Recent Business News of Interest

The Village Advances

With final approval from the City Commission, MG Developer is moving forward with the Village at Coral Gables residential compound. The Village at Coral Gables, previously called Gables Village, is an award-winning, low-rise complex of Mediterranean-styled townhouses, lofts, and condos consisting of 48 residential units on one full 2.6-acre block bounded by Malaga Avenue, Hernando Street, Santander Avenue, and Segovia Street.

Macpherson Drops Her Price

In a sign that the white-hot, high-end real estate market might be coming back down to earth, supermodel Elle Macpherson has lowered the price of her Gables Estates home from $29 million to $22 million. She purchased the 8,314-square-foot home on a 1.71-acre lot for $8.1 million in 2018, and initially listed it last year. The six-bedroom house was first built in 1989, inspired by Tuscan architecture.

Church Land for Homes

The Christ Journey Church in Coral Gables has sold 13.5 acres of a 19.4-acre site that it owns on Sunset Drive and SW 73rd Court, just east of State Road 826 (the Palmetto). Coral Gables-based CC Homes, a joint venture between James Carr and Armando Codina (pictured here), acquired the land for $13.25 million to build a residential community of 26 single-family homes.

The church will use the funds to build a new 45,000-square-foot home on the remaining land, downscaling from their current 60,652-square-foot church at 624 Anastasia Ave. Two acres of existing forest on the property next to the development will be preserved.

Quest Expands to the Alhambra

Miami-based Quest Workspaces will occupy the entire 10th floor of the prestigious Alhambra Towers building at 121 Alhambra Plaza. The 22,522-square-feet of space will be Quest’s 13th location and is expected to open in the third quarter of this year. Quest’s other location is at 2525 Ponce de Leon Blvd., in the building which houses Fleming’s Prime Steakhouse. The coworking space will include individual offices, shared meeting spaces, and conference rooms.

Earnings Report

Coral Gables-based Catalyst Pharmaceuticals, Inc., reported fourth quarter net income of $25.5 million on posted gross revenue of $60.8 million. For the year, the company reported revenue of $214.2 million and a profit of $83.1 million. Catalyst manufactures specialty drugs for rare diseases.

Coral Gables-based Fresh Del Monte Produce Inc. reported fourth quarter net income of $18.3 million on posted revenue of $1.04 billion for the period. For the year, the food producer posted revenue of $4.44 billion and $98.6 million in profit. Fresh Del Monte has agriculture operations throughout Central and South America.

Coral Gables-based AerSale reported fourth quarter income of $9.2 million on revenue of $95.1 million, down from $11.2 million in income on revenue of $116.8 million the year before. For the full year, revenue reached $408.5 million, up from $340.4 million the year before. The company supplies flight equipment to major aircraft manufacturers.

New Offices

Oppenheimer & Co. Inc., the mega wealth manager investment bank, has opened new offices in Coral Gables. More than 30 financial advisors are working in the new space at 2811 Ponce de Leon Blvd. — the north office tower of the Plaza Coral Gables project — having relocated from the firm’s former Miami headquarters in Coconut Grove.

Onward With Annexation

A poll taken by the consulting firm McLaughlin & Associates shows 55 percent of voters in Coral Gables support the annexation of Little Gables, a 205-acre enclave surrounded by Coral Gables on three sides. Proponents of the annexation, including Mayor Vince Lago and Police Chief Ed Hudak, say it will increase the city’s tax base by millions of dollars and make policing the area more efficient.