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South Florida Business Journal
Florida bank makes more C-suite exec changes ahead of CEO transition
Raymond James Financial named the successor to President and soon-to-be CEO Paul Shoukry, along with several other key executive appointments set in motion by the firm’s rare C-suite shakeup in March. <\p> Chief Accounting Officer Butch Oorlog will succeed Shoukry as CFO, while Raymond James Bank Chief Operations and Strategy Officer Amanda Stevens will replace the bank’s longtime CEO, Steve Raney. Raney has served as chairman and CEO of the bank since 2006. <\p>
Longtime U.S. retailer seeks bids for Florida stores amid bankruptcy
A real estate firm is accepting bids for 27 Sam Ash Music Corp. stores and facilities in the U.S., and six of those locations are in Florida.<\p> A&G Real Estate Partners plans to market the 27 Sam Ash locations in 12 states pending court approval, a release from the Melville, New York-based real estate consultancy firm stated.<\p>
Inside look at real estate group's $30M new headquarters (Photos)
The Miami Association of Realtors is opening its new headquarters at a crucial time for its 60,000 members as many of them are seeking guidance on how to navigate major changes to how they do business.<\p> A settlement by the National Association of Realtors (NAR) in a class action lawsuit will change the way Realtor commission is determined with clients and how it’s listed on MLS. Brokers have many questions. That’s why it’s perfect timing for the Miami Realtors to open its $30 million-plus headquarters with ample meeting rooms for seminars and training. <\p>
County could spend over $180M for new government center
County administrators have slashed $23 million from its purchase price for a 625,000-square-foot office building that may serve as a new government facility for western Miami-Dade County. <\p> A resolution to allocate $183 million toward the acquisition of the six-story, 50-year-old building at 9250 W. Flagler Street is on the Miami-Dade County Commission's preliminary agenda for June 4. That amount includes $182 million for the purchase and up to $1 million for closing costs and "due diligence," a county memo from Mayor Daniella Levine Cava 's office stated. <\p>
Developer plans 7-story building in Miami's Liberty City
A developer is seeking to build affordable housing on land previously owned by Miami-Dade County in Liberty City.<\p> Palmetto Homes Urban Development Group, led by Tashala Knowles in Miami, filed an administrative site plan application with county officials for the 0.3-acre property at 2644 N.W. 62nd St. It’s located a block from the Dr. Martin Luther King Plaza Metrorail Station.<\p>
Lawsuit targeting small-business grant program is tossed
A judge has tossed a lawsuit targeting Progressive Insurance and small-business funding platform Hello Alice for a grant program offered to Black small business owners.<\p> The decision, handed down by the U.S. District Court for Northern Ohio, found plaintiff Nathan Roberts, owner of Cleveland-based Freedom Truck DIspatch LLC, lacked the standing to sue the companies over a grant program it offered to Black small-business owners to purchase a new truck.<\p>
Public company names new C-suite execs amid push for growth
Terran Orbital added three people to its C-Suite as the satellite maker focuses on growing the business. <\p> Peter Krauss joined the Boca Raton-based firm as chief operating officer, replacing former COO Tony Gingiss. The latter is stepping down from Terran Orbital but will continue to provide strategic advisory services until July 15. <\p>
2 apartment buildings break ground near Wynwood
ABH Developer Group has broken ground on a pair of apartment buildings in Wynwood Norte, an emerging neighborhood on the north side of Miami’s Wynwood Arts District.<\p> The larger building will be Wyn Ave, featuring 44 apartments and 2,370 square feet of commercial space in six stories at 3332 N.W. Fifth Ave. The local developer, through affiliate Wyn North Ave LLC, acquired the 12,864-square-foot lot for $1.54 million in 2022.<\p>
Citadel's flagship fund tops $14.5 billion in assets
The flagship fund of billionaire Ken Griffin's Citadel reported $14.5 billion in assets under management in its latest Form D with the U.S. Securities and Exchange Commission, representing a more than double increase over the last five years. <\p> The Miami-based hedge fund filed Citadel Wellington's annual Form D on May 28, which revealed a 165.29% spike in assets under management from $5.47 billion reported in 2019 to 14.51 billion. <\p>
Couple takes loss on sale of Coral Gables mansion (Photos)
Brian Long, the executive chairman and former CEO of text messaging technology firm Attentive, and wife Elizabeth “Liz” Day, a New York Times reporter and executive TV producer, sold their Coral Gables mansion for $16.5 million, taking a loss from its last trade. <\p> The 8,552-square-foot home at 6901 Granada Blvd. was purchased by 6901 Granada Blvd LLC, managed by the Granada Blvd Trust in Miami Lakes. Judy Zeder of the Zeder Group at Coldwell Banker Realty represented the sellers in the deal, while Noel Barrientos of Lifestyle International Realty worked with the buyer. The price equated to $1,929 per square foot.<\p>
Fashion titan to brand its 1st condo in Miami (Photos)
Global fashion brand and magazine Elle has signed its first-ever name branding deal for a condo with a project near the Edgewater neighborhood of Miami.<\p> Elle Residences Miami would be developed by Urban Network Capital Group (UNCG) and Vertical Development. The 25-story condo would feature 180 units, with short-term rentals permitted.<\p>
Real Estate Insiders: The 5 best areas to build in South Florida
Earlier this month, the South Florida Business Journal convened a panel of real estate insiders to discuss market trends in the tri-county area. <\p> Much of the panel discussion, which took place in Artspark Gallery in Hollywood and was moderated by Real Estate Editor Brian Bandell, delved into how interest rates would impact the overall market, the demand for office space in South Florida, the strength of retail and industrial, and the risings costs to build, buy and rent homes. <\p>
Resume gaps aren't the dealbreaker they once were, but there's a catch
Job seekers worried about gaps in their resume might still have to deal with some pushback from hiring managers, but the market today has become more forgiving to such openings than it once was.<\p> According to a recent Express Employment Professionals-Harris Poll survey, while 36% of hiring managers said they might be deterred by applicants' unexplained work gaps, the vast majority (95%) believe there are valid reasons to explain career gaps. The top reasons cited were health issues, staying home with a child, going back to school and caring for an elderly parent.<\p>
Billionaire Hearst family sells island mansion for $25M
A member of the billionaire Hearst family sold a Palm Beach mansion to a hedge fund executive for $25 million.<\p> James D. Hangan as trustee of the Bellobella Family Trust and the Venice Family Trust sold the 8,940-square-foot home at 250 Palmo Way to Robert S. Crespi, the managing member of New York-based hedge fund Maplelane Capital. While the deed doesn’t disclose the owners of the trusts, a notice of commencement in 2022 to install a generator in the home was signed by Lisa Hearst Hagerman, as owner of the Bellobella Family Trust. <\p>
Homebuilder breaks ground on 2nd phase of island apartments (Photos)
Clara Homes broke ground on its second apartment project in Bay Harbor Islands after obtaining a $40 million construction loan.<\p> The second phase of Clara Bay Harbor will total 143,740 square feet with 45 apartments on the 0.78-acre site at 1147 to 1163 100th St. The local developer, led by James Curnin, recently secured a mortgage from Maxim Capital Group.<\p>
Inside this tech organization's $2.5 billion economic impact
The eMerge Americas conference isn't just an annual technology industry event. It's also an economic powerhouse.<\p> The conference has had a $2.5 billion economic impact on South Florida and $2.6 billion impact across the state since its launch in 2014, according to a report from The Washington Economics Group, a boutique advisor based in Coral Gables. The event has generated 9,894 direct and indirect jobs in the tri-county region over the last decade.<\p>
Boca Raton, Coral Gables among hotspots for suburban coworking spaces
The growth of coworking locations in South Florida has outpaced the national average as Boca Raton and Coral Gables emerge as flex space hotspots, a new report stated.<\p> According to a report from CoWorking Cafe, there are 144 suburban coworking locations in South Florida, a 9% increase from 2023.<\p>
The AI boom is coming for these at-risk manager roles
For years, front-line workers have worried about automation taking their jobs. It may end up being middle managers who are most in danger.<\p> Companies are gaining access to new artificial-intelligence tools and capabilities at the same time many are re-assessing their operations in a challenging post-pandemic economic environment. That combination of potential new efficiencies and a desire for cost savings is putting management-level employees in the crosshairs.<\p>
Kaluz Restaurant plans to open new location with nearly 100 staff
Kaluz Restaurant will expand in Broward County with a new Pembroke Pines outpost.<\p> The upscale eatery filed a site plan application with the city’s Planning & Economic Development Department, which outlines Kaluz’s vision for a 10,769-square-foot restaurant at Pines City Center — a mixed-use development in Pembroke Pines. <\p>
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