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South Florida Business Journal
Colliers names former Tricera Capital exec market leader for region
Commercial real estate veteran Dustin Ballard has been hired by Colliers International Group as its managing director and market leader for the brokerage's West Palm Beach, Fort Lauderdale, Boca Raton, and Miami/Brickell offices.<\p> In his new role, Ballard will oversee all brokerage operations, recruitment, retention and business development for the Colliers South Florida offices. <\p>
News in Brief: Beach hotel nabs $80M loan from community bank
Ocean Bank loaned $80 million to FLB Hotel LLC and FLB Restaurant LLC for the Conrad Fort Lauderdale Beach hotel at 551 N. Fort Lauderdale Beach Blvd. The bank also loaned $9.2 million to 499 Ocean Blvd. LLC, led by Marc Dubrow and Jake Waserstein, for the construction of four high-end luxury townhouses at 499 N. Ocean Blvd. in Pompano Beach. www.oceanbank.com.<\p> Northmarq secured the $88 million refinance of the 336-unit Avery Dania Pointe East apartments at 120 N. Compass Way in Dania Beach. www.northmarq.com.<\p>
Aviation company to receive incentives to create 88 high-paying jobs
Broward County and Miramar officials unanimously approved financial incentive packages that could provide an aviation company up to $132,000 if it opens a facility in Miramar and creates 88 new well-paying jobs. <\p> The incentives will be offered to a U.K.-based aviation company, referred to as Project Sawgrass, which specializes in aftermarket part services, said Anita Fain Taylor, Miramar's economic development & housing director.<\p>
Broward condo building nabs $24.5M loan, prices start at $2M
Latitude Group obtained a $24.5 million construction loan to build its Terraces condo near the beach in Fort Lauderdale.<\p> Linkvest Capital, through its affiliate LV Lending, provided the mortgage to the Key Biscayne-based developer for the project at 527 Orton Ave. The deal was executed by Camilo Niño, Ricardo Uribe and Alen Hernandez of LinkVest Capital and brokered by AJ Felberbaum, Jay Miller and Spencer Miller of BayBridge Real Estate Capital.<\p>
Homes near Wynwood could be replaced with apartments
A development group wants to replace three houses in the Wynwood Norte area of Miami with an apartment building.<\p> The city’s Urban Development Review Board will consider plans for the half-acre site at 107, 121, and 127 N.W. 31st Street on June 20. WYN107 Development LLC, managed by Sebastian Roiter and Ian Ludmir in Aventura, assembled the properties for a combined $4.5 million in 2023.<\p>
Michigan automotive business owners sell island mansion for $27M
The family that owns Michigan-based auto parts manufacturer Fisher Dynamics sold a Palm Beach mansion along the Intracoastal Waterway for $27.06 million.<\p> Alfred J. Fisher III, through multiple family trusts, sold the 5,088-square-foot home at 1010 N. Lake Way to the 1010 North Lake Trust, with New York attorney Stephanie E. Heilborn as trustee. Lawrence Moens of Lawrence A. Moens Associates represented the seller in the deal, while Christian Angle of Christian Angle Real Estate worked with the buyer. The price equated to $5,318 per square foot.<\p>
Developer plans 500 apartments after buying site for $39M
Oak Row Equities acquired a development site in downtown Miami, near the Brightline passenger rail station, for $38.5 million.<\p> The Citadel Arena Corp., managed by Daniel Arias in Miami, sold the 37,857-square-foot lot at 49 N.W. Fifth Street and 50 N.W. Sixth Street to New York- and Miami-based Oak Row Equities. The deal includes $32 million in seller financing. The property currently has a three-story, 47,634-square-foot office building constructed in 1996. This is the first time it has sold. <\p>
Firm of former U.S. ambassador sells 100-year-old mansion for $17M
A firm led by Michael Retzer, a former U.S. ambassador to Tanzania, sold a Palm Beach mansion that’s nearly 100 years old for $16.85 million.<\p> The 6,921-square-foot home at 130 Cocoanut Row was sold by 130 Cocoanut Row LLC, managed by Retzer of Greenville, Mississippi. The buyer was Cocoanut Row LP, a company created in Ontario, Canada with an address in Toronto. Christian Angle of Christian Angle Real Estate represented the seller in the deal, while Jennifer Stepan Beqaj of Linda R. Olsson Inc. worked with the buyer. The price equated to $2,434 per square foot.<\p>
Cruise company buys new office for $67M in historic Black neighborhood
An affiliate of international shipping company MSC Group paid $67 million for its new office space in Miami’s Overtown neighborhood.<\p> Block 55 Org Owner LLC, an affiliate of Miami-based Swerdlow Group, sold Unit R-3 in the mixed-use Block 55 at Sawyer’s Walk project at 249 N.W. Sixth Street to ICMC Miami LLC, an affiliate of MSC Group. The commercial condo totals 131,129 square feet, mostly on the seventh floor, according to the building’s declaration of condominium. The price equated to $511 per square foot.<\p>
Exclusive: These are S. Fla.'s 50 fastest-growing companies of 2024
The South Florida Business Journal is proud to reveal its 2024 Fast 50 honorees.<\p> Fifty private companies from the tri-county region are annually touted for their outstanding percentage revenue growth over a three-year period and featured on two lists: those with revenue under $25 million and those with revenue over $25 million.<\p>
Major landlords targeted by class-action lawsuits over pricing
Several major apartment landlords from across the country are under fire over rental rates — allegations that have spawned a wave of class-action lawsuits and garnered the attention of state and federal authorities. <\p> The lawsuits have high-stakes for the apartment market and beyond, with potential to shape how pricing software could be utilized in multiple industries. <\p>
Local private equity firm acquires transportation company
Trivest Partners, a Miami-based private equity firm, has secured a majority stake in San Antonio-based Star Shuttle, a more than two-decade-old transportation company.<\p> As part of the deal, Star Shuttle will keep its headquarters in the Alamo City and serve as a platform for additional acquisition opportunities.<\p>
Kiki on the River founder, hospitality veteran to open new restaurant
Two Miami nightlife moguls have teamed up to create a new waterfront restaurant and lounge along the Miami River, and this one will have an Italian-inspired twist.<\p> Roman Jones, founder of Kiki on the River, and Nicola Siervo, founder of KNR Hospitality Group, will launch Capitano, a two-story palazzo that’s set to be built at 28 N.W. North River Drive.<\p>
Mansion in exclusive yacht & country club sold for $19M
A couple sold their mansion plus a neighboring lot in the exclusive Royal Palm Yacht & Country Club in Boca Raton for $19 million.<\p> John S. Simoni and Barbara A. Simoni sold their homestead residence of 7,627 square feet at 174 W. Coconut Palm Road along with a vacant lot of 0.32 acres to the M Sean Revocable Trust and the M Beth Revocable Trust, both with Jonathan Bloom as trustee. David W. Roberts with Royal Palm Properties brokered the deal.<\p>
This city's downtown sees population and development rise
Developers continue to build thousands of new residences in downtown Fort Lauderdale as the urban area's population surpasses 26,000 people, a recent report stated. <\p> According to a newly released report from the Fort Lauderdale Downtown Development Authority, the downtown area's population increased 35.4% between 2020 and 2023 to 26,083 people. It's projected to rise another 28.1% between 2024 and 2028 – a much higher pace than the downtown areas of West Palm Beach (24.6%), Miami (18.9%), and Tampa (15%), the DDA stated. <\p>
Developer plans 8-story apartment building in Miami (Photos)
A developer has proposed an eight-story apartment building four blocks north of the Douglas Road Metrorail Station in Miami.<\p> The city’s Urban Development Review Board will consider plans for the Mosaic at Douglas Road on the 0.93-acre site at 3700 S.W. 28th Street, plus 2810 to 2828 S.W. 37th Ave. on June 20. Located just west of Douglas Park, it currently has a few homes and vacant lots.<\p>
Last Sears in South Florida could be redeveloped with Live Local Act
A Sears store in Miami, the last of the former retail powerhouse’s locations in South Florida, could be redeveloped into multifamily through the state’s Live Local Act.<\p> The city’s Urban Development Review Board will consider plans for the 8.1-acre site at 3655 S.W. 22nd Street/Coral Way on June 20. Owned by Sunny Isles Beach-based RK Associates, led by retail investor and Miami Heat minority owner Raanan Katz, the property currently has a 192,493-square-foot retail building that was completed in 1954.<\p>
Experts see value in businesses observing Juneteenth holiday
June 19 is Juneteenth National Independence Day, the nation’s newest federal holiday commemorating the end of slavery in the United States in 1865.<\p> Although Florida has recognized Juneteenth as an observance since 1991, Florida is one of 20 states that do not mandate it as a legal holiday and/or permanent paid day off, according to a 2024 Congressional Research Service report. Florida leaves the decision of how and if time is taken off to the county governments and local business owners.<\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
551 townhomes proposed in Miami-Dade County
Miami-based Bluenest Development is seeking approval for two for-sale townhouse communities in southern Miami-Dade County, each of them with a significant amount of workforce housing.<\p> The developer, led by brothers Salim Chraibi and Kamil Chraibi, filed two comprehensive development master plan (CMDP) amendments with county officials, along with zoning applications. The applications will eventually need County Commission approval, as they are part of the May CDMP cycle.<\p>
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