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South Florida Business Journal
CEO of multibillion-dollar public company to step down after 25 years
The CEO of a local 5G engineering and installation company with nearly $4 billion in revenue plans to step down from his role after 25 years.<\p> Dycom Industries announced June 14 that its chief executive Steven E. Nielsen will retire on Nov. 30. The Palm Beach Gardens-based company's (NYSE: DY) COO and EVP Daniel S. Peyovich will succeed him. <\p>
Part of Coconut Grove condo/hotel sold for $16M
The bulk of the commercial space and 19 units in the Hotel Arya Coconut Grove, also known as the Mutiny Park Condominium, sold for a combined $16.23 million.<\p> The deed was executed with one deed for CU-1 – the 12,530-square-foot commercial unit – and eight deeds for the 19 condo-hotel units, according to property data firm Vizzda. The sellers were a combination of companies managed by Balbir Gosal, Baldev Johal, and Ranjit Johal. The buyer of the commercial unit was CG Miami Hospitality LLC and the buyer of the hotel-condo units was Hogni Investments FL I. Both of the buyers are co-managed by Juan Uribe, founder of Miami Vacation Rentals, and Florian Hagenbuch, a Brazilian entrepreneur who co-founded investment firm Canary and real estate platform Loft. <\p>
Avison Young exec named Savills’ co-head of Florida
Savills has appointed two new Florida co-heads, Tampa-based Mike Griffin and South Florida-based Donna Abood.<\p> Griffin previously served as the market leader for Savills’ Tampa Bay office. Griffin and Abood will spearhead Savills’ growth strategy, recruiting and retention, revenue production and brand visibility throughout the state. <\p>
Tech & Inno Tracker: ADT to lay off dozens at local facility
Home security company ADT plans to close certain units at its information technology center in Boca Raton and dismiss 73 employees.<\p> The Boca Raton-based business (NYSE: ADT) will permanently shutter some of its operations at 1501 Yamato Road by Dec. 1, according to a Worker Adjustment and Retraining Notification (WARN) filed May 30. All of the positions at the location will be eliminated, with the first wave of layoffs beginning in July.<\p>
CRE Tracker: Coworking giant to open new location in Boca Raton
International Workplace Group (IWG) will open a 13,000-square-foot Regus in Boca Raton as part of its expansion in Florida. <\p> Boca Raton’s third Regus location will open in the 6501 Park of Commerce building in the third quarter of this year. IWG founder Mark Dixon said the building was picked because its near where many hybrid working professionals live. <\p>
In the Pipeline: 48-story Live Local Act tower planned in Wynwood
A proposed 48-story tower in Miami's Wynwood would quadruple the neighborhood’s height limit thanks to the Live Local Act.<\p> Wynwood Interest LLC, an affiliate of Bazbaz Development, has proposed the 755,688-square-foot project on the 1.5-acre site at 2110 N. Miami Ave. It would feature 544 residential units, 19,393 square feet of commercial space and 621 parking spaces. Under the Live Local Act, 40% of the units must be workforce housing.<\p>
Royal Caribbean celebrates the delivery of its newest ship (Photos)
Royal Caribbean International is welcoming Utopia of the Seas this weekend.<\p> The Miami-based cruise line announced its long-awaited ship will make its debut at Port Canaveral next month. A celebration was held on June 14 at the Chantiers de l'Atlantique shipyard in Saint-Nazaire, France, where Utopia was built. Royal Caribbean said construction took more than two years.<\p>
Over 20 South Florida ZIP codes among America's wealthiest
Over 20 local ZIP codes rank among the nation's 1,000 wealthiest places, and Palm Beach County leads the way for most South Florida neighborhoods on the List. <\p> That’s according to The Business Journals Wealthy 1000, a new ranking of the nation's wealthiest ZIP codes based on a weighted formula that looks at a number of wealth metrics. <\p>
6 openings: New food hall launches in Hollywood and more
Hospitality businesses continue to target South Florida for new openings.<\p> From dynamic food halls to revitalized nightlife hotspots, the tri-county region is becoming home to a variety of dining and entertainment ventures. Here are six new openings that are bringing service to the forefront in Broward, Palm Beach and Miami-Dade County.<\p>
Hospital operator proposes clinic, emergency department (Photos)
Holy Cross Health could build a freestanding emergency department and primary care clinic in Deerfield Beach.<\p> The City Commission will consider the proposal from the Fort Lauderdale-based nonprofit health care system on June 18. It concerns the 2.06-acre site at 340 South Federal Highway, which is owned by an affiliate of home improvement chain Lowe’s. <\p>
22-story Hollywood tower with 248 condos launches sales (Photos)
Sales have launched for a 22-story rebranded condo project with flexible rental terms in downtown Hollywood. <\p> Slated to be built on a vacant lot at 1817 Taylor Street, One Hollywood Residences will consist of 248 residences between 517 and 1,425 square feet in size. <\p>
Big project nabs $84M loan in this emerging neighborhood (Photos)
The developers of the Nora District, a mixed-use project in an emerging neighborhood of West Palm Beach, obtained an $84.2 million construction loan to fund the first phase of the project.<\p> Bank OZK awarded the mortgage to Nora Holdings, a partnership between Place Projects, NDT Development and Wheelock Street Capital. It covers about 15 acres, including 818-831 N. Railroad Ave. <\p>
Fort Lauderdale could approve $107M land lease
Fort Lauderdale officials could award a bid for a land lease and development deal valued at $107 million along the New River in the Himmarshee District.<\p> The City Commission will consider accepting the bid from Urban Street Development and Halmos Holdings for 330 S.W. Second Street on June 18. The New River Trading Post property currently has a two-story building with office and commercial space.<\p>
Waldorf Astoria tower in Miami nabs record $668M construction loan
The developers of the Waldorf Astoria Hotel & Residences Miami obtained a $668 million construction loan – the largest ever for a condo project in Florida.<\p> That’s another record for this downtown Miami skyscraper, which will be the tallest building in Florida at 1,049 feet when it’s completed.<\p>
County commission could vote on Miami airport $10M project
The Miami-Dade Board of County Commissioners may vote on a proposal that aims to secure $10 million for the creation of Sleeping Centers at Miami International Airport.<\p> Hotelzo LLC DBA Wait N Rest, a Boynton Beach-based company, is the contractor that will operate the new venture on behalf of the Miami-Dade Aviation Department (MDAD). It won the bid over Nap Bar, LLC, a now defunct sleep pod operator from Fort Lauderdale.<\p>
Nonprofit plans to build its 1st housing project in South Florida
The daughter of real estate developer Adam Adache has been having seizures since infancy. Maya was born with an intractable form of epilepsy. She underwent her first brain surgery at age 8, has been through medical clinical trials and often required stays in hospital intensive care units.<\p> Adache said that while Maya, now 17, has improved, she still experiences challenges. <\p>
FL budget targets insurance woes for condo associations with $30M fund
Gov. Ron DeSantis signed off on a new $30 million pilot program in the latest Florida budget to address soaring costs of insurance for condominium associations.<\p> The funding will supplement inspections and share costs for mitigation efforts in a bid to reduce premiums and make structures less vulnerable to damage, similar to a $200 million program established for homeowners during the 2022 legislative session. That same amount was allocated again for the My Safe Florida Home grant program in the latest budget. <\p>
Startup raises $7M for AI digital marketing that helps law firms
FirmPilot, a company that helps law firms increase their online visibility, closed a $7 million funding round.<\p> That includes a $5 million series A round led by Blumberg Capital and a $2 million seed round that closed last December. Other investors include Valor Ventures, SaaS Ventures, FJ Labs and Connexa Capital.<\p>
DEI efforts still relevant for business success
A lot has changed in the workforce since companies escalated their diversity, equity and inclusion efforts following the murder of George Floyd.<\p> Sadly, DEI initiatives at companies, universities and local governments are now often under attack and labeled by some as discriminatory against white people.<\p>
Affordable housing project nabs $50M loan led by big bank
A Kendall-based developer obtained nearly $50 million in financing to fund the next phase of an affordable housing project in South Miami-Dade.<\p> Pinnacle announced it secured $49.9 million in financing for a 120-apartment development near Cutler Bay that is part of phase 2 of Old Cutler Village. Construction at 10455 Old Cutler Road is expected to be completed in October 2025.<\p>
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