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]
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A construction worker was electrocuted at a construction site in Hallandale Beach. The accident happened near the Big Easy Casino. The worker, who has not been identified, later died at Aventura Hospital. [NBC 6 Miami]
A company tied to developer John K. Reilly is under contract to purchase a site in Fort Lauderdale near the Brightline station. Richard Mercedes is selling the 21,000-square-foot site, which includes a restored 5,000-square-foot building, at 199 Northwest Fifth Avenue. The buyer is Station Village LLC. Amanda and Chelsea Mercedes with Mercedes Real Estate listed the property for $4 million. The developer is planning multifamily on the site.
The U.S. Securities and Exchange Commission has launched an inquiry into WeWork to determine if the company violated reporting rules ahead of its doomed planned public offering. Citing two unnamed sources, Bloomberg reported that SEC investigators are scrutinizing disclosures made to investors while the company embarked on aggressive fundraising efforts and completed transactions that posed potential conflicts of interest. [TRD]
Jorge Pérez, president and CEO of Related Group, will give up some control to his son, Jon Paul Pérez, in 2020. Jon Paul was promoted to executive vice president over the summer. Matthew Allen, executive vice president and COO of Related Group, said it’s part of a succession plan that’s been in place “since day one.” [TRD]
Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site. The son of Blockbuster video billionaire Wayne Huizenga successfully lobbied then-Gov. Scott to include the site of his $100 million West Palm Beach development into an Opportunity Zone, according to a ProPublica investigation. [TRD]
WeWork bonds fell thanks to anxieties over a delayed payment. A $3 billion portion of SoftBank’s $9.5 billion rescue package for the beleaguered co-working startup was supposed to arrive last Wednesday. The startup’s junk bonds fell and risk value shot up after TRD reported the news of the delay Thursday. [Reuters]
The AIDS Healthcare Foundation wants the city of Fort Lauderdale to approve apartment buildings based on city code, not on the income level of residents or areas where a project is located. The foundation wants voters to pass an initiative that would prevent the city from denying proposals based on income or location, according to the Sun Sentinel. Foundation officials are alleging their proposal to build a 15-story tower for low-income residents is being opposed by the city because nearby residents in a more affluent neighborhood don’t want it. But the city said the project isn’t allowed because it qualifies as a social service residential facility. [Sun Sentinel]
Bill Cunningham, the Corcoran Group’s president of sales, is leaving the firm. The move is part of a broader shakeup that will also see Gary Malin, president of sister firm Citi Habitats, add the role of COO of Corcoran to his responsibilities. In an email to agents Thursday, Corcoran CEO Pam Liebman said Cunningham’s departure is one of several changes underway at the company, which is a subsidiary of publicly traded Realogy. [TRD]
Avra Jain is planning to build a 15-story office building with $33M in Opportunity Zone money. Jain’s Vagabond Group Consulting LLC partnered with Los Gatos, California-based Bauen Capital to create an Opportunity Zone Fund. The office building, at 225 Northeast 34th Street, will be built on top of an eight-story parking deck and will have a large green space. It will be combined with an existing 47,000-square-foot building that includes Anatomy Gym. [TRD]
Compiled by Katherine Kallergis