Businesses to Watch
» Lennar: A recovering residential real estate market nationwide boosted Lennar, which had a 2012 profit of $679.1 million, nearly six times its 2011 profit. The company received orders for 15,684 new homes around the U.S., and its multifamily division has a $1-billion pipeline of work through 2016. With many competitors out of business and labor costs lower than a few years ago, the company is poised for more development. Its Rialto Investments subsidiary, which invests in distressed real estate, completed the first closing of its second real estate investment fund, and China Development Bank is lending Lennar $1.7 billion for two projects in San Francisco.
» The Miami Beach Convention Center: The meeting facility could finally be on track for an expansion by the end of this year. Two final bidding groups will spend the next several months presenting their ideas to residents. Not all are happy about the $500-million-plus price of the mixed-use project, which will also likely include a hotel and commercial components on land surrounding the center. The commission is expected to choose a partner this summer.
» Perez Trading: Plenty of companies are poised to take advantage of favorable international trade trends, such as expansions at PortMiami, increased activity with Latin America, and Panamanian and Colombian free trade agreements. Perez Trading, which sells and handles logistics for paper and packaging products throughout Latin America and the Caribbean, is already doing so. The Miami-based company added a 280,000-sq.-ft. warehouse in September.
People to Watch
» Art Torno: The American Airlines’ Miami-based vice president for Mexico, Caribbean and Latin America will have a tough job regardless of whether a merger between American and US Airways goes through or the company figures out another way to exit its year-plus bankruptcy.
» Jessica Goldman Srebnick: Srebnick took over as CEO of Goldman Properties last September after the death of her father, pioneering real estate developer Tony Goldman. Srebnick, who has long been deeply involved in the business, is shepherding the company’s hotel, retail and commercial holdings in South Beach, New York and Philadelphia, as well as development of the 400,000 square feet the company owns in Miami’s Wynwood warehouse district.
» Matthew Whitman Lazenby: As head of the luxury Bal Harbour Shops, Lazenby will shepherd the company’s 230,000-sq.-ft. expansion. The company is also partnering with Hong Kong-based Swire Properties to develop the retail portion of its Brickell CityCentre project in downtown Miami. The company is making what it has called a “significant” equity investment in the 500,000-sq.-ft. retail portion of the project. Plus, it is part of one of the two groups bidding to redevelop the Miami Beach Convention Center.
|Miami-Dade Population: 2,598,976|
|Population Growth Rate (2009-13): 1.34%|
|Population by Age:|
|Per Capita Income: $39,617|
|MSA||Dec. 2012||Dec. 2011||% Change||Jobless Rate|
|Miami/Miami Beach Kendall||1,180,462||1,148,960||2.7%||9.1%|
|Source: Agency for Workforce Innovation|
|Homes - Single-family, existing-home sales|
|MSA||2013 Sales||1-Year Change||2013 Price||1-Year Change|
|Source: Florida Realtors|