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South Florida Business Journal
Meet the 2024 Diverse Voices
It’s been said that no community or region better reflects U.S. diversity than South Florida. Nestled at the crossroads of the Americas, the hemisphere and a flattening world, our community epitomizes multiethnicity.<\p> Our connections reveal our diversity. More than 200 languages can be heard in our schools and businesses, at our eateries and on our streets. Our international airports provide nonstop service for passengers and cargo to over 100 destinations, and our seaports connect and conduct trade with global ports, making them critical to worldwide commerce.<\p>
Most Americans still struggle to get away from work while on vacation
Most Americans struggle to get away from work while on vacation, even as some progress is being seen in restoring work-life balance.<\p> About 59% of the 2,000 Americans surveyed by communications firm Movchan Agency said they struggled to switch off during their downtime and 63% said they felt anxious if they didn’t check work emails while away. Overall, 54% said they worked while on vacation, although that's a lower share than previous years. <\p>
Boca Raton office buildings sold for $16 million
A 96% leased office campus in Boca Raton that specializes in providing space for startups and small businesses was just acquired for nearly $16 million.<\p> The Greenhouse, located at 5255 and 5301 N. Federal Highway, was sold by Wigder Investment Group for $15.68 million on June 12, according to commercial brokerage Marcus & Millichap, which announced the deal. The buyer is Bark Management, a real estate investment and development company. <\p>
NY company opens headquarters in Boca, to create high-paying jobs
Cloud services company Innovative Solutions opened a corporate headquarters in South Florida after winning economic incentives from the city of Boca Raton. <\p> The business is slated to receive $60,000 from the city's Economic Development Incentives Policy Fund to create 30 new jobs. Those positions will come with an average annual salary of $120,000. <\p>
Ken Griffin's Citadel to expand future HQ at 830 Brickell
Billionaire Kenneth Griffin has expanded the headquarters of his two Citadel financial firms in the 830 Brickell office tower in Miami. <\p> Citadel, a hedge fund with about $58 billion in assets under management, and capital market firm Citadel Securities combined will now take eight floors in the 724-foot tall Class A office tower that's still under construction at 830 Brickell Plaza in Miami's Brickell Financial District. That increases Citadel firms' office footprint from 93,000 square feet (six floors) to 130,000 square feet. <\p>
These are the fastest-growing insurance companies in Florida
Startups and out-of-state insurance companies have seized the opportunity to rescue stranded property owners in Florida’s insurance market as legacy carriers retreated from the state in droves over the last five years. <\p> Eight of the 10 fastest-growing carriers in Florida ranked by policy count growth over the last 24 months were formed or licensed since late 2018, according to data reported by the Florida Office of Insurance Regulation. Together, those nine insurers hold roughly 746,000 or 10% of the 7.43 million total commercial and residential policies in Florida, and recent data shows they are keeping up their rapid pace of expansion. <\p>
Rain, flooding wreak havoc on travel, transportation in South Florida
Severe weather and flooding are wreaking havoc on business in South Florida.<\p> The transportation, tourism and hospitality sectors are feeling the brunt of the effects as the heavy rain and storms continue today. <\p>
The Playbook: The common pay threads for high-performing companies
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> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
NAR settlement threw a wrench into VA loans but a fix is coming
The class-action lawsuits that rocked the residential real estate industry over the past year have resulted in nearly $1 billion in settlements so far — and also put in place changes that could have hurt veterans’ ability to shop for homes.<\p> The National Association of Realtors and big brokers such as RE/MAX Holdings Inc., Anywhere Real Estate Inc. and Keller Williams Realty Inc. agreed to prohibit mandatory so-called “cooperation agreements,” in which sellers pay both the selling agent and the buyers agent commission for a sale, in exchange for being allowed to list a home on a multiple listing service.<\p>
JetBlue to launch new local flights to New York airport
JetBlue Airways will connect two South Florida airports to Long Island this fall as the airline aims to increase service to in-demand vacation destinations in the Sunshine State.<\p> The New York-based low-cost carrier (NYSE: JBLU) announced it will launch flights from Long Island MacArthur Airport to Palm Beach International Airport and Fort Lauderdale-Hollywood International Airport.<\p>
University of Miami president steps down for new role
Julio Frenk is leaving the University of Miami for a new position at the University of California, Los Angeles. <\p> Frenk, the president of UM, will serve as the next chancellor at the California research university. Over nine years, Frenk helped turnaround the University of Miami's health care system and guide the institution through Covid-19 pandemic, said Manny Kadre, chair of the board of trustees. <\p>
Florida misses out on federal funding for green jobs
The Biden administration is investing $60 million to train climate-ready workforces in nine communities across the U.S. <\p> None are located in Florida, one of the states most impacted by flooding, sea level rise and other climate challenges. <\p>
Fisher Island luxury project secures $400M construction loan
A development team that includes The Related Group and BH Group obtained a $400 million construction loan to build a new luxury condo project on ultra-affluent Fisher Island.<\p> The loan, provided by Madison Realty Capital, will be used to build Residences at Six Fisher Island, a 10-story luxury condo project at 6 Fisher Island Drive with 50 private residences. It will also replace an $85 million acquisition loan that was used to help finance the acquisition of the 6.5 acre parcel.<\p>
South Florida Seen: Luncheon hosted at the Diplomat Beach Resort
More than 250 people dressed in red for the South Florida Go Red for Women Luncheon, held May 17 at the Diplomat Beach Resort in Hollywood. The event raised funds to advance research and care, and raise awareness of cardiovascular disease.<\p> Faena Art's fundraiser, this year themed "Garden of Earthly Delights," was held May 10 at Faena Forum in Miami Beach.<\p>
News in Brief: 40-acre warehouse park breaks ground in coastal city
Fort Lauderdale-based BBX Logistics Properties broke ground on The Park at Delray, a 40-acre industrial park north of Atlantic Avenue on U.S. 441 in Delray Beach. www.bbxlogisticsproperties.com.<\p> Just Salad opened a location at 1780 N. Congress Ave., Suite 400, in Boynton Beach. www.justsalad.com.<\p>
Miami jumps in world rankings for top startup ecosystems, report says
South Florida is among the Top 20 markets in the world for technology startups, according to a new report from Startup Genome and the Global Entrepreneurship Network. <\p> The Miami metro area ranked No. 16 in the Global Startup Ecosystem Report 2024, an analysis of more than 300 ecosystems across the globe. It looks at factors such as venture capital funding, talent attraction and other trends to identify the best locations for early-stage startups. <\p>
New island mansion sold for $63 million (Photos)
A recently built mansion on La Gorce Island in Miami Beach was just acquired for $62.5 million, according to a deed recorded at Miami-Dade County's Clerk of the Court and Comptroller. <\p> Limited liability company 98 LaGorce Aqua LLC, managed by developer Philippe Harari, sold the seven-bedroom mansion at 98 La Gorce Circle. The buyer is 98 La Gorce Holdings, LLC, registered to Sun Consultancy Ltd. and real estate transaction attorney Greg Herskowitz of the Kendall-based law firm Herskowitz Shapiro.<\p>
Publicly traded hotel operator names new CEO, CFO
LuxUrban Hotels, a Miami-based hospitality operator (Nasdaq: LUXH), appointed a new chief executive officer and chief financial officer. <\p> The company’s board appointed Robert Arigo as LuxUrban’s CEO on June 10. Arigo joined LuxUrban in March. He brings more than 35 years of relevant experience to the role. <\p>
WeWork emerges from bankruptcy, appoints new CEO
After filing for bankruptcy protection in November, New York-based WeWork Inc. said Tuesday it has emerged from Chapter 11 and completed its operational and financial restructuring.<\p> The coworking giant's new era will include a new board of directors and a new chief executive. John Santora will become WeWork's new CEO, effective Wednesday. Santora joins WeWork from commercial real estate firm Cushman & Wakefield PLC (NYSE: CWK), where he most recently served as the firm’s Tri-State chairman.<\p>
31-story Live Local Act project draws opposition from neighbors
A proposal to build a 31-story Live Local Act project in Kendall has drawn opposition from a nearby neighborhood association.<\p> The Shoma Group, a Coral Gables-based real estate development firm led by Masoud and Stephanie Shojaee, submitted plans to build Shoma 88 at 9525 N. Kendall Drive on May 29. The project, which will be built less than a mile away from Baptist Health South Florida's flagship hospital, includes 404 residential units and 140,187 square feet of commercial space, including office space. <\p>
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