Category: Editorial

Encore reportedly plans to raise $400M private equity fund to build new homes

Art Falcone Boca Raton-based Encore Capital Management is trying to raise $400 million for a new private equity fund to buy land and build homes, Bloomberg reported. Encore’s plan is unusual because private equity firms usually don’t build homes, though many bought and rented thousands of homes after the residential real estate market collapsed in …

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Colombian singer Shakira asks $11.6M for listed mansion in Miami Beach

Shakira (Credit: Marcello Casal Jr. / Agência Brasil) Colombian recording artist Shakira listed her waterfront mansion in Miami Beach for sale with an asking price of $11.6 million. She paid $3.3 million in 2003 for the Miami Beach residence at 3140 North Bay Road, which has six bedrooms and seven and  a half bathrooms. The …

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Hundreds of senior care facilities lack backup power despite new state rules

The Rehabilitation Center at Hollywood Hills, where 12 residents died last year in sweltering heat after Hurricane Irma (Credit: Miami Herald) Despite new state rules that require backup power for air conditioning at nursing homes and assisted living facilities, hundreds of them are still vulnerable to an electricity outage. The new rules, which became effective …

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Brightline wins seven-month extension for tax-exempt bond issue

Brightline arrives at MiamiCentral Station (Credit: Charles Trainor Jr./ Miami Herald) Brightline got  seven-month extension from the U.S. Department of Transportation (DOT) to issue more than $1 billion in tax-exempt bonds to finance the passenger train operator’s expansion to Orlando. Brightline began operating between West Palm Beach and Fort Lauderdale in January and expanded its …

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Landmark Club in Aventura sues county over alleged damage from nearby pump station’s stench

Landmark Club in Aventura (Credit: Wikipedia) Something’s rotten at an Aventura condominium complex. For nearly four years, the foul odor of raw sewage from a nearby Miami-Dade County pump station has made life at the Landmark Club an unbearable stinky situation, according to a recently filed lawsuit. The noxious fumes were so bad that the …

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CarMax buys dev site in Royal Palm Beach

Royal Palm Beach Village and CarMax CarMax just purchased a 13.4-acre development site in Royal Palm Beach from a West Palm Beach car dealer for $7.5 million, paving the way for a future dealership. CarMax, the largest used car dealer in the world, was looking to buy the land off of South Road 80 and …

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Retail’s revolving door

Simon Property Group is dedicating much of its focus to outlet malls like Chicago Premium Outlets in Aurora, Illinois, pictured. The onslaught of retail bankruptcies and store closings in the past year has mall owners in a mad dash to fill hundreds of vacant spaces. The mall owner with the largest holdings nationwide, Simon Property …

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Kushner, unfiltered

Laurent Morali and Charlie Kushner (Credit: Sasha Maslov for The Real Deal) Charlie Kushner has a few things he wants to get off his chest. Bombarded with investigations into his family’s business dealings since his son, Jared, became a senior advisor in the Trump administration, he’s out to squash critics who suggest his multibillion-dollar real …

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I-sales deal volume in the US is up, but sector still faces obstacles

Chelsea Market at 75 9th Ave and 1515 Broadway (Credit: Wikipedia) Commercial property deals in the U.S. rose 6.7 percent in the first quarter compared to last year, but the industry is still facing several issues. Higher interest rates and lower demand for office and retail real estate will be problems for the market going …

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Renderings revealed: One Thousand Museum, 5000 North Ocean & more

One Thousand Museum, downtown Miami The Zaha Hadid-designed One Thousand Museum is bringing back the heliport. The helicopter-friendly condo building will be the only residential tower on the East Coast to have a heliport, according to the developers. The development team, led by Gregg Covin, Louis Birdman and Kevin Venger, topped out the 62-story tower …

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