Stephen Ross steps down from NFL committee post-fundraiser backlash, drama at Regalia: Daily digest
A daily roundup of South Florida real estate news, deals and more for August 22, 2019
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Stephen Ross steps down from NFL committee after fundraiser backlash. Following criticism over his decision to host a fundraiser for President Trump, Related Companies chief Stephen Ross has stepped down from his position on the NFL’s social justice committee. Earlier this month, TRD mapped all of Ross’ other business ties. [CNN]
A Miami-Dade judge ruled the developers of Regalia, a luxury condo tower in Sunny Isles Beach, must turn over 100 percent interest in the companies that own the remaining two unsold units. The order is a blow to the developers who failed to sell the top-priced penthouse and beach house, each currently listed at more than $15 million, amid a stagnant luxury condo market. [TRD]
BBX Capital Real Estate and Altman Companies sold a Hialeah apartment complex to AvalonBay Communities for $90 million. The joint venture sold the 314-unit Altis at Bonterra for nearly $287,000 per unit, records show. Construction began in the first quarter of 2016 and was completed during 2017, according to BBX Capital. [TRD]
In a quick 180, President Trump changed course on tax cuts. Trump says he will not pursue payroll and capital gains tax cuts to boost the U.S. economy, despite stating days ago that the White House was considering such measures. [WSJ]
A company tied to Sarasota real estate developer Charles Githler bought an office complex in Riviera Beach for $7.8 million. The seller is Woodbine Commons 7721 LLC, which is managed by Danny and Alan Willard of Port St. Lucie. [TRD]
Marketing guru Tom Gruber is taking his Boca Raton estate to auction without a reserve. Gruber, former chief marketing officer of AutoNation, Blockbuster and McDonald’s, previously listed his 6.6-acre property at 21573 El Bosque Way, known as Casa Bonita, for nearly $7 million. Concierge Auctions will handle the auction. Bidding begins Thursday and ends on Tuesday, Aug. 27. Gruber’s home features a home theater, custom wet bar, fitness center, a wood-paneled billiards room, a tennis court, stables, and a 2,500-square-foot sundeck, according to the auction house.
The Miami Dolphins broke ground on a new $135 million training complex and sports performance clinic next to Hard Rock Stadium. Dolphins owner Stephen Ross, who recently came under fire for hosting a fundraiser for President Trump, is funding the project. The 125,000-square-foot complex, spanning 20 acres, will feature three fields, meeting rooms, locker rooms and offices, and a 30,000-square-foot site for Miami’s Orthopedics and Sports Medicine Institute. It follows a $600 million renovation of Hard Rock Stadium. [Sun Sentinel]
Here’s how the toxic findings at Melreese golf course could affect David Beckham’s stadium project’s rent. After a new report found pollutants to be above the legal limit, city officials shut the golf course down. While the final remediation costs are unknown, under the terms of the proposed lease, the development group could have to pay less in rent if the environmental cleanup costs are higher. [TRD]
Homebuilder Toll Brothers looks to higher-earning millennials amid down Q3 results. Amid a softening luxury market, Toll Brothers is developing lower-priced properties as it reaches out to higher-earning millennials. But the company is still enduring a difficult period, and its third quarter results released Wednesday saw a nearly 25 percent drop in net income, year-over-year. [TRD]
Compiled by Katherine Kallergis