April 18, 2024
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Economic Outlook
Miami in 2020 - Trains, politics, environment
Rochelle Broder-Singer | 12/26/2019
BUSINESS BRIEFS
CONSTRUCTION
- The National Transportation Safety Board’s review of 2018’s deadly Florida International University pedestrian footbridge collapse blames the university, the Florida Department of Transportation, Tallahassee-based FIGG Bridge Engineers, inspectors, other engineering firms and the bridge’s construction firm. Six people died when the bridge collapsed onto cars on Tamiami Trail. Cracks had been seen growing and spreading in a crucial support junction, but the road below it was left open. Prosecutors are still determining whether to file criminal charges.
EDUCATION
- The University of Miami named its business school after Patricia and Allan Herbert, who own the Richmond Hotel in Miami Beach and have given more than $100 million to the university. The couple pledged an additional gift to what is now the University of Miami Patti and Allan Herbert Business School. Both are graduates of the school. The university would not disclose the amount of the additional gift.
ENTERTAINMENT
- California-based Live Nation acquired a majority stake in Miami Beach-based Groot Hospitality, the company that owns and operates the LIV and Story nightclubs as well as several restaurants. Groot CEO David Grutman will stay on.
FINANCIAL SERVICES
- Los Angeles-based City National Bank opened its first Florida location in Miami, operating as CN Bank (to avoid confusion with City National Bank of Florida).
REAL ESTATE
- Residential real estate brokerage Compass Florida hired former Facebook Mexico director and U.S. multicultural division head Christian Martinez as regional president for Florida.
- Local, state and non-profit groups in Miami-Dade, Broward and Palm Beach counties will use a three-year, $5-million investment from JPMorgan Chase to build apartments and upgrade existing apartment complexes near Brightline and Tri-Rail stations in the eastern parts of the counties. The South Florida Housing Link Collaborative is hoping to build 150 affordable housing units and renovate 150 existing ones.
TECHNOLOGY
- Technology platform Papa, which connects seniors with college students who can assist them with various tasks, raised $10 million in a round of funding, led by California venture capital firm Canaan and including Melinda Gates’ Pivotal Ventures investment firm.
- Conglomerate SoftBank says it is hiring about 100 people for the Miami office it opened in June 2019. They will primarily manage its Latin American investments.
- Through a partnership with Miami-based Wyncode Academy, technology training company General Assembly expanded to Miami-Dade. It has campuses in 25 locations around the world.
MANUFACTURING
- Gunmaker Taurus will close its 175-employee Miami Lakes plant.
HOSPITALITY
- Miami-based Virgin Hotels will open its first South Florida property in Miami’s Brickell neighborhood in 2023. It will be a 40-story hotel with 250 hotel rooms, lounges, event space, an entertainment venue and 150 micro co-living residential units. Developer Blue Jay Capital will operate the residential portion.
- Spain-based Hotusa Group, parent of Eurostars Hotels, purchased the 126- room Eurostar Langford hotel in downtown Miami’s National Bank Building. The $37-million purchase transforms the hospitality giant from brand to owner of the hotel, which is on the National Register of Historic Places.
- Andy Stuart stepped down as CEO of Norwegian Cruise Line. Harry Sommer, president of the line’s parent company, Norwegian Cruise Line Holdings, replaced him.
Read more in Florida Trend's January issue.
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