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South Florida Business Journal
Local airports transported millions more passengers in 1st quarter
Fort Lauderdale-Hollywood International Airport estimated it processed 9.84 million passengers in the first quarter of 2024. <\p> Broward County shared the airport’s quarterly statistics in a May 31 newsletter. The county said the total is a 5.7% increase from the 9.31 million passengers that were processed during the same period last year.<\p>
Jeff Bezos closes on 'Billionaire Bunker' mansion for $87M
A trust controlled by billionaire Jeff Bezos, the founder of Amazon.com, paid $87 million for a waterfront mansion in Indian Creek Village.<\p> The deal for the home in the village known as “Billionaire Bunker” for its many wealthy residents was expected since Bloomberg reported in April that Bezos had the home under contract.<\p>
Mixed-use project proposed at CVS parking lot (Photos)
A five-story, mixed-use project has been proposed in the North Beach neighborhood of Miami Beach.<\p> The city’s Planning Board will consider plans for the 30,000-square-foot site at 7401 to 7425 Harding Ave. on June 25. It currently serves as a parking lot for the neighboring CVS store at 7410 Collins Ave. <\p>
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>
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>
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>
Developer buys Wynwood building as part of coworking project
A local developer paid $14.6 million for an industrial building in Miami's Wynwood Arts District that will be included into a neighboring coworking operation. <\p> Valerio Morabito of Miami Beach-based Morabito Properties acquired the 73-year-old, 14,162-square-foot building on a 23,580-square-foot plot of land at 2150 N.W. Miami Court on May 29, a release from Miami-based brokerage Metro 1 Commercial stated. <\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>
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