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South Florida Business Journal
Nvidia board member flips island lot for $50M
A trust in the name of Harvey C. Jones Jr., managing partner of private investment firm Square Wave Ventures and a director of chip maker Nvidia (Nasdaq: NVDA), sold a vacant home lot on the Intracoastal Waterway in Palm Beach for $50 million after only 10 months of ownership.<\p> The 0.8-acre property at 940 N. Lake Way was purchased by Delaware-registered company 940 N. Lake Way LLC. It’s not clear who manages the buyer. Todd Peter of Sotheby’s International Realty represented the seller in the deal, while Christian Angle of Christian Angle Real Estate worked with the buyer.<\p>
City seeks developer for massive mixed-use project
Margate's Community Redevelopment Agency issued a new request for proposals for developers interested in redeveloping up to 51.38 acres of publicly owned land. <\p> The 27 non-contiguous parcels are zoned for 980 residential units, 500 hotel rooms, 1.28 million square feet of retail, 861,331 square feet of office, and 309,659 square feet of industrial, according to a document from Colliers and the city.<\p>
South Florida Seen: Habitat for Humanity CEO Build
C-suite leaders from three dozen local companies participated in Habitat for Humanity of Broward's fifth annual CEO Build on April 20 at A Rick Case Habitat Community in Pompano Beach.<\p> More than $250,000 was raised in support of Boys & Girls Clubs of Miami-Dade’s programs and services at the 13th annual Claws for Kids event May 7 at Joe's Stone Crab in Miami Beach.<\p>
News in Brief: Bank opens new branch in Miami-Dade
Atlanta-based The Integral Group broke ground on Wellspring Apartments, a 99-unit affordable senior housing development at 14701 N.W. 27th Ave. in Opa-locka. The 81,350-square-foot property will include a computer and library room, fitness center and community center with a full kitchen. www.integral-online.com.<\p> Broward HealthPoint and Community Care Plan opened the Maternity Care Center & Heart Community Resource Center at 3736 W. Oakland Park Blvd. in Lauderdale Lakes. www.browardhealth.org and www.ccpcares.org.<\p>
A Covid-era option for bankruptcy filings is about to expire
Small businesses will be left without a useful Covid-era bankruptcy tool when it expires in the coming weeks — a development occurring just as bankruptcies are on the rise.<\p> The program, called Subchapter V, was created to enable businesses with less than $2.75 million in debt to go through the Chapter 11 bankruptcy reorganization process in a streamlined way. In March 2020, as the pandemic took hold across the country and worldwide, Congress raised that benchmark to $7.5 million, allowing many more businesses to use the Subchapter V option. <\p>
Sales launch for 35-story short-term rental condo in Brickell (Photos)
North Development has launched sales for Domus Brickell Center, a condo geared toward short-term rentals in Miami’s Brickell Financial District.<\p> The tower would rise 35 stories on the 22,207-square-foot site at 1034 S.W. Second Ave., also known as 221 S.W. 11th St. It would feature 579 condos, ranging from 367-square-foot studios to 795 square feet with two bedrooms. They are priced from the low $500,000s to $1.5 million.<\p>
Tourism industry reaches $30B economic impact in this county
The Greater Miami Convention & Visitors Bureau (GMCVB) held its annual State of the Tourism Industry event on May 21, highlighting the successes of 2023.<\p> More than 650 attended the GMCVB event at Norwegian Cruise Line's terminal in PortMiami as the marketing organization provided updates on various travel businesses in Miami-Dade County. <\p>
Florida bank to acquire Texas bank for $2B
Independent Bank Group Inc. has agreed to be acquired for $2 billion in a major shakeup of the North Texas banking market.<\p> The McKinney-based parent company of Independent Financial and Winter Haven,-based SouthState Corp. (NYSE: SSB) the parent of SouthState Bank, jointly announced the $2 billion all-stock transaction on May 20. The deal will result in a combined bank with $65 billion in total assets, $55 billion of deposits and $48 billion in loans. The combined company will also have a market capitalization of about $8.2 billion, based on the closing price of SouthState as of May 17.<\p>
The 'lock-in' effect is hitting homebuyers. It may get worse.
Americans expect high mortgage rates to rise even more in the coming years, a perspective that could further dampen the housing market.<\p> The Federal Reserve Bank of New York’s SCE Housing Survey found Americans expect mortgage rates to climb from just under the 7% they are now to 8.7% a year from now and 9.7% in three years — the highest recorded since the agency started asking Americans that question in 2014.<\p>
Publix buys out Broward shopping center for $59M
Publix Super Markets paid $58.5 million for the Ramblewood Square Shopping Center in Coral Springs, basically buying out its landlord.<\p> AGRE Ramblewood Owner LLC, an affiliate of New York-based Apollo Global Management, sold the 157,914-square-foot retail center at 1201 to 1327 N. University Drive to Real Sub LLC, a subsidiary of Lakeland-based Publix. Property data firm Vizzda confirmed the buyer and seller information. The price equated to $370 per square foot.<\p>
Billionaire Griffin donates millions to local school for new building
Ken Griffin, billionaire founder and CEO of Citadel, donated millions to a Miami preparatory high school with students from families with limited economic resources.<\p> The hedge fund manager's civic foundation Griffin Catalyst gifted $2.1 million to Cristo Rey Miami High School in North Miami to support the school's expansion in the wake of increased enrollment. <\p>
Local company receives FDA designation for cancer drug
A South Florida pharmaceutical firm received an orphan drug designation from the U.S. Food and Drug Administration for a drug that aims to improve outcomes for one of the most aggressive forms of cancer. <\p> Weston-based Cantex announced it was granted the designation for azeliragon, a once-a-day pill for the treatment of pancreatic cancer. The clinical stage company is developing the drug to combat a range of life-threatening cancers and medical conditions, including glioblastoma, breast cancer and the prevention of kidney injury in hospitalized pneumonia patients. <\p>
780 apartments could replace warehouses near busy highway
A developer could demolish eight warehouse buildings near Tropical Park in Miami-Dade County in order to build a pair of apartment buildings.<\p> Miami-based Coastland Residential filed a pre-application with county officials concerning 9.1 acres from 4201 to 4383 S.W. 75th Ave., 4431 to 4519 S.W. 75th Ave. and 4500 S.W. 74th Ave. The builder has the property under contract from Norle Properties Corp. and Leal Capital Trust.<\p>
3 firms relocate to recently renovated office building
Three companies secured a total of 14,201 square feet in a Doral office building that recently underwent a multimillion dollar renovation.<\p> Grupo Eulen, Vanderweil Engineers, and Trust Lending have signed leases and will relocate to the Offices at Doral Square, a 141,246-square-foot building at 8600 N.W. 36th Street. <\p>
South Florida home sales rise, prices hit record high
South Florida home sales increased in April and prices hit record highs, but a rising level of inventory in the condo market has made conditions more favorable for buyers, according to the Florida Realtors.<\p> Single-family home sales in the tri-county area increased 10.5% to 3,663. The median sales price grew 11.1% to $650,000 – a record high.<\p>
Apartment market cools with record amount of new supply wrapping up
The national rental-housing market has continued to cool, with differing outcomes based on geography and unit type.<\p> Several markets in the South posted significant year-over-year declines in apartment rental rates as of April, according to a new Realtor.com analysis. Those declines were led by Nashville, Tennessee, and Austin, Texas, the latter of which has seen an 8.3% annual drop in asking rents and an 11.5% drop since peaking September 2022. <\p>
Fannie Mae provides $18M mortgage to buyer of 153 apartments
The Summerfield Apartment Homes in Sunrise sold for $30.46 million, registering a nice gain in value.<\p> Las Olas Bay Properties 3200 84th Ave LP, managed by Sandy Poklar of Toronto-based Firm Capital, sold the 153 apartments at 3220 N.W. 84th Ave. to Sunrise Lake Views LLC and Sunrise Lake Views 2 LLC, both affiliates of Aventura-based Manoucheri Properties. The buyer assumed an $18.37 million mortgage from Fannie Mae, with Moshe Yormark, Avraham D. Manoucheri and Aaron Manoucheri listed as a new loan guarantors. Property data firm Vizzda confirmed the parties involved in the deal. <\p>
Airline launches local service to Midwest city
Allegiant Air launched a new route that connects Fort Lauderdale-Hollywood International Airport to Northern Michigan.<\p> The Nevada-based airline (Nasdaq: ALGT) recently announced it added a twice weekly service to Cherry Capital Airport in Traverse City, Michigan.<\p>
Workers with learning disabilities face stigmas in the workplace
There remains a big stigma facing workers seeking workplace accommodations for certain disabilities — and those employees worry asking for help will hurt their careers. <\p> A new survey by The Harris Poll on behalf of nonprofit Understood.org, which works with people who have learning and thinking differences such as Attention Deficit Hyperactivity Disorder (ADHD) and dyslexia, found while 69% of workers know their employers must provide reasonable accommodations for disabilities, about 60% said there is still a stigma around asking their employer for support.<\p>
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