Miami-Dade Business Briefs - September 2010
» Codina Partners, owned and run by developer Armando Codina and Ana-Marie Codina Barlick, his daughter, made an undisclosed investment in the Downtown Doral mixed-use development. The company will also be the project’s master developer.
» The Nuclear Regulatory Commission moved to fine NextEra subsidiary Florida Power & Light for violations in the storage of nuclear waste at its Turkey Point reactor.
» Wells Fargo & Co. signed a 20-year deal for some 100,000 square feet in the recently completed Met 2 Financial Center building downtown, which has been renamed the Wells Fargo Center.
» For-profit national hospital group Hospital Corporation of America (HCA) signed a letter of intent to buy the 473-bed Mercy Hospital from Catholic Health East for an undisclosed amount of money.
» Premier American Bank, a subsidiary of Miami-based Bond Street Holdings, acquired the assets of Englewood-based Peninsula Bank from the Federal Deposit Insurance Corp.
» Perry Ellis International announced that it will begin manufacturing its own men’s leather accessories in 2011, ending its licensing agreement with Westport Corp. The company also announced a licensing agreement with Oxford Ophthalmic Corp., a division of Syosset, N.Y.-based Eyewear Designs, to manufacture a line of eyewear under its Cubavera brand.
» IT infrastructure company Terremark Worldwide launched the 25,000-sq.-ft. Network Access Point of Amsterdam.
» Carlisle Development Group broke ground on the $100-million Brownsville Transit Village, an affordable housing development adjacent to a Metrorail station.
» An affiliate of Biscayne Management Corp. sold the Boulevard Center office building to an affiliate of Espacio USA for $31.52 million — the most expensive office building sale in the county to date this year. Famed architect Morris Lapidus designed the building, which is just north of the Adrienne Arsht Center for the Performing Arts.
» Private equity group Point at Brickell Village paid $5.4 million for a condominium site in the Brickell Financial District; Union Credit Bank repossessed the site from development company Brickell Village Partners.
» The Mellon Financial Center was renamed the Sabadell Financial Center, reflecting the Spanish bank’s purchase of Mellon United.
» Norwegian Cruise Lines’ largest ship, Epic, began sailing from its home port at the Port of Miami. It is the first new megaliner to home-port in Miami since 2007.
» The county’s $7.35-billion 2011 budget proposes to eliminate 1,200 jobs --?cutting about 900 workers and freezing open positions -- in an attempt to close a $440-million gap between expected revenue and projected expenses. The budget is 6.3% less than the current fiscal year’s.
|Property values —Tax Rolls Drop Again
Miami-Dade taxable property values,
including new construction:
|$222.14 billion||$192.27 billion||-13.4%|
|Source: Miami-Dade County Office of the Property Appraiser, Preliminary Taxable Value|
» Miami International Airport’s 3.4-million-sq.-ft. Miami Car Rental Center opened, housing 16 rental-car companies just off airport property.
» The 3rd District Court of Appeals overturned a verdict that found Miami-based accounting firm BDO Seidman responsible for fraud that one of its clients committed. The court ordered a new trial in the case, which in 2007 saw a $520-million verdict against BDO for failing to detect signs of fraud in audits of E.S. Bankest.
» Investment fund NGP Fund V purchased three buildings in Miami-Dade and one in Broward for $95.1 million. The 196,915-sq.-ft. portfolio is leased to the U.S. General Services Administration and occupied by U.S. Citizenship and Immigration Services.
» Two homeowners won a $2.5-million judgment against defective Chinese-made drywall distributor Banner Supply Co. in Miami-Dade Circuit court. The trial was the nation’s first jury trial related to Chinese drywall. Coral Gables-based Colson Hicks Eidson and Fort Lauderdale-based Krupnick Campbell Malone Buser Slama Hancock Liberman & McKee filed a class-action lawsuit against Banner Supply.
» Commercial real estate company Adler Group announced it had launched Adler Real Estate Fund, which will raise $25 million to acquire commercial properties in the Southeast. The closed-end fund has already raised $12 million.
» Florida International University’s Herbert Wertheim College of Medicine signed an agreement that will allow its medical students to receive clinical training at Broward Health’s hospitals and facilities.
» First on Lincoln acquired 84% of the Champs Elysees condominium, which is a half-block from the Lincoln Road pedestrian mall. First on Lincoln paid $2 million for 20 units.
» Developer Todd Glaser sold a 17,200-sq.-ft. home on Biscayne Bay for $16 million, the highest price for a home in the county so far this year.
» Merck plans to sell a manufacturing and packaging plant that was owned by Schering-Plough before Merck acquired the company.
» U.S. Virgin Islands-based Solabella Holdings Co., a private equity group, paid almost $3.8 million for 43 units in the Solabella condominium complex. Regions Bank owned the units.