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South Florida Business Journal
BurgerFi chairman resigns in the wake of 'liquidity challenges'
BurgerFi International, Inc. announced significant changes have taken place at the company, including the resignation of its executive chairman of the board, Ophir Sternberg. <\p> The Fort Lauderdale-based restaurant owner and operator (Nasdaq: BFI) said Sternberg resigned on May 23. He joined the company in 2020, the same year BurgerFi went public. <\p>
More workers are staying with their current employer in 2024
Most U.S. employees are now choosing to stay with their jobs instead of looking for new ones, a sharp turnaround from the job reshuffling that was common during the Covid-19 pandemic. <\p> A new survey by global advisory firm WTW found 72% of employees are choosing to stay with their employer — up substantially from the 53% who said the same thing in 2022. Back then, about 25% of workers were open to job offers, compared to just 11% now.<\p>
Google joins forces with local company for augmented reality
Magic Leap is forming a strategic partnership with one of the world's largest technology companies. <\p> The Plantation-based company announced a "multi-faceted, strategic technology partnership" with Google in a brief news release late Thursday. The businesses will combine Magic Leap's augmented reality technology with Google's platforms. <\p>
620 apartments planned on city land in Broward (Photos)
A local development group is moving forward with detailed plans for 30.6 acres of city-owned land in Hollywood five years after winning a bid for the property.<\p> The city’s Technical Advisory Committee will consider plans for both the residential and commercial components from Park Road Development LLC for 1600 S. Park Road on June 3. There’s also a concurrent land use amendment that would require City Commission approval at a later date.<\p>
Wells Fargo exec on new chamber role, local branch & digital upgrades
Wells Fargo's South Florida regional executive Hector Ponte will start his position as chair of the Greater Miami Chamber of Commerce next week.<\p> The banking veteran was elected as the organization's new leader this year after previously serving as vice chair for the group.<\p>
Billionaire Ross' Related finishes its 1st luxury rentals in this city
The Related Cos., led by billionaire and Miami Dolphins owner Stephen M. Ross, has completed the Laurel, its first luxury rental project in West Palm Beach.<\p> The developer has built plenty of high-end apartments in other markets, especially its hometown of New York, but it’s only fitting that the Related Cos. has introduced its luxury living experiences to West Palm Beach. The city is home of the company’s largest office outside of New York and it’s been developing in West Palm Beach for decades.<\p>
Prospective homebuyers are missing out as sellers cut their prices
The chronically troublesome housing market is seeing more price drops, but that doesn’t necessarily translate into relief for homebuyers.<\p> Data from real estate firm Redfin Corp. shows 6.4% of active listings on the platform had a price drop through the week ending May 26. While that's not a massive portion of listings, the percentage is substantially higher than the 4.4% of listings with price drops recorded during the same time in 2023.<\p>
A rising cost for companies and employees takes hold as summer arrives
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> In the coming weeks, schools around the nation will be out, and many employees will find themselves scrambling for child care options.<\p>
Private school to open new location in Broward County
A private school for students in grades six through 12 is slated to open in Pembroke Pines on June 17.<\p> Fusion Academy, a private school chain with more than 80 campuses across the U.S., will open in Pembroke Pointe 880, at 880 S.W. 145 Ave. <\p>
Startup partnership lets Marlins fans 'pitch' their own ticket price
Miami Marlins fans can name their own ticket prices the next time they want to catch a game. <\p> The Major League Baseball team entered into a three-year partnership with TicketRev, a startup based in Boca Raton. Founded in 2022, the company helps fans find ticket deals for live events and then submit their preferred price and seating location. From there, the ticket sellers can choose to accept an offer and offload unsold inventory. <\p>
Is Florida next for recreational weed?
Bring up the topic of recreational marijuana and chances are a heated debate will ensue.<\p> It’s easy to see why, since federal law categorizes marijuana as a Schedule 1 illegal substance – right up there with heroin, LSD, ecstasy and others.<\p>
Medical marijuana businesses fuel state campaign for recreational weed
The battle to legalize the medical use of cannabis in Florida was a contentious one. Yet, nearly eight years later, the industry is big business – and poised to become even bigger.<\p> The Sunshine State has quickly become one of the country’s largest markets for medical marijuana since 2016, with almost 900,000 registered patients. Now, cannabis dispensaries could gain millions of new customers if voters decide in November to legalize marijuana for recreational use.<\p>
Tommy Bahama Marlin Bar to open at mall
Tommy Bahama Marlin Bar is on track to open a location at Sawgrass Mills. <\p> The designer retail and restaurant concept filed a revised site plan application with the Sunrise Community Development Department, which outlined Tommy Bahama’s plans for an indoor-outdoor eatery at 1840 Sawgrass Mills Circle, #4100. <\p>
Financial firm to move HQ to Bay Harbor Islands development
A financial firm will relocate its headquarters to a mixed-use project in Bay Harbor Islands that is still under construction. <\p> Dwight Capital, a commercial real estate financial firm with a loan portfolio of $12 billion, secured 23,429 square feet of office space at The Well Bay Harbor Islands, a spokeswoman for Blanca Commercial Real Estate stated. The Miami-based commercial brokerage, headed by Tere Blanca, handles commercial leasing for the six-story mixed use project that's being built at 1177 Kane Concourse.<\p>
Chewy's stock skyrockets after earnings show boost in sales from this
Chewy's stock price jumped more than 20% on Wednesday after its first quarter earnings showed strong sales attributed to its autoship program and a rise in pet adoptions.<\p> The Plantation-based e-commerce company's (NYSE:CHWY) stock closed at $22 a share on May 29 after its earnings report revealed Chewy's net sales reached $2.9 billion, up 3.1 percent year-over-year. More than 77% of those sales came from the pet supply retailer's autoship program, a subscription service that automates ongoing shipments to customers. Autoship customer sales increased 6.4% compared to the same period last year. <\p>
Blackstone plans 128,000-square-foot warehouse
Link Logistics, the industrial arm of investment giant Blackstone, has proposed a warehouse near Miami Springs and Medley.<\p> The New York-based developer filed a pre-application with Miami-Dade County officials concerning the 6.35-acre site at 7320 N.W. 61st Street. Blackstone affiliate B10 NW 74th Ave Owner LLC acquired the property, formerly a vehicle storage and propane sales site, for $15.5 million in 2023.<\p>
County could award workforce and affordable housing bonds
The Palm Beach County Commission could award low-interest loans for six affordable or workforce housing developments as part of a new bond program.<\p> These projects would create hundreds of income-restricted units throughout the county at a time when finding an affordable home is a major challenge for many working families. <\p>
Over 450 apartments break ground in Fort Lauderdale with $84M loan
Fuse Group broke ground on the Arcadian mixed-use project on Sistrunk Boulevard in Fort Lauderdale after securing an $84.4 million construction loan.<\p> Arkansas-based Centennial Bank provided the mortgage to Sunshine Shipyard LLC, an affiliate of local developer Fuse Group, for the 3.35-acre site at 640 N.W. Seventh Ave., covering most of the block. Boca Paila, led by Grupo Krea, is partnering with Fuse Group on the project. Plus, the Fort Lauderdale Community Development Agency is providing $10 million in incentives.<\p>
Developer that makes $1M luxury garages could expand locally
Brad Oleshansky made a splash in Tampa Bay with the Motor Enclave, a 200-acre playground for motorsports enthusiasts with a performance track and luxury garage condos. But the garages — some of which sold for over $1 million — were never meant to be his main revenue driver.<\p> “The garages are a one-time business, and that’s important, but the real business is a premier event venue,” Oleshansky told the Tampa Bay Business Journal. “We have all these experiential driving elements.” <\p>
News in Brief: 217 co-living apartments completed in Miami's Wynwood
Miami-based Related Group and Miami Beach-based W5 Group completed i5 Wynwood, a 217-unit co-living community at 51 N.W. 28th St. in Miami. The fully furnished apartments provide tenants with a private bedroom and bathroom, plus a shared living room, dining room and kitchen. www.i5wyn.com.<\p> Sunrise-based Jazwares entered into a multiyear global toy licensing agreement with entertainment company Scottgames LLC to produce a toy line inspired by the survival horror video game and film franchise “Five Nights at Freddy’s.” The line, set to launch in 2025, will include character figures, play sets, plush, pet toys and one-of-a-kind collector’s items. www.jazwares.com.<\p>
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