Miami, the magic city, is on track to become the next Silicon Valley as the fallout from the COVID-19 pandemic has brought people flocking to South Florida. Florida saw the second highest population growth over any other state in 2020, following Texas, adding over 240,000 new residents in a single year.
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Miami, Palm Beach County and Fort Lauderdale recover about 28,000 jobs since the start of the COVID-19 pandemic
Almost 28,000 jobs have been recovered since the beginning of the COVID-19 pandemic in Miami, Palm Beach County and Fort Lauderdale. Majority of these jobs fall into the government, hospitality and retail sectors. The Bureau of Labor Statistics released data showing the Miami market has gained over 16,000 jobs in August, Palm Beach has gained about 7,000 and Fort Lauderdale has gained over 5,000.
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WeWork Leaves Lincoln Road Location As Landlord Seeks $19.5 Million In Unpaid Rent
WeWork’s trouble’s due to COVID-19 continue as the landlord of their 350 Lincoln Road location has sued the co-working giant in Miami-Dade Circuit Court. SML 350 Lincoln Inc., an entity controlled by Shaul Levy and Meir Levy, alleges that WeWork breached their lease by failure to pay rent in April, May and June.
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Neiman Marcus To Close Worth Avenue Location After Filing Chapter 11 Bankruptcy
COVID-19 continues to shake the commercial real estate industry, especially when it comes to retail. The Dallas-based Neiman Marcus Group has announced that they will be will be closing their Worth Avenue location in Palm Beach amid the luxury retailer’s Chapter 11 Bankruptcy Protection Proceedings.
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Goddard Investment Group Moves To Evict WeWork From South of Fifth Location
WeWork’s landlord at 429 Lenox Avenue, Goddard Investment Group, has moved to evict WeWork from their South of Fifth location at 429 Lenox Avenue in South Beach. The 43,500 SF building is fully leased by WeWork who skipped out on rent payments for April, May and June.
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Governor Ron DeSantis Announces $250 Million In CARES Act Funding Allocated For Rental And Mortgage Assistance
Florida Governor Ron DeSantis has announced that the state will allocate $250 million in CARES Act funding to rental and mortgage assistance due to the COVID-19 pandemic shutdown. $120 million of the funds will be allocated to Florida Housing Finance Corp. which will provide rental assistance to households who live in affordable housing rentals within the Florida Housing Finance Corp. portfolio.
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$800 Million Sale of Second Largest Hotel in South Florida Falls Through
A roughly $800 million deal between Jeffrey Soffer’s Fontainebleau Development to acquire Brookfield Property Partner’s Diplomat Beach Resort Hollywood was called off on May 8 as the effects of COVID-19 on South Florida’s hotel and tourism industries continues to cause havoc.
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Malls Across Miami Are Reopening Today As Miami Enters Phase 1 Of Reopening From The COVID-19 Shutdown
“Although we live in a city without seasons, this feels like Spring,” said Miami Design District visionary Craig Robins as Miami enters Phase 1 of its reopening plan. As per approval by Governor Ron DeSantis, Miami-Dade and Broward County can begin to reopen as of today, May 18, 2020, following the COVID-19 lockdown that has marred the United States since early March.
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WeWork Lawsuit-Threat By Tenants Requesting Rent Relief Sends Shudders Through $5.5 Billion Of CMBS Debt
A group of WeWork’s members have moved toward suing the co-working giant in a letter sent by Walden Macht & Haran demanding that WeWork cease collecting rental fees. Many tenants have already requested rent relief, cancellation of their leases or stopped paying, which has put over $5.5 billion of CMBS loans backed by WeWork occupied properties at risk,
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Clockwise from the top-left corner: James Tate, Demetri Demascus, Shahab Karmely and W. Allen Morris.
Why Rent Strikes Are Bad for Everyone and What’s Going to be Done about Unemployment?
Since thousands of businesses were deemed non-essential and forced to shut their doors, reemployment assistance claims over the last six weeks have surpassed two million in South Florida. With a tourism-dependent economy plus an older population, Florida is more vulnerable to economic shock, which is why it is one of the top five states with the highest number of claims.
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