The Real Deal Miami

  • Universal Orlando gets millions in tax credits for ‘high-crime’ areas

    Universal's operator has collected $4 million in job tax credits for high crime areas since '13
    February 25, 2017 03:00PM TRD WEEKEND EDITION

    The Universal Orlando theme park

    The operator of the Universal Orlando theme park resort has collected millions of dollars in tax breaks designed for employers in high-crime areas – prompting a legislative proposal to kill the state program that provides the credits. The tax benefit ranges up to $1,500 for every full-time job stationed in a place that fits the City of Orlando’s designation of a high-crime area, which extends from the downtown area to the International Drive corridor, the city’s tourism district. Universal Orlando has 23,000 employees.

    The Orlando Sentinel  reported that Universal City Development Partners, the operator of Universal Orlando, has received almost $4 million of these “high-crime” tax breaks since 2013, and joint ventures involving the parent company of Universal and Loews Hotels another $1.7 million. Rep. Paul Renner, R-Palm Coast, is sponsoring a bill to eliminate the state’s Urban High-Crime Area Job Tax Credit program. [Orlando Sentinel] Mike Seemuth

  • Minto sells out condo in Lauderdale-by-the-Sea

    The company launched sales of the last 51 units at Villas by the Sea in December 2014
    February 25, 2017 02:00PM TRD WEEKEND EDITION

    Villas by the Sea

    Minto Communities has sold all 117 units at its Villas by the Sea condominium development in Lauderdale-by-the-Sea.

    In December 2014, Canada-based Minto launched sales for 51 of the 117 units in two of the four low-rise buildings that comprise the development. Prices ranged from the $500,000s to more than $1 million. [more]

  • Related Cos. plans shorter office building in WPB

    The New York-based firm proposed a 25-story office building, 5 stories shorter than the original
    February 25, 2017 01:00PM TRD WEEKEND EDITION

    Rendering of Related’s proposed office building in West Palm Beach

    New York-based Related Cos. has proposed a 25-story waterfront office building in West Palm Beach following the city government’s rejection of a 30-story version of the project. Related would construct the downsized office building on a site at 142  Lakeview Avenue. A 200-foot reflecting pool would lead to the office building from South Flagler Drive.

    The site Related wants to develop –  near the First Church of Christ, Scientist, at 809 South Flagler Drive and just west end of the Royal Park Bridge to Palm Beach – is zoned for buildings no taller than five stories. Nancy Pullum, head of Citizens for Thoughtful Growth, said the city hasn’t yet addressed approaches to containing the traffic the office building would generate.  [Palm Beach Post] Mike Seemuth

  • Airbnb revenue in black neighborhoods mostly goes to white hosts: study

    Startup says it's benefiting minorities in 72 communities, but Inside Airbnb claims few actually reap the rewards
    February 25, 2017 12:00PM By Rich Bockmann TRD WEEKEND EDITION

    Airbnb Founders Joe Gebbia, Nathan Blecharczyk and Brian Chesky (Credit: Getty Images)

    From the New York site: As it waged an ultimately unsuccessful fight last year against legislation aimed at curtailing illegal short-term rentals, Airbnb orchestrated a public relations campaign painting the tech startup as a champion of middle class New Yorkers who rent out their homes to help make the ends meet. [more]

  • Inside

  • HHGregg reportedly preparing to file for bankruptcy

    The money-losing retailer of appliances and electronics has a dozen South Florida stores
    February 25, 2017 11:00AM TRD WEEKEND EDITION

    HHGregg has 12 South Florida stores.

    HHGregg Inc., a struggling retailer of appliances and electronic products, is preparing to file for bankruptcy, Bloomberg News reported.

    HHGregg has 12 of its 220 stores in South Florida including five in Miami-Dade County, three in Broward County and four in Palm Beach County, according to the company’s website.

    The company would join such retailers as [more]

  • JCPenney store at the Aventura Mall

    Retailer J.C. Penney Company will close 130 to 140 stores over the next few months and plans to announce their locations in mid-March.

    Penney has 11 stores in South Florida including five in Miami-Dade County, four in Broward County and two in Palm Beach County, according to the company’s website. [more]

  • Former Dolphins coach struggles to sell Davie home

    Joe Philbin pulled the house off the market after cutting the asking price twice
    February 25, 2017 09:00AM TRD WEEKEND EDITION

    Joe Philbin

    Joe Philbin, former head coach of the Miami Dolphins, pulled his house in Davie off the market after cutting the asking price twice.

    He listed the 10,000-square-foot residence for sale for $2.5 million in October 2015 just hours after Dolphins owner Stephen Ross fired him as the football team’s head coach.

    Now an assistant coach for the Indianapolis Colts, Philbin cut [more]

  • Crocker Partners sells Fort Lauderdale office tower to Chicago firm for $87M

    Deal marks the first big office sale in Fort Lauderdale this year
    February 24, 2017 06:00PM By Katherine Kallergis

    Street view of One Financial Plaza

    Crocker Partners sold a 28-story office tower in downtown Fort Lauderdale to an affiliate of Walton Street Capital for $86.75 million. [more]

  • South Florida doctor convicted of tax evasion sells Manalapan mansion for $21M

    Waterfront estate hit the market in 2015 for $25M, relisted in December with Chad Carroll
    February 24, 2017 04:31PM By Katherine Kallergis

    840 South Ocean Boulevard. Inset: Listing agent Chad Carroll

    A South Florida doctor who served time in federal prison for tax evasion just sold his Manalapan mansion for $21.45 million. [more]

  • Stung by losses, Coldwell Banker parent Realogy vows to become “recruiting machine”

    Corcoran and Sotheby’s sales volume dipped 7 percent in 2016
    February 24, 2017 03:45PM By E.B. Solomont

    From left: Richard Smith, Charlie Young and Peter Sobeck

    From the New York website: After hemorrhaging agents in recent years, real estate behemoth Realogy vowed last year to regain its edge by aggressively hiring back top brokers. On Friday, CEO Richard Smith took it up a notch and pledged the company would become a “recruiting machine.”

    “Don’t think there’s a start and finish to our recruitment efforts, we’re going to continue,” Smith said during an earnings call. “We’re turning this company into a recruiting machine and that’s not going to stop.” [more]