In adjacent deals, Integra Investments and Key International bought the Perry Hotel & Marina on Stock Island at Key West. Formerly known as Stock Island Marina Village, the site is five miles from historic Old Town.
The marina, purchased by Miamibased Integra, is described as the largest deepwater marina in the Florida Keys, capable of berthing yachts up to 350 feet long, with 288 wet slips in floating docks. It will be managed by Oasis Marinas. Integra also owns marinas in Tampa Bay, Jensen Beach and Miami.
The 100-room Perry Hotel, listed in the Michelin Florida guide, will be operated by real estate investment and development company Key International, based in Miami. The hotel opened in 2017 four months before Hurricane Irma struck Florida. The hotel sustained minimal structural damage thanks to demanding building codes designed to resist flooding and storm winds.
- The National Geographic Society has awarded George Gann, founder and executive director of the Gold Coast’s Institute for Regional Conservation, a $350,000 grant to restore Richmond Pine Rocklands in Miami-Dade for two endangered species: The Miami tiger beetle and Bartram’s scrubhairstreak butterfly. It is National Geographic’s first grant through its Photo Ark Species Impact Initiative. Gann and the institute will partner on the work with Zoo Miami, Fairchild Tropical Botanic Garden, the U.S. Coast Guard and others.
- Construction has begun on the mixed-use Wynwood Plaza in Miami’s Wynwood Arts District. The three-acre site once included the Rubell Art Museum. L&L Holding and Oak Row Equities plan to build a 1-million-sq.-ft. campus that includes a 12-story office tower and a landscaped public plaza.
- The National Institutes of Health awarded researchers at the University of Miami’s College of Engineering and the Miller School of Medicine more than $5 million for research related to brain and spinal-cord disorders. Abhishek Prasad, associate professor of biomedical engineering, was awarded $2.79 million, and Patrick D. Ganzer, assistant professor of biomedical engineering, received $2.43 million.
- Investment group SmartCity Miami has finalized terms for the former downtown site of the Miami Herald, 15.5 acres on Biscayne Bay. The group will purchase the site from its current owner, Malaysian casino operator Genting Group, for more than $1.2 billion. The closing is set to take place later this year. The site is adjacent to Miami’s Museum Park, the Adrienne Arsht Center for the Performing Arts and the Metromover transit system. Genting had paid $236 million for the site in 2014 but never developed the land.
- The Securities and Exchange Commission alleges Miami-based investment adviser BKCoin Management and one of its principals, Kevin Kang, orchestrated a crypto-asset fraud scheme. The SEC’s Miami office froze the company’s assets, alleging that BKCoin in four years raised approximately $100 million from at least 55 investors to invest in crypto assets but used some of the money “to make Ponzi-like payments” and buy vacations, sporting event tickets and an apartment in New York City.
- Charlie Javice, a resident of Miami Beach and founder of the fintech company Frank, a financial planning platform for college students acquired by JPMorgan Chase for $175 million in 2021, has been charged with multiple counts of defrauding the bank. Federal prosecutors say Javice faked a user database of more than 4 million college students. The alleged fraud was discovered when most of JPMorgan’s e-mails to the list bounced back, say charges filed in the Southern District of New York. Javice has countersued the bank.
- Volaris El Salvador has launched three weekly round-trip flights from Miami International Airport to San Salvador, becoming MIA’s 100th airline partner. Volaris El Salvador will operate the new service with A320 aircraft that seat 174 passengers. Logistics and trucking company Ryder System has sold its longtime headquarters near Medley as it downsizes, reflecting a shift to remote work by corporate employees. Bridge Industrial, specializing in industrial real estate, bought the property for $42.1 million.
- The World Travel Expo Miami will be held at the Miami Airport Convention Center June 13-15. Thousands of players in the destinations, airlines, resorts, travel and media industries will attend.