DEVELOPMENT
Construction is underway on Ponce Park, a mixed-use development bringing 58 two- to five-bedroom condominiums in an 11-story tower in the heart of Coral Gables starting at $3.1 million. When it opens in early 2028, it will offer 25,000 square feet of retail space and $11 million in improvements to the adjacent Ponce Circle Park.
Key Colony Beach, a city of fewer than 1,000 people just north of Marathon, is getting a renovated and expanded 12,460-sq.-ft., $3.9-million city hall funded in part by a $2.28-million state grant.
COMMERCIAL REAL ESTATE
A private Delray Beach business bought a 42-building small bay Hialeah warehouse portfolio for $84.75 million. Tenants in the 396,000-sq.-ft. portfolio include home design and other small family-owned businesses. Basis Industrial says it wants to increase its footprint in the area.
The IMC Equity Group bought the Doral Square Retail Center from Terra for $74 million. The 150,000-sq.-ft. shopping area opened in 2021 and is home to a HomeGoods, Pet Supermarket and First Watch along with medical and cosmetic businesses. IMC credits the center's location on Doral Boulevard as one of the elements making it a "compelling opportunity."
A seven-story Bay Harbor Islands office project promises 126,000 square feet of Class A+ waterfront space and "dock-to-desk" yacht slips when it opens early next year. One Kane, from Miami's Taubco and New York's Landau Properties, is marketing itself as a home for corporate flagships, providing privacy to executives with a private elevator lobby, concealed parking and private yacht slips with a full-time dockmaster and valet service.
Eight years after selling it, Miami-based Gencom reacquired a majority interest in the Ritz-Carlton Coconut Grove. Gencom's portfolio includes luxury hotels and resorts, and the 115-room Coconut Grove Ritz reflects its confidence in Miami's market.
A company led by French hospitality executive Philippe Le Guennec bought Miami Beach's 132-room Kimpton Angler's Hotel for $43.5 million.
RIDESHARE
Miami-based Vlue is expanding into Broward, Palm Beach, Orlando and Tampa, fueled by more than 6,500 registered drivers. The rideshare app, which launched in September, says it focuses on safer, more affordable trips and does not add surge pricing.
HEADQUARTERS
Australia-based Simpro Group, which has an AIpowered program that helps contractors and tradespeople with scheduling and dispatch and invoicing, is opening its North American headquarters in the One Downtown tower in Miami. New Simpro CEO Fred Voccola previously co-founded and led software company Kaseya in the city. Simpro says it could have 500 employees in Miami "over the coming years."
FINANCIAL
Miami-based Banesco brought on 50 employees and added $95 million in SBA loans when it acquired Bayfirst Financial Corp. to expand its small business lending abilities nationally. It also hired Elijiah Gray as senior vice president and SBA market executive.
Andres Rodriguez has been named Fiduciary Trust International's Coral Gables wealth director. Fiduciary Trust is a wholly owned subsidiary of Franklin Templeton. Rodriguez previously worked as executive director at Banco Santander Private Bank and Citi Private Bank Latam in Miami.
TECH
Togal.Ai, a cloud-based software platform that helps construction companies and trades complete estimates and planning faster, plans to hire 100 more people. The Miami-based company is led by former U.S. Rep. Patrick Murphy.
CANCER CARE
As more people survive cancer, the University of Miami Health System's Sylvester Comprehensive Cancer Center has launched an institute dedicated to caring for them. The Sylvester Survivorship and Supportive Care Institute, one of a handful nationwide, will focus on research, care delivery, and education and training. Many cancer survivors struggle with anxiety, depression and fatigue. Patients can receive care at any Sylvester campus in Miami-Dade and Broward counties.