Solutions opened a corporate headquarters in South Florida after winning economic incentives from the city of Boca Raton. <\p> The business is slated to receive $60,000 from the city's Economic Development Incentives Policy Fund to create 30 new jobs. Those positions will come with an average annual salary of $120,000. <\p>
Ken Griffin's Citadel to expand future HQ at 830 Brickell
Billionaire Kenneth Griffin has expanded the headquarters of his two Citadel financial firms in the 830 Brickell office tower in Miami. <\p> Citadel, a hedge fund with about $58 billion in assets under management, and capital market firm Citadel Securities combined will now take eight floors in the 724-foot tall Class A office tower that's still under construction at 830 Brickell Plaza in Miami's Brickell Financial District. That increases Citadel firms' office footprint from 93,000 square feet (six floors) to 130,000 square feet. <\p>
These are the fastest-growing insurance companies in Florida
Startups and out-of-state insurance companies have seized the opportunity to rescue stranded property owners in Florida’s insurance market as legacy carriers retreated from the state in droves over the last five years. <\p> Eight of the 10 fastest-growing carriers in Florida ranked by policy count growth over the last 24 months were formed or licensed since late 2018, according to data reported by the Florida Office of Insurance Regulation. Together, those nine insurers hold roughly 746,000 or 10% of the 7.43 million total commercial and residential policies in Florida, and recent data shows they are keeping up their rapid pace of expansion. <\p>
Rain, flooding wreak havoc on travel, transportation in South Florida
Severe weather and flooding are wreaking havoc on business in South Florida.<\p> The transportation, tourism and hospitality sectors are feeling the brunt of the effects as the heavy rain and storms continue today. <\p>
The Playbook: The common pay threads for high-performing companies
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> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
NAR settlement threw a wrench into VA loans but a fix is coming
The class-action lawsuits that rocked the residential real estate industry over the past year have resulted in nearly $1 billion in settlements so far — and also put in place changes that could have hurt veterans’ ability to shop for homes.<\p> The National Association of Realtors and big brokers such as RE/MAX Holdings Inc., Anywhere Real Estate Inc. and Keller Williams Realty Inc. agreed to prohibit mandatory so-called “cooperation agreements,” in which sellers pay both the selling agent and the buyers agent commission for a sale, in exchange for being allowed to list a home on a multiple listing service.<\p>
JetBlue to launch new local flights to New York airport
JetBlue Airways will connect two South Florida airports to Long Island this fall as the airline aims to increase service to in-demand vacation destinations in the Sunshine State.<\p> The New York-based low-cost carrier (NYSE: JBLU) announced it will launch flights from Long Island MacArthur Airport to Palm Beach International Airport and Fort Lauderdale-Hollywood International Airport.<\p>
South Florida Business Journal
5K+
Posts
1M+
Views
Miami-Dade, Broward and Palm Beach's source for local business news, breaking news alerts, newsletters, business intelligence and local business networking. An American City Business Journals publication.
The leading platform for local news and information.
By using cutting-edge technology that learns users’ preferences to curate tailored content for them, NewsBreak gathers community-focused news and information from over 10,000 sources in a timely, accessible, and easy-to-use way at no cost to users.
NewsBreak does not allow any content that expresses hate or promotes false information. Instead, we strive to give businesses, communities, and users accurate and reliable local news and information. Join us in shaping the news narrative together.
For more information, please see our Terms of Use and Community Standards.