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South Florida Business Journal
Out-of-state bank to open its 1st Florida branch in Fort Lauderdale
A Maryland-based community bank plans to debut its Sunshine State branch in Broward County.<\p> The U.S. Office of the Comptroller of the Currency (OCC) approved Capital Bank, N.A.'s new branch application on May 6. The bank submitted its request to open an inaugural Florida branch in downtown Fort Lauderdale on March 30. <\p>
City could select Terra for massive redevelopment
Hialeah officials could select Miami-based Terra for a massive redevelopment of its municipal complex and City Hall into a mixed-use project.<\p> The City Council will consider selecting Terra International Services, led by Terra CEO David Martin, as the winner of a request for qualifications for the Hialeah City Center project on May 14. The selection would not lock the city into a contract, but it would allow the process to advance to the second step: a request for proposals process where Terra, as the sole bidder, would present development plans for the city to accept or reject for the municipal land.<\p>
Ryder CEO says businesses are slow to transition to electric vehicles
Zero-emission vehicles may be better for the environment, but all-electric fleets are still out of reach for many businesses. <\p> Transporting goods by electric vehicles can cost significantly more than using diesel-powered vans and trucks, according to a new report from Miami-based Ryder System (NYSE: R). The total cost to transport goods with EVs can be up to 67% more for medium and heavy-duty vehicles, and 114% more for heavy-duty tractors, the report said. Light-duty transit vans are the least expensive option, at just 5% more. <\p>
Couple donates $10M to hospital for key program expansion
Hugh and Nancy Elliott donated $10 million to Jupiter Medical Center for a major expansion to its electrophysiology lab.<\p> The donation to the nonprofit hospital will establish the Elliott Family Center for Cardiac Electrophysiology. These tests are performed with catheters and wire electrodes to monitor electrical activity in the heart.<\p>
Why Amazon's recent moves bode well for a cooling CRE market
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 a bankruptcy health care system's hospital sale; a $3.3B investment from Microsoft that will help establish an artificial intelligence hub; and what you need to know about upcoming changes to overtime rules. But we'll start with the dynamics in this once-hot commercial real estate subsector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Bankrupt developer plans high-rise Broward tower with 429 apartments
An affiliate of National Realty Investment Advisors (NRAI), which remains in Chapter 11 reorganization, filed plans to build a 48-story apartment tower in Fort Lauderdale.<\p> The city’s Development Review Committee will consider plans for the 0.66-acre site at 203 N.E. Third St. on May 14. The property in the Flagler Village neighborhood was acquired for $9.25 million in early 2023 by 3rd Street Capital 203-215 Propco, a subsidiary of Secaucus, New Jersey-based NRIA, with approval of its bankruptcy counsel and court-appointed receiver.<\p>
Billionaire plans waterfront condo in Fort Lauderdale (Photos)
Ottawa, Canada-based Claridge Homes, led by billionaire Bill Malhotra, has proposed a condo along the Intracoastal Waterway in Fort Lauderdale that would include new docks.<\p> The city’s Development Review Committee will consider plans for 3000 Waterside at 3000 E. Oakland Park Blvd. on May 14. Claridge Homes 3000 Waterside, an affiliate of the Canadian developer, purchased the 2.16-acre property for $12.5 million in 2022 and later demolished an office building there.<\p>
Higher-for-longer rate environment means more uncertainty for CRE
Commercial real estate investors, owners and occupiers all have been monitoring whether the Federal Reserve will impose interest-rate cuts in 2024 after rapidly rising rates have substantially increased the cost of doing business.<\p> Earlier this month, the Fed signaled it needed to see more progress toward its inflation target of 2% and decided to maintain its key lending rate. At that meeting, Fed Chairman Jerome Powell said gaining greater confidence around inflation "will take longer than previously expected," although he also said he felt inflation would move back down in 2024.<\p>
Hospitality Tracker: Brightline ends monthly passes. What's next?
Brightline will discontinue its monthly passes, popular with business commuters, by the end of May.<\p> The Miami-based high-speed rail company notified customers that it will end its $399 SoFlo Solo Pass, $229 SoFlo Shared Pass and $1,199 All Station Shared Pass in an April 29 newsletter.<\p>
Tech & Inno Tracker: DEA's move to reclassify cannabis is industry win
The Biden administration plans to reclassify marijuana as a Schedule III drug, a move that categorizes it as a less dangerous substance with potential for medical use.<\p> No one is celebrating more than the country’s multibillion dollar cannabis industry.<\p>
CRE Tracker: Insurance firm to move in 78,000-square-foot office
Atlanta-based Assurant will move into a 78,000-square-foot office in the Waterford Business District in western Miami-Dade County in June. <\p> The global insurance corporation will relocate from its present office at 11222 Quail Roost Drive in South Miami Heights and into suites 500, 600 and 700 at the 701 Waterford Way. <\p>
In the Pipeline: Live Local Act project planned on avocado farm
Lali II LLC, owned by Victor Acosta and Ileana Alvarez, wants to build apartments on an avocado farm in the Goulds neighborhood of Miami-Dade County through the state’s Live Local Act.<\p> The 10.6-acre site at the northwest corner of Southwest 132nd Avenue and Southwest 236th Street was rezoned “industrial and office” several years ago. Lali II filed an application in 2023 to rezone it for multifamily, but that would require County Commission approval.<\p>
Miami Worldcenter 95% leased after bank, Apple secure space
About 300,000 square feet of retail at Miami Worldcenter is now 95% leased after Santander Bank, Apple and several other retailers inked leases in buildings within the 27-acre downtown area development. Santander Bank is slated to open a 4,000-square-foot...
Gen Z's latest college grads have a new rival in the workforce
As new college graduates enter the workforce, they are facing some new competition for jobs: artificial intelligence. Given ChatGPT and other AI tools' ability to complete tasks such as research, data entry and email writing, some entry-level roles...
116 local jobs created for Chick-fil-A logistics center
Chick-fil-A will open a logistics facility that will create jobs and bring millions of dollars to Broward County. News of the Atlanta-based fast food company’s expansion in South Florida was announced on May 10 during the Greater Fort Lauderdale...
Miami River apartment project nabs $66M loan from private equity firm
Coral Gables-based ROVR Development secured $66 million in financing for the first phase of a Miami River apartment project. Los Angeles-based private equity firm Kayne Anderson provided the construction loan for an eight-story apartment building with...
Former MLS stadium site could become 1,215 apartments (Photos)
The Overtown neighborhood in Miami won’t get a soccer stadium co-owned by superstar David Beckham, but it could get 1,215 apartments on the property instead. The city’s Urban Development Review Board will consider plans for the 8.38-acre site at...
Executive takes loss on $18.5M sale of oceanfront mansion (Photos)
Raymond A. Mirra Jr., a pharmaceutical and business restructuring executive, and wife Shauna Mirra sold an oceanfront mansion in Hillsboro Beach for $18.5 million, a significant loss from its last trade. The 10,309-square-foot home at 1001 Hillsboro...
48-story tower with 400 condos proposed in Midtown Miami (Photos)
Terra and Lion Development Group have proposed a 48-story condo tower in Midtown Miami. The city’s Urban Development Review Board will consider plans for Midtown 1 on the 1.6-acre site at 3501 N.E. First Ave. on May 15. Midtown 1 Investments LLC,...
Appeals court tosses $82M foreclosure against shuttered beach hotel
A state appeals court has overturned a $82.2 million foreclosure judgment over a Miami Beach hotel, and now the borrower intends to pursue counterclaims against the loan holder. In December 2022, SHEDDF3 VNB LLC, an affiliate of Miami-based Safe Harbor...
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