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Miami-Dade Business Briefs - Dec. 2008
Coral Gables — Private equity firm Trivest Partners closed its Trivest Fund IV after raising $325 million; the initial goal was to raise $300 million.
» MasTec agreed to purchase Fargo, N.D.-based wind energy contractor Wanzek Construction for $200 million and the assumption of $15 million in debt. Wanzek, which also works in natural gas construction, expects $340 million in revenue for 2008.
» The University of Miami Miller School of Medicine received a $39.9-million National Institutes of Health grant to follow the health of children nationwide from conception until they turn 21; an option could increase the value of the contract to $54.6 million. The university will coordinate the National Children’s Study in Miami-Dade, Orange, Hillsborough and Baker counties, with 60 to 70 workers hired in each county.
» Catalyst Pharmaceutical Partners raised $4.1 million in a stock offering.
Doral — Ocean Bank is foreclosing on a $10.9-million loan it made for the Pebblewalk Village development, which is owned by Adrian Development at Pebble Walk Partnership.
Medley — Ryder System (NYSE-R) agreed to acquire the assets of Transpacific Container Terminal and CRSA Logistics.
Miami — Developers Art Falcone and Marc Roberts have proposed a nine-block, 25-acre mixed-use project between the Adrienne Arsht Center for the Performing Arts and Miami’s central business district. Miami Worldcenter would include high-rise offices, hotels, shops, restaurants and a conference hotel, built in phases. The developers are also exploring a campaign to allow Las Vegas-style casinos at the Worldcenter project and at Miami Beach’s Fontainebleau Hotel.
» Spanish construction company OHL Group acquired 70% of Arellano Construction Co. for approximately $36.5 million.
» The developers of Edgewater by the Bay, a nearly complete condominium building, filed for bankruptcy.
» Affordable housing developer Carlisle Development Group and non-profit Carrfour Supportive Housing, which provides housing for the “formerly homeless,” completed restoration of the 100-unit Royalton, a historic 1920s property in downtown Miami. The low-income rental building, which received $18.5 million in financing from city, county and federal sources, also provides on-site services, including job training and recovery support.
» The Mitchell Wolfson Sr. Foundation donated nearly $11 million to Miami Dade College to increase the number of nurses in the region.
» Carlos de Céspedes and Jorge de Céspedes, founders of now-bankrupt medical distribution company Pharmed, pleaded guilty in Miami federal court to charges of tax evasion and wire fraud. They could face up to 20 years in prison.
» Royal Caribbean Cruises agreed to sell its 50% interest in Island Cruises to joint venture partner First Choice Holidays, a subsidiary
of British tour operator TUI Travel.
» The Miami Herald announced it will cut another 119 positions — around 10% of its workforce — on top of 250 positions cut in June. The Herald and
St. Petersburg Times announced plans to merge their Tallahassee staffs.
» A Whopper Bar at Universal CityWalk in Orlando will be the prototype for smaller Burger King restaurants.
» Oettinger Davidoff Group bought Miami-based Camacho Cigars in October for an undisclosed price.
» The University of Miami will host a forum titled “Harnessing the Power of the Connected World” on Jan. 15-16. The forum will focus on challenges and opportunities in an interconnected world. Speakers will include Muhtar Kent, Coca-Cola’s CEO; Jim Skinner, McDonald’s CEO; and Jack Welch, former General Electric CEO. For more information or to register, go to bus.miami.edu/gbf.
Miami-Dade County — The county will receive more than $62 million in federal community development block grants.
» Miami International Airport lowered landing fees from $1.94 per 1,000 pounds to $1.18 and lowered departure fees to $16.48 per passenger, from $17.39. The lower fees will last for a year.
Miami Gardens — Spanish retailer Yedra Polaris World Garden Furniture opened its first U.S. store.
