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South Florida Business Journal
Investor behind GameStop meme stock frenzy acquires stake in Chewy
Keith Gill, the investor known online as "Roaring Kitty" whose analysis helped GameStop's stock soar in value in 2021, acquired a 6.6% stake in Plantation-based Chewy. <\p> Gill purchased more than nine million shares of the online pet supply company, according to a U.S. Securities and Exchange Commission document filed July 1. <\p>
Small-business grants you can apply for this month
Small-business owners might be more confident about their future, but they are still worried about inflation.<\p> That’s the big takeaway from the U.S. Chamber of Commerce's Small Business Index, conducted in partnership with MetLife, which hit the highest level of optimism since early 2020, with about 73% of business owners expecting their revenue to grow in the next year. <\p>
New Broward apartment complex sold for $37M, listed as condos
S2 Development purchased the recently completed Atlantica apartments in Dania Beach and launched a website listing them for sale as condos.<\p> Lojeta Dania Partners LLC, managed by Alexander Ruiz of Miami Lakes-based Prestige Cos., sold the land lease for the 124-unit apartment complex at 610 to 632 N.E. Second Street for $36.75 million to S2 Dania Property Owner LLC, an affiliate of Aventura-based S2 Development. CRE Lendco provided a $30 million loan with a two-year maturity to the buyer. <\p>
In the Pipeline: Live Local Act project planned at last Sears site
A Sears store in Miami, the last of the former retail powerhouse’s South Florida locations, could be redeveloped into multifamily through the state’s Live Local Act.<\p> RK Associates owns the 8.1-acre property at 3655 S.W. 22nd St./Coral Way, which currently has 192,493 square feet of retail. <\p>
Billionaire Sternlicht's firm sells apartments near Trump golf course
Starwood Capital Group, led by billionaire Barry Sternlicht, sold the Turtle Cove apartments just outside West Palm Beach for $107.48 million as part of a national portfolio deal.<\p> Turtle Cove Owner, an affiliate of Miami Beach-based Starwood, sold the 444 apartments at 825 Cotton Bay Drive East – near Trump International Golf Club – to Turtle Cove Property Owner, care of New York-based Brookfield Properties. Property data firm Vizzda confirmed the parties involved in the deal. The price equated to $242,072 per unit.<\p>
New Porsche complex approved in Pompano Beach
The owners of a Porsche dealership received the approval it needs to build a new Porsche complex in Pompano Beach.<\p> The Pompano Beach Planning and Zoning Board unanimously signed off on the 18-acre redevelopment of Champion Porsche at 300 N.W. 24th St. at its June 26 meeting.<\p>
Cano Health to exit bankruptcy after $270M in cost cuts
Miami-based Cano Health said it will emerge from Chapter 11 as a private company after the Bankruptcy Court approved its reorganization plan. <\p> U.S. Bankruptcy Judge Karen B. Owens in Delaware approved the Medicare patient health care provider’s Chapter 11 plan of reorganization on Friday, following a balloting of creditors over several weeks. Cano Health stated that the business will remain operational in Florida after it achieves more than $270 million in cost reductions.<\p>
7 openings: Shuckers to be replaced by restaurant, hotel and more
Shuckers Waterfront Bar & Grill in North Bay Village and neighboring hotel, Best Western on the Bay Inn & Marina, will become Palm Tree Club — an experiential restaurant and hotel.<\p> Miami-based entertainment company Palm Tree Crew and New York-based real estate development firm Continuum Co. unveiled their plans for the site where Shuckers and Best Western stand on June 27. The two companies went public with their acquisition last week.<\p>
'Shocking': Arts and culture orgs react after state eliminates funding
Brenda Moe did a double take when she saw that Gov. Ron DeSantis vetoed $32 million earmarked for arts and cultural institutions from the state budget. <\p> Suddenly, the Coral Gables Art Cinema, where Moe is executive director and programming director, lost 10% of its budget for the upcoming year. The one-screen independent movie house had been counting on the $101,637 that had already been approved by lawmakers.<\p>
Mixed-use project planned in Pompano Beach (Photos)
The Pompano Beach Community Redevelopment Agency (CRA) is working with developers to build a mixed-use project in the Downtown Pompano area just east of Interstate 95.<\p> The city’s Development Review Committee will consider the site plan for Patagonia on July 3. It would be located on 1.26 acres owned by the CRA on both the east and west side of Northwest Seventh Avenue, and the north side of Martin Luther King Boulevard. The vacant property is a block north of Atlantic Boulevard. <\p>
LGBTQ+ organizations bemoan loss of state funding
As Robert Kerston, executive director of the Stonewall National Museum, Archives and Library in Fort Lauderdale, prepares to host the world’s first reenactment of the Stonewall Uprising this weekend, he can't help but think about the future of his organization. <\p> Earlier this month, Gov. Ron DeSantis vetoed over $32 million in state funding for arts and cultural organizations, a move that will affect about 630 organizations statewide. <\p>
Chewy's CEO surpasses Lennar execs for highest-paid local leader
Chewy CEO Sumit Singh was the highest-paid CEO of a South Florida public company, dethroning Lennar Corp.'s co-CEO Jonathan Jaffe and recently retired co-CEO Richard Beckwitt.<\p> The total compensation given to the CEO of online pet goods retailer (NYSE: CHWY) last year was 14 times last year what it was the prior year due to a hefty stock award — a notable exception in a year when pay fell for many tech and biotech chief executives. <\p>
Miami developers to partner on 4 office projects in Florida (Photos)
Two Miami-Dade-based real estate development firms plan to break ground on three Class A medical office buildings in Florida by the fall – two of which are in the tri-county area. <\p> The MedSquare-branded buildings will be developed by Flagler Mas AJP, a new joint venture that was formed by Coral Gables-based Mas AJP and Miami-based Flagler Healthcare Solutions. <\p>
Estate Cos. secures $50M loan for apartments in Hollywood
The Estate Cos. obtained a $50.1 million construction loan for the second phase of its Soleste Hollywood Village apartment project.<\p> Columbus, Ohio-based Nationwide Life Insurance Co. awarded the mortgage to VB Hollywood South Holdings LLC, part of South Miami-based the Estate Cos. It covers the Soleste Hollywood Village South development at 2000 Van Buren St. <\p>
Supreme Court decision marks 'seismic shift' on federal rules
Federal agency rules that target businesses and the workplace have been dealt a blow by the latest Supreme Court decision.<\p> The case, Loper Bright Enterprises v. Secretary of Commerce, was specifically focused on fees in a rule by the National Marine Fisheries Service, but ultimately targeted the four-decade framework for federal agency rulemaking known as Chevron — named after a previous Supreme Court case. <\p>
Brickell Avenue church could alter historic designation to sell land
The First Presbyterian Church of Miami is seeking to remove the historic designation from part of its property on Brickell Avenue in Miami, likely clearing the way for a sale to developers.<\p> The city’s Historic and Environmental Preservation Board will consider the request from the church and 13th Floor Key Church LLC, an affiliate of Miami-based developers 13th Floor Investments and Key International, concerning its 3.4-acre site at 609 Brickell Ave. on July 2. The site currently has a church built in 1949 that sits along Brickell Avenue, plus an education building and parking lot along Biscayne Bay built between 1953 and 1963. <\p>
25-story tower with 399 condos planned at shuttered Winn-Dixie site
Forest Development wants to replace a long-closed Winn-Dixie marketplace in Riviera Beach with a 25-story condo/commercial building.<\p> The city’s Planning and Zoning Board approved three items for the Oculina project on June 27: a text amendment, rezoning and a special exception for a planned unit development. The application will next head to the Community Redevelopment Agency, following by two votes by the City Council.<\p>
Dutch heir who sold 'Billionaire Bunker' home buys mansion (Photos)
A trust led by Gerardus Johannes Antonius Bakker, also known as Geert-Jan Bakker, paid $23.5 million for a waterfront mansion in Coral Gables.<\p> The deal comes one month after Bakker sold a mansion in Indian Creek Village, also known as “Billionaire Bunker” for $64.5 million.<\p>
2 private aviation companies at local airport file for bankruptcy
Two jet charter companies that operate at Miami-Opa locka Executive Airport have filed for Chapter 11 bankruptcy.<\p> Airway Air Charter Inc., a St. Petersburg-based private jet company, and Noble Jet Holdings LLC, a Fort Lauderdale-based aircraft maintenance company, submitted a joint filing on June 21 in U.S. Bankruptcy Court for the Southern District of Florida.<\p>
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