The state and Boca Raton will provide more than $5 million in incentives to D-Wave Quantum, a California company relocating its headquarters and research and development to Boca by yearend with a promise of creating at least 100 jobs. Florida Atlantic University pledged to buy one of its quantum computers for $20 million. FAU says it will be the first university in Florida to "publicly host a large, dedicated quantum computer on-site" with the goal of becoming a preeminent center for quantum computing education and research.
FAU has such high hopes for the computer and its collaboration with D-Wave that FAU President Adam Hasner calls the school "Florida's Quantum Computing University."
"Integrating the D-Wave system into our research and teaching elevates FAU into an elite group of universities that will drive the next wave of quantum science," Hasner says. The state university system's Board of Governors lauded the move as did Florida Commerce Secretary J. Alex Kelly.
HOSPITALITY
H&M Development wants to build a 174-room Hyatt in Sunrise.
West Palm Beach-based Related Ross and Connecticut-based Leisure Resorts plan a four-story, private club on the Intracoastal adjacent to Palm Harbor Marina in West Palm Beach. The site is leased from the city by Leisure, which operates the marina.
REAL ESTATE
Lennar paid $165 million to secure the rights to a 152-acre, one-time golf course in Sunrise entitled for 900 single-family houses and townhouses, including affordable townhouses. The seller was affiliated with Coral Gables-based CC Homes.
GL Homes spent $80 million to acquire 192 acres on which it plans 1,000 homes in Westlake.
Fort Lauderdale-based Stiles acquired for $8.25 million a five-acre office park site in Plantation entitled for 384 apartments.
QUICK-SERVICE
Filipino fast-food company Jollibee plans for a dozen South Florida locations opened by a franchisee. Its first local outlet opened in Pembroke Pines in 2021.
URBAN DESIGN
Fort Lauderdale city commissioners approved a plan to remove the four-block, tree-lined median on Las Olas Boulevard to open the way for wider sidewalks, street parking and outdoor dining. The redevelopment, which is several years away, calls for planting dozens of mature trees on the wider sidewalks to provide a tree canopy.
TRANSPORTATION
Financially stressed Tri-Rail in 2025 set a ridership record with 4.5 million rides. The previous record of 4.4 million was set in 2019. Meanwhile, executive director David Dech resigned to become president and general manager of the Northern Indiana Commuter Transportation District.
LAYOFFS
Saks & Co. closed its Miramar alterations and support facility and laid off 74. Saks Global filed for Chapter 11 protection in January.
'Wall Street South' Leader
Barry Sommers
Barry Sommers, 57, joined Wells Fargo in 2020 as CEO of wealth and investment management. The unit generates $16 billion in revenue, about a fifth of Wells Fargo's total. Before that, he was CEO of wealth management for JPMorgan Chase and also CEO of its Consumer Bank. He also was a senior leader at Bear Stearns and Goldman Sachs.
Last year, he and his wife, Linda, relocated their primary residence from New York to Palm Beach County. "My wife and I are excited to now call South Florida home. The community here is vibrant and welcoming, and we're excited to begin this next chapter of our lives in such an exceptional place," he says.
In January, Wells Fargo announced it would move its wealth-management HQ and some senior leaders to Stephen Ross' new 25-story One Flagler office tower in downtown West Palm Beach. In total, about 100 Wells employees will be in the building by year-end. Wells Fargo said it was "strengthening our local leadership presence, and deepening engagement with clients in this high-opportunity market."
Education: Bachelor's degree in communications, Ohio University
Taking up meditation: "It was transformational. I very rarely will miss an opportunity to meditate," said Sommers, on a Fortune panel moderated by Arianna Huffington several years ago. He said that for 10 years, he has practiced meditation twice a day after being taught by Bob Roth of the David Lynch Foundation about transcendental meditation.
Sleep: "I have to get seven-and-a-half, eight hours of sleep a night," he said, saying it improves his job performance and life. "I wake up every morning incredibly happy."