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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.
» 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.
