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South Florida Business Journal
Broward developer wins $11.4M judgment against contractor
Plantation-based Invesca Development Group and its affiliate Pixl Development won two judgments for a combined $11.4 million against Boynton Beach-based contractor Perez Structural regarding work on an uncompleted apartment complex. The lawsuit involves...
The Viewfinder: Developers complete apartments near mall (Photos)
Mast Capital and AvalonBay Communities (NYSE: AVB) completed the Avalon Merrick Park apartments near the Shops at Merrick Park mall in Coral Gables. The 20-story tower is located at 3811 Shipping Ave., just across the city line in Miami. It features...
County could award $10M to build sleeping centers inside airport
The Miami-Dade Board of County Commissioners will discuss a proposal that aims to secure $10 million for the creation of sleeping centers at Miami International Airport. County attorney David M. Murray prepared a memorandum outlining the proposed resolution...
JPMorgan Chase leads $800M financing for local public company
JPMorgan Chase & Co. led an $800 million refinancing agreement for the publicly traded parent company of Office Depot. The New York-based bank (NYSE: JPM) served as the administrative agent for Boca Raton-based ODP Corp.'s (Nasdaq: ODP) multimillion-dollar...
South Florida's Women-Owned Businesses
Information was obtained from the companies' representatives and could not be independently verified by the Business Journal. South Florida includes Miami-Dade, Broward and Palm Beach counties. Rank Company / Prior (*Not ranked in in year prior) / URL Total...
Wealth managers hopeful, skeptical of AI power
Artificial Intelligence and large language models have become the "in" buzzword over the past couple of years — but beyond the buzz, stock prices, investment announces and speculation, the technology is beginning to show real world effects on industries. To...
How wealth managers are attracting a younger generation
With the widespread adoption of the internet and zero-fee stock transactions, the financial sector has exploded over the past 20 years. With that, came an explosion of financial information. Gen-X adopted to the new paradigm, while the subsequent generations...
The wealth management industry faces a labor shortage. Can AI help?
The wealth management industry is facing a labor shortage, with a fifth of advisors expected to retire in the next five years, according to J.D. Power. St. Petersburg-based Dynasty Financial Partners, a wealth management platform for independent registered...
Startup wins $100,000 in Department of Energy solar competition
The U.S. Department of Energy awarded $100,000 in cash to Miami-based Pavilion Solar to support the development of the company's solar carports. It is one of 10 businesses selected to move on to the final phase of the department's multimillion-dollar...
8 Openings: LA celebrity supper club unveils Brickell patio
Restaurants continue to open new concepts and locations in South Florida. From a high-end steakhouse to a popular seafood restaurant and an assortment of cafes, here are eight new restaurants that have opened in Miami-Dade and Palm Beach County. Delilah,...
Pittsburgh business owner sells S. Fla. oceanfront mansion for $21M
Demetrios T. Patrinos, the owner of a Pittsburgh painting and drywall company, and wife Kathleen B. Patrinos sold their oceanfront mansion in Gulf Stream for $21 million. The 5,792-square-foot home at 3435 N. Ocean Blvd. was purchased by BON Property...
Miami commercial condo owner files bankruptcy to halt foreclosure
Shapiro Management Group filed for Chapter 11 reorganization to halt a $3.26 million foreclosure lawsuit over its commercial condo unit in Miami. The Miami- and Woburn, Massachusetts-based company filed its Chapter 11 petition in U.S. Bankruptcy Court...
Palm Beach County medical buildings face $8M foreclosure
A former psychiatric hospital in West Palm Beach that was in the middle of construction has been targeted in a $7.88 million foreclosure lawsuit. Pasadena, California-based East West Bank filed a foreclosure complaint on April 30 against Sunshine Holdings...
VC exec buys island mansion for $23M from Clara Homes (Photos)
Justin Korsant, the CEO of private equity an venture capital firm Long Light Capital, paid $23.08 million for a mansion that has nearly been completed in Miami Beach. Clara Homes 416 LLC, led by James Curnin of Bal Harbour developer Clara Homes, sold...
Workers forfeit hundreds on a popular workplace benefit. Here's why.
Workers are losing out on hundreds of dollars in flexible spending account money. A new report by the Employee Benefit Research Institute analyzed more than 3.2 million flexible spending accounts in 2022. It found, while workers are contributing more...
City caps incentive for apartment developer at $9M
Boynton Beach officials are moving forward with a multimillion dollar property tax rebate package for a proposed apartment complex. The Boynton Beach CRA, which consists of members of the Boynton Beach City Commission, unanimously approved a tax increment...
Related Group, partner buy majority of 64-year-old condo
An affiliate of the Related Group and Macklowe Properties have purchased a majority of the condos in the 64-year-old Majestic Isle condo on Biscayne Bay in North Bay Village. NBV Majestic Isle LLC, a partnership between Miami-based condo developer Related...
British media company to open headquarters in Miami
Moonbug Entertainment, a children's entertainment company behind popular shows like "Cocomelon" and "Blippi," is expanding to Miami. The London-based firm is establishing a Latin American headquarters office in Miami as it works to build its presence...
Pulte secures 96-acre farmland, polo fields site for 145 homes
A land bank paid $31.93 million for a swath of farmland and polo fields west of Boynton Beach to set up a development by PulteGroup (NYSE: PHM) and its DiVosta Homes affiliate. TPG AG EHC III (PHM) Multi State 1 LLC, part of the Essential Housing Asset...
Fund takes big loss on $27M sale of Design District buildings
Companies managed by Los Angeles-based RCLCO Fund Advisors took considerable losses on the sale of two retail buildings in the Miami Design District. The deals show that high interest rates have hurt the value of real estate, and some of the lofty prices...
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