FYI Miami: October 24, 2013
PROFITABLE DEAL: Northern Trust Corp. had a pre-tax gain of $33 million on the sale of the banking corporation’s Florida headquarters office building at 700 Brickell Ave. and the vacant land beside it at 710 Brickell Ave., Fitch Ratings reports. The office building stands on land owned by the Brickell family; the vacant lot until earlier this year was the site of a three-story brick building that for 21 years had been the home to Miami Today. Northern Trust is moving its Florida headquarters to office space at 600 Brickell Ave. later this year. It sold the properties at auction in July for $64.1 million to Swire Properties, which recently announced construction of an 80-story multiuse tower on the site as part of its ongoing Brickell CityCentre development.
TV TOWER SOLD: Community Television of South Florida Inc., operating as public television WPBT2, sold its tower at 695 NW 199th St. in Miami Gardens on Friday. The tower was built by WPBT2 in 1978 and sold for an undisclosed amount to an undisclosed buyer. President Dolores Sukhdeo was not available for comment but the station stated through a press release that the sale of the tower will not affect the broadcast signal in any way.
CODE RELIEF: Building owners will now have longer to bring buildings up to current code as Miami’s commissioners voted to extend the deadline for their code relief program from January 2014 to August 2015. The program, according to the legislation, was established to assist those who wish to repair a property’s legal issues. But with tough recent economic conditions, it says, it’s difficult to bring buildings built under old building and zoning codes into compliance. With the ordinance, according to the legislation, the city plans to increase public knowledge of the program and extend the time to use it.
TENNIS NETS FUNDS: A report to Miami-Dade County commissioners notes that the 2013 Sony Open Tennis Tournament on Key Biscayne in March produced $102,000 that the International Players Championship Inc. paid to the county in lieu of the courtside boxes, tickets and passes that the organization by contract is to give to the county each year. The money was divided equally among the 13 commission districts, $7,845 apiece, the report notes, to be overseen by the county’s Office of Management and Budget. Each commissioner got to allocate the district funds in the one-year-only deal.