Business News in Coral Gables
Using funds from an anonymous donor, the Coral Gables Community Foundation is distributing $100,000 in grants to local restaurants. Grants of $5,000 each will go to 20 restaurants in the form of gift cards to the restaurant for families in need, city workers and first responders, says foundation executive director Mary Snow.
Amerant bank, the largest bank based in Coral Gables, has announced the launch of a Micro-Grants Program for small businesses unable to get PPP loans or other government assistance. The program’s funds will initially be allocated through Branches, a local nonprofit serving small business and working families in Miami-Dade.
CC Homes Gets $40 loan
Wells Fargo Bank has given a $40 million construction loan to Coral Gables-based CC Homes, a partnership owned by veteran developers Armando Codina and Jim Carr. The funds will be used to build homes in three communities in southwest Broward County.
Office Building Sells for $1 million
A one-story office building (above) on the edge of Coral Gables has sold for $1,050,000, just $50,000 more than the previous sale price in June 2017. The building, constructed in 2000 on a 5,224 square-foot lot, is on 141 Grand Ave. in the historic McFarland district off U.S.1.
Italian Company Buys into Gables RIA
Italian asset manager Azimut has purchased 51 percent of Coral Gables-based registered investment advisor (RIA) Genesis Investment Advisors. The price was not disclosed but combined with Miami-based AZ Apice – another offshore wealth management firm it launched in 2016 – Azimut will oversee $600 million in offshore assets, primarily in Latin America.
Catalyst Enters Canadian Market
Coral Gables-based Catalyst Pharmaceuticals, which develops therapies for rare neuromuscular and neurological diseases, announced it was entering the Canadian market in partnership with Canadian firm KYE Pharmaceuticals. The two plan to market a drug for a rare autoimmune disorder.
The Mansion Splurge
In a normal year, perhaps one or two Coral Gables properties worth $10 million or more will change hands. This year, largely because wealthy families (including those from up north) are looking for safe places to survive the pandemic, high-end mansions have been exchanging hands at a much faster pace.
“We have had an extreme uptick in the ultra-high end in the past six to eight months,” says Audrey Ross of Compass Realty, a specialist in multi-million-dollar real estate sales. “And it is continuing.” Ross says high-end rentals are also “flying off the shelf,” with monthly rents ranging from $20,000 to $50,000.
“A great deal of this is being driven by people looking for office space [at home] and the ability to shelter in place with the same amenities you would have on a day-to-day basis, just not at home,” says Ross, who recently completed her 150th transaction in Gables Estates. By “amenities,” Ross means things like home theaters, large offices for both him and her, large play areas for children, indoor racket ball courts, etc. “I sold one property with a firing range under the house,” she says.
Recently closed sales of note:
21 Casuarina Concourse, 9,963 sq. feet: $37.5 million
700 Casurina Concourse, 17,025 sq. feet: $30 million
90 Leucadendara Dr., 11,609 sq. feet: $22 million
115 Arvida Pkwy., 10,792 sq. feet: $20 million
23 Tahiti Beach Island Rd., 12,862 sq. feet: $16 million
340 Leucadendra Dr., 16,799 sq. feet: $12.25 million
Currently pending (at press time) sales:
150 Arvida Pkwy., 10,694 sq. feet: $48 million (Shown below)
500 Arvida Pkwy., 13,418 sq. feet: $21.9 million
555 Reinante Ave., 10,860 sq feet: $15.495 million
24 Tahiti Beach Island Rd., 15,563 sq. feet: $13.9 million