Monroe County seeks $150M to combat sea level rise, Bloomberg’s record may polarize voters

A daily roundup of South Florida real estate news, deals and more for Nov. 26, 2019

TRD MIAMI /
Nov.November 26, 2019 05:45 PM

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 5:45 p.m.

 
Noah Bachow and a rendering of Flagler Creative

Developer Noah Bachow and a rendering of Flagler Creative

Fort Lauderdale urges redesign of Flagler Village project that features co-living. The city’s mayor thinks downtown area architecture is too boxy, and his desire for better design may lead to tweaks in the look of high-rise developments, starting with Flagler Creative, a 30-story rental apartment development with 316 units including 100 co-living units in the Flagler Village area just north of downtown. [TRD]

 

English singer Craig David sells Miami Beach condo. David sold the 1,895-square-foot tower suite 5 at the Mondrian South Beach for $4.3 million, or $2,269 per square foot. Property records show the unit last sold in 2009 for $4.68 million, which means David sold it at a loss. [TRD]

 

Elizabeth Warren calls WeWork an “example of a rigged and corrupt system.” The democratic presidential candidate pointed to CEO Adam Neumann’s “$1.7 billion golden parachute” on Twitter on Friday, as the co-working firm plans to lay off 2,400 employees, or about a fifth of its headcount worldwide. SoftBank’s $3 billion tender offer to WeWork is set to launch this week, following weeks of delays, and Neumann is set to net up to $970 million in the process. [BI]

 
Monty’s Raw Bar

Monty’s Raw Bar

Suntex Marinas is trying to evict Monty’s from Miami Beach property. Suntex is alleging the seafood restaurant has health code violations, dated menu items, and failed to pay its rent. Monty’s Sunset Miami Beach claims the landlord is just being crabby and is trying to find a way to take over the lease of the property, according to the Daily Business Review. [TRD]

 

Developer Ian Bruce Eichner slashed the price of his Continuum South Beach penthouse as he mulls his next project in Miami. Eichner cut the price of the 11,031-square-foot, seven-bedroom unit to $39.9 million. That’s 20 percent below the original $50 million ask. [TRD]

 

After WeWork, investors are taking a closer look at SoftBank’s accounting. SoftBank has participated in fundraising rounds that have added more than $150 billion in value to private companies, a Bloomberg analysis found. Masayoshi Son’s firm can book a profit by buying shares in a firm and then investing again — resulting in gains that insiders say is “meaningless,” although current accounting rules offer no better alternatives. [Bloomberg]

 

Florida’s most vulnerable county to sea level rise is asking for $150M to keep itself dry. Monroe County is seeking a portion of the $633 million Florida’s Department of Economic Opportunity received from U.S. Department of Housing and Urban Development to raise roads and elevate buildings and homes, according to the Miami Herald. Sea levels in the Florida Keys are predicted to rise two feet by 2060. [Miami Herald]

 

Michael Bloomberg (Credit: Getty Images, iStock)

Love, hate, and real estate: Bloomberg’s record may polarize voters. As mayor from 2002 through 2013, Bloomberg’s pro-development policies were credited by business interests for powering New York City’s comeback and denounced by critics for increasing homelessness and inequality. Even decisions that seemed moderate or progressive at the time no longer do in the context of today’s politics, sources said. [TRD]

 

Fritz Wolff (Credit: Katerra)

SoftBank-backed Katerra co-founder leaves company’s board. Fritz Wolff, who also heads his family’s eponymous private equity firm, the Wolff Company, is no longer a board member but “maintains an advisory role as a co-founder of Katerra,” a spokesperson said. Like other SoftBank investments, Katerra has been facing heightened scrutiny in the wake of WeWork’s botched initial public offering. [TRD]

 

Compiled by Katherine Kallergis


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