Miami-Dade Business Briefs - October 2010
CORAL GABLES — Mayor Don Slesnick is the first Floridian honored by the Republic of China (Taiwan) with the Friend of Foreign Service medal. Slesnick was recognized for his contributions “to the promotion of international relations” with Taiwan, which maintains an economic and cultural office in Coral Gables.
» Seaway Group, which operates the city-owned Biltmore Hotel and owes $2.3 million in back rent to the city, agreed to resume rent payments in the first quarter of 2011 but will continue to renegotiate its lease agreement.
DORAL — The China Sourcing Center, a 76,000-sq.-ft. showroom where buyers can view and order Chinese-made products, opened in the Miami Free Zone.
» Home builder Lennar paid $22 million for the 26-acre Promenade Lakes at Doral.
HIALEAH — Private equity fund Drea Group 29 paid $7.5 million to buy 128 units in the Casa Bella condominium conversion from Ocean Bank, which had foreclosed on the project.
KEY BISCAYNE — Canada JLK Global Fund U.S. bought the Key Colony Plaza retail and office building from Tesaurus Holdings for $13.7 million.
MIAMI — The city commission voted to allow developer Mark Siffin to build two large “media towers” on Biscayne Boulevard near the Adrienne Arsht Center for Performing Arts. The controversial electronic billboards and the retail and garage development around them will generate $2.28 million a year in fees for the city and $800,000 toward its Museum Park Trust. The county and state still need to approve the project.
MIAMI — Two high-profile hotels will open this month at the Metropolitan Miami development in downtown: The 313-room JW Marriott Marquis and the 44-room Hotel Beaux Arts Miami.
» Coconut Grove Bank issued a notice of foreclosure against 124-year-old Merrill-Stevens Dry Dock Co.’s historic Miami River boat yard.
» The newly formed NAFH National Bank acquired the 23 branches of Metro Bank of Dade County, Aventura-based Turnberry Bank and Spartanburg, S.C.-based First National Bank of the South, which were closed by regulators. The company had earlier agreed to invest $175 million to take control of Naples-based TIB Financial Corp. and has $3 billion in assets.
» IT and communications services company eLandia International agreed to acquire 79.7% of Brazil-based Medidata Informática, a subsidiary of Madrid-based Amper. In exchange, Amper will acquire 85% ownership of eLandia through the issuance of additional stock.
» Fifth Third Bank filed a foreclosure suit on 25 acres on which developers had planned a 12-million-sq.-ft. Miami Worldcenter mixed-use project.
» Investment company Vista Lago Condos paid $16.7 million, including assumption of $14.3 million in debt, for 132 condos at Vista Lago at the Hammocks.
MIAMI BEACH — An affiliate of Marriott paid $57.5 million for the shuttered Seville Hotel South Beach in a short sale by owners Fortune International and Lionstone Group. Hotelier Ian Schrager, who launched the Delano in South Beach, is set to turn the 12-story hotel into Marriott’s second U.S. location of its new Edition brand.
MIAMI-DADE — Dycom subsidiary Ivy H. Smith, a telecommunications construction firm, will close its Miami and Opa-locka facilities and lay off 107.
NORTH MIAMI — The Solar Mountain group backed out of its plan to turn the Biscayne Landing site into an indoor ski slope.