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South Florida Business Journal
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>
Bank to launch 34 ATMs in local Target stores ahead of branch opening
Santander Bank is rolling out close to three dozen ATMs in local Target stores ahead of the debut of its second South Florida branch in Miami's Coconut Grove. <\p> The Spanish-based bank, which has U.S. headquarters in Boston (NYSE: SC), told the Business Journal that Santander ATMs will be available in 34 Target Corp. (NYSE: TGT) stores across South Florida's tri-county area this summer. <\p>
Podcast: Henry Fleches on AI's role in business, UDT's link to Intel
South Florida Business Journal Editor-in-Chief Mel Meléndez recently spoke with Henry Fleches, founder and CEO of UDT, for the latest segment of the Florida Business Minds podcast.<\p> Sponsored by TECO Peoples Gas, the audio series features candid conversations with business leaders from the South Florida, Orlando, Tampa Bay and Jacksonville regions.<\p>
Lennar flags this coastal state for hundreds of homes in growing area
The growth in northeast Raleigh has attracted a national homebuilder's plans for a large community that could potentially have around 1,000 homes.<\p> Lennar (NYSE: LEN) has applied to rezone 242 acres on Old Milburnie Road near Buffaloe Road. The homebuilder is looking to build a community with a mix of single-family homes and townhomes. <\p>
Developer plans hotel near airport for pilots (Photos)
A developer wants to build a hotel just north of Miami International Airport in Miami Springs with a design that would cater to pilots.<\p> The city’s Planning and Zoning Board will consider the site plan for the Pilot House Suites by Sucre LLC on the evening of May 28. It would be located on 1.13 acres of vacant land in town adjoining locations: 4849 N.W. 36th Street plus 673 La Villa Drive in addition to 640, 656 and 664 Minola Drive.<\p>
Homebuilder breaks ground on townhomes with $11M loan
Century Homebuilders Group broke ground on a for-sale townhouse community in Florida City thanks to a $10.78 million construction loan.<\p> Stuart-based Seacoast National Bank (NASDAQ: SBCF) provided the mortgage to Century Park Villas Place, led by Sergio Pino, CEO of Coral Gables-based Century Homebuilders. Pino added that this project is a joint venture with Rolando Delgado of Trejo Group. It covers the 4.2-acre site on the west side of Krome Avenue, at Southwest 332nd Street.<\p>
In the Pipeline: Boca Raton apartments with pickleball courts planned
Oak Line Partners affiliate 791 POC LLC has proposed apartments and townhouses in the parking lot of a Boca Raton office building.<\p> The 10-acre site at 791 Park of Commerce Blvd. currently has a 156,918-square-foot office building. <\p>
Florida bank taps billionaire's firm for new private credit division
Raymond James Financial is expanding to the red-hot market for private credit through a joint venture with the investment firm of billionaire Todd Boehly. <\p> The partnership with Greenwich, Connecticut-based Eldridge Industries will focus on private equity-backed companies in the consumer, industrial, health care and technology industries, funding deals between $50 million to upward of $250 million, according to the firms. <\p>
7 companies move in to 47-story office tower under renovation
Commercial real estate investment firms CP Group and DRA Advisors announced nine leases, totaling nearly 40,000 square feet, at Miami Tower at 100 S.E. Second St.<\p> Of those nine, seven are new tenants that closed on leases within Miami Tower’s recently completed spec suites. <\p>
Public company moves headquarters to Miami Beach
SAB Biotherapeutics moved its corporate headquarters to Miami Beach ahead of a receiving clearance to begin a clinical trial for a new type 1 diabetes treatment. <\p> Previously based in Sioux Falls, South Dakota, the company now has a 1,300-square-foot headquarters office at 777 W 41st St. that opened in April. The firm's research and development campus remains in South Dakota. <\p>
93 acres of farmland near Florida's Turnpike sold for $54M
An affiliate of Erickson Senior Living acquired a development site in the Agricultural Reserve west of Boynton Beach for $53.5 million as it seeks to finalize a major project.<\p> The William Mazzoni Revocable Trust, with Patricia A. Mazzoni and Thomas A. Smith as co-trustees, sold 93.5 acres at 8344 Boynton Beach Blvd. to ELP Boynton Beach LLC, an affiliate of Castonville, Maryland Erickson Senior Living. The swath of farmland is just west of Florida’s Turnpike. Property data firm Vizzda confirmed the parties involved in the deal.<\p>
6 openings: Upscale restaurant and bar chain launches Broward location
Burtons Grill & Bar, a classic American restaurant that opened in Boca Raton in 2017, has expanded with a new location in Plantation. <\p> The upscale bar is located at 1003 S. University Drive. It’s 6,200 square feet and has seating for 175 guests, including its 30-seat bar and 26-seat private dining room. <\p>
Developer reduces units for lakefront apartments near airport (Photos)
Yaniv Nakash has reduced the size of his proposed apartment complex on Palmer Lake just east of Miami International Airport after a major redesign.<\p> Nakash, of Miami, filed an administrative site plan application with Miami-Dade County officials concerning the six-acre property at 3550 N.W. S. River Drive, on the north side of the lake. He has it under contract from Miami Auto & Truck Parts. It currently has an automative building and a truck lot.<\p>
Homebuilder has tree farm under contract with oldest home in the city
CC Homes, led by veteran developers Armando Codina and James Carr, has proposed a home community in Cooper City.<\p> The City Council will consider plans for Hanson Park on the 19.23-acre site at 10550 Griffin Road on May 28. Coral Gables-based CC Homes has the property under contract from Plantation-based Hanson Homestead LLC. The developer wants to rezone the site from agriculture to single family and add 19 housing units through a flex density increase.<\p>
20-story condo planned near beach with units up to 3,762 square feet
A New York-based developer has proposed a 20-story condominium with larger units only two blocks from the beach in Fort Lauderdale.<\p> The city’s Development Review Committee will consider plans for the Amalfi condo on the 0.84-acre site at 2317-2237 N. Ocean Blvd. on May 28. The development would cover five lots and replace small apartment complexes.<\p>
Real estate commissions shakeup will require more agent scrutiny
The National Association of Realtors and several brokerages have struck big money deals to settle an array of class-action lawsuits around real estate commissions.<\p> It might become harder for homebuyers to figure out how to pick the right agent to work with in the wake of the settlements. That's because the settlements, which now add up to hundreds of millions of dollars, will also bring with them changes in how buying agents are paid, how homes are listed and may require more buyers to pay for an agent directly when buying a home. And if buyers potentially shell out thousands of dollars or more, they will have to do their own due diligence.<\p>
Train operator aims to sell land at Miami-Dade station
The South Florida Regional Transportation Authority, which operates the Tri-Rail passenger rail, is seeking a buyer for a development site near its Hialeah Tri-Rail/Metrorail Transfer Station.<\p> The government agency calls the two-acre site at 2567 E. 11th Ave. Transit Pointe Hialeah and it envisions a transit-oriented development there. The SFRTA tapped Virgilio Fernandez, Mitash Kripalani, Brooke Mosier, and Ken Krasnow of Colliers to market the property.<\p>
Up for grabs: 5 developers selected by city to bid on new project
South Miami officials are moving forward with plans for five developers to bid on redeveloping its 4.5-acre City Hall property.<\p> The City Commission voted 5-0 on May 21 to issue a request for proposals (RFP) for a public-private partnership (P3) on the 4.5-acre site at 6130 Sunset Drive. The property currently has City Hall, the police station and a Miami-Dade County library. It’s a few blocks west of the South Miami Metrorail Station, and one block east of Baptist Health South Miami Hospital.<\p>
Beach hotel on Collins Avenue sold for discount at $17M
A subsidiary of Hersha Hospitality Trust sold the Blue Moon Hotel in Miami Beach for $16.63 million, a slight discount from its last trade.<\p> HHLP Blue Moon Associates, part of Philadelphia-based Hersha Hospitality, sold the 75-room hotel at 944 Collins Ave. to 944 Collins Avenue LLC, managed by Kenny Lipschutz, the CEO of Engelwood, New Jersey-based Blue Suede Hospitality Group. The price equated to $221,667 per room.<\p>
What employers need to know about the crushing childcare costs
In the coming weeks, schools around the nation will be out, and many employees will find themselves scrambling for child-care options. <\p> But child-care costs are soaring, thanks to the child-care cliff, a lack of new child-care centers and workforce shortages in the industry, among other factors. <\p>
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