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South Florida Business Journal
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>
Coastal erosion is destroying beaches. This company has a solution
Living shorelines aren't a novel concept. <\p> Plants, trees, rocks and other natural elements have long been used to protect coastal areas from erosion and create habitats for marine life. <\p>
Miami-Dade slashes World Cup funding by millions
The Miami-Dade Board of County Commissioners approved an amended funding proposal that slashed $10.5 million for the FIFA World Cup 2026 Miami Host Committee. <\p> Oliver G. Gilbert III, the board’s chairman, amended the county’s proposed funding package on May 21 ahead of the commission’s regular meeting.<\p>
Market Review: Real estate still strong, but headwinds ahead
The years 2020 and 2021 were great for South Florida’s real estate industry as people, companies and wealth poured into the region.<\p> Yet, by late 2022, the pandemic’s halcyon days had ended and a new era had begun in South Florida — one where construction costs soared, affordable housing woes escalated, and real estate deals slowed.<\p>
Ex-Miami Dolphins player's sports bar to close corporate-owned spots
Bru’s Room Sports Grill’s remaining corporate-owned locations in Coconut Creek, Pembroke Pines and Boynton Beach have closed, according to reports. <\p> The South Florida Sun Sentinel first reported the closures. The news comes three months after the Coconut Creek-based sports bar chain shuttered its outposts in Deerfield Beach and Coral Springs. <\p>
Apartment building with workforce housing proposed in Miami-Dade
Taurus Development has proposed a 15-story apartment building in the Goulds neighborhood of southern Miami-Dade County.<\p> Miami-based Valencia Club Apts LLC filed a pre-application with county officials concerning the 1.02-acre site at 11888 S.W. 220th St. (Old Cutler Road), which is a block east of U.S. 1. Coral Gables-based Taurus Development has the vacant property under contract.<\p>
Biscayne Boulevard development site sold with plans for condo-hotel
A development team acquired a site on Biscayne Boulevard in the Edgewater neighborhood of Miami for $13.5 million.<\p> Miami-based 2650 Corp., 245 LLC and 250 LLC, all managed by attorneys Neal Sandberg and Roger Schindler, sold 30,266 square feet of land at 2650 Biscayne Blvd., 265 to 245 N.E. 26th Terrace, and 250 N.E. 27th St. The buyers were Gabriel Boano and Silvio Caprino of Miami-based Art + Tec Development. Apex Capital Realty’s Miguel Pino and Adriano Salucci represented the sellers in the deal.<\p>
Broward apartments, Palm Beach County office condos in foreclosure
A pair of apartment buildings near the ocean in Deerfield Beach have been targeted in a foreclosure lawsuit, and two office condominium properties in Palm Beach County could also be seized.<\p> The total debt allegedly owed in the case is nearly $4.9 million. <\p>
LA firm acquires Broward landscaping business with over 200 staff
Los Angeles-based Monarch Landscaping Cos. acquired a Davie landscaping business that employs hundreds of people in several states.<\p> DynaServ Florida was acquired by Monarch Landscaping on May 22. The financial transaction terms were not disclosed.<\p>
Related Group, Pebb, BH Group buy Mast Capital development site
The Related Group, Pebb Enterprises and BH Group teamed up to acquire the Quay shopping center in Fort Lauderdale for $48.5 million as they move forward with development plans there.<\p> M-VII Quay Owner LLC, an affiliate of Miami-based Mast Capital with AEW Capital Management, sold the 73,000-square-foot shopping center at 1515 and 1555 S.E. 17th St. to Miami-based Related Group, Boca Raton-based Pebb Enterprises and Aventura-based BH Group. Coral Gables-based Amerant Bank financed the deal with $35.5 million in mortgages. <\p>
Spirit Airlines eliminates flight change and cancellation fees
Spirit Airlines has eliminated fees for ticket changes and cancellations.<\p> The Dania Beach-based airline updated its policy this week as a strategic business move, a spokeswoman said. <\p>
Nvidia board member flips island lot for $50M
A trust in the name of Harvey C. Jones Jr., managing partner of private investment firm Square Wave Ventures and a director of chip maker Nvidia (Nasdaq: NVDA), sold a vacant home lot on the Intracoastal Waterway in Palm Beach for $50 million after only 10 months of ownership.<\p> The 0.8-acre property at 940 N. Lake Way was purchased by Delaware-registered company 940 N. Lake Way LLC. It’s not clear who manages the buyer. Todd Peter of Sotheby’s International Realty represented the seller in the deal, while Christian Angle of Christian Angle Real Estate worked with the buyer.<\p>
City seeks developer for massive mixed-use project
Margate's Community Redevelopment Agency issued a new request for proposals for developers interested in redeveloping up to 51.38 acres of publicly owned land. <\p> The 27 non-contiguous parcels are zoned for 980 residential units, 500 hotel rooms, 1.28 million square feet of retail, 861,331 square feet of office, and 309,659 square feet of industrial, according to a document from Colliers and the city.<\p>
South Florida Seen: Habitat for Humanity CEO Build
C-suite leaders from three dozen local companies participated in Habitat for Humanity of Broward's fifth annual CEO Build on April 20 at A Rick Case Habitat Community in Pompano Beach.<\p> More than $250,000 was raised in support of Boys & Girls Clubs of Miami-Dade’s programs and services at the 13th annual Claws for Kids event May 7 at Joe's Stone Crab in Miami Beach.<\p>
News in Brief: Bank opens new branch in Miami-Dade
Atlanta-based The Integral Group broke ground on Wellspring Apartments, a 99-unit affordable senior housing development at 14701 N.W. 27th Ave. in Opa-locka. The 81,350-square-foot property will include a computer and library room, fitness center and community center with a full kitchen. www.integral-online.com.<\p> Broward HealthPoint and Community Care Plan opened the Maternity Care Center & Heart Community Resource Center at 3736 W. Oakland Park Blvd. in Lauderdale Lakes. www.browardhealth.org and www.ccpcares.org.<\p>
A Covid-era option for bankruptcy filings is about to expire
Small businesses will be left without a useful Covid-era bankruptcy tool when it expires in the coming weeks — a development occurring just as bankruptcies are on the rise.<\p> The program, called Subchapter V, was created to enable businesses with less than $2.75 million in debt to go through the Chapter 11 bankruptcy reorganization process in a streamlined way. In March 2020, as the pandemic took hold across the country and worldwide, Congress raised that benchmark to $7.5 million, allowing many more businesses to use the Subchapter V option. <\p>
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