Miami-Dade Business Briefs - Aug. 2008

Coral Gables

» LIC Coral Gables Retail, an investment group from Germany, has purchased the retail portion of Plaza San Remo at 6705 Red Road for $31.1 million from Venera Holdings.

Miami

» American Airlines, the largest carrier operating from Miami International Airport, plans to cut 900 flight attendants. The company also plans a major reduction in management and back-office positions by September. From Miami, American Airlines operates its hub for Latin America and the Caribbean.

» Camillus House — a homeless shelter north of downtown Miami — has completed a land-swap deal that will enable the organization to break ground on a $60-million shelter for the homeless on a 3.1-acre site northwest of the downtown business district. The existing shelter will be sold, and construction on the 340-bed facility is expected to begin by year-end and wrap up by mid-2010.

» Federal and state bank regulators have ended cease-and-desist orders against Miami-based Great Eastern
Bank. Previously, the Federal Deposit Insurance Corp. and the Florida Office of Financial Regulation filed orders stating that Great Eastern had violated regulations under the Bank Secrecy Act, designed to discourage money laundering and to promote safe banking practices. Without denying or admitting to charges, Great Eastern Bank submitted a compliance plan to bank regulators.

» The Hacket Group (Nasdaq-HCKT), a Miami-based technology consulting firm, has been added to the Russell 3000 index, which represents the largest 3,000 publicly traded companies in the U.S.

» New York-based Sumito Corp. of America has agreed to buy the Miami Center, a 782,210-sq.-ft. property in downtown Miami, for $265 million, according to the South Florida Business Journal. The transaction would be Sumito’s first purchase in Miami.

» Continucare Corp. (AMEX-CNU), a physician services firm based in Miami, has expanded its stock buyback program to 10 million shares, an increase of 3.5 million shares. Since 2005, the company has repurchased 6.5 million shares for $14.4 million.

» Greenberg Traurig is moving its headquarters to downtown Miami from Brickell Avenue. The law firm signed a 15-year lease for 150,000 square feet at Metropolitan Miami’s Met 2.

Tags: Miami-Dade