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South Florida Business Journal
Chairman of South Florida's largest private company dies
Harvey Chaplin, the chairman of Miami-based Southern Glazer’s Wine & Spirits, the largest private company in South Florida, died on Sunday at 95.<\p> The self-made patriarch of a billionaire family, Chaplin was born in the Brownsville section of Brooklyn, New York in 1929. He started in the spirits industry in his early years, working part-time in the mailroom of Schenley Industries. In 1969, he joined Southern Wine & Spirits and served in numerous executive roles before becoming chairman and CEO in 1994. After the company merged with Glazer’s in 2016, he was named chairman of the combined company.<\p>
Gen Z cites housing affordability as its top election issue
In the wake of rapid home-price appreciation during the Covid-19 pandemic, housing is playing a bigger role in how Americans vote — among one demographic in particular.<\p> Ninety-one percent of adult Gen Zers said in a recent Redfin Corp. (Nasdaq: RDFN) survey housing affordability is important when considering whom they will vote for in the presidential election this November. Among a list of nine broad political topics, the subject ranked No. 1 for that generation — ranking even higher than the strength of the overall economy, which was the top priority for millennials, Gen Xers and baby boomers. Housing affordability for Gen Z respondents also outranked issues of education, gun rights and abortion rights.<\p>
After selling home to Bezos, ex-bank CEO buys Ritz-Carlton penthouse
Former bank executive Javier Holtz and wife Andria Holtz found a new home after selling their Indian Creek Village mansion to billionaire Amazon founder Jeff Bezos. <\p> The couple purchased Unit PH01 in the Ritz-Carlton Residences, Miami Beach at 4701 Meridian Ave. for $17.25 million. The deed in county records listed the price as $15.75 million, but a representative of the brokers at Coldwell Banker Realty said the higher price reflected the value of furniture included in the deal. The seller was 4701 Meridian Avenue PH01 LLC, managed by James Dieterich and Amy Dieterich of White Plains, New York. <\p>
Banking & Finance Tracker: Bank to launch 34 ATMs in Target stores
Santander Bank is rolling out close to three dozen ATMs in local Target stores ahead of the debut of its second South Florida branch in Miami's Coconut Grove. <\p> The Spanish-based bank, which has U.S. headquarters in Boston (NYSE: SC), told the Business Journal that Santander ATMs will be available in 34 Target Corp. (NYSE: TGT) stores across South Florida's tri-county area this summer. <\p>
CRE Tracker: Retailer seeks bids for Florida stores amid bankruptcy
A&G Real Estate Partners is accepting bids for 27 Sam Ash Music Corp. stores and facilities in the U.S., and six of those locations are in Florida.<\p> Hicksville, New York-based Sam Ash and its affiliates filed for Chapter 11 bankruptcy protection in New Jersey on May 8. The company’s filing stated that it has between $100 and $500 million in assets and liabilities.<\p>
In the Pipeline: 20-story condo planned near Fort Lauderdale beach
Baldwin, New York-based Moore Group Corp., through affiliate A1A N Ocean Blvd LLC, has proposed a 20-story condo two blocks from the beach in Fort Lauderdale.<\p> The Amalfi would be developed on the 0.84-acre site at 2317-2237 N. Ocean Blvd., replacing several small apartment buildings. It would total 248,575 square feet, 38 condo units and 115 parking spaces in the basement. The condos would range from 2,632 to 3,762 square feet, plus balconies. <\p>
8 openings: Ruth’s Chris launches in Jupiter and more
South Florida continues to welcome exciting new additions to its hospitality landscape.<\p> This week includes a steakhouse in Jupiter and a boutique in Boca Raton. Meanwhile, restaurants and fitness chains announced new locations that will serve locals and visitors alike. <\p>
Broward warehouse park sold for $100M
Industrial giant IDI Logistics sold Rock Lake Business Park in Pompano Beach, with two existing warehouses and two proposed warehouses, for $101.15 million.<\p> IDIL Rock Lake A, B, C and D, affiliates of Atlanta-based IDI Logistics, sold 31.8 acres at 3100, 3150, 3200 and 3250 N.W. 33rd Street in four deeds to 3150 NW 33rd Street LP, care of New York-based Tishman Speyer. Property data firm Vizzda confirmed the buyer and seller information.<\p>
Apartments completed in emerging Broward neighborhood (Photos)
Cavache Properties has completed Old Town Square, a 281-unit apartment complex in an emerging neighborhood of Pompano Beach. <\p> It’s located in Old Town, the historic downtown area of the city where local officials are working to encourage more development. The 10-story Old Town Square at 200 N.E. First Ave. is the first major project in the district.<\p>
Short-term rentals are keeping South Florida rents high, expert says
Renters across Florida are finally paying below 2% of their premium rates, but the same can't be said about South Florida, and that may due to an abundance of short-term rentals. <\p> According to the latest Waller, Weeks, and Johnson Rental Index, as of April, South Florida's average monthly rent was $2,790.81 – the ninth highest out of 99 metro areas across the U.S. Those figures, which comes from Zillow's Observed Rent Index, include multifamily apartments as well as rented houses and condos. <\p>
Codina wins approval for 412 apartments in Downtown Doral
Codina Partners won site plan approval for the next phase of Downtown Doral, a 412-unit apartment building. <\p> Sevilla would rise seven stories on the 4.2-acre site at the corner of Northwest 53rd Street and Northwest 52nd Terrace. The apartments would range from 720 square feet with one bedroom to 1,708 square feet with three bedrooms.<\p>
Miami Swim Week has multimillion-dollar economic impact
Paraiso Miami Swim Week celebrated its 20th anniversary this year, and the event has once again brought in thousands of visitors who may have collectively spent millions of dollars in the local economy.<\p> Established by Paraiso Miami Beach, a curated fashion week program founded by Natalija Dedic Stojanovic, the five-day runway and trade show ran from May 29 to June 2. <\p>
Palm Beach County warehouses break ground with $52M loan from bank
Orlando-based Foundry Commercial and Greenwich, Connecticut-based Wheelock Street Capital broke ground on a pair of warehouses in Boynton Beach after securing a $52.3 million construction loan.<\p> First-Citizens Bank & Trust Co., as lead lender and agent, awarded the mortgage to WSL South Congress Owner LLC, a partnership between Foundry Commercial and Wheelock. It covers the 30.7-acre property at 3800 S. Congress Ave.<\p>
Local startups win prizes from FPL, Space Florida
Boca Raton's HelixVM was the grand prize winner at the Florida Venture Forum's 2024 Early Stage Venture Conference. <\p> The startup received $50,000 from sponsor Florida Power & Light to fund the business. Branding itself as the "Uber for health care," HelixVM is behind an online medical marketplace that matches people with physicians. <\p>
Resia seeks approval for 1,296 apartments in Miami-Dade
Kendall-based Resia is seeking approval to build 1,296 apartments in North Miami Beach.<\p> The city's Planning and Zoning Board will consider the site plan from North Towne Phase I LLC, an affiliate of Resia, for the 17.9-acre property at 15530, 15540, and 15780 W. Dixie Highway on June 10. <\p>
Energy giant to partner on solar power projects across the South
NextEra Energy Resources entered into a five-year partnership with Entergy (NYSE: ETR) to develop renewable energy projects in Arkansas, Louisiana, Mississippi and Texas.<\p> The deal will accelerate the creation of up to 4.5 gigawatts of new solar generation and energy storage projects. For context, one gigwatt is enough to power an estimated 750,000 homes. <\p>
Cruise line veteran embarks on new role as CEO of Azamara Cruises
Dondra Ritzenthaler, a seasoned travel industry executive, took the helm of Azamara Cruises.<\p> The Miami-based luxury cruise line welcomed Ritzenthaler as its new CEO on May 13, after waiting out her reported yearlong noncompete agreement with Royal Caribbean Group (NYSE: RCL). <\p>
County plans to demolish, redevelop public housing site
Miami-Dade County officials filed plans to rebuild a public housing complex in the Naranja neighborhood near Homestead.<\p> The Public Housing and Community Development (PHCD) Department filed a pre-application with county planning officials for the 10-acre site at 13924 S.W. 260th St. The property currently has 116 affordable apartments that were built in 1971.<\p>
Execs ordered to sell Bimini properties after court freezes assets
A judge approved freezing the assets of a South Florida financial services company's principals who owe millions to its investors, ordering them to list their properties in The Bahamas for sale.<\p> Miami-Dade County Court verified the receiver Philip Von Kahle's motion for a temporary injunction against the executives of Coral Gables-based Algo Capital in the assignment for the benefit of creditors cases tied to the company and its four affiliates. The cases list over $41 million in combined claims from dozens of individuals and companies.<\p>
Doctor-led company buys Miami-Dade office for $15M
A company led by Dr. Kester Nedd, a board-certified neurologist, acquired a Miami Lakes office building for $15 million.<\p> Miami Lakes Office Park LLC, managed by Carlos Herrera Jr. in Miami Lakes, sold the 52,122-square-foot office at 14400 N.W. 77th Court to Miami Lakes Medical Park LLC, managed by Nedd. Starwood Mortgage Capital provided a $9 million mortgage to the buyer. The price equated to $288 per square foot.<\p>
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