Business Briefs
Cyber Payment Partnership
Coral Gables-based online financial platform firm PayCargo has announced it will partner with India-based IBS Software to provide air freight carriers and cargo ground handlers with digital payment options. The partnership, announced last month, integrates PayCargo’s digital payment network with IBS Software’s air cargo management platform. This will enable more carriers and ground cargo companies to digitize and simplify payments, says Lionel van der Walt, president and CEO of the Americas division of PayCargo, headquartered on Alhambra Circle.
Christy’s Building Sells for $4 Million
The building that is home to one of the Gables’ most iconic and long-standing restaurants, Christy’s, has been sold for $4.1 million. The 5,182-square foot building last sold for $116,000 in 1976. Christy’s itself, closed for COVID, plans to reopen in August, according to manager and partner Chris Klaic.
Driftwood Capital Invests
Earlier this year, Coral Gables-based Driftwood Capital announced that it had plans to invest $3 billion in real estate projects around the country over the next five years. Last month it opened one of its first projects, a $60 million Canopy by Hilton in Tempe, Arizona. The 14-story property, in the city’s downtown, is designed to appeal to young travelers.
Whole Foods Building Sold
During the pandemic, one bright spot was increased sales at grocery stores. Reflecting that growth, the retail portion of Plaza San Remo – 60,000 square feet of the building where Whole Foods occupies the corner at Red Road and Madruga Avenue – has been sold for $46.75 million ($783 per square foot). The seven-story mixed-use building, which includes a parking garage and medical offices not included in the sale, was completed in 2007. The buyer was a fund managed by Zurich Alternative Asset Management; the seller was Prudential Insurance Company of America.
New Boutique Apartment Sells for $11 Million
Despite concerns about the impact of COVID on rental payments, a nearly finished 27-unit apartment building on Galiano Street has been sold for $11.1 million. The six-story building is expected to be ready for tenants this fall. Located at the intersection of Galiano and Phoenetia Avenue, the building has 24 two- and three-bedroom apartments, and three ground floor townhouses. The sale price breaks down to $411,111 per unit.
Artefacto Breaks Ground on Flagship Gables Store
Artefacto, the Brazilian-based manufacturer of high-end furniture, has long had a presence in Coral Gables – home to CEO Paulo Bacchi. Now the company has upped its ante in the Gables, breaking ground for a new 45,000-square foot flagship store on South Dixie Highway near Ponce de Leon Boulevard. Gables officials welcomed the addition to the South Ponce area near the Shops at Merrick Park, which the city envisions as a future Design & Innovation district. “This was an industrial area of the Gables for many years,” said City Manager Peter Iglesias. “We look at this now as an area for high-end furniture, high-end appliances, interior design firms, and architectural firms.”
Bank Merger
First Horizon Bank has merged with Iberia Bank, in what Gables-based market president for Miami, Roberto Muñoz, calls a “merger of equals.” The new bank, with its headquarters in Memphis, will have more than $75 billion in assets, creating the fourth largest bank based in the Southeast. The new First Horizon will have 60 branches in South Florida, “which will give better coverage and better customer service,” says Muñoz. Last year First Horizon bought locally-based Capital Bank, which had earlier acquired Aventura Bank, Metro Bank and Island Bank of the Keys. Iberia had previously acquired Gables-based Gibraltar Bank, Sabadell United and Lydian Bank.
Banesco Lends $31 Million
Gables-based Banesco USA has given a $31.4 million loan to Gainesville Capital LLC and Columbia Hospitality, subsidiaries of Maryland-based Baywood Hotels. The funds will be used to continue the construction of an unfinished high rise on 57th Avenue, in the Blue Lagoon area just south of Miami International Airport. Baywood purchased the property for $10.5 million one year ago. The 10-story structure, which has remained unfinished for 12 years, will become a Hilton brand. The loan is the largest for a hotel project in South Florida since the pandemic hit.