Written by Miami Today on November 24, 2011
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AIR EUROPA PULLING OUT: Air Europa, one of Spain’s largest carriers, is expected to end its flights out of Miami International Airport in January, airport spokesman Greg Chin said this week. Until recently, Air Europa advertised its flights between Miami and Madrid around the city. The airline has been part of a growing carrier connection between South Florida and Spain. Mr. Chin said Air Europa is expected to end its Miami flights Jan. 9. Currently, the airline operates only one flight a day, he said. He said he didn’t know why the airline decided to discontinue local service. Air Europa’s local representatives did not return telephone calls.
GROVE VILLAGE: Despite residents’ concerns of being displaced, the Miami City Commission approved five zoning changes that will allow a 750,000-square-foot development in historic West Coconut Grove. Project developers and commissioners say the project will revitalize the area by transforming six blocks with retail, offices and residences. Developer Peter Gardner, of the Pointe Group, said the company has been working with the local residents to find them a place to live in the neighborhood. Before breaking ground, the developers must obtain a major use special permit. The hearing for that final permit is to come in December.
UM PARK ADDS: The University of Miami Life Sciences and Technology Park has signed four new leases for a combined 7,550 square feet of office research and development space. With the new leases, the park’s occupancy rate now stands at 63%. The new tenants are medical device firm Binder Biomedical; DemeRx, which is the first UM spin-off company; medical consulting firm Specialty Telehealth Services, and the Miami-Dade Chamber of Commerce.
BUS TOUR: The final day to register for the Downtown Miami Bus Tour organized by the Greater Miami Chamber of Commerce is Nov. 30. The tour will allow participants to connect with real estate professionals while participating in onsite visits and presentations of properties. The tour will take place Dec. 2 starting at 2 p.m. To register online: www.miamichamber.com
APARTMENT MARKET: According to the recently released fourth quarter apartment report by Marcus & Millichap, Miami-Dade remains on track to end the year with a 5% vacancy rate and investors’ interest is picking up. Property owners have also been increasingly raising rental rates on new leases as the rental market continues to grow, with asking rents rising 1.1%.
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