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South Florida Business Journal
Nation's largest private hospital group plans Boca Raton ER center
An HCA Healthcare (NYSE: HCA) hospital could build a free-standing emergency department on the outskirts of the Boca Raton Innovation Campus.<\p> Telecom Drive I LLC, led by Larry D. Silver of Silver Cos., filed a site plan with city officials concerning the three-acre site at 1001 East Telecom Drive, which is on the south side of Yamato Road. It currently has a 16,086-square-foot office building constructed in 2005 and occupied by Silver Cos. as its headquarters. However, the eastern 1.36-acre portion of the site is vacant.<\p>
Are investors re-entering the housing market after two-year retreat?
Investors could be launching a bit of a comeback in the U.S. housing market — although the reversal of fortunes comes amid a strategy shift for many investors in the face of low inventory. <\p> Purchases by investors grew 0.5% on a year-over-year basis in Q1, according to analysis by Redfin Corp. (Nasdaq: RDFN). Redfin defines an investor as any buyer whose name includes LLC, Inc., Trust, Corp. or Homes, or any buyer whose ownership code on a purchasing deed includes association, corporate trustee, company, joint venture or corporate trust.<\p>
Unfinished West Palm Beach office tower adds 6 companies
Five financial firms with billions in assets were among the latest tenants who signed up for office space in a 25-story tower that's still under construction in downtown West Palm Beach.<\p> One Flagler at 154 Lakeview Ave. is slated to be completed later this year, a spokeswoman for the project's developer, The Related Cos. said. <\p>
Red Lobster files for bankruptcy
Orlando-based restaurant chain Red Lobster Management LLC, and its related subsidiaries, announced in a May 19 news release it has voluntarily filed for Chapter 11 bankruptcy relief in the United States Bankruptcy Court for the Middle District of Florida.<\p> The news came via an 11:34 p.m. release distributed by the company. The company said the filing is part of a reorganization to maintain the business as a going concern so it can sell to a buyer. The company added it plans to remain open and operate as usual during the reorganization process. <\p>
Codina lures Zucca as restaurant anchor for new Coral Gables building
Upscale Italian restaurant Zucca will move into a new luxury apartment building in Coral Gables by Codina Partners.<\p> The restaurant agreed to occupy 6,400 square feet of indoor space and covered outdoor seating in Regency Parc, which is under construction at 2601 Salzedo St. Once Regency Parc opens in 2026, Zucca will move there from its current space in historic Hotel St. Michel. <\p>
Banking & Finance Tracker: Local CEO launches private equity firm
The CEO of one of South Florida's fastest-growing companies is launching a private equity firm targeting high-growth lower and middle markets.<\p> Exuma Capital Partners revealed May 9 that the team will be led by Air Pros USA CEO Anthony Perera, a serial entrepreneur who will serve as the firm's managing partner.<\p>
Commercial real estate lending an ongoing battle
If you’ve been following national coverage of the commercial real estate market, then you’ve read the stories questioning whether this is the year the sector will crash.<\p> It’s a valid concern, since CRE development has always played a key role in advancing the economies of major U.S. metros, and several factors now contribute to the sector's slowdown.<\p>
Hospitality Tracker: County could spend $49M for World Cup
The Miami-Dade Board of County Commissioners will discuss a proposal that aims to secure millions of dollars to support the organization and execution of the 2026 FIFA World Cup.<\p> County attorney Geri Bonzon-Keenan prepared a memorandum outlining the proposed resolution and placed it on the June 4 meeting agenda on behalf of the board’s chairman, Oliver G. Gilbert, III.<\p>
Tech & Inno Tracker: Former GlobalX CEO to launch air taxi company
Another electric aircraft business plans to take flight in Miami in the next two years.<\p> UrbanLink Air Mobility expects to launch in South Florida by 2026, founder and chairman Ed Wegel announced May 6. Wegel launched the company after stepping down from Global Crossing Airlines in February, where he was CEO for almost seven years.<\p>
CRE Tracker: Law firm to open offices in Broward, Palm Beach counties
A law firm based in Miami’s Wynwood Arts District is establishing new offices in Broward and Palm Beach counties. <\p> Haber Law opened a 3,153-square-foot office on the seventh floor of the Plaza 100 building in Fort Lauderdale at 100 N.E. Third Ave. on May 1. Led by senior partners Marnie Dale Ragan and Darrin Gursky, the Fort Lauderdale office includes six attorneys specializing in condo and homeowners association law and litigation plus a paralegal, said David Haber, founder and managing partner of Haber Law.<\p>
In the Pipeline: City to consider 500 apartments near stadium
Redwood Dev Co LLC wants to execute a land lease with Miami Gardens to build apartments.<\p> The developer hopes to build 500 apartments and 12,000 square feet of retail and restaurants on the 4.9-acre site at 2775 N.W. 183rd Street. The developer would restrict 10% of the units to workforce housing, and provide a linear park for the public.<\p>
Kiki on the River group to open new restaurant on Miami River
Habibi Miami, a new French Moroccan supper club, is slated to open this summer right next to another hotspot in the Miami River District. <\p> The upcoming restaurant will be located at 452 N.W. North River Drive. Habibi Miami is a waterfront concept created by nightlife hospitality trailblazer Roman Jones, founder of the Miami-based Opium Group. Opium Group owns and operates Greek restaurant Kiki on the River. <\p>
Some employers are weighing a six-day workweek
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> Given how some hiring managers view them and the unique pandemic-fueled hurdles they've faced, Generation Z's debut in the workplace has certainly come with some challenges. <\p>
Key Biscayne home to be torn down after $19M sale
A waterfront home in Key Biscayne sold for $19.25 million and is likely to be torn down to build a larger house.<\p> The 1,806-square-foot home at 398 Harbor Drive along Biscayne Bay was sold by 398 Harbor Corp., managed by George Baran and Gerald Slemko. They are the executive chair and CEO, respectively, of London, Ontario-based Trudell Medical Group. The buyer was Key Biscayne Real Properties LLC, a Delaware-registered company with an address in Houston. <\p>
Lennar launches sales of townhouses near county line
Lennar Corp. launched sales of townhouses in a new community in Pembroke Park.<\p> The Miami-based homebuilder will build 48 townhouses at Magnolia at Pembroke Park, located at 5190 S.W. 37th Street. The property is a few blocks north of the Broward/Miami-Dade County Line.<\p>
Boca Raton apartments sold in 1 of the top multifamily deals this year
The Ceru apartments in Boca Raton sold for $139.69 million, one of the biggest multifamily deals in South Florida this year.<\p> PG Mainstreet NCC 5201 Apartments LLC, managed by local developers Robert Mathias of New Century Cos. with Paul Kilgallon and Brian Kilgallon of Mainstreet Capital Partners, sold the 284 apartments at 5205 Congress Ave. to AREIT Boca Apartments, care of investment giant Ares Management Corp. (NYSE: ARES). Property data firm Vizzda confirmed the buyer and seller information. The price equated to $491,866 per unit.<\p>
PepsiCo's expanded warehouse in Broward suburb to create over 100 jobs
PepsiCo (Nasdaq: PEP) more than doubled the size of its warehouse and distribution facility in Coral Springs, adding more jobs and new equipment in the process.<\p> PepsiCo Beverage North America (PBNA), the domestic beverage division of the multinational soft drink and snack company, added another 145,000 square feet to its warehouse at 4000 N.W. 126th Ave. in Commerce Park.<\p>
City could award $6M incentive for affordable housing project
Fort Lauderdale officials could award a $6 million forgivable loan for a workforce/affordable housing development on Sistrunk Boulevard, west of downtown. <\p> The city’s Community Redevelopment Agency (CRA) Board will consider the $6 million development incentive program (DIP) loan to Sirrom Commercial, owned by James Morris in Coral Springs, for the six-story 1435 ArtXchange project on May 21. The developer acquired the 20,810-square-foot site at 1429 to 1435 Sistrunk Blvd. for $1.5 million in 2023. A vacant commercial building there would be demolished.<\p>
American Airlines adds local flights to Caribbean hotspot
American Airlines will add a new exclusive service between Miami International Airport and La Romana, a city in the Dominican Republic.<\p> The Fort Worth, Texas-based airline will launch the new route on Dec. 5. It will be a daily service that travels to La Romana International Airport.<\p>
Company sues former Cano Health CEO for $60M
Aliso Viejo, California-based Onsite Dental and subsidiary CD Support filed a lawsuit against Dr. Marlow Hernandez, the founder and former CEO of Miami-based Cano Health, seeking more than $60 million in damages.<\p> Cano Health (OTC: CANOQ) filed Chapter 11 reorganization in February and is in the midst of the bankruptcy process. Hernandez stepped down as CEO of the company in June 2023 and from its board in August.<\p>
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