Written by Miami Today on November 3, 2011
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CITICENTER TIMEFRAME: Hong Kong-based Swire Properties’ Brickell CitiCenter, the area’s largest planned development, is expected to break ground during the second quarter of 2012. Megan Kelly, executive vice president, said Swire is currently in an intensive design development stage. The $700 million complex is to include housing, stores and a hotel just west of Brickell Avenue and north of Eighth Street.
LAW FIRM EXPANDS: K&L Gates, an international law firm, has signed a long-term lease expansion with the Southeast Financial Center of 6,365 square feet, increasing its space to 44,342 square feet. Donald Cartwright, senior vice president of Jones Lang LaSalle, leasing agent for the Southeast Financial Center, said K&L Gates’ original lease dates back to 2008 but didn’t specify for how many years the new lease runs. So far this year, the number of new leases and expansions for the Southeast Financial Center total 154,073 square feet.
VACANT PROPERTIES: The Miami City Commission last week discussed possible legislation to require property owners to secure and maintain their vacant properties. Commissioner Wifredo Gort said he gets calls daily from people complaining that vacant properties in their neighborhoods are being used for delinquent behavior. This isn’t the first time the commission has discussed such legislation, which is to be discussed again later this year. Commissioner Francis Suarez said the legislation would make be a cost saver to the city, make neighborhoods safer and be nicer aesthetically.
MOVING UP: BB&T will become the Miami market’s sixth-largest commercial bank when state and federal regulators approve its takeover of Fort Lauderdale-based BankAtlantic, announced Tuesday. BB&T, based in Winston-Salem, NC, is now ranked 14th in this market. BB&T is to acquire $2.1 billion in loans and assume $3.3 billion in deposits in the deal. BankAtlantic has 78 branches from Miami to Port St. Lucie. Boards of directors of both institutions have approved the deal.
MANUEL ARTIME FEE: A set of changes to rental fees for the use of the Manuel Artime Community Center being considered by the Miami City Commission could increase annual revenue from the center by $50,000. The item was to be voted on Oct. 27 but commissioners deferred a decision to Nov. 17. After the city reviewed the current fees and costs associated with providing service to the center, city staff advised commissioners to adjust rates.
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