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South Florida Business Journal
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>
16 boutique apartment buildings sell for $15.5M
A portfolio of 16 boutique apartment buildings in Hollywood sold for a combined $15.54 million, according to Marcus & Millichap.<\p> Lomar Property Group, managed by Bruce M. Gottlieb in Hollywood, sold 84 apartments in multiple locations just north of Hollywood Boulevard and east of the Presidential Circle office building/roundabout, to Pulso Hollywood LLC, managed by Maor Benami in Fort Lauderdale and Salomon Kamkhaji in Fort Lauderdale. The price equated to $185,000 per unit. <\p>
Nonprofit partnership boosts education, jobs in this industry
As a child growing up in Kenya, Beryl Ogola would take apart dolls and household items just to put them back together again. <\p> Now, six years after coming to the United States to attend Florida Memorial University, Ogola, 28, is advancing her love of mechanics as a student at the Barrington Irving Technical Trade School (BITTS) in Opa-locka.<\p>
Regional bank files $5.6M foreclosure over commercial property
A combination Mobile gas station, Budget car rental center and Firestone tire repair shop west of Boynton Beach has been targeted in a $5.55 million foreclosure lawsuit.<\p> Miami-based City National Bank of Florida filed a foreclosure complaint June 6 against West Boynton Auto Services, Spanish River Service, J&L Services of Palm Beach and loan guarantor Jay Charles Seewald of Pompano Beach. It concerns the 6,192-square-foot gas station and service center at 7450 Boynton Beach Blvd. Property data firm Vizzda confirmed the parties involved. <\p>
Local chef wins James Beard Award after launching restaurant last year
Founder and Chef Valerie Chang of Maty's Miami won the top honor in her regional category at the 2024 James Beard Foundation Restaurant and Chef Awards. <\p> The New York-based culinary arts organization named Chang best chef of the southern U.S. – the category included nominees from Alabama, Arkansas, Florida, Louisiana, Mississippi and Puerto Rico.<\p>
37-story Live Local Act project planned with 3,200 housing units
Real estate investors submitted plans under the Live Local Act to build 3,233 residential units on 12 acres of land in the unincorporated West Little River area in Miami-Dade. <\p> The property at 8400 N.W. 25th Ave. is owned by North Miami-based 27th Ave HollandPark EcoreResidences LLC, managed by Coconut Grove attorney Javier Banos Machado and real estate investor Pablo Castro . The limited liability corporation acquired the expanse of land for $29.3 million in November 2023 from Elizabeth Gardens of Miami LLC, managed by Lisa Ramos and Lisette Nunez in Miami.<\p>
Miami tax preparer sentenced to prison, ordered to pay $4M
A South Florida tax preparer was ordered to pay millions of dollars in restitution and sentenced to prison for aiding and assisting the preparation and presentation of false tax returns.<\p> The U.S. District Court for the Southern District of Florida announced that Jean Wesner Pierre Louis of Miami will forfeit over $4 million and serve up to two-and-a-half years in federal prison, followed by one year of supervised release, after the 52-year-old pleaded guilty to preparing tax returns for his clients that falsely claimed certain credits.<\p>
Lennar plans to build housing community on 19 acres of farmland
Lennar Corp. (NYSE: LEN) wants to change the land use of an agricultural site in the Princeton neighborhood of Miami-Dade County to build 320 multifamily units.<\p> The Miami-based developer filed a comprehensive development master plan (CDMP) amendment with county officials for the 19.35-acre site at the southeast corner of Southwest 240th Street and Southwest 127th Avenue. Lennar has the property under contract from Jen Holdco 24 LLC, an affiliate of New York-based land bank Jen Partners.<\p>
Miami Beach site sells for $20M, 7-story hotel planned (Photos)
A developer purchased a mixed-use building in Miami Beach for $20 million, with plans to replace it with a hotel.<\p> Washington Gardens Inc. and Washington Gardens MB LLC, both managed by James Resnick in Miami Beach, sold 1509 and 1515 Washington Ave. with a 11,458-square-foot retail building and a 13-unit apartment building to 1515 Washington Acquisition LLC, co-owned by Xaver Kriechbaum and Gavin Crescenzo of Aventura-based Keyah Real Estate Group. The deal included $15 million in seller financing. The land totals 0.63 acres.<\p>
Falcone Group sells Broward development site
New York-based AMAC and Miami-based ROVR acquired an apartment development site in Pompano Beach for $13.5 million.<\p> Sentosa Pompano LLC, an affiliate of Boca Raton-based Falcone Group, sold the 6.2-acre property at 3151 N. Federal Highway to 3151 NF Owner LLC, a partnership between AMAC, led by Maurice Kaufman, and ROVR, led by Oscar Rodriguez and Ricardo Vadia. Property data firm Vizzda confirmed details about the deal.<\p>
Homebuilder buys 225 lots in Avenir community
GL Homes expanded its development footprint in the Avenir community of Palm Beach Gardens with a $23.5 million acquisition.<\p> Avenir Development LLC, an affiliate of Miami-based Landstar Development Group, sold 225 home lots in the burgeoning community to Palm Beach West Associates V, an affiliate of Sunrise-based GL Homes. The homebuilder also agreed to pay the seller $18,861 as an “Avenir Improvement Fee” upon the sale of each new home to residents. <\p>
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