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Miami-Dade Business Briefs - Feb. 2009

Aventura —

» Baker Development, which planned the Navona Creek development west of Jacksonville, filed for Chapter 11 bankruptcy.

» Aventura Mall, which claims it is south Florida’s top shopping destination for international tourists, opened a currency exchange station.

Coral Gables —

» Mexican investment group Agave Florida Investments, an affiliate of Jose Cuervo Group, announced a partnership with developer Eddie Avila of Key Realty Advisors to build two 15-story office towers, called 396 Alhambra. The Mexican group may finance the entire $130-million project, its first in the U.S.

» New Jersey- and Maine-based TD Bank, formed when TD Bank Financial Group acquired Commerce Bancorp, opened a regional headquarters in Coral Gables.

Burn Notice photo
‘Burn Notice,’ starring Jeffrey Donovan, is filmed in south Florida. [Photo: Dan Littlejohn/USA Network/NBCUPB]

» The producers of the cable television series “Burn Notice,” which films at the Coconut Grove Convention Center, may leave south Florida over a dispute about when the production has to vacate the center, which is scheduled to be demolished so the area can become a park. The city wants the show out by the end of July, but producers say they need to stay through September.

Miami —

» Miami has become the first major U.S. city to power its city hall with solar energy. Efficient lamps and fixtures have replaced old lighting systems, and four photovoltaic panels have been installed to provide energy. The city estimates the moves will save $9,000 a year and cut power use by 60%.

» Plans for a $1-billion tunnel connecting the Port of Miami (entirely on an island) to the MacArthur Causeway and Interstate 395 took an uncertain turn as Babcock & Brown, the Australian investment banker, was unable to secure financing. The state, which had set aside $800 million for operations and maintenance and $457 million for half of the construction costs (the rest was to be paid for by the county and Miami) announced it was pulling out of the deal as well before reconsidering.

» According to published reports, McClatchy Co. is talking with potential buyers interested in the Miami Herald, although the company would not comment; real estate developer Jorge Perez of the Related Group reported to the newspaper that he and Alfonso Fanjul Jr., head of Florida Crystals Corp., had spoken with newspaper executives about purchasing the paper.

» The owner of Hurricane Cove Marina has put up for auction its 10-acre parcel on the Miami River, including a boat yard and marina. Miami-based Balbino Investments I had hoped to build 1,073 condos on the site but was stymied by years of legal wrangling with local businesses and residents who wanted it to remain in maritime use.

More Miami Briefs on the next page. >

Miami —

» Wachovia has filed for foreclosure on the completed 42-story Wind by Neo condo on the Miami River, developed by Lissette Calderon’s Miami-based Neo Epoch.

» Asia America Equity Exchange, which connects Chinese investors with companies in the Americas and vice versa, opened its first U.S. office in Miami; it is a partner of China Beijing Equity Exchange, a Chinese state-owned asset-trading agency.

» Condo developer Related Group formed Related Asset Advisors to act as a consultant and financial adviser to other developers, and possibly as a construction lender.

» Diagnostic test and instrumentation maker Ivax Diagnostics signed an agreement with California-based Lin-Zhi International to market and sell the company’s line of drug tests in the U.S. and Europe.

» Carnival Corp. (NYSE-CCL) and Royal Caribbean Cruises (NYSE-RCL) lifted fuel surcharges on all of their brands for North American cruises departing this year or next year. Also, Carnival filed a $100-million lawsuit against Rolls-Royce, alleging the company sold defective propulsion systems for its Queen Mary 2 ship; other cruise lines have also sued over the Mermaid pod propulsion system.

» The city launched a $500,000 program that will offer forgivable loans of up to $7,500 for homeowners at risk of foreclosure. The loans will be forgiven if buyers live on the property for 10 years.

Miami-Dade —

The county passed ordinances requiring lenders to maintain vacant homes in unincorporated Miami-Dade even before they finish the foreclosure process. The commission is requiring a county building and zoning inspection and public report on foreclosure sale properties.

» The county’s first elected property appraiser was chosen in a December runoff, when Pedro J. Garcia won out over former state lawmaker Gwen Margolis.

» The school board approved Superintendent Alberto Carvalho’s plan to cut $89 million from the budget.

» New I-95 express lanes, which run from downtown Miami to the Golden Glades interchange near the northern county line, began charging tolls on all vehicles using the lanes, except hybrids and registered carpools.

Miami Beach —

» Developers Lionstone Development and Fortune International pulled the plug on the planned Ritz-Carlton Club and Residences.

» Mount Sinai Medical Center reported that it expects an $18.5-million operating loss for 2008 and a $19.7-million loss for this year. In 2007, the hospital reported a loss of $8.9 million.

» Morgans Hotel Group opened its Mondrian South Beach condo/hotel. In November, lenders extended Morgans’ debt on the property to a 2013 maturity date, from August of this year.

Miami Shores —

The John D. and Catherine T. MacArthur Foundation chose the Juvenile Justice Center at Barry University’s School of Law to lead the Florida effort for its newly created Models for Change Juvenile Indigent Defense Action Network, which it rolled out in four states. The school is using the foundation’s $100,000 grant to partner with the Miami-Dade Public Defender’s Office.