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South Florida Business Journal
Broward group outlines plan to bring more businesses to the county
Branding is everything – especially when it comes to recruiting new businesses to South Florida. <\p> The Greater Fort Lauderdale Alliance reports it will lean into marketing campaigns in 2025 in a quest to bring more companies to Broward County. The Alliance, Broward County's economic development partner, outlined its goals for the coming year in a business plan that will be up for approval at the Broward County Commission on June 18. <\p>
The National Observer: Here's where the money lives
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today,y we've got stories on the rising number of towns in which the median home costs more than $1 million; the interest office tenants are taking in their landlords' financial situation; and plans for a multibillion-dollar supercomputer complex by Elon Musk. But first, here's our inaugural list of the ZIP codes with the greatest concentrations of wealth in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Car wash company opens new facility as part of $150M expansion
A Palm Beach Gardens-based car wash company is expanding in Palm Beach County, where it aims to operate 50 locations.<\p> Mint Eco Car Wash and Detail Center opened its fifth location at 5577 Okeechobee Blvd, just outside of Century Village in West Palm Beach, on May 31, said Maria Teixeria, the company's marketing director. About 20 people work in the 43,000-square-foot building, including a general manager, an associate general manager, detail supervisor, concierge supervisor, concierge staff, and a detailing staff, she added. <\p>
Big deadlines loom for Realtors commission lawsuits
The class-action lawsuits that rocked the residential real estate industry over the last year are barreling toward a possible conclusion — and some big changes in the remainder of 2024. <\p> One of the most important deadlines is Aug. 17, 2024, when the NAR has said it would implement a series of changes as part of its own $418 million settlement agreement over buyer commissions. <\p>
Developer seeks incentives for affordable housing in Broward
Landmark Cos. is seeking incentives to build affordable housing for seniors just west of Fort Lauderdale.<\p> Boulevard Gardens would be located on the 1.71-acre site at Nine Northwest 27th Ave., at the northeast corner of Northwest 27th Avenue in an unincorporated area of Broward County. Located just north of Broward Boulevard and west of the new Broward County Sheriff’s complex, the property currently has a few small residential buildings. Garden Place Ltd., an affiliate of Landmark Cos., has the land under contract from Lauderhill-based Loretta London LLC.<\p>
Red Lobster could close 6 more local restaurants amid bankruptcy
A recent filing in the Red Lobster bankruptcy case showed the Orlando-based restaurant chain may have to close 120 more restaurants nationwide, including another six in South Florida.<\p> Before the seafood chain filed for Chapter 11 bankruptcy, the company shuttered a restaurant in Hialeah.<\p>
Local company wins $14M contract for cannabis cultivation facility
The U.S. green rush is good news for Coral Gables-based DAG. <\p> The company entered into a $14 million contract to expand a marijuana cultivation facility for Ascension Biomedical in Oberlin, Ohio. DAG will add 27,314 square feet to the existing location, which will total 46,642 when the project is completed. <\p>
Aviation company could create 88 high-paying jobs in Broward
Broward County and the city of Miramar may offer up to $105,000 for an aviation company to open a regional headquarters and create 88 new jobs over the course of six years. <\p> Called Project Sawgrass, the incentives will be offered to an anonymous company that will invest about $10 million in a 63,860-square-foot facility in Miramar that will create 88 jobs between 2025 and 2031 that pay an average of $75,993 a year.<\p>
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>
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>
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