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South Florida Business Journal
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>
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>
Foundry breaks ground on warehouse at airport with $30M loan
Foundry Commercial broke ground on a warehouse at Miami-Opa locka Executive Airport thanks to a $30.1 million construction loan.<\p> Regions Bank provided the leasehold mortgage to Foundry Meek IV LLC, an affiliate of Orlando-based Foundry Commercial, in partnership with the nonprofit Carrie Meek Foundation and Clarion Partners. It covers 20.3 acres that the developer leases from Miami-Dade County’s aviation department.<\p>
Oceanfront mansion in Fort Lauderdale sold for $17M (Photos)
A recently renovated mansion on the beach in Fort Lauderdale has sold for $17 million.<\p> Rajiv Sharma and Ritu Sharma sold the 10,966-square-foot home at 1717 N. Fort Lauderdale Beach Blvd. to the Catherine Holmes Family Trust, with Catherine Holmes of Ho-Ho-Kus, New Jersey, and Howard Tatz as trustees. Lourdes Maestres and Nidhi Sharma of Compass Florida brokered the deal for the sellers, while Spencer Carey of the Keyes Co. worked with the buyers. The price equated to $1,550 a square foot. <\p>
Downtown Miami office landlord wins $7M judgment against tenants
Two evicted tenants of the 47-story Miami Tower still owe their landlord more than $7 million, according to a recent default judgment. <\p> Miami-Dade Circuit Court Judge Joseph Perkins ordered Awe Medical Group LLC and its affiliate, Ngyne Technologies Inc., to pay G&I Miami Tower LH LLC a total of $7.14 million in damages for unpaid rent, late fees, interest and accelerated rent. Accelerated rent means the payment of rent owed through the entire term of the lease. <\p>
Five Below shares tumble on fading interest for Squishmallows
Five Below Inc. shares were down around 12% in mid-morning trading Thursday following what CEO Joel Anderson described as "disappointing" sales in the company's first quarter. <\p> Anderson pointed to macroeconomic factors, sales that "dropped off a cliff" during and after Easter and a low performance in the lower income demographic as a few of the reasons contributing to the results. Philadelphia-based Five Below (Nasdaq: FIVE) reported a 2.3% decline in same-store sales, or locations open for at least a year. <\p>
Auto group now largest in Florida after buying local dealership
Hollywood Kia was sold to an affiliate of Tampa-based Morgan Automotive Group.<\p> The price on the two deeds for the Hollywood dealership was $22.5 million, however, sales of auto dealerships often include additional compensation besides the real estate purchase price. Fort Lauderdale-based Haig Partners said it was the sell-side advisor on the deal, which it called a record price for a Kia dealership. <\p>
Nonprofit awarded $4 million to build tech hub in this neighborhood
The non-profit Seeking Education Empowers Knowledge (SEEK) Foundation is bringing a new technology and health care hub to Miami's Opa-locka neighborhood after securing $4 million from the state of Florida. <\p> The Smart Tech Health Hub project aims to provide children and adults with access to science, technology, engineering and math (STEM) education and pathways to the higher-paying STEM workforce, said SEEK Foundation founder Anike Sakariyawo. <\p>
South Florida's top Fortune 500 companies fall in rankings
South Florida's top-earning companies dropped dozens of spots in the latest edition of the Fortune 500.<\p> Released annually by Fortune magazine, the list is a comprehensive look at the top companies in the U.S. This year, 11 local companies made the list, including five in the Top 200.<\p>
Fort Lauderdale company files for bankruptcy with $14M in debt
Fort Lauderdale-based Great Eastern Group, a marine engineering and port operations business, filed for Chapter 11 reorganization with $13.55 million in liabilities. <\p> The company submitted its Chapter 11 petition in U.S. Bankruptcy Court in Fort Lauderdale on June 4. It was signed by President Virginia J. Hoffman, who was also listed as 100% owner. It listed $1.59 million in assets and $13.55 million in liabilities.<\p>
Medical device company moves into Broward development facility
Obvius Robotics, a medical device company behind an image-guided needle placement tool, moved into a new research and development facility in Sunrise. <\p> The facility will focus on product development, Chief Commercial Officer Dave Herrman told the Business Journal. Obvius is the maker of the CERTA Access System, a hand-held device that combines robotics and imaging to help physicians guide central venous catheters into veins. Those catheters can be used to deliver fluids, medicine or nutrition into a patient's bloodstream. <\p>
Hollywood apartments targeted in foreclosure
A trio of apartment/residential properties in Hollywood could be seized in a $3.26 million foreclosure lawsuit.<\p> Grape Tree Lending filed a foreclosure complaint June 3 against 1911 Ave LLC, also known as 1911 Taylor Ave LLC, and loan guarantor Mendel Steiner, of Brooklyn. New York. It targets three properties in the same area of the city, although they are not contiguous:<\p>
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