Updated 6 months ago
Although attendance at Art Basel Miami Beach was up 7% last year, it wasn't the record-setting 75,000 people at the 12th edition of the five-day fair that had the international art world buzzing. It wasn't even one of the 20 or so ancillary art fairs throughout Miami Beach and Miami. Instead, the opening of the Pérez Art Museum Miami captured all the headlines.
The 200,000-sq.-ft., $131-million building, designed by Swiss architecture firm Herzog & de Meuron, is a stunning structure of clear glass and thick cement that rises over Biscayne Bay. Inside, floor-to-ceiling windows flow throughout many of the exhibition spaces. Opening exhibits include a diverse and elaborate show from Chinese artist and dissident Ai Weiwei.
PAMM, as the museum is called, is located in the 20-acre Museum Park. Formerly Bicentennial Park, neglected and once a refuge for vagrants, it's now a busy construction zone. PAMM will be joined in 2015 by the $275-million Patricia and Philip Frost Museum of Science and, eventually, a city park.
Signature status has been a long time coming for PAMM, which is named for developer Jorge Pérez, founder and CEO of Related Group, who in 2011 donated $40 million in cash and art. In 2001, the director and board of what was then known as the Miami Art Museum began lobbying the city and county for a new building in Bicentennial Park. At that time, the museum was tucked into a small, difficult-to-access space near the downtown Miami courthouse.
The museum projects annual operating costs of about $11 million, up from $4 million in its old space. Its collection is concentrated on works from the 1930s to the present and is particularly strong on works from the Americas.
"We want to build a collection that reflects and dialogues with Miami," says chief curator Tobias Ostrander. "That means an emphasis on the Americas, on the African diaspora, on the Latin American diaspora, and thinking about artists who are questioning things about cultural translation, working between different cultures."
Miami-based Atlas Paper Mills hired Jim Brown as CEO, replacing Joe Tadeo. Brown had been an executive vice president at Duro Bag Manufacturing. Espirito Santo Bank promoted Carlos Modia to CFO. Andrew Methven replaced Modia as COO; Methven had been head of operations and technology for RBC. Espirito Santo also hired Rafael Madan as senior vice president/head of wealth management; Madan had been managing director of Wells Fargo Advisors in Miami.
BAL HARBOUR —
The residential association of the One Bal Harbour condo/ hotel took control of the property's common area after winning it with a $13.4-million bid at a bankruptcy auction. The property had been dealing with bankruptcy and litigation issues since it opened in 2009, after developer WCI Communities declared bankruptcy.
CORAL GABLES —
An unidentifed institutional investor paid $38.7 million to buy Plaza San Remo, a 60,000-sq.-ft. retail condominium anchored by a Whole Foods, from a German investment group.
DUCK KEY —
New York-based Carey Watermark Investors paid $149.4 million to purchase the 177-room, 250-villa Hawks Cay Resort & Villas.
KEY WEST —
Oak Brook, Ill.- based Inland American Lodging Group paid $76 million to buy the 118-room Hyatt Key West Resort and Spa from an affliate of Hyatt. Hyatt will continue to manage the resort. Southwest Airlines is ending its operations at Key West International Airport in June.
Macy's Inc. signed a deal to open Macy's and Bloomingdale's stores in the mixed-use Miami Worldcenter development. Developers plan to break ground on the 750,000-sq.-ft. Mall at Miami Worldcenter during the fourth quarter of this year and to open in late 2016. » For the frst time in its 13 years playing at the American Airlines Arena, the Miami Heat NBA team paid rent to Miami-Dade County, which owns the arena. The Heat, which funded construction of the facility on county-owned land, paid the county $257,314 in proft sharing. The county provides the arena with a $6.5-million annual operating subsidy. The agreement between the Heat and the county requires that the team share profts during years that it generates more than $14 million, but past losses are deducted from current profts. The Heat is seeking to renegotiate its agreement with the county for a larger subsidy to fund renovations. » Related Group and GTIS Partners paid $104 million for four acres on the Miami River. The group plans to tear down the two offce buildings on the lot and build a three-tower project with condominiums, a hotel, meeting and convention space, offce space and retail, called One Brickell. » Soccer star David Beckham is considering greater Miami for the location of the new Major League Soccer franchise he plans to form with Brightstar founder Marcelo Claure and others and is exploring building a stadium at one end of PortMiami. » Spanish Broadcasting System launched AIRE Radio Networks, a Spanish-language syndicated network that is currently available in the top 10 broadcast markets in the country. The company plans to expand to 30 markets. A foreclosure suit against the under-construction BrickellHouse condominium project was dismissed after developer Harvey Hernandez paid the lienholder in full. A jury awarded Lennar $802 million in compensatory damages and $200 million in punitive damages against California developer Nicolas March III and his company, Briarwood Capital, which the jury found helped defame and attempt to extort the home builder.
MIAMI BEACH —
Electric vehicle charging company Car Charging Group raised $10 million from institutional investors.
MIAMI-DADE COUNTY —
Jackson Health System, the county's public health system, ended its fscal year in September with a surplus of nearly $45 million, according to its unaudited fnancial statement. It ended the year with only 27 days of cash on hand — far below the 175 days of cash that it says it needs for smooth operations, but more than the 14 days it ended with last fscal year.
Miami Lakesbased aircraft engine service company TurboPower will move its headquarters to a 100,000-sq.-ft. space in the AVE Aviation & Commerce Center at Opa-Locka Executive Airport.
SUNNY ISLES BEACH —
Miamibased Fortune International Realty and Argentina-based Chateau Group, which has its U.S. headquarters in Hallandale Beach, paid $41 million for a 1.5-acre oceanfront condo site that was in foreclosure.
LYND and Starwood Capital Group have named their 390- unit, 35-story condominium development NINE at Mary Brickell Village.
During the fourth quarter of 2013, three condominium projects completed construction: Bellini Williams Island in Aventura, MyBrickell in downtown Miami and Regalia in Sunny Isles Beach.
In 2013, the south Florida metro area of Miami-Dade, Broward and Palm Beach counties was No.1 in the nation in foreclosures on homes priced at more than $5 million.
47 Total number of $5-million-plus homes in foreclosure
488% Increase from 2012
61% Increase nationally in similar foreclosures