The Real Deal - South Florida Real Estate News

Divorce could ensnare A-Rod's real estate

Jul 08, 2008 05:23 PM

Alex Rodriguez As Cynthia Rodriguez, wife of New York Yankees star Alex Rodriguez, filed for divorce from the baseball player on Monday in Miami today, the couple's prime real estate has entered the limelight. The couple bought a $12 million, six-bedroom and nine-bathroom house in Coral Gables in 2005. In the same year, they also bought a $7.4 million apartment at Trump Park Avenue in New York. A-Rod's wife claimed he was having extramarital affairs, including one with Madonna. The Associated Press reported that Cynthia and Alex Rodriguez signed a prenuptial agreement, and that Florida is a no-fault divorce state. That means A-Rod's alleged affairs won't factor into how the assets will be divided, unless the issue was addressed in the prenup. more

By Jovana Rizzo

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Makeover proposed for Coconut Grove waterfront

Jul 08, 2008 02:59 PM

Coconut Grove Miami Mayor Manny Diaz unveiled a plan to turn the Coconut Grove waterfront into a pedestrian-friendly area with attractive parks and an amphitheater. The waterfront is now a mix of boating facilities, lots, parks and City Hall. The plan would demolish the Grove Exposition Center, which blocks views of the water, and the proposal still needs approval from the City Commission.

[Miami Herald]

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Cinema may come to Coral Gables

Jul 08, 2008 02:27 PM

Coral Gables commissioners approved a 10-year lease and $535,000 contract to turn a downtown parking garage into an art cinema house. Only one commissioner voted against the project because $250,000 in city funds are going to the build-out.

[Miami Herald]

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Laughs grow at CityPlace's Improv

Jul 08, 2008 02:00 PM

Palm Beach Improv is getting more laughs and more space at its CityPlace location. The comedy club is doubling its size by adding 7,000 square feet, expanding into the neighboring space and upper level, creating 700 seats. Palm Beach Improv's general manager and operating partner Joel Bachkoff said the club has had a steady growth in ticket sales since it opened in 2001. more

By Jovana Rizzo

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Sugar land in way of Everglades preservation

Jul 08, 2008 01:57 PM

The fate of the multibillion-dollar Everglades restoration plan now lays in the hands of the Fanjul family, whose company Florida Crystals owns 35,000 acres of sugar cane in the middle of the "flow-way" plan to connect Lake Okeechobee and the Everglades. The South Florida Water Management District recently announced plans to buy 187,000 acres from U.S. Sugar for $1.75 billion. The Fanjul land is the last challenge to the proposed restoration plan. The Fanjul family is expected to not only attempt to trade their land for U.S. Sugar land but to ask for special development deals.

[Sun-Sentinel]

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Orient-Express, Related Group partner

Jul 08, 2008 01:20 PM

Orient-Express Hotels will partner with Miami-based Related Group to develop mixed-use projects in South Beach, Colombia and Panama. The developments will include hotel, residential and commercial components. Orient-Express expects the first projects, including a hotel with 28 luxury residences in South Beach, to open within three years.

[SFBJ]

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Palm Beach complex still not demolished

Jul 08, 2008 01:17 PM

An abandoned public housing complex in Palm Beach still awaits demolition, eight months after the city forced out its last families. The crumbling concrete Cherry Hill complex has been called the biggest challenge to redeveloping Boynton Beach. The city housing authority has called for developing a neighborhood of single-family homes similar in to the surrounding historic neighborhoods of Ridgewood and Boynton Hills. more

[Sun-Sentinel]

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Fourth helps hotels

Jul 08, 2008 09:19 AM

South Beach hotels South Florida's hotels enjoyed good crowds for Independence Day weekend, but guests never stopped looking for bargains, especially in Broward County. David Hess, general manager of the oceanfront Ramada Hollywood, said many pricier competitors cut rates and forced him to lower his own. Hotels are under pressure to produce more bargains in the face of $4-a-gallon gas and higher airfares. Broward is particularly vulnerable, with about half of its tourists driving there. Hotels in Miami-Dade are less exposed to the pump: more than 90 percent of overnight visitors travel by air. About 11 percent of those hail from Europe. Figures from Smith Travel Research showed that Broward hotels saw room rates dip 1.4 percent through May, while rates grew 1.8 percent in Miami-Dade.

[Miami Herald]

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Hearst keeps mansion

Jul 08, 2008 08:46 AM

Veronica Hearst Veronica Hearst, widow of publishing heir Randolph Hearst, managed to sell her Manhattan co-op and save her Manalapan mansion from foreclosure. The Fifth Avenue property sold for $36.5 million, allowing her to pay off the $23.5 million owed to the lender on the Manalapan property, said Hearst's attorney, Al LaSorte of Shutts & Bowen in West Palm Beach said. Hearst was behind in payments on a $47 million mortgage held by New Stream Capital, which paid $22 million at a foreclosure auction for Hearst's 28,000-square-foot mansion.

[Palm Beach Post]

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Marlins stadium suit to be heard in court

Jul 08, 2008 07:31 AM

A lawsuit brought by Norman Braman, a Miami car dealer and fierce critic of the way a new Marlins baseball stadium is getting funded, will have its day in court. The case will go to Miami-Dade County Circuit Court at 1 p.m. Thursday. Braman claims the city of Miami and Miami-Dade County exceeded their legal authority to engage in a complex financial agreement with the team to fund the stadium and other projects like a tunnel to the Port of Miami. Braman calls the stadium funding plan, which relies on complex tax-increment financing from redevelopment agencies, a "shell game" designed to prevent a vote on huge public spending. Public officials say the plan is an economic catalyst authorized by state law.

[SFBJ]