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Brightline, now Virgin Trains, meets with investors ahead of $619M IPO

Wed, 01/30/2019 - 13:52
Virgin Trains USA, currently operating as passenger rail service Brightline, is meeting with investors for its "road show" as it prepares to launch an initial public offering that could raise up to $619 million. The Miami-based company operates the Brightline train between Miami, Fort Lauderdale and West Palm Beach. It later hopes to expand that service to Orlando, Tampa and the Treasure Coast, and then create similar regional passenger systems around the county. It has been initially been funded…
Categories: Business

Wilmington Trust appoints Florida regional president

Wed, 01/30/2019 - 13:38
Wilmington Trust named Theodore Brown as its Florida regional president as the wealth management firms works to expand its presence and client base in South Florida and beyond. Brown aims to grow the firm's wealth advisory business in the state by double digits and hire up to eight new team members to serve the firm's growing roster of clients, said Bill Buccella, executive vice president of Wilmington Trust's wealth advisory services. “We are committed to Florida as a key growth market, and…
Categories: Business

Miami developer buys former Toys R Us building for $7M

Wed, 01/30/2019 - 13:21
The property is located along a busy highway.
Categories: Business

An inside look at Miami Beach's first food hall (Photos)

Wed, 01/30/2019 - 07:22
Lincoln Eatery, a 9,600-square-foot food hall featuring 14 food and beverage vendors at 723 Lincoln Lane in Miami Beach, opens to the public Thursday. Its fast-casual restaurant lineup: Toast & More French Bakery Fresh Garden Bowls Chill-N, an ice cream shop The Crafted Burger The Necessary Purveyor, serving sandwiches and salads  Patagonia Flavors, an Argentinian concept Gaijin Ramen Cake Thai XO Espresso Bar Marble & Rye, a deli TYO Sushi Paletas Manhattan, serving Mexican-style frozen fruit…
Categories: Business

Florida is among the top 10 states with the greatest economic impact from immigrants

Wed, 01/30/2019 - 06:43
As the government temporarily reopens after a costly, 35-day long shutdown, conversations continue around immigration in American policy. Recently, WalletHub compared the economic impact of foreign-born populations on the 50 states and the District of Columbia. Using 20 indicators, the study determined which states benefit the most — and least — from immigration, with a data set ranging from median household income of foreign-born population to jobs generated by immigrant-owned businesses…
Categories: Business

Wealthy Internet entrepreneur lists Miami Beach mansion for $26M (Photos)

Wed, 01/30/2019 - 06:19
Christian Jagodzinski, a wealthy German Internet entrepreneur and real estate investor, has listed his waterfront mansion in Miami Beach for $26.2 million. He co-founded online book retailer Telebooks, which was later acquired by Amazon.com. After working for Amazon, he moved to Miami Beach and launched Desdemona Capital, a private equity firm that owns businesses such as luxury villa rental firm Villazzo, OneModelPlace.com and Nikki Beach - St. Tropez, Jagodzinski’s 9,893-square-foot home at…
Categories: Business

Delray Beach selects developer for $100M project

Wed, 01/30/2019 - 06:07
The mixed-use project would include residential, retail, restaurants and offices.
Categories: Business

Baptist Health South Florida buys Coral Gables property

Tue, 01/29/2019 - 17:08
Baptist Health South Florida has acquired a development site in Coral Gables from an entity co-owned by Ugo Colombo of CMC Group and Masoud Shojaee of Shoma Group, according to multiple sources familiar with the deal. The price for the 2.8-acre site at 4112 Aurora St. and 250 Bird Road was not yet recorded in county records. One source with knowledge of the deal said the price was around $37 million. The seller, Coral Gables Luxury Holdings, was represented by Avison Young. Baptist Health, the…
Categories: Business

Miami, Brazilian Post Office partner to launch expedited shipping service

Tue, 01/29/2019 - 16:17
Miami-Dade County and Brazilian post office Correios have partnered to launch a shipping service that will slash the time it takes for e-commerce packages to travel from Miami International Airport to Brazil. Miami-Dade County Mayor Carlos A. Gimenez and MIA director Lester Sola announced the new partnership on Tuesday during a press conference in Brazilian capital Brasilia. The expedited shipping service, dubbed Compra Fora ("Buy Outside"), allows Correios to pre-clear e-commerce cargo bound for…
Categories: Business

Developer secures approval for senior housing project in Palm Beach County

Tue, 01/29/2019 - 14:54
The developer hopes to break ground on the project this year.
Categories: Business

Coral Gables-based bank receives $11.9M from shareholders to drive growth

Tue, 01/29/2019 - 14:45
The bank will revamp its digital offerings and open a new Aventura branch in 2019.
Categories: Business

Shopping center with Wawa, Aldi proposed in Miami-Dade

Tue, 01/29/2019 - 14:44
This shopping center would be near a new Lennar home development.
Categories: Business

Louisiana sports bar to open its first Florida restaurant in Fort Lauderdale

Tue, 01/29/2019 - 14:42
Walk-On's Bistreaux & Bar has broke ground on its first Florida location. The Louisiana family sports bar and restaurant aims to open spring 2019 in a 8,500-square-foot space at 6401 North Andrews Ave. in Fort Lauderdale, formerly occupied by Champps Americana Kitchen + Bar. About 200 people could be hired for the new eatery. "I know Walk-On's will make for a great home base to bring the community together and we look forward to leaving a positive imprint on the area that we call home," said Craig…
Categories: Business

Miami-Dade condo market nearing bottom after significant drop, FIU study says

Tue, 01/29/2019 - 13:12
Condo prices have fallen by double digits in recent years.
Categories: Business

Woodbridge Group ordered to pay $1B in restitution for Ponzi scheme

Tue, 01/29/2019 - 12:36
The Woodbridge Group of Companies and its former owner and CEO, Robert Shapiro, were ordered to pay a total of $1 billion in restitution for operating a Ponzi scheme that targeted real estate investors, including thousands of senior citizens. The U.S. District Court for the Southern District of Florida filed a judgement ordering the Woodbridge Group to pay $892 million in compensation, the U.S. Securities and Exchange Commission said in a statement Monday. The court ordered Shapiro to pay a $100…
Categories: Business

Former auto shop, food bank in West Palm Beach to be redeveloped

Tue, 01/29/2019 - 12:21
The developer hopes to lure co-working, a food hall and wellness companies.
Categories: Business

Former South Florida CEO dies at 81

Tue, 01/29/2019 - 07:50
Albert J. Dunlap, the former CEO of Boca Raton-based Sunbeam Products, died Friday at his home in Ocala. Florida State University announced the passing of Dunlap, who was 81. He is described as one of the university's most generous supporters. Dunlap, the subject of the book "Chainsaw: The Notorious Career of Al Dunlap in the Era of Profit-at-Any-Price" by John A. Byrne, was once known as a turnaround specialist who used mass layoffs to boost profits for corporations during the 1990s. Dunlap cut…
Categories: Business

Florida retirees are better at saving than their counterparts, study shows

Tue, 01/29/2019 - 07:03
Florida's retirees are smarter than their national counterparts, according to a newly published study. More than 4,000 Americans age 40 and up were surveyed for a new report by Global Atlantic about how their expectations for retirement costs align with reality. Monthly spending by retirees in Florida is 8 percent less than retirees nationally, with the state average totaling $1,856 compared to the national average of $2,008. Throughout Florida, 54 percent of retirees have retirement planning…
Categories: Business

Here’s how much Americans are wagering on Super Bowl LIII

Tue, 01/29/2019 - 06:55
Conducted by Morning Consult for the gambling industry’s trade group, the poll says 22.7 million adults are placing bets on the Feb. 3 game.
Categories: Business

Homebuilder breaks ground on 156 townhouses near airport

Tue, 01/29/2019 - 06:40
The project is located near an airport.
Categories: Business

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