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South Florida Business Journal
Company sues former Cano Health CEO for $60M
Aliso Viejo, California-based Onsite Dental and subsidiary CD Support filed a lawsuit against Dr. Marlow Hernandez, the founder and former CEO of Miami-based Cano Health, seeking more than $60 million in damages.<\p> Cano Health (OTC: CANOQ) filed Chapter 11 reorganization in February and is in the midst of the bankruptcy process. Hernandez stepped down as CEO of the company in June 2023 and from its board in August.<\p>
Bank of America leads $650M financing for local public company
Bank of America led a $650 million refinancing agreement for a Palm Beach Gardens-based publicly traded telecommunications contractor that provides 5G services for AT&T, Comcast and Verizon.<\p> The Charlotte-based bank (NYSE: BAC) served as the administrative agent for Dycom Industries' (NYSE: DY) multimillion-dollar revolving credit facility and extended the maturity date from April 1, 2026 to Jan. 15, 2029, according to a U.S. Securities and Exchange Commission filing submitted by Dycom on May 17.<\p>
County to consider 4.5 acres for Florida Museum of Black History
Florida's next major cultural institution could be based in Miami-Dade County.<\p> On May 21, the Board of County Commissioners will vote on a resolution to support the city of Opa-locka in its quest to be the home of the proposed Florida Museum of Black History. <\p>
New warehouse near airport sells for $24M
Foundry Commercial sold the new Red Road Commerce Center warehouse near Miami-Opa locka Executive Airport for $24.27 million.<\p> FOF Red Road Owner, an affiliate of Orlando-based Foundry Commercial, assigned the ground lease for the property at 14101 N.W. 57th Ave. to BCPF Ave LLC, care of New York-based Barings, an investment management firm managed by MassMutual Financial Group. Foundry Commercial recently completed an 86,811-square-foot warehouse on the site.<\p>
Amended Live Local Act signed into law
Amendments to a state law that grants developers extra density and tax breaks in exchange for affordable apartments was signed into law by Gov. Ron DeSantis.<\p> DeSantis signed SB 328 on May 16, according to a memo from the governor's office. The law amends last year's Live Local Act, which grants extra density and tax breaks for developers who include affordable housing units in their projects.<\p>
Cooper’s Hawk to close at local mall
The Cooper’s Hawk Winery & Restaurant located inside The Galleria at Fort Lauderdale will permanently close before the end of the month. <\p> Employees of the 17,000-square-foot restaurant confirmed the eatery’s last day of operation at the mall will be May 29.<\p>
Popular golf club fitter leaves Miami-Dade spot for Pembroke Pines
A custom golf club fitter with studios across the U.S. recently closed down its single location in Miami-Dade County and opened a new facility in Pembroke Pines. <\p> Willowbrook, Illinois-based Club Champion opened a new fitting studio, roughly 3,000 square feet in size, on April 22 in Westfork Plaza at 15851 Pines Boulevard, Unit 35, said Cassandra Bausch, the company's director of marketing. <\p>
Nashville banker sells Palm Beach mansion for $37M (Photos)
Dennis Bottorff, who previously led two banks in Nashville, and wife Jean B. Bottorff sold an oceanfront mansion in Palm Beach for $36.9 million.<\p> The 5,359-square-foot home at 300 N. Ocean Blvd. was purchased by the 300 North Ocean Trust, with local attorney Paul A. Krasker as trustee. Edward Curran of Brown Harris Stevens represented the sellers, while Maureen Woodward, also of Brown Harris Stevens, worked with the buyer. The price equated to $6,911 per square foot.<\p>
Law firm recruiter opens Brickell office after CEO moves to Miami
A London firm that specializes in international legal recruitment launched a second office in Miami's Brickell Financial District.<\p> Buchanan Law recently opened a 3,000-square-foot office on the 27th floor of the Sabadell Building at 1111 Brickell Ave., a spokesman said. <\p>
Lending slowdown curtails local commercial real estate deals
South Florida has long been known for its development boom and prolific commercial real estate deals. But a drop-off in lending amid higher interest rates has slowed the market – a trend not expected to change anytime soon. <\p> Despite the need for more apartments to accommodate the growing population and ease the supply shortage that's driven up rents, fewer buildings are breaking ground. Some sites with approvals are even sitting fallow because developers can’t line up their much-needed loans. <\p>
$60M project with 200 apartments approved in Broward
Hollywood officials approved a 200-unit apartment project on Jackson Street.<\p> Developers Menachem Trietel of Capitall Group, Isaac Khabie of Ark Ventures and Ricardo Oved of ROC Capital obtained approval from the city’s Planning Board on May 14 for the Jackson Street Apartments. It would be located on the 0.84-acre site at 1830 to 1844 Jackson Street. The developers have the four lots under contract from Miami-based Fifty Street Investments LLC, Christine Corbo and James Meisenhelter. They would demolish the small apartment building and homes there.<\p>
The Viewfinder: Inside look at Catch Miami Beach (Photos)
Catch Miami Beach is now open at 200 South Pointe Drive in the affluent South of Fifth neighborhood. <\p> New York-based Catch Hospitality Group initially announced its Catch restaurant would make its debut in 2023 at 200 South Pointe Drive, but the opening was pushed until May 10.<\p>
Pharma company raises millions to fund drug research
Longeveron raised millions in equity investments after reporting it was close to running out of cash. <\p> The pharmaceutical firm announced it received $11.4 million in capital investments from board members and other investors to fund the development of its signature product, Lomecel-B. The drug is being tested as a potential treatment for Alzheimer's disease and hypoplastic left heart syndrome, a pediatric disease that affects normal blood flow through the heart.<\p>
Melinda French Gates-backed organization shuts down in Miami
An organization focused on bringing more women into the technology industry is closing its doors in Miami and other cities. <\p> Gender Equality in Tech (GET) Cities announced it is disbanding after five years in operation. Headquartered in Chicago, the national initiative aimed to create pathways to bring more under represented groups into the largely white and male-dominated technology industry. Those groups include women, nonbinary people, indigenous people and people of color.<\p>
Local marine company slated for bankruptcy auction
A 48-year-old, Miami-based communications company is headed for bankruptcy auction.<\p> U.S. Bankruptcy Judge Laurel Isicoff approved the auction and bidding procedures for Atlantic Radio Telephone Inc. on April 26. The bid deadline is May 28, the auction takes place June 3, and a court hearing to confirm the auction result is scheduled for June 5 in Miami.<\p>
AI's latest casualty? Entry-level jobs
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals. We'll take a look today at how artificial intelligence is taking roles that used to act as entry-level positions; Frontier Airline's strategy targeting business travelers; and how you can buy everything in a Red Lobster restaurant. But we'll start with what higher-for-longer rates mean for those in the real estate business.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Miami-Dade hotel could be demolished for over 300 condos
Alta Development, led by Henry Pino, wants to replace the Rodeway Inn in South Miami with a condo building focused on short-term rentals.<\p> Pino said his Miami-based development firm has the 117-room hotel at 5959 S.W. 71st St. under contract from Pacmiso 13 Corp. and the 3,200-square-foot retail building at 7090 S.W. 59th Place under contact from South Miami-based GREC Pinecrest LLC. Pino said the contract price for the combined 44,034-square-foot site is $23 million.<\p>
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