This Digital Edition requires Flash 9.0.115 or above to activate some rich media components.

Please click the following link to download and install: Get Adobe Flash player
When you are finished installing, please return to this window and PRESS F5 to view this edition.


Description:

SEPTEMBER 2014 SFBWMAG.COM 7.95 He was right 10 years ago will he be right again Jorge P rez Relentlessly pursue the client s goal but never rest in the glory. Jordan Zimmerman The number one advertising agency in the world in driving client profitability. 954.644.4000 zadv.com www.sfbwmag.com September 2014 3 IT S ALL ABOUT THE VIEWS A ND T H E B E AC H C LU B A ND T H E MA R I N A A N D T H E M I C H A E L S C H WA R T Z R E S T A U R A N T A ND T H E T E NNI S COURTS A ND T H E 4 4 T H F LOO R ROO F TO P S UN R I S E P OO L A ND T H E S UN S E T P OOL A N D T H E B O A R D WA L K A ND T H E B AY F R O N T PA R K . . . O NE T W O A N D T H R E E B E D R O O M L U X U R Y R E S I D E N C E S S TA R T I N G I N T H E 3 0 0 0 0 0 S SALES GALLERY 600 NE 31ST STREET T 305.521.1 094 PARAISOBAYVIEWS.COM Sales by RELATED REALTY in collaboration with FORTUNE DEVELOPMENT SALES OBTAIN THE PROPERTY REPORT REQUIRED BY FEDERAL LAW AND READ IT BEFORE SIGNING ANYTHING. NO FEDERAL AGENCY HAS JUDGED THE MERITS OR VALUE IF ANY OF THIS PROPERTY. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503 FLORIDA STATUTES TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. This is not intended to be an offer to sell or solicitation of an offer to buy condominium units to residents of CT ID NY NJ and OR unless registered or exemptions are available or in any other jurisdiction where prohibited by law and your eligibility for purchase will depend upon your state of residency. This offering is made only by the Prospectus for the condominium. The plans specifications designs amenities recreational facilities managing entities hotel operators and restaurant operations (if any) referred to are accurate as of this publication however the Developer reserves the right in its sole discretion to change any of these. This condominium is being developed by FOUR PARAISO LLC which has a limited right to use the trade names logos images and trademarks depicted pursuant to license agreements. The Related Group is not the Developer. 4 September 2014 www.sfbwmag.com www.sfbwmag.com September 2014 5 SALES GALLERY 801 SOUTH MIAMI AVE. T 305.521.1574 Sales by RELATED REALTY in collaboration with FORTUNE DEVELOPMENT SALES 6 Obtain the property report required by the federal law and read it before signing anything. No federal agency has judged the merits or value if any of this property. Oral representations cannot be relied upon as correctly stating the representations of the developer. For correct representations make reference to this brochure and to the documents required by section 718.503 Florida statutes to be furnished by a developer to a buyer or lessee. September 2014 www.sfbwmag.com FERNANDO BOTERO MALE TORSO. FROM THE GARY NADER COLLECTION This is not intended to be an offer to sell or solicitation of an offer to buy condominium units to residents of CT ID NY NJ and OR unless registered or exemptions are available or in any other jurisdiction where prohibited by law and your eligibility for purchase will depend upon your state of residency. This offering is made only by the Prospectus for the condominium only. The plans specifications design amenities managing entities hotel operators restaurants operations and resort style services (if any) referred to are accurate as of this publication however the Developer reserves the right to change any of these as the Developer deems best it s sole and absolute discretion. This condominium is being developed by AMCO PRH 801 SOUTH MIAMI AVENUE LLC which has a limited right to use the trade names logos images and trademarks depicted pursuant to license agreements. The Related Group SBE Hotels LLC The Allen Morris Company and Yabu Pushelberg are not the Developer. 2014 AMCO PRH 801 South Miami Avenue LLC. All rights reserved unless otherwise credited to another. www.sfbwmag.com September 2014 7 TABLE OF CONTENTS All Aboard Florida s stations combine artistic sense with functionality SPACES 14 32 46 LAW Stephanie Toothaker of Tripp Scott discusses land use and the future of development Jorge P rez CEO of Related Group was right 10 years ago. Will he be right again about the next 10 COVER STORY THE FINAL FRONTIER A focus on The Wedge development as it joins Broward County 18 56 COMMUNITY BANKING 60 CROWDFUNDING How banking regulations are putting the big squeeze on economic recovery ACR Electronics rescue beacons save thousands of lives MADE IN SOUTH FLORIDA 24 48 COMMERCIAL REAL ESTATE 50 TECH HUB 52 BEHIND THE MIC An examination of office space development Striking the financial mother lode but will it last The workplace of the future is here and now 64 WHERE I DINE AND WHY Why Carlos Fernandez Guzman thinks Atrio is the perfect business dining experience An in-depth interview with John Kanas CEO of BankUnited CEO CONNECT 28 42 Get a behind the scenes viewpoint from radio personality Jim Fried A personal look into surrogacy in South Florida HEALTHCARE & LAW 8 September 2014 www.sfbwmag.com DEALS DON T JUST HAPPEN... The Hamptons at Palm Beach Gardens 224-unit luxury apartment rental community THEY ARE 462-unit luxury rental apartment tower in downtown miami Monarc at Met 3 249-unit luxury rental apartment project across from Trump National doral Bel Air at Doral mAkiNg DEALS HAPPEN 954.522.8577 Tom godarTflorida.com WWW.GODARTflorida.com LETTER FROM THE PUBLISHER BE IN THE CONVERSATION South Florida Business & Wealth (SFBW) magazine is the leading provider and trusted resource for business wealth and economic information affecting the region. Meet SFBW SUBSCRIBE TO FOR 2 YEARS & SFBW GET THE 3RD YEAR FREE. OVER 300% OFF OF COVER PRICE 1 YEAR 24.95 3 YEARS 49.95 954-377-9596 CALL PROFIT FROM THE CONVERSATION. 10 September 2014 www.sfbwmag.com Welcome to the first issue of South Florida Business & Wealth. This is a new monthly publication being launched by Lifestyle Media Group which already publishes 10 titles under the Life and Lifestyle names in southern Florida. Why this magazine and why now SFBW is the culmination of a vision developed by LMG Chairman Gary Press and myself to help propel the South Florida economy provide insight Publisher Kevin Gale and recognize the achievers who are driving our region s success. Gary and I have known each other for 16 years. I first met him in 1998 when he was publisher of the South Florida Business Journal and I was business editor at the Sun Sentinel. He recruited me as editor of the Business Journal and we had a great 10-year run together. Last year we talked about how it was unusual that South Florida the nation s eighth-largest urban area lacked a glossy business magazine. We have strived to develop a thoughtful magazine that readers can relax and enjoy. We want to be not only informative and insightful but entertaining. There s a lot of news breaking each day in South Florida but we think many stories are still uncovered or lack perspective. Our magazine will chronicle not only the traditional economic mainstays of our region but surging sectors including technology startups venture capital and private equity. SFBW will be actively engaged in the business community by attending key business events and having its own award programs networking events industry panels and advisory boards. We re actively looking for nominations for our Apogee Awards which will honor eight C-level positions in each of our three counties. For more information visit our website SFBWmag.com. We will meet advertisers needs with customized solutions. We provide value by sending the magazine to 30 000 high-level business readers each month and offering very competitive advertising rates. We are gratified by the support of our advertisers who have embraced our vision. In addition to thanking Gary I want to give a big shout out to two staffers. Melanie Geronemus Smit the creative director for Lifestyle Media Group who conceptualized the appearance of the magazine right down to the typefaces she found and Associate Publisher Sally Nicholas who has been invaluable in meeting with members of the business community and coming up with content ideas. I welcome your feedback. Please email me at kgale sfbwmag.com or call me at 954.377.9566. Kevin Gale ARKING GARAGE to From P R E S E R V E D RKING Whether it s the first day on the job or the last day before retirement your workforce will be engaged and productive with UltiPro -- a seamless cloud-based HR solution that truly puts people first. It s a new era of people management and it starts with UltiPro. UltiPro. HR Payroll Talent Management for the human side of human capital. UltimateSoftware.com SFBW Your insurance agent needs to be more than just a nice guy... PUBLISHER AND EDITOR-IN-CHIEF ASSOCIATE PUBLISHER ASSOCIATE EDITOR ASSOCIATE EDITOR Kevin Gale kgale sfbwmag.com Sally Nicholas snicholas sfbwmag.com Ivette Figueroa ifigueroa sfbwmag.com Richard Shellene rshellene sfbwmag.com Creative CREATIVE DIRECTOR ART DIRECTORS Melanie Smit Alexander Hernandez Frank Papandrea Alisha Riddle Writers CONTRIBUTING WRITERS Leslie Kraft Burke Chris Fleck Jim Fried Darcie Lunsford Marla Neufeld Stephanie Toothaker Photographers Downtown Photo Fort Lauderdale Dreamfocus Photography Andrew Urban Marketing MARKETING COORDINATOR Natalie Merin natalie lmgfl.com Market Directors handling South Florida executives. RobeRt M. FRiedMan CLU Experienced Objective Relationship Oriented over 30 years experience Bob Friedman has JAMES CONSTANTINE Life insurance for business & Personal needs Executive Benefits Group Insurance Estate Protection Charitable Giving Family Protection jconstantine sfbwmag.com JIM NORTON jnorton sfbwmag.com PETER EVANS pevans sfbwmag.com TANISHAL HARRIS tharris sfbwmag.com JILL HOROWITZ jhorowitz sfbwmag.com LISA LEE llee sfbwmag.com CHRISTINE REDMOND credmond sfbwmag.com GAIL SCOTT gscott sfbwmag.com JEFFREY STRAHL jstrahl sfbwmag.com CHAIRMAN Gary Press gpress sfbwmag.com GENERAL MANAGER Danielle Tarrant dtarrant sfbwmag.com SFBW Magazine 3511 W. COMMERCIAL BLVD. SUITE 200 FORT LAUDERDALE FLORIDA 33309 Securities and advisory services offered through Royal Alliance Associates Inc. Member FINRA SIPC and a registered investment advisor. Fixed and or Traditional Insurance Services offered through RMF Financial Inc. which is not affiliated with Royal Alliance or registered as a broker-dealer or investment advisor. 954.377.9470 FAX 954.617.9418 WWW.SFBWMAG.COM 2014 SFBW magazine is published by Lifestyle Media Group all rights reserved. SFBW is a monthly advertising magazine. All contents are protected by copyright and may not be reproduced without written consent from the publisher. The advertiser is solely responsible for ad content and holds publisher harmless from any error. 561.988.8599 954.510.7448 bob rmffinancial.com 5421 University Drive Suite 101 Coral Springs FL 33067 12 September 2014 www.sfbwmag.com Classic Fusion Aero Chronograph. Self-winding skeleton chronograph movement. Case crafted in a new unique red gold alloy King Gold. Black rubber and alligator strap. www.hublot.com twitter.com hublot facebook.com hublot www.sfbwmag.com September 2014 13 14 September 2014 www.sfbwmag.com ALL ABOARD MIAMI STATION Scope Station and transit-oriented developments will take up three million square feet on nine acres northwest of the Miami-Dade County Courthouse and two acres at Northwest Second Avenue and Sixth Street. Office commercial space Two million square feet Residential space One million square feet Station dimensions 1 000 feet long 200 feet wide Elevation 50 feet www.sfbwmag.com September 2014 15 SPACES The Miami station platform will rise 50 stories over street level. The West Palm Beach station along Quadrille Bouelvard 16 September 2014 www.sfbwmag.com The Fort Lauderdale station near Broward Boulevard The architect for South Florida s All Aboard Florida stations says he was inspired by the famous Roman aqueduct in Nimes France. Architect Roger Duffy of Skidmore Owings and Merrill designed a series of V-shaped girders for the Miami Fort Lauderdale and West Palm Beach stations that echo the aqueduct. He envisions the Miami station as an iconic gateway symbol like Manhattan s Grand Central Station or Brooklyn Bridge. Symbolically and visually it s a land bridge that connects the courthouse district to the Overtown district and cultural district Duffy says. The platform will run longer than three football fields starting next to Miami-Dade County s courthouse. Passengers will be able to board a train and get to Orlando International Airport in three hours. From a functional standpoint the elevation means that east-west streets will still be able to flow under the rail station. The design will incorporate open public spaces in the block near the courthouse and then another one at Northwest First Avenue and Sixth Street. Mike Reininger president and chief development officer All Aboard Florida said in an interview that the station and surrounding development will create a new urban realm in the streetscape serving as the cross hair of an axis that runs down to the waterfront and the arts and entertainment district. The concourse will have a retail core with amenities for passengers who will be able to easily move between All Aboard Metromover and Metro Rail. The Tri-Rail Coastal link proposal would add commuter rail services from downtown Miami to Jupiter by 2020 four years after All Aboard starts service. Henry Flagler s FEC Railway pioneered development of Miami but the wooden downtown station was demolished in 1963 and city leaders subsequently urged that the train tracks be ripped up. Barry Johnson president and CEO of the Greater Miami Chamber of Commerce said This is back to the future. This is where the city began with Henry Flagler. The growth on the water has been phenomenal but the growth is now moving west. This will help transform this whole area and give a redevelopment shot in the arm to a part of downtown that has been overlooked. The Wedge area may be the last big hurrah for singlefamily home development in Broward County BY KEVIN GALE 18 September 2014 www.sfbwmag.com T he cows are still grazing in the fields near Hillsboro Boulevard and University Drive but new homes in the distance show change is coming rapidly. Two of the nation s largest developers are in full swing in what s known as the Wedge or the Golden Triangle which many call the last of the big developable areas in Broward County. The first residents are moving into Lennar s MiraLago and Standard Pacific s Watercrest which have 140 acres plus lakes and expansive clubhouses as the centerpiece of their designs. www.sfbwmag.com September 2014 19 Sales are strong enough that both developers are planning new additions. While buying a home in Parkland is often about picking an area with the right schools the upcoming Parkland Royale calls for 538 singlefamily homes for the 55 plus crowd. Wedge Becomes Part of Broward Several events combine to make the Wedge unique among developable areas in South Florida. Until 2009 it was part of Palm Beach County cut off from the rest of the county by the Hillsboro Canal which runs along Right The Barrington at Watercrest Below Rendering of MiraLago s Alhambra Coach Willis May and family outside their MiraLago home Loxahatchee Road. I don t know how it would have gotten developed. It was landlocked says Realtor Gina Stephens who is on Parkland s planning and zoning board. The Wedge development could only be reached from Palm Beach County by entering through streets in Broward County. Residents of west Boca Raton weren t keen to see University Drive bridging the canal and bringing more traffic into their neighborhoods. Parkland was going to bear the impact of development out there says Parkland Mayor Michael Udine. The solution was to transfer 1 949 acres into Broward. The timing turned out to be good as the Great Recession faded away and buyers showed an appetite for new construction. There were few large parcels left in the county says Louis Degasperis who has experience in marketing residential communities as president of Dega Advertising. Usually there were 30 homes here or a parcel there. These vast tracts of land were gone until the Golden Triangle happened he says. Kathy Schroeder a Realtor with Berkshire Hathaway HomeServices Florida Realty says buyers like having a new home built to the most current building standards. The impact glass that helps lower costs of windstorm insurance also boosts energy efficiency and deters burglars although Parkland is known for one of the region s lowest crime rates. Part of the Wedge acreage including MiraLago and Watercrest has been annexed into Parkland and the rest is expected to follow over time. There is still an abundance of raw land left including the 401-acre Bishops Pit site near the end of Loxahatchee Road and the 715 acres owned by CW Hendrix Farms which runs along the east side of University Drive and then north to Loxahatchee Road. Bishops Pit is owned by WCI the developer of Heron Bay which is already making inquiries about annexation Mayor Udine says. That area is providing a lot of tax revenue for the city and county and school board says Mayor Udine. It is being built out in a very aesthetically pleasing way. School Issue Emerges A big question has been whether kids will be bussed to distant schools. Mayor Udine noted the donation of two school sites and says We would like to see the school board move more rapidly to get a school built out there. The city has also agreed to contribute up to 2 million for modular classrooms. Carlos Gonzalez president of the Southeast Florida Division of Lennar said We have made considerable contributions including land and have gone above and beyond our requirements to ensure that our resident students attend school in Parkland. The Coach Moves In Marjory Stoneman Douglas head football coach Willis May who recently moved from Heron Bay to MiraLago is renting a home about five minutes from the high school. We just liked the houses they were building and the area being out away from everything a little bit Willis says. It probably won t be that way for long. It s developing and there will be a lot of new houses here. One of his assistants told him how in 1993 there was a still a dirt road near the site of the high school. Now you got Heron Bay and all the other subdivisions down 20 September 2014 www.sfbwmag.com University to Holmberg Road. I guess we re the furthest out. It just keeps creeping into the Everglades he says. Indeed the end of Loxahatchee Road is the start of the Everglades at the Arthur Marshall Loxahatchee Wildlife Refuge. Stephens says development of the Wedge will help make Parkland more interconnected by eventually extending Hillsboro Boulevard east of University Drive. Currently residents in areas such as Heron Bay have to drive down to Holmberg Road to reach parks on the east side of the city. Extending University Drive north to Loxahatchee Road will also provide a new way to get to U.S. 441. Premiere Spot for Lennar Nanette Plescia area sales manager for Lennar says the MiraLago site was one of the last remaining prime prime opportunities in Broward County. It s turned into one of the Miami company s premiere developments with a 24 000-square-foot clubhouse she says. Just west of Hillsboro and University Drive the company is building Town Parc townhomes that range from 349 990 to 379 990 for 1 887 to 2 208 square feet. Single-family homes at MiraLago are starting at 474 990 and range up to 681 990 with sizes from 2 144 square feet to over 4 000 square feet. The lower end is below the median home value in Parkland of 541 800 as calculated by Zillow. A second phase of MiraLago on the west side of Nob Hill Road will be connected by an underpass for pedestrians and bicyclists. The MiraLago lake is irregularly shaped with a lot of peninsulas which provides for an intimate feeling in the neighborhoods Plescia says. One thing we are enjoying the most is a sense of family with most of the people moving in at the same time. They are in the same boat That area is providing a lot of tax revenue for the city and county and school board. It is being built out in a very aesthetically pleasing way. Mayor Udine says Steve Duchin who moved to MiraLago with his wife Nina and their daughter in April. Duchin says the couple looked at Heron Bay but thought that MiraLago had good value with preconstruction pricing. Watercrest s Design Flexibility Watercrest also has very competitive pricing starting at 450 000 and going to 604 990 for the Danbury model which has 4 069 square feet with five bedrooms and 5.5 baths. Maria DeChello marketing manager for Watercrest showed off an elaborate design center which provides an array of customization options before giving a tour of three model homes. One of Standard Pacific s strategies is to allow a fairly high degree of flexibility on the floor plans. For example DeChello says balconies can be added on the front or back of some models or a two-story great room can instead have a loft. The builder also emphasizes a lot of windows in its home which allows an abundance of natural light. Both MiraLago and Watercrest have to adhere to what some call the anti-Monopoly building code in Parkland to avoid blocks filled with the same-looking homes. Watercrest is doing that by having European cottage Spanish Mediterranean and Italian styles DeChello say What s Next The Parkland City commission embraced the Parkland Royale concept partially because the 55 community won t have kids in residence that would add to the burden on schools. It recently won approval from the city for 538 single-family homes on 178 acres. Mayor Udine says property owner Tuttle Land Development is actively marketing the site to a major developer. The closest similar project is GL Homes Valencia Reserve in Boynton Beach which is nearing sell out. Mayor Udine says Parkland Royale is envisioned as a highend amenity-filled community with an array of activities for residents. Think of the biggest grandest cruise ship on land he says. www.sfbwmag.com September 2014 21 At Greenspoon Marder it s all about YOU. We are committed to providing sophisticated and distinctive client service through our cross-disciplinary Client Team approach. Our goal is to understand the challenges that YOU face and build collaborative relationships and craft creative solutions designed and executed with long-term strategic goals in mind. Since our inception in 1981 Greenspoon Marder is a full-service business law firm with the experience needed to understand your challenges and develop the strategies that YOU need. We serve Fortune 500 middle market public and private companies start-ups emerging businesses and entrepreneurs across Florida and the United States. 888.491.1120 www.gmlaw.com 22 Aventura Boca Raton Fort Lauderdale Miami Naples Orlando Port St. Lucie Tampa West Palm Beach September 2014 www.sfbwmag.com Clients are worth more than their net worth. For more information on our Private Banking services call us at 1-877-779-2265 BankUnited N.A. Member FDIC bankunited.com www.sfbwmag.com September 2014 23 MADE IN SOUTH FLORIDA South Florida s Big Lifesaver ACR Electronic s locater beacons call for help in emergencies BY KEVIN GALE The disappearance of Malaysia Airlines Flight 370 shows how difficult searches can be but making them easier is a daily job at one of the oldest manufacturers in South Florida. ACR Electronic s website has a long list of testimonials from boaters hikers sportsmen and pilots who ve experienced emergencies only to be rescued as the result of their emergency locater beacons. The company s products including Artex have saved thousands of lives over more than five decades. Nobody buys our product hoping to use it. But everyone who buys our products know when they push the button it will work says President and GM Gerry Angeli. ACR s 55 000-square-foot plant in Hollywood even makes emergency locater transmitters (ELTs) for Boeing 777 jets but Honeywell Aviation made the ones on Flight 370. ELTs are designed to sense the impact of a crash and send a signal to a satellite with the jet s location. An ELT signal would have made it much simpler to find the missing flight. Why a signal didn t go off has been one of the biggest mysteries after the jet disappeared. Honeywell s ELTs were in the news last year after an Ethiopian Airlines Boeing 787 Dreamliner caught fire at London s Heathrow Airport. The Federal Aviation Administration ordered Survival tales 2 Search and Rescue Satellites The company s website has gripping rescue stories from customers whose lives have been saved by the company s emergency locater beacons. Among them are boaters from Florida who were rescued at sea. Recipients supply their rescue story which the company verifies and get a new beacon when they mail it into the company. The beacons are then mounted on plaques and displayed at the company headquarters and sent to retailers who sold the devices. The concept was developed by Marketing Director Mikele D Arcangelo and won the Marine Marketers America innovation award. Read the stories at www.acrartex.com survivor-club. 1 Distress Call Utilizing Emergency Beacon 3 5 The South Florida company has a history of innovations that help save lives. Rescue Coodination Center Local User Terminal 4 Mission Control Center ACR Electronics timeline 1956 ACR makes the first electronic flash units for cameras a technology that was later used for rescue strobes. 1970 An ACR flashlight is used by Apollo 13 s astronauts as the sole source of powered light after an explosion. 1971 The astronauts write a thank you letter to ACR. Artex not associated with ACR is founded as an avionics distributor. 24 September 2014 www.sfbwmag.com that the devices be inspected after a preliminary investigation raised concerns the fire might have been caused by the ELT s wiring or lithium batteries. Angeli declined to talk about Flight 370 but says his company s Artex ELTs can be activated manually through a cockpit switch and also are activated when a crash is sensed. The devices which are usually installed in tail sections are designed to resist impact and communicate with the Cospas Sarsat satellite system every 51 seconds when activated. The same satellite system is also used for emergency beacons carried by boaters and those on land. Signals are relayed to a ground station and ultimately to a rescue station such as the U.S. Coast Guard. Artex which is the aviation brand for ACR also makes an interface that takes data from Boeing s computerized flight system on an ongoing basis and relays it to the ELTs so they can signal a jet s coordinates if there is a crash. ACR is also a consumer brand with hand-held personal locater devices about the size of a cell phone that are used by fishermen pilots and back country sportsmen. Retailers include Boat Owners Warehouse and Bass Pro Shops. Some of the ACR marine devices float to the surface when they go under water and also have strobe lights to make it easier to find people in the water. Among other products the company makes about 80 percent of the emergency announcement megaphones found on commercial jets and the water-activated blue strobe lights found on many life vests. Canadian Olympic gold medal winner Adam Kreek thanks workers at the ACR Artex factory in Hollywood. He and three other endurance rowers were trying to set a record in April 2013 by going from Senegal to Miami when a wave capsized their boat. They used a ResQLink personal locater beacon to call for help. Inside the factory ACR keeps a high level of security at its factory on Ravenswood Road which makes products for the military. A visiting journalist was asked to bring a passport and no cameras were permitted. The headquarters and factory operation is impressive for its production flexibility and technology. Walking down a hallway Marketing Director Mikele D Arcangelo pointed out where the company s software electrical and mechanical engineers work. Inside the factory banners hanging from the ceiling designate 15 different production cells where the products are assembled. ACR basically makes products from scratch. One machine is capable of inserting 40 000 parts an hour into the circuit boards used on the array of products. Nearby a 15-foot long oven is used to bake the circuit boards. Another machine coats the boards in a thin layer of silicone to prolong their lives and maybe even keep them from shorting out if the outer casing of a device is breached in wet conditions. D Arcangelo says ACR is the only beacon maker that goes that extra step. Manufacturing of the plastic cases is outsourced but the plastic pellets are supplied by General Electric based on ACR s specifications he says. There are multiple inspection points. The personal locater beacons are tested with 45 bursts before they are shipped to customers. ACR Electronic s President and GM Gerry Angeli says employees are very serious when it comes to the mission statement of making products that save lives. The spirit of the product runs through the flow of the production line. It instills a spirit in them that makes them want to do a better job Angeli says. You have to see when someone who is saved comes into the facility and the excitement that comes with that. They want to see the people that built the products that saved their lives. 1972 ACR moves to Fort Lauderdale. Owner and CEO David Rush subsequently serves as chairman of the Florida High Technology & Industry Council. 1980 Artex gets Federal Aviation Administration approval to build battery packs for emergency locater transmitters. 1990 Rush sells ACR to North American Fund II led by Fort Lauderdale venture capitalist Charles L. Palmer. Artex starts making its own ELTs. 1999 Artex is purchased by Cobham plc a British company. www.sfbwmag.com September 2014 25 Nobody buys our product hoping to use it. But everyone who buys our products know when they push the button it will work. A trio of life saving products The company makes emergency locater beacons for land air and sea. All of the beacons transmit to a satellite network. MARINE EMERGENCY POSITION INDICATING RADIO BEACONS (EPIRBS) go off when boats sink. Boat Owners Warehouse 679.99 PERSONAL LOCATER BEACON FLOATABLE PLBS can be strapped to yourself like a cell phone and used on the ground or at sea. Bass Pro Shop 289.99 AVIATION EMERGENCY LOCATER TRANSMITTER (ELTS) are designed to sense crashes and automatically send a signal. ACR Electronics timeline 2003 ACR is the first manufacturer to have a personal locater beacon approved by the Federal Communications Commission. Artex introduces a breakthrough ELT that cuts search areas from 20 kilometers to 100 meters. 2010 Artex moves from Aurora Ore. to Prescott Ariz. 2012 Cobham packages ACR and Artex together and sells them to J.F. Lehman & Co. a private equity company in New York for 73 million. Out of Artex s 20 employees 14 subsequently move to Hollywood. 2013 Jordan Co. a private equity company in New York buys ACR and Drew Marine. The merger helps broaden Drew Marine s products for the maritime and offshore industries. 26 September 2014 www.sfbwmag.com Is Debt wrecking your employees productivity Let Consolidated Credit Guide Your Employees to Financial Wellness On-Site Workshops & Seminars Online Financial Tools Budget & Debt Counseling Free Financial Publications For more information 1-800-294-1792 www.ConsolidatedCredit.org CEO CONNECT The CEO of BankUnited gives a wide-ranging interview from growing up on a duck farm in Long Island to cutting the best banking deal during the Great Recession. He gives insight into the major changes in the industry and what s next. BY KEVIN GALE Live with John Kanas John Kanas burst onto the business scene in South Florida as part of an investment team that took over the remnants of BankUnited after it was seized by regulators during the Great Recession. Kanas has a long history in banking though. During our CEO Connect interview he tells how he became the youngest CEO of a bank. He spent three decades growing North Fork Bank into a New York powerhouse that was eventually sold to Capital One. Here are edited highlights from the interview that was conducted live before an audience at JM Family Lexus by Gary Press the CEO of Lifestyle Media Group and SFBW magazine. Your bio says it s believed that you were the youngest bank CEO in America in 1977 at the age of 29 at North Fork Bancorporation. How did that happen I was the only one with the combination to the safe Actually I started there as a kid when I was 24 years old. It was a small company a 240 million bank I thought I would work there a year or two and go to law school. The guy that ran the company got sick and was not able to run it. The board asked me to run the bank on an interim basis while they looked. I was interim for a month then six months then after a year we got a letter from the New York State regulators that we had to have a president. I became permanent. I planned to stay 18 months and ended up staying there 35 years. An article on BankDirector.com says you turned Wilbur Ross down when he asked you for a loan in the 1980s. How did you go on to establish a relationship with him and eventually form a group to acquire BankUnited Wilbur and a bunch of other rich people belonged to the South Hampton Beach Club and they wanted to buy it. They came to us to borrow the money. Wilbur came to me via Muriel Siebert who was the first woman on the New York Stock Exchange board to own her own company. She was a partner in the beach club with Wilbur Ross and a long-time friend. They said none of them wanted to guarantee the loan. I said You don t want to guarantee the loan but you want me to guarantee the loan Wilbur said Chase Manhattan would do it. Six months later they came back. Chase Manhattan wouldn t do it. After I left North Fork Wilbur was managing an equity fund with 4 billion. He was an expert in distressed business and I knew about banking. We scoured the country looking at over a 100 opportunities and found BankUnited. Wilbur put up 240 million and was followed by the Blackstone and Carlyle Group. You did at least 17 acquisitions at North Fork but you have been more reserved at BankUnited. How does a CEO know when it s the right time to do an acquisition It s not for not trying. We expected to acquire a dozen or more banks after we came to Florida. After we bought BankUnited it was very creative and lucrative Goldman within six weeks raised 25 billion for people to come to Florida and do the same thing we did. So the economics of the deals never made sense. We have talked to 50 or 60 banks in Florida but have never agreed on price. We think banks should trade at a lower multiple than banks are willing to sell them. The stocks are coming down and we think we might make a deal in the next year either in Florida or the northeast. CEOs often face a tough choice of when to sell. How do you know when it s the right time to sell You re basically a fiduciary responsible for other people s money. The last acquisition we made at Capital One was Greenpoint a very large mortgage lender. Through the prism of Greenpoint we got to see the problems of the residential mortgage market before others did. We were surprised the Fed didn t see it. We quietly talked to some people in 2005 that had always expressed an interest in North Fork and that led to the transaction in 2006. North Fork on its own would have been hard pressed to withstand what was coming. We see no such issues today in Florida or New York. I think we happen to be in the two strongest markets in the country. We know real estate values will peak in Florida and decline again. We think it s years away though. We don t see the type of leverage we saw in 2006. We think we are still building value. When we see that the value will increase we don t think about selling the company. We SFBW s CEO Connect is an invitation-only event that combines high-level networking with cocktails and appetizers plus a live interview with a top business executive. CE CONNECT WHERE SOUTH FLORIDA S ELITE MEET 28 September 2014 www.sfbwmag.com John Kanas has an optimistic economic outlook There is a lot more equity in the market than there used to be and a lot less leverage. Audience question Tell us about the difference in banking between 1995 and 2014. The biggest difference is the regulatory influence. Washington really got burned on this recession. Remember Treasury Secretary Hank Paulson had to beg Congress for an 800 billion bailout of the large banks The small banks didn t get anything. So there is an open sore in Washington about the banking industry. The result is the Dodd-Frank bill. Some people say it s sort of a nationalization of the banking industry. The regulations are voluminous. The banking regulators are a lot more active and intrusive. You as customers feel it s because we need a lot more information from you. However if it works over time the banking industry should be safer and less volatile. The biggest difference has been branch banking. The industry has been building branches on every lot they could find. Activity is down 90 percent in some branches. Everything is electronic people being paid electronically from the government and their employer. It has made the business much more efficient. As the younger generation comes along they get more comfortable with taking a picture of their check to deposit it and then throwing it away and going to Starbucks. I d be guessing but I d say that over the next 10 years 40 percent of the bank branches in the United States will be closing. Audience question After Florida and New York where would you be expanding I can t think of two better markets in the country. When I say New York I mean that 50-mile circle around New York City. In the borough of Manhattan alone there are 1 trillion in bank deposits and we have 1 billion so there is a lot of runway. We would rather have a small piece of a very large market. I don t expect us to stray away from these two markets. www.sfbwmag.com September 2014 think the best days are ahead of us. What did you see when your investment group made a successful bid for the failed BankUnited that other investors didn t see We were searching for the biggest disaster we could find. We knew BankUnited would be an effective bankruptcy and the FDIC would have to back the deal. The world was falling apart you had Lehman and Bear Stearns imploding. It was very hard to raise money. The FDIC sent out 63 bid packages for BankUnited but they only got three responses. Our biggest worry was that the FDIC would fail that the federal government wouldn t backstop it. We knew financially if we worked the FDIC pricing out over 10 years that there would be a big return. We didn t know we could build a company that would be strategically important. The 900 million in capitalization has grown to 3.5 billion in market capitalization. We took a risk that others were unwilling to take. Some investors turned me down. They thought things were so bad that the entire banking system would be nationalized. Do you enjoy pushing the edge such as the BankUnited ads that featured competitor BS Bank We purposely want to push things. I learned a long time ago in this business that bank advertising is boring. We all say We have the best rates in town. We are friendly and accommodating. We have all been partially wrong. It always has been my opinion that you first need to get people s attention. I remember sitting around with Mary Harris (Senior VP of Marketing) and the advertising crew. They were saying What are you trying to say And I said that everybody is dealing with all this BS. I was hesitant about the term BS so we came up with bank speak. So we told people who were offended by it No it stands for bank speak. You brought Tom Cornish on board. He was previously a top banker in South Florida before becoming CEO and President at Seitlin Insurance. Tell us how Tom fits with your strategy. During the first month I was in Florida Tom came to a lunch. We hit it off personally. He helped us get our management team together. We have stayed in touch over the last five years. Tom made a great success in the insurance business. Then he moved on to sell the company to Marsh. Half of our employees used to work for him at Brand X. I said he ought to come to work with us. He has made huge contributions. He is a very practical thinker and is respected in the business. 29 South Florida Commercial Offerings 630 - 670 NW 113 STREET MIAMI 334 NW 29 STREET MIAMI AIRPORT AREA CORNER PROPERTY WITH DIRECT I-95 WAY EXPOSURE Industrial property with 19 ft ceiling and dock height can be used for many purposes. Property consists of three folios. Building 12 426 sq ft lot 32 200 sq ft 50 assigned parking spaces. Direct exposure to I-95 xway and NW 7 Ave. Offered At 1 700 000 PRIME TWO-STORY BUILDING IN ALLAPATTAH Free standing warehouse retail bldg plus separate back bldg. Great visibility on NW 29 St. New roof freight elevator dock height 4 offices security sys - 25 parking spaces. Close to Design District Airport Downtown & Port Miami. Offered At 995 000 JOSEPHINE G. PAMPANAS P.A. GRI 305.343.0517 JOSEPHINE G. PAMPANAS P.A. GRI 305.343.0517 4615 PONCE DE LEON BL CORAL GABLES 24101 S DIXIE HWY MIAMI 26399 S DIXIE HWY MIAMI GABLES FREE STANDING BUILDING Free standing office building with excellent visibility on Ponce de Leon Boulevard near the new Epicure. Easy access to downtown Coral Gables Merrick Park Coconut Grove or Downtown Miami. Offered At 900 000 AUDREY ROSS 305.960.2575 6.86 ACRE DEVELOPMENT SITE Located on South Dixie Highway this 6.86 acre site of undeveloped land is located in the Princeton Charrette and has been approved for mixed use residential multi-family retail and office. Offered At 3 567 200 AUDREY ROSS 305.960.2575 3.26 ACRE DEVELOPMENT SITE Located on South Dixie Highway this 3.26 acre site of undeveloped land is located in the Naranja Charrette and has been approved for 195 mixed used units multi-family retail and office space. Offered At 1 875 000 AUDREY ROSS 305.960.2575 4699 PONCE DE LEON BL CORAL GABLES 2227 N FEDERAL HWY HOLLYWOOD 160 E GRANADA BLVD ORMOND BEACH FREE STANDING BUILDING FOR RENT Ideally located in the heart of Coral Gables on Ponce de Leon Boulevard with great street visibility this 2400sf building with 7 parking spaces is the perfect rental space for a professional office. Offered At 6 200 month AUDREY ROSS 305.960.2575 3-STORY HOLLYWOOD OFFICE BLDG 3-story 24 000 sq.ft. free standing office bldg. situated on Federal Hwy. just south of Sheridan St. and adjacent to the new west lake commons shopping center. 17 jr. suites and senior exec. Offices. Offered At 4 995 000 SCOTT PATTERSON 954.661.8871 PETER CUTLER 305.934.6257 ORMOND BEACH OFFICE BUILDING Originally a fire station restored in 2008. Deemed historical significance. 3 conf rooms lobby 2 kitchens 11 private offices balcony etc. Near beaches. 500 000 in upgrades. RoddRealtor.com Offered At 1 150 000 RODD SHERADSKY 954.560.2717 30 September 2014 www.sfbwmag.com Find More Commercial Properties At The Right Professional Opens The Best Doors 6807 BISCAYNE BOULEVARD MIAMI DADELAND MIAMI BEACH BRICKELL AIRPORT AREA UPPER EAST SIDE DEVELOPMENT OPPORTUNITY Prominent east side corner on Biscayne Blvd & 68th St. Stand-alone building on 14 220 sf lot. Neighbor to Starbuck s Chase Bank & Balan s. Close to Downtown Design District Belle Meade Morningside Bay Point Miami Beach & I-95. Offered At 2 600 000 EXECUTIVE SUITES AT FLEXIBLE RATES 5-star executive suites in Dadeland Miami Beach and now Brickell Flexible plans available that allow you to choose from short or long term leases. Rent by the hour day week month or year. Pay only for the space and services you need. Call For Pricing. ALLISON TURK 305.450.7965 CARLOS OLIVARES 305.894.6637 315 ARTHUR STREET HOLLYWOOD 7400 SW 50 TERRACE MIAMI 13320 SW 132 AVENUE MIAMI HOLLYWOOD BEACH DELMAR MOTEL Turnkey motel totally renovated with 15 apartments and 11 parking spaces located on the corner of Arthur Street and Surf Road. Approximately 100 feet from the Broadwalk and the Ocean. Offered At 3 800 000 GERARDO MANZI 305.978.2070 MIAMI LAKEFRONT OFFICE CONDO 1 200 SF perfect for attorney CPA or entrepreneur. 5 offices balcony kitchen private rest room & conference room. Conveniently located at Palmetto Expressway and Bird Rd. Amazing waterfront views. Offered At 345 000 FRANK KISSEL 305.496.0901 KENDALL-TAMIAMI AIRPORT AREA Fantastic opportunity in developing area of Tamiami Airport. Vacant 5 acre parcel east of airport is zoned Industrial & may have possibilities for other use. Adjacent acreage available for sale. Offered At 3 250 000 JANINE CARRO 786.586.6958 14715 NW 24 COURT MIAMI 1200 COLLINS AVENUE MIAMI BEACH 2021 HAYES STREET HOLLYWOOD WAREHOUSE BY OPA LOCKA AIRPORT Large 35 000 SF distribution warehouse. Convenient location near the Opa Locka Airport right off NW 27th Avenue. Standalone building on a corner lot with ample gated parking. Offered At 1 700 000 JEFF COHEN 305.534.5333 THE MARLIN HOTEL - SOUTH BEACH Unique opportunity to purchase the world famous Marlin Hotel in the heart of SoBe Hotel Restaurant and Recording Studios one of the true landmark art deco buildings in South Beach. Offered At 11 000 000 JEFF COHEN 305.534.5333 OFFICE CALL CENTER FOR LEASE Prime central location between I-95 and N Federal Highway. 7 360 SF office call center. 32 parking spaces. Backup generator. Could be used as a medical facility. Also for sale at 1 000 000. Offered At 15 Sq. Ft. Per Year THOMAS BYRNE 305.785.5056 THERESE DRAKELEY SMITH 305.951.5071 ewm.com listings commercial www.sfbwmag.com September 2014 31 32 September 2014 www.sfbwmag.com P REZ BY KEVIN GALE Exclusive interview Related Group CEO Jorge P rez tells about South Florida s hot spots and the challenges ahead www.sfbwmag.com September 2014 33 COVER STORY H 34 Allora & Calzadilla s Biek o Muerte captures a protest over the Navy s use of Viequez Puerto Rico. enry Flagler was the original architect of South Florida but Jorge P rez is arguably the biggest modern contributor. It s the same thing with parks. We should be proud of Museum Park but when you go to Chicago and look at Millennium Park and New York and Central Park you realize we are very far from getting to the point where we are an outstanding example of an urban center. We are blessed with fantastic weather and greater water. It s a beautiful city like Sydney is a great city and Rio is a great city. We are very young and we are making great strides to what I hope we are destined to be The capital of the Americas a center that has the best of Latin America and North America. Our employment base has to be better and our education base needs to be better. Our infrastructure needs to be better. Our cultural centers need to be better. That s a challenge but it creates great excitement. Q. Have South Floridians become more aware of the 24-hour city phenomenon and what are the signs that they have embraced it A. It is no longer a fad. It s no longer something that is temporary. It s cool to be in Miami Beach and Brickell. The first act of embracing comes from the young where they want to live. I m surrounded by young professionals. Today to ask them if they want to have an apartment in Kendall is crazy. They want to go to a Since P rez founded the Related Group in 1979 it has built 80 000 condominium and apartment buildings in the state the vast majority in South Florida. That s roughly enough units to house everybody who lives in Miami Beach and Fort Lauderdale. However P rez transcends being a mere developer by enlisting many of the world s top architects interior designers and artists. During a 75-minute exclusive interview P rez talked about what s next with previously undisclosed information about new projects in West Palm Beach and Fort Lauderdale plus the next hot neighborhoods in the Miami area. The interview and photo shoot were on the 10th floor of the 444 Brickell building in Miami where Related is planning a waterfront project that s reminiscent of Icon Brickell across the street. Currently the floor is home to a museum quality collection of modern art that s slated to go into dozens of projects. The following interview has been edited for brevity and clarity. Q. We talked 10 years ago and you said a lot of people were missing the transformation of the region into a string of 24-hour cities and what it means to our future. Where are we in that transition A. We are a lot further than we were 10 years ago. Miami is truly becoming a 24-hour city. I get very excited about what has happened in Miami but when I go to New York Chicago London and Madrid I still have a feeling we need so much to get there. There s so much to be done in almost every area. One is density. When you look at Miami proper it has a half million. Miami-Dade County has 2 million but in an urban core we are still a small city compared with world cities. People are what makes cities and allow cities to have great cultural facilities. You can t have theater at the premier scale and compete with cities like London New York Chicago and San Francisco without a strong population base. September 2014 www.sfbwmag.com neighborhood bar and go to a playhouse and go to great restaurants and bars. That is growing exponentially. To me things like Uber or being able to move by bicycle are going to help Miami s urban core become that much more attractive in comparison to the suburban locations where you need a car for everything and distances are immense. I had to go to an opening at FIU for the art museum because I gave them a Cuban collection and it took me two hours to get from my office today. I know the traffic is not that bad everyday but I think it is bad every day. It s a waste of human resources. There s something better than being in an automobile for two hours. I think ideas and inventions come from an exchange between intelligent human beings. That exchange doesn t happen so much in suburbia. I finish work and I go to a half acre with a house. I put the TV on. The urban core is a constant change of people being with people. When you go to Europe in the morning you see all the people having coffee in the neighborhood bar with a croissant and then meeting for a drink after work and dinner. That constant intercourse between human beings is what leads us to keep growing and ideas to flourish. Q. South Beach Brickell and Palm Beach are recognizable names internationally but what is the level of recognition of other areas you are active in such as Fort Lauderdale Hallandale and Hollywood Is this part of the education you provide in marketing www.sfbwmag.com September 2014 35 COVER STORY SLX Lux Brickell will have a luxury hotel an Arquitectonica design a Botero sculpture and interior design by Yabu Pushelberg. A. It s definitely part of the education process one that we have had a hard time in marketing. The Miami market is both European and South America. They recognize South Beach Brickell and Bal Harbour. When you tell them you re in Fort Lauderdale Pompano Beach or Hallandale they say What s that and they don t want to go there. They don t feel at ease in a city that is not fully international. When you go to Miami and go to a store and everyone speaks different languages that puts them at ease. The perfect model is Rio where Ipanema was the most expensive and then they moved to Leblon. It became more expensive than Ipanema. I think more and more foreigners are starting to understand that areas outside of MiamiDade are very livable and very urban and have a lot of the amenities. Q. What are the hottest up and coming areas A. I think the area that has taken off very fast is Edgewater both east and west of Biscayne Boulevard. We are seeing huge growth there. I think you are going to find rental apartments and lower priced condos west of Biscayne and higher prices for the ones that are on a wide bay. We bet on that area very heavily thinking that was a natural expansion between the Design District and downtown. Wynwood has not only taken off as an art center but the city is considering some zoning changes so you can go into and develop that area. I think there is an area sort of left over in Miami from 60th Street to Aventura and I think that corridor will expand. I call it North Miami but it s sort of a no name area where the Jockey Club is. Q. The redevelopment of the Rybovich Marina in West Palm Beach involves the Huizenga family. Tells us how your involvement came about and what opportunity you see there. A. We both had two great sites in what is the largest private waterfront location in West Palm Beach minutes from downtown and minutes from City Place in an area that is a little bit forgotten and has great potential. Instead of going to master plans that compete we decided to get a great urban planner. Arquitectonica finished the master plan. It s great not only for the Perezes and Huizengas but great for West Palm Beach. There will be restaurants shops and residential all combined to make what I think is going to be the most important waterfront development in Palm Beach County. Q. You ve contributed a lot to culture in South Florida most notably with the P rez Art Museum Miami. How important has the creation of more cultural institutions and events been to furthering our growth What s missing A. We need both more of what we have and better of what we have. Take theater for example the two great cities you think of right away are London and New York. For us to get there will be centuries when it comes to theater. We have developed a pretty good regional basis Coral Gables Little Havana and Aventura that complement the Adrienne Arsht Center. I still would love to see a greater variety of offerings than we have now. But again that comes with Where is your audience For us to have an audience goes right to density. Our art museum is better than it was but we need to build a great museum that competes with the great museums of the world. I think we are getting there and getting a lot of donations. I hope for public and private donations so Museum Park becomes a world class park. I d like to see a restaurant on the bay like Tavern on the Green and sculptures like in Chicago. For that to happen people need to be a lot more generous with their pocketbooks. We are a city that doesn t have a large corporate structure we don t have the Coca-Colas and Googles 36 September 2014 www.sfbwmag.com COVER STORY that can write us large checks that help us improve our cultural facilities. That may be the single biggest challenge in Miami attracting those large well-paying companies and getting the individuals here to be more generous with their money. Q. You ve partnered with a lot of the biggest names in architecture and design such as Arquitectonica Sieger Suarez Cesar Pelli Yabu Pushelberg and Philippe Starck. What s your process for creating a vision for your developments A. Every time we find a site we think What is our market and how do we create to satisfy that The aesthetic of that is paramount. From the moment we see the site we think who is the great architect or interior designer who can be involved in that project. If it s 5 million a unit for an older buyer our architect and artists will be much more oriented towards that. Right now we are doing a project where Arquitectonica is doing a very funky design. The art pieces are going to be more contemporary. Every building that we do we sit down with our interiors people with our architectural team with our art consultants and say This is the price range for this location. This is the type of project we think we are going to sell. This is the type of audience we are going to have. Who are the architects and designers who can provide us with the best product We look at architecture and interior design books from all over the world. We were meeting with Ricardo Bofill from Spain to possibly design a new product we are thinking about in Sunny Isles. When we were planning Park Grove in Coconut Grove [a three-building project with Terra Group] Rem Koolhaas was selected but we did a charette where we had four or five major architectural firms that presented. The selection of art design and architecture is a consuming process for us that we are involved with from the moment that we buy a piece of land to the last piece of furniture we put in when we finish the building. We are immensely detail oriented. I am involved in every decision with my people in selection of the architecture One Paraiso and Paraiso Bay at NE 31st Street Miami interior landscaping and art. Q. Some property owners have balked at helping create a continuous promenade from Brickell Avenue to 36th Street near the site of Related s Paraiso Bay. What would you tell them A. No. 1 from your purely selfish financial side I think that being in a building where you can come out and jog wherever you are to downtown Miami and back adds tremendous value to your property. Some people are saying these people walking can come onto your property. That s not true because all the buildings will have security systems where you can t come in from the bay walk to the buildings. From 36th Street to downtown and then curving to Brickell to have a continuous baywalk would be a dream to come true. Q. Wayne Huizenga once had a vision to create development around the Miami Dolphin s Stadium and there was hope that the Marlins Ballpark might propel a rebirth in Little Havana. Is it possible for stadiums to create this sort of catalyst outside an urban core A. I don t think a stadium on its own is a draw to build a neighborhood around. I think you can create all the additional amenities around that neighborhood so it will improve and will become much better than it was before. The things that will do that are tax incentives to provide greater density around the stadium. I m talking about the Marlins Ballpark so you can do midrise and high-rise. I think putting the soccer stadium if it comes to Miami would fortify that neighborhood particularly since across the river you have one of the greatest employment centers [the medical and government campus]. I would be a big voter for a soccer park near the Marlins stadium. Q. Have you given David Beckham any advice on where the soccer stadium should go A. I have been asked from both sides the private side and public side what I think about different sites. I think we are doing it in an ad hoc way. I have given my opinion to people that a committee made out of public officials involved neighborhood people and knowledgeable people of sports can be instituted. Five to eight people to really deeply study the sties that are possible and make a recommendation to the www.sfbwmag.com September 2014 37 COVER STORY P REZ NEIGHBORHOOD INSIGHTS COCONUT GROVE Q. This was the original urban village in South Florida but it seemed to fall out of favor. Is it coming back now A. Coconut Grove was even when it was in favor always what I would call a hippie neighborhood. Whatever you did people were opposed to it. I live in Coconut Grove. I think because of that it has become the most undervalued great neighborhood in Miami. We are building Park in the Grove next to the best marina in the southeast and the best views in South Florida. In South Beach they would go for 3 000 a square foot. In Coconut Grove they go for 1 000. When I m finished in Coconut Grove that is the last great site. We hope we will bring a couple of great restaurants in the Grove so it will bring the highend amenities it doesn t have. SOUTH BEACH Q. Marea is listed as the last of its kind in the South of Fifth neighborhood. Is this an example of how we are nearing the end of buildout in some areas Also what s the status of One Ocean and the potential deal with Russell Galbut and possible master plan of Alton Road A. South of Fifth Street is done. Marea and One Ocean were the last of the breed where you could get waterfront views south of Fifth Street. That s it. There might be one more small site which will be so so expensive but that environment south of Fifth is unequaled never to be duplicated. I kept one of those Ocean One penthouses for myself. Russell has a very good site. He consulted Mayor Philip Levine and there was going to be opposition to what I thought could be developed there. Because Philip Levine was a friend I didn t want to get involved in that battle. BRICKELL Q. You have a lot of projects in the Brickell area SLS Luxe Brickell Heights and the One Brickell parcels at 444 Brickell and 77 SE Fifth Street. How many years do you envision it taking for all of this to unfold A. That to a large extent that depends on how many cycles we have in the coming years. Florida has been boom and bust. I think international is here to stay but always at a price. Today when we compare with New York Chicago and San Francisco we on Brickell Avenue are very very much underpriced. As land has become so expensive and construction prices increase we are going to The Related Group houses a collection of museum quality art slated to go into dozens of development projects on the 10th floor of a building in Brickell. public officials based on that. We need to get away from What about this one and what about that one and getting enamored without knowing how it works. Q. There have been reports that Genting has approached you about the Resorts World site in Miami. Are you interested A. I think that site lends itself to an outstanding mixed-used development that will provide a base in the same way that the World Center and Brickell City Centre are doing. I would be extremely interested if they would offer for me to participate in a development of that type as long as there was no gambling involved. I am not for gambling in Dade County. I think we have worked very hard me for four decades now in this city making Miami a city recognized all over the world as a great place to live a great place to invest and a great place to grow a family. I don t think Miami wants to be like Las Vegas. I have nothing against Las Vegas. I just don t think casino gambling should be part of our growth equation. We don t need it. We are doing well without it. I think it has more negatives than positives. Q. What s the potential impact of transportation infrastructure improvements such as All Aboard Florida commuter rail on the FEC Railway and The Wave trolley system in Fort Lauderdale A. I think it s going to have a huge impact. We are lacking in quick ways of movement between Miami Beach and downtown Miami and in the downtown core getting from Brickell to Midtown and the Design District. All of these systems will be great improvements. Q. It seems like a lot of western cities are now trying to create live play work downtowns. How does 38 September 2014 www.sfbwmag.com COVER STORY You create these neighborhoods where you have almost replicated that urban feel in a neighborhood. We are very big in that. see how international demand responds to those price increases. The city today that is more on fire than Miami is London. And that s even higher than New York. Who is buying in London Middle East Russian and international buyers. I think more and more will come to Miami. I wouldn t trade Miami for any of those places but I would be very careful about pricing and not starting until we sell out not overleveraging and making sure you can withstand a downturn. To think Miami will no longer be an attraction to South American and European home buyers is absolutely foolish. HALLANDALE BEACH AND SUBURBAN MARKETS Q. Talk about Hallandale Beach Beachwalk and the role of Gemstone Hotels & Resorts. You are also active in some suburban markets. A. Gemstone is our hotel management company we are one of the owners. They are going to manage three properties in the Hollywood Hallandale area in addition to 12 other hotel properties they manage for us from Utah to Berkley. The other thing we are developing is our rental apartment division middle income and high-end apartments that we have throughout South Florida Tampa Orlando and now Atlanta. That division is doing very well. We are active in Doral Kendall Aventura Davie Pembroke Pines Fort Lauderdale Palm Beach Orlando and Tampa. Then we have a very strong affordable housing division that just does government work. They have also been very success in expanding that company very rapidly. That s how I started. It s back to the past. FORT LAUDERDALE Q. Are you still involved in the Ireland s Inn site What about Icon Las Olas A. I m the majority owner. We are going to start a sales process. It will be the most expensive condominium in Fort Lauderdale. It will be right on the beach with private elevators. Everything you are getting in luxury in Miami it will be at a third of the price. We will be going to the international market but we think a lot of the Fort Lauderdale empty nesters with the large homes will be buying here. We are going to be starting Icon Las Olas pretty soon. In the long run it s a condominium job. We will start it as an ultra luxury rental for the lessee willing to pay 5 000 a month. We love downtown the Las Olas area. Related fit into that scenario A. We ve done it. I almost call it satellite cities. The best examples are the new towns in London that developed in circles around the main city. You create these neighborhoods where you have almost replicated that urban feel in a neighborhood. We are very big in that. In Doral we are creating a city center. It s a large open space so it s not a mall shopping center I hate that word with a movie theater grocery store and 10 different restaurants. On top of that we are going with residential single family on one side. Delray Beach is a perfect example where you have a central street. Those complement our downtowns as opposed to moving to West Kendall where you are adding shopping malls and strips center. We built City Place in West Palm Beach. Q. Your son Jean Paul has become active in your company. What insights does he bring that those of us in an older generation might not have A. When we sit down and do a project I m not stupid enough to think I know how to please that 30 to 40 generation so we have everyone from our marketing people to our public relations people say This is the things we want. They say Forget hot tubs we don t use them anymore. They will say it s important for us to get a food service. I always think New York is the most competitive city in the world. I sort of had a requirement that my kids go to New York for five years get a graduate degree and then can come here. [Perez has two older sons active in real estate but his daughter isn t in the field.] You get that competitive experience. If you didn t work 24 hours a day you didn t make it. What I would expect from them is they would want to continue with the legacy of keeping the Related name alive and growing. They have to develop the passion I have for the business or else they will never really run a business. Mine is not a business of accountants and professional management. Mine is a business of creation. If I don t recreate and do a better job than the competition I die very rapidly. www.sfbwmag.com September 2014 39 INTERNATIONAL SNAPSHOT Miami s trade decreases 5.32% T otal U.S. trade was up 2.79% through May but trade in South Florida was down 5.32% according to Coral Gables-based WorldCity which crunched Census Bureau Data. A continuing factor in the less-than-stellar South Florida numbers was lower trade in gold as commodity prices for the metal have slumped. Global trade in the Miami Customs District fell to 47.67 billion through the first five months of 2014 WorldCity found. Exports decreased 6.91% while imports fell 3.27%. Top Exports Civilian aircraft and parts fell 14.17% to 2.45 billion. Landline cellular phone equipment fell 3.93% to 2.15 billion. Computers fell 9.67% to 1.55 billion. Top Imports Gold fell 18.52% to 2.4 billion. Gasoline other fuels rose 10.99% to 1.84 billion. Computer chips fell 35.17% to 1.32 billion. Imports of returned exports rose 3.33% to 1.12 billion. Landline cellular phone equipment rose 19.39% to 1.07 billion. Source WorldCity http ustradenumbers.com customs-districts miami Top Trading Partners BRAZIL Exports fell 7.88% to 5.22 billion. Imports rose 40.59% to 1.48 billion. COLOMBIA Exports rose 0.18% to 2.34 billion. Imports fell 12.49% to 1.5 billion. CHINA Exports fell 6.64% to 186.01 million. Imports rose 2.85% to 2.43 billion. COSTA RICA Exports rose 2.83% to 869.6 million. Imports fell 31.47% to 1.7 billion. CHILE Exports fell 8.92% to 1.3 billion. Imports rose 2.40% to 826.38 million. Gold fell 34.46% to 1.51 billion. Medical instruments rose 12.46% to 710.94 million. Brightstar wants your iPhone Ever wonder where all those smart phones go when they are traded in Turns out Miami s Brightstar leads the world in buybacks. Founder Marcelo Claure (right) told a WorldCity Connections audience how he created a logistical supply chain involving buybacks and selling insurance for cell phones. The cellphone traded in by one customer at an Apple store can end up filling the claim of another customer who might have dropped the phone or cracked the screen. Customers get the same model which takes away any incentive to purposely damage a phone to get a newer model. Claure who has now left to be CEO of Sprint said he had a strong incentive to broaden his business Being a distributor is the worst business in the world. You have a manufacturer that wants to get rid of you and a customer that wants to get rid of you. No U.S. students aren t morons It s largely a matter of math as to why U.S. students often lag their peers globally CNN s Fareed Zakaria said during an appearance in Miami. During a Wells Fargo Wealth Management event at the Adrienne Arsht Center for the Performing Arts Zakaria cited statistics that said eighth grade students in Massachusetts were 2.5 years behind students in Shanghai when it comes to mathematics. The Shanghai school year though is 220 days while the Massachusetts school year is 190 days. It s not that they are geniuses and we are morons he says. They just teach it for longer. 40 September 2014 www.sfbwmag.com www.sfbwmag.com September 2014 41 HEALTHCARE AND LAW Gestational Surrogacy Putting Our Buns In Her Oven BY MARLA NEUFELD ESQ. PHOTOS BY DOWNTOWNPHOTO FORT LAUDERDALE DAVE DECOTEAU I was under the impression that once you decide to start a family you toss the birth control and give it the old college try. BAM There you are in your cute maternity jeans booking your family trip to Disney World. I was surely mistaken. The reality My husband and I suffered through years of failed infertility treatments disappointment and expense. We attempted IUI (intrauterine insemination) IVF (in vitro fertilization) injected boxes of hormones and endured multiple miscarriages. We decided that we had endured enough and yet we didn t want to give up our dream of having a biological child. According to Resolve a leading infertility advocacy organization infertility impacts 7.3 million Americans. About a third is attributed to the female partner a third to the male partner and the last third to a combination of factors or is unexplained as is our case. Eventually we reached a juncture and had to reassess. We had several frozen embryos from a prior cycle. I could try IVF again by means of a FET (frozen embryo transfer) but as much as I wanted to be pregnant my chances of success were very slim ultimately our doctor approved us for surrogacy. Although my husband was thrilled I was initially unsettled with the decision. My pregnant friends made comments like at least you won t get fat or have morning sickness. This was initially upsetting yet I ultimately took their comments in stride. Finding a surrogacy agency surrogate attorney finalizing medical and psychological testing and finishing the surrogacy contract took six months. During that time I was able to process everything and was excited about the opportunity. We decided that we had endured enough and yet we didn t want to give up our dream of having a biological child. Financial concerns are of paramount importance as surrogacy can range from 60 000 to 150 000. Some expenses include medical costs for IVF medications two attorneys one to write the contract and one to review for the surrogate the surrogate agency fee medical insurance for the surrogate and reasonable living expenses of the surrogate. My husband and I interviewed multiple candidates before selecting our amazing surrogate. The first surrogate we disqualified based on moral differences. The second potential surrogate was excluded after she did not pass the physical screening. The third time was most delightfully the charm She and her husband were warm friendly positive and genuinely excited to help us expand our family. Following the transfer of embryos carefully selected by the embryologist came the waiting. It takes 10 days affectionately known as the 2ww (2 week wait). Fast forward four days post procedure. I m at work on a call and I receive a text of a positive pregnancy test the voice on the phone becomes a blur. Finally there was confirmation by the official pregnancy test. Not only was our surrogate pregnant the test indicated twins. My husband and I were overjoyed. To our amazement the second trimester rolled around. It was soon time to travel to the surrogate s hometown to attend the gender ultrasound. We were overjoyed to learn that she was pregnant with twin boys. During the pregnancy the surrogate and I communicated Marla and Jason Neufeld with their twins Ethan and Asher. 42 September 2014 www.sfbwmag.com www.sfbwmag.com September 2014 43 Five Key Questions about Surrogacy in Florida 1. Can I use a surrogate to save my figure Elle magazine recently coined the phrase social surrogacy to highlight women seeking to use a surrogate to sidestep pregnancy for convenience. Under Florida law you cannot use a surrogate for non-medical reasons. 2. What should I look for when selecting a surrogate A surrogate should understand that she will have to interrupt family and work schedules to attend recurring medical appointments as well as undergo fertility drug protocols and embryo transfers. The surrogate and commissioning couple Marla Neufeld s practice now includes surrogacy. must agree about difficult issues such as the number of embryos to transfer and termination or selective reduction if medically necessary. You want to ensure the surrogate leads a healthy lifestyle and has a good support system. Preferably she has had a prior uncomplicated birth minimal number of Caesarian deliveries is free of a criminal history and generally no older than 40. Never underestimate your instinct. 3. Can same sex couples use surrogacy in Florida to start a family Yes. Florida does not prohibit egg or sperm donation for same sex couples. There are additional steps required for same sex couples to ensure parental rights. In late 2013 the Florida Supreme Court held that part of a state law was unconstitutional because it only allowed legally married heterosexual couples to retain parental rights to children born as the result of donated genetic material from one party to the other. (The case involved a lesbian couple where one donated the embryo and the other gave birth.) 4. Will insurance cover any of the surrogate s medical expenses daily. For the doctor s appointments that we couldn t make she recorded the ultrasounds and sent photos. I followed up with a call to the doctor s office to review. Our surrogate was truly incredible during the process and was genuinely excited for our gestating twins. Prior to my infertility experience I practiced only transactional law. My infertility surrogacy journey inspired me to branch out my practice to include surrogacy and reproductive technology law awarding me the pleasure of helping others. I know it is a daunting prospect when considering surrogacy and I can now help others navigate through the system to understand the process and the legal implications. As a fun side note we are among celebrities that have ventured down the surrogacy road such as Jimmy Fallon Sarah Jessica Parker and Elton John. We received unbelievable support from our family friends community and new surrogacy family to help make what seemed impossible become a reality. As my surrogate always saYS It takes teamwork to make the dream work. Throughout this journey my husband and I and our supportive family and friends have grown closer you truly learn the quality of a relationship when tested with a challenge. This experience shaped my career which will help others cope with infertility. I never would have imagined this scenario but I intend to turn it into a positive constructive path. I look forward to sharing my knowledge and helping others fulfill their dreams. Marla Neufeld is an attorney in the family law practice at Greenspoon Marder a full service Florida law firm founded in 1981. Contact Marla for a free consultation at 954.761.2929 or Marla.Neufeld gmlaw.com. Under a surrogacy contract the commissioning couple is responsible for all medical costs. Many insurance policies specifically exclude coverage for women who are serving as surrogates. However some insurance companies specifically issue coverage for surrogacy. After delivery the obstetrical benefit coverage of the commissioning couple if applicable will cover the expenses of the child. 5. Who are the predominant contributors in a surrogacy journey Social workers psychologists physicians and lawyers often evaluate the surrogate to make the right match with the commissioning couple. Reproductive technology lawyers negotiate egg donation and surrogacy contracts and prepare documents to confirm the parental rights. 44 September 2014 www.sfbwmag.com Experience Makes Us Experts At Brown & Brown we know that we must be as agile as the cheetah in order to thrive in the competitive insurance environment. Our unique culture has enabled us to quickly chase down new opportunities adapt our products and services to best meet market demands and satisfy our customers. Fort Lauderdale s Private Client Group Fort Lauderdale Division - 1201 West Cypress Creek Road Suite 130 Ft. Lauderdale FL 33309 Ph. (954) 776-2222 Fx. (954) 771-9192 www.bb laud.com Auto Aircraft Bonds Condominium Collectables Flood Health Benefits Homeowners Liability Marina Personal Property Umbrella Workers Comp www.sfbwmag.com September 2014 45 LAW Developments face challenges this lawyer has strategies South Florida is experiencing a wave of redevelopment that often requires skilled legal help to accomplish goals. Stephanie Toothaker a director in the land use governmental relations and procurement practice at Tripp Scott was asked to give her thoughts to SFBW s readers on some of the key issues and how to cope with them. Q&A What are some of the favorite projects you have been involved with and why I really do love every project that I work on but my three favorite projects would have to be Marina Lofts The Pelican Grand Beach Resort and The Harborage Club. Each of these projects was fabulous but also controversial high profile and complicated. South Florida needs changes in entitlements to facilitate redevelopment. What are some of the biggest challenges Probably the biggest change and challenge - in the modern entitlement process is how readily available all of the information is to the public. Social media has completely changed how projects get approved and are reviewed by the public. In essence residents have become real-time players in the process as they communicate through Facebook Twitter Instagram and other online outlets and project data is instantaneously available. In the case of Marina Lofts the opposition started a change.org petition opposing the project and people as far away as California were weighing in which certainly makes the engagement process more complicated. Not even 10 years ago this level of attention and scrutiny would have been unheard of but today it is the norm and can sometimes be the most significant challenge to the process as misinformation can enter the pipeline at lightning speed. Many urban planners say we need increased density to accommodate all the people expected to move here. Is the public coming to grips with this better There is still a great deal of resistance to density but the reality is to truly become a multi-modal society larger numbers of people are part of the equation. The Wave is coming and that s a terrific thing but mass transit doesn t work without people and until winters end in the North people will continue to migrate to South Florida. It is also important to build housing that younger people can afford so we don t have a brain drain of young talent and we cannot do that with just a single-family dwelling approach. The key is to build smart using density and creative design to create an exciting sense of place as opposed to poorly planned suburban sprawl. What are some of the steps that can be taken for developers to avoid issues with residents near sites that are seeking entitlements changes The key really is communication early and often. Frankly you can never make all of the neighbors happy but having an open line of communication and trying to address their concerns really goes a very long way. Being willing to listen also has project benefits especially in a place like South Florida with the creative human capital that we find here. Some of the best improvements come when developers and neighbors work together Stephanie Toothaker in a proactive and collaborative way. You have a background representing industrial tenants. How busy is that sector now with South Florida s growth and the expansion of the Panama Canal I think it is clear that industrial will be a significant component of the next wave of development since I believe there is a dearth of available industrial space. We are seeing plans for new mass transit systems. What opportunities and challenges will this create Planned multi-modal mobility is the key to our region s next wave of development. Developing smarter by embracing multi-modal transit is a viable attractive option. Without it we will face eventual gridlock so the time to change our traditional approach of simply adding more pavement to something far more innovative and responsible is now. Contact Stephanie Toothaker at 954.525.7500 or sjt trippscott.com. 46 September 2014 www.sfbwmag.com One Choice... 5 000 local commercial real estate market leaders. 55 countries. 400 local offices. All actively managed to perform for you. NAI Global is the single largest most powerful global network of independently owned and operated commercial real estate firms. As owner-operated local market leaders our firms have far more at stake they re entirely dependent on earning your trust and your business every single day. That s why NAI firms take your business very personally and deliver a superior level of service that can t be duplicated. All actively managed to work cohesively in your local market or around the world. And all with a united singular purpose exceeding your expectations. www.naimiami.com 1 305 938 4000 naimiami.com www.sfbwmag.com September 2014 47 COMMERCIAL REAL ESTATE COMMERCIAL REAL ESTATE Something s off about new office space BY DARCIE LUNSFORD Angelo Bianco Donna Korn Caroline Fleischer Tim Prunka The South Florida real estate market is again steaming ahead perhaps to a frenzied destination but new office projects still don t seem to be attracting much development interest. This real estate go-around any genre of multifamily big-box industrial or infill retail catering to the Trader Joe s or Chipotle crowd are development darlings. And in some pockets available office space may soon go the way of the Florida Panther hard to find and near extinct. You don t have to look further than three consecutive years of falling vacancy and no major new construction to understand supply-demand dynamics are at work. Corporation-laden southwest Broward County where vacancy sits at a tight eight percent is one notable spot where companies in search of new offices are starting to find fewer options. We are just now starting to see that market transition from a tenant s market to a slight landlord s market says Donna Korn director of leasing for Taylor & Mathis which represents institutionally owed office buildings across Miramar and Sunrise. The concessions are burning off. And so is deep discounting of face rents she says. Many companies are now making long-term real estate decisions including expansions. Centene Management Co. a Fortune 500 healthcare services firm recently expanded its footprint leasing 42 678-square-foot location at Sawgrass Plaza in Sunrise which takes that property to full occupancy says Korn who brokered the deal. Burgeoning demand particularly in the upper-tier of the market could play well for Duke Realty which looks like it will be among the first developers to come out of the gate with a major new office project is Southwest Broward. Duke recently filed plans with the city of Pembroke to develop Pembroke Pointe a two tower 300 000-square-foot office project along I-75 in Pembroke Pines. Part of the challenge with building new offices is financing them. Lenders remain reticent to lend money on speculative offices and anchor tenants remain reluctant to pre-lease buildings that don t exist. The lending community is quite shy about office and their requirement is still for preleasing says Angelo Bianco a partner with Boca Raton-based developer Crocker Partners. Crocker owns a prime 1.5-acre site between Broward and Las Olas Boulevards in the heart of downtown Fort Lauderdale. It is considering construction of a new office tower on the site but rents haven t risen sufficiently to justify the 400 a-square-foot cost to build the office high-rise Bianco says. Net rental rates would need to be in the 35 a-square-foot range for the project to make economic sense he adds. So far wide acceptance of such rates even in the priciest towers along Las Olas Boulevard is lacking. In Miami s central business district which is abuzz with residential and mixed-use construction new office buildings are also scarce. Swire Properties is one of the few delving into the sector building a 128 580-square-foot office tower as part of its mammoth Brickell City Centre mixed-use project. But there s something odd about downtown Miami according to Tim Prunka managing director of the tenant representation firm Studley. Although there is a 15 percent vacancy along the coveted Brickell Avenue corridor it is the wrong kind of space for many top banks law firms and corporations. For general big blocks of space you just can t find any more on the top floors but the bottom floors have a lot vacancy Prunka says. Caroline Fleischer a tenant representative broker at Cushman & Wakefield points to Doral as another corporate hotspot where finding space is challenging. If you are thinking about making a move now is the time to do it she says. If you are looking for larger blocks of space lock in and lock in long term. You are not going to find a better deal by waiting six months. Freelance writer Darcie Lunsford is a former real estate editor of the South Florida Business Journal. She is senior vice president for leasing at Butters Group and is avoiding a conflict of interest in her column by not covering her own deals. 48 September 2014 www.sfbwmag.com A 128 580square-foot office tower is planned for Brickell City Centre Office Squeeze Vacancy Rate BROWARD COUNTY Vacancy rates start to drop rents start to rise as space is absorbed Rents per Sq. Ft. 13.7% 13.3% 12.8% 12.8% 12.2% 24.11 23.49 23.09 23.04 23.44 -16 892 371 990 Net Absorbtion in Sq. Ft. -115 092 264 417 376 875 Q4 2011 Q4 2012 Q4 2013 Q1 2014 Q2 2014 MIAMI-DADE COUNTY Q4 2011 Q4 2012 Q4 2013 Q1 2014 Q2 2014 PALM BEACH BOUNTY 14.4% 13.7% 12.6% 12.5% 12% 28.74 28.70 29.22 29.31 29.64 161 845 511 611 1 052 157 910 822 1 207 533 Q4 2011 Q4 2012 Q4 2013 Q1 2014 Q2 2014 SOURCE COSTAR 17.4% 16.2% 15.9% 15.8% 15.3% 25.67 25.39 25.67 25.99 25.99 564 126 685 454 153 902 131 933 282 615 www.sfbwmag.com September 2014 49 TECH HUB The Future is Here The workplace of the future is already here and it s all around us Ciollaborative spaces at Citrix By Chris Fleck Consider these statistics about companies More than 50% have people working from home more than one day per week. 43% have employees working at client sites more than a day per week. 40% have employees working while traveling. 32% of companies employees work from coffee shops and other public places. Why are so many companies enabling these alternative work styles Whether it s a formal A conference space with video company program or an informal management practice the trend is rapidly growing and much broader than the telecommuting initiatives of the past. The drivers for this trend include talent acquisition and retention increased productivity and continuity 24 7 business demands plus the opportunity to save on real estate costs. The barriers to adoption of these new work styles are also rapidly decreasing. The applications and documents that employees need to use for their jobs are readily available with tools like remote virtual desktops low cost web collaboration with video Comfortable seats for collaboration conferencing or secure mobile work apps running on an iPad. Citrix Systems has long been Citrix Systems redesigned a 41 000-square-foot an advocate of alternative work headquarters space for 1.6 million and was able to get environments and a beneficiary a 1.8 million annual savings. of the latest trends in mobile Before After and flexible work styles. It has Redesign Redesign adopted its own alternative Capacity 260 425 work environment for a number of existing spaces in its Fort Assigned seats 216 0 Lauderdale headquarters Square feet per employee 157 96 building as well as defined standards for new facilities. The fourth floor at 851 W. Cypress Creek Rd. started as an experiment and has now become a showcase for customers visiting the Executive Briefing Center. The open layout includes a shared space with sitting or standing workstations privacy rooms for personal conversations and conference calls conference rooms and the obligatory tech company pool table. This new space is much more than an expensive showcase however. It turns out that most employees have rated the space as a productivity booster and collaboration accelerator. Even though many of the employees have the option to work from home the majority of them now spend more days in the office. Perhaps more quantifiably the actual real estate costs per employee has drastically reduced. In terms of return on investment the retrofit for this space was 1.6 million and the annual cost savings has been 1.8 million. The implications of alternative workplaces are significant for businesses as well as commercial real estate operations in South Florida or anywhere in the world. If you run a business that is planning to grow you may want to consider the workplace of the future. Chris Fleck is on the board of the South Florida Technology Alliance and vice president of mobility systems and alliances for Citrix Systems (NASDAQ CTXS) a Fort Lauderdale company that provides secure remote access to data and applications. 50 September 2014 www.sfbwmag.com ap o gee puh-j noun 1. the highest point in the development of something the climax or culmination. 2. Astronomy. the point in the orbit of the moon or a satellite at which it is furthest from the earth. AWARDS CEO CF0 CMO COO CIO CHAIRMAN PRESIDENT SENIOR HR EXECUTIVE ARE YOU DESTINED FOR C-level executives that have achieved greatness within their profession while also working for the greater good of the community around them. The Apogee Awards will honor a small group of South Florida s GREATNESS Silver Sponsor & present Honorees will be selected by a distinguished group of business and community leaders from the tri-county area who comprise the SFBW editorial board. To learn more about the Apogee Awards and the leadership roles being recognized or to submit a candidate for consideration please visit sfbwmag.com apogee. Presenting Sponsor FA M I LY O F R E C R U I T I N G C O M PAN I E S www.sfbwmag.com September 2014 51 BEHIND THE MIC Fried on Business Gil Dezer Lauren Book and Dr. Ashwin Mehta make their marks BY JIM FRIED We are going to use this space to talk about some of the things I see from my seat behind the mic on Thursdays at 5 p.m. on 880 AM. While my business focus is real estate my radio show gives me a chance to interact with people from across the business and social spectrum. This month I want to focus on three of my recent guests that are truly important to South Florida Gil Dezer Lauren Book and Dr. Ashwin Mehta. Gil is a second-generation developer from Sunny Isles Beach Florida. He has perfected the super-luxury condo niche. Gil has developed some of the most extraordinary condominiums in Miami. His concepts allow him to attract some of the wealthiest buyers in the world. He has joint ventures with some of the world s most recognized super luxury retail brands Porsche Armani and Hyde Hotels. He has joint ventured with some of the biggest brands in the development world as well Trump and Related Group. Gil also has a great sense of humor and searches for adventure every year when he participates in the Gumball 3000 Road Rally. Lauren Book is simply an everyday hero for all of us. Her daily crusade to help protect children has taken her all over the world. Recently named one of L Oreal s Women of Worth Lauren is an example for the worldwide community. Lauren was molested by her housekeeper for years and her message now is that 95 percent of child sexual abuse can be prevented by education. Her story and message is one of strength and inspiration. I look forward to again supporting Lauren s Kids Walk in My Shoes 2014 and working with her in the community to present her ideas to South Florida s youngest and most vulnerable residents. Dr. Ashwin Mehta is a blessing for us all. As Medical Director for Integrative Medicine at the University of Miami s Sylvester Comprehensive Cancer Center Mehta brings together medical concepts from across the centuries. His emphasis on mindfulness adds to his effectiveness. Dr. Mehta is on the cutting-edge of medicine. He combines empathy and creativity to bring people back from the brink as they recover from cancer chemotherapy and other tough medical situations. To hear more from these thought leaders go to www.FriedOnBusiness.com. WALK WITH US TOWARD A SAFER TOMORROW. Learn more at WWW.LAURENSKIDS.ORG 52 September 2014 www.sfbwmag.com Time to trade the corner office for your own little corner of the world A Transworld business advisor can get you there. Every day Transworld Business Advisors connects quality top-paying acquirers with business owners ready to sell and move on to the next stage in their careers. As the world leader in business sales franchising and mergers and acquisitions Transworld has access to a huge database of individual domestic and immigrating buyers and strategic corporations looking for the right business opportunity. And Transworld has the expertise to ensure any business sale goes smoothly. So whether you re ready to sell your business or buy an existing business or franchise contact a Transworld Business Advisor for a free consultation today. 800.205.7605 tworld.com WINNER of Closest-to-the-Pin will go home with a Mercedes-Benz lease Presented by The 2014 Golf & Tennis Classic will support the Dan Marino Foundation Here s Help Inc. charities and the Greenspoon Marder Foundation. Dan Marino Tuesday October 7 2014 Parkland Golf & Country Club DIAMOND SPONSORS EMERALD SPONSORS Footy SAPPHIRE SPONSORS RUBY SPONSORS PEARL SPONSORS Sponsorship opportunities available www.gmlawfoundation.org 954-304-4128 sheila gmlawfoundation.org www.sfbwmag.com September 2014 53 Save the Date THE SALAH FOUNDATION S 2014 PROFILES IN LEADERSHIP GALA Presented by Sylvester Comprehensive Cancer Center Hosted by Hyatt Regency Pier Sixty-Six Saturday October 11 2014 Hyatt Regency Pier Sixty-Six 6 00 pm until 11 00 pm 2014 GALA HONOREES DAVID ARMSTRONG President Broward College KELLEY SHANLEY President CEO Broward Center for the Performing Arts ANDREAS IOANNOU CEO Orchestra Hotels Resorts BOB MOSS Chairman CEO Moss & Associates GINGER MARTIN President CEO American National Bank EXCELLENCE IN LEADERSHIP AWARD AUTONATION For information on sponsorship opportunities call Patty Sacco at 954.767.8866 or visit www.leadershipbroward.org The Casino gaming tables are provided for entertainment purposes only by Casino Party Nights Florida Inc. tel. 954-926-4219 . All Donations and proceeds go the Leadership Broward Foundation Inc. 54 September 2014 www.sfbwmag.com THE SALAH FOUNDATION www.sfbwmag.com September 2014 55 COMMUNITY BANKING The Big Squeeze Banking regulations could hamper economic recovery BY LESLIE KRAFT BURKE Uncertainty is the watchword for South Florida s community banks as they grapple with the banking reform regulations resulting from the Dodd-Frank Act. Dodd-Frank already has more than 5 000 pages of complex regulations with more to come that are meant to curb the questionable lending practices that helped create the Great Recession. This coupled with stricter rules on accessing capital and a tightly controlled mortgage lending environment has led bankers to claim the act s one-sizefits-all regulations have a disproportionate effect on smaller banks. Banks are forced to hire more staff to deal with regulations as opposed to helping businesses and consumers they have to set aside greater capital reserves and many are making fewer loans all of which impact the economic health of South Florida. Many community banks are created with the idea that the founders will eventually cash out with a merger but all of the regulatory overhead gives added incentive for deals. The number of community banks nationally dropped about 56 September 2014 www.sfbwmag.com COMMUNITY BANKING Carlos J. Arboleda managing director of COI Access 20 percent from 8 170 in 2008 to 6 550 in 2013 the Federal Deposit Insurance Corp. says. In South Florida Broward Bank of Commerce recently agreed to be acquired by Home BancShares of Arkansas while 1st United Bank agreed to be acquired by Valley National Bancorp of New Jersey. Apollo Bank of Miami recently gained regulatory approval to finish its acquisition of First Bank of Miami. net meant for bigger banks which has made their regulatory climate more challenging than ever before says Dave Seleski president of Stonegate Bank which has about 1.6 billion in deposits and branches throughout Miami-Dade Broward and Palm Beach counties. Seleski also notes community banks concern over proposed new Financial Accounting Standards Board rules that would force them to increase loan loss reserves and purchase new systems. We would be required to make decisions loan by loan instead of by category. We also would have to purchase the software to do this from specific vendors. Large banks can absorb the costs of doing this but smaller banks would have to pass some of this cost along to consumers Seleski says. The proposed changes won t improve accuracy in lending they will just make a lot of money for vendors and raise consumer costs. Banks push for regulatory reform Florida s community banks are making a big push in general for regulation reform in the wake of Dodd-Frank says Alex Sanchez president and CEO of the Florida Bankers Association. Tens of thousands of community banks can t deal with this Sanchez says. They now have to have as many regulatory staff as they do lenders. Powering your bottom line right solution. right service. At Any time. 1-800-385-3187 The scariest thing is that most of Dodd-Frank s effects and rollouts have yet to take place nor have they been made fully clear. Community Banks by far have suffered the greatest costs as a result of DoddFrank and related regulations according to Carlos J. Arboleda managing director of South Florida-based executive search and corporate lobbying firm COI Access which has numerous banking clients. The scariest thing is that most of DoddFrank s effects and rollouts have yet to take place nor have they been made fully clear he says. Smaller banks have in general have been caught up in the current industry regulation The way banks lend has already been impacted by the way they are required to classify loans now he adds. Regulators are telling banks to classify loans as non-performing even if they are current based on the financials of customers they feel may not make payments on them Sanchez says. This is huge. The banks have to reserve capital against them. Many community banks have decided to get out of the residential real estate mortgage business altogether due to the qualified mortgage regulations Sanchez of the bankers www.okgenerators.com www.sfbwmag.com September 2014 57 COMMUNITY BANKING The proposed changes won t improve accuracy in lending they will just make a lot of money for vendors and raise consumer costs. association says. You gave me a loan I m suing The rules are such that banks could actually be sued successfully by their customers because they gave them loans he says. There is no question that banks are making less mortgage loans. In February of this year mortgage originations fell to a 14-year low and this is happening while the economy is in recovery. This is greatly impacting the housing market. Cumbersome banking regulations are also affecting the job market and the reward to consumers is uncertain says Arboleda of COI Access. What was once a small-to-midsized staff of compliance folks at a community bank is now a mammoth department full of regulatory legal compliance risk professionals and consultants making sure the bank is compliant. This has led in many cases for the compliance department to be the biggest cost center of a community bank and certainly the biggest strain on profitability he says. The issue is amplified by a huge demand for skilled compliance professionals and an overwhelming scarcity of talent with the skills necessary to take on DoddFrank which is widely agreed to be the biggest burden ever placed on the banking industry. ... It s not quite clear yet if consumers are really winning with all these added costs and regulations. Dave Seleski president of Stonegate Bank 58 September 2014 www.sfbwmag.com JEWELRY STORE VOTED BEST 4 Years in a Row We offer hundreds of pre-owned luxury watches Audemars Piguet Breitling Cartier Chopard Franck Muller IWC Officine Panerai Patek Philippe Piaget Rolex Ulysses Nardin Zenith www.daouds.com Patek Philippe World Timer Pre-owned 18K Yellow Gold. List Price 47 000 Daoud s Price 28 500 954-WATCHES 2473 EAST SUNRISE BOULEVARD FORT LAUDERDALE FL 33304 (across from the Galleria Mall) www.sfbwmag.com September 2014 DAOUD S FINE JEWELRY IS NOT AN AUTHORIZED DEALER FOR ANY BRANDS REPRESENTED IN THIS AD Florida s Oldest and Highest Rated Jeweler Daoud s 59 Crowdfunding BY KEVIN GALE The Latest Financial Gold Rush Crowdfunding is one of the hottest words in finance these days unfortunately Florida risks turning into a laggard. A panel on crowdfunding drew well a crowd at the eMerge Americas conference earlier this year and South Florida has a vibrant crowdfunding scene. Unfortunately the Legislature failed to get an enabling bill out of committee. About a dozen other states have now beat Florida to the punch. Blame has been at the feet of the Florida Office of Financial Regulation which wants to wait for rules from the Federal Securities and Exchange Commission. The SEC has been slow to issue rules that would open up mass public participation in the type of equity and finance investments that have only been open to accredited investors. The state crowdfunding legislation would allow a nonaccredited investor to loan up to 2 000 in an individual company and get a 6 to 9 percent interest payment says Dave Mildenberger CEO of Miami s Funding Wonder. Mildenberger is also president of the Florida Crowd Financing Association which backs state legislation. These types of investments could be economically important to a region like South Florida that is dominated by small businesses. A lot of banks don t want to do loans under 150 000 he says so what about people who need 20 000 to 150 000 to add a room or buy another pizza oven Joanna Schwartz CEO of Miami s Earlyshares.com already offers accredited investors a chance to buy equity stakes and is considering broadening that to the public in general depending on what the SEC does. Crowdfunding is profoundly and democratically disruptive. It gives people a chance to put their money where their heart is she said at eMerge Americas. Oculus outrage The 2 billion sale of Oculus which makes virtual reality goggles to Facebook was a watershed moment when it disappointed supporters. The 9 500 people who contributed 2.24 million to Oculus on Kickstarter were disappointed that they didn t get a share of the 2 billion because they didn t have an equity stake Schwartz said. They realized the company was based on their backs and support. EarlyShares offers accredited investors not only equity stakes in companies but opportunities to invest in real estate and investment funds. Crowdfunding isn t as easy as just putting a listing on a website though says Vann Alexandra Daly who has earned the nickname The Crowd Sorceress. The Miami native said months of pre-production marketing work is needed. She played a key role in rocker Neil Young s campaign to raise money for Pono Music which will offer a portable player with audio file quality that rivals original studio recordings rather than the watered down versions found in MP3 files. The Kickstarter campaign sought to raise 800 000 but ended up getting 6.22 million in pledges from 18 220 investors. Young spent years building support for his concept and got a wave of attention when his campaign became the third-most successful on Kickstarter. Vann Alexandra Daly The Crowd Sorceress. The Miami native said months of pre-production marketing work is needed. She played a key role in rocker Neil Young s campaign to raise money for Pono Music which will offer a portable player with audio file quality that rivals original studio recordings rather than the watered down versions found in MP3 files. A lot of people do fundraising not just for the money but the validation. You get supporters Daly says. The downside of crowdfunding Alan McGlade the other cofounder of Funding Wonder talked about what could go wrong with crowdfunding. The one thing you worry about is kicking off a campaign to raise money and it s not a big success and you feel it puts a black mark on your company he said. If you are going to raise money through crowdfunding you are not a disinterested party. ... You have to really drive the process just like you were meeting with VCs and angel investors. He says some key questions are Is my branding correct Is my pitch good Are we on the right platform Are we using all the social media tools and friends and family If you don t win it you might feel a loss of momentum and people might think there is something wrong with the company he says. Types of Crowdfunding Equity based You get an ownership stake. Entrepreneurs may have minimum and maximum investments. Royalty Backers get a percentage of revenue from the product such as an app. Lending based You make a loan and get repaid over time. It s also known as peer-to-peer lending. Reward based You typically get a reward such as a finished copy of the finished work. Sometimes there are tiers of rewards based on how much you contribute. Donation-based You contribute to a charitable cause and feel good. Experience in Europe His co-founder Mildenberger opened the Miami New York and San Francisco offices for CF Partners of Germany. The investment banking and M&A company mainly does international deals in the range of 20 million to 300 million. CF has a 30 million Euro fund in Germany for startups and four years ago began looking at crowdfunding Mildenberger says. The 600 billion funding market for small business is 20 times the size of the venture capital market. Funding Wonder which is in a prelaunch stage wants to have an online portal where small businesses can be matched with investors who can spread their risk over multiple borrowers. Our business model includes about 80 percent of the loans backed by assets. It s the equipment that the air conditioning guy buys. It s the car that a transportation company needs he says. A similar model in the United Kingdom has loaned about 250 million and the default rate is 1.4 percent Mildenberger says. He expects no more than 3 percent with the fund here. Credit scores go from A to C but his research indicates the people with the lowest credit rating have the lowest default rate Mildenberger says. They have a hard time getting financing anywhere so when they get it they are really focused on paying it back. Mildernberger says he and other portal operators would have to be fingerprinted and businesses would have to meet certain funding guidelines. While the SEC is worried about crowdfunding turning into the Wild Wild West every click on the funding portals including email and correspondence will be tracked. Mildenberger thinks con artists would rather keep flying under the radar. Jobs Act opens up funding methods The Jobs Act of 2012 had three major provisions that make it easier to raise money Access to Capital (Title II) Relaxes rules on broader solicitation or advertising of securities. However the offerings are still only supposed to be for accredited investors who typically have more than 1 million in assets excluding their home or 200 000 or more in annual income. Forbes estimates accredited investors are only 1 percent of the population. Status Rules are in effect. Crowdfunding (Title III) This loosens the rules for offerings under 1 million done via a broker or online funding portal. Rules based on investors net worth and income are designed to limit risk Net worth of less than 100 000 Investments are limited to 2 000 or 5 percent of net worth or annual income which ever is greater. Net worth or annual income of 100 000 or more The investor can invest 10 percent of net worth or annual income in an offering. Status Rules have not been finalized. Small Public Offerings Under 50 million (Title IV) These rules would make it easier for companies to raise up to 50 million over 12 months with an easier SEC registration. Investors could invest 10 percent of their income or net worth which ever is greater. There will be ongoing reporting requirement to the SEC but it could be waived if there is a low number of investors. Status Rules have not been finalized. Sources Jobs Act 2012 Crowdfundattny.com Fundable.com Entrepreneur.com Funding Websites Kickstarter supports creative endeavors which have to hit their goal in pledges from backers or they don t get any money. More than 5 million people have pledge over 1 billion for more than 60 000 projects. Offers either a flexible or fixed funding campaign. If you reach your goal under either approach you are charged a 4 percent fee (3 percent for verified nonprofits). If you don t reach your goal a flexible funding campaign allows you to keep the money but Indiegogo charges a 9 percent fee. If a fixed campaign falls short all the money is returned to investors and Indiegogo doesn t charge a fee. There are also processing fees of 3 to 5 percent depending on the payment options to the fundraiser. Indiegogo says it has hosted over 200 000 campaigns from 224 countries and territories around the world since launching in 2008. Miami-based company which started in 2011 allows accredited investors to find fund and become owners in private companies real estate projects and investment funds. EarlyShares conducts due diligence and reports it is working on more than a dozen active campaigns. EarlyShares is considering non-accredited crowdfunding. South Florida crowdfunding examples Carbon by Energy Bionic (Kickstarter) West Palm Beach company was successfully funded by 380 backers who pledged 42 481 surpassing the goal of 15 000. Carbon is a wrist watch with a large face that also collects solar energy. It can then be used to recharge smart phones giving about a three hour boost. A 95 pledge got backers a watch. Thrust Live Well for Better Sex Health (Indiegogo) Miami company raised 30 044 of its 250 000 goal. (Thrust s website says it has raised 500 000 from funding sources in general.) Thrust has a wellness system designed to help you get fit stay healthy and achieve better sex. For 15 on Indiegogo users were getting access to six workouts a recipe book and fact guide. More expensive tiers were offering training gear. Website Thrust180.com PsychSignal (EarlyShares) Miami company announced a 1 million convertible debt campaign. PsychSignal analyzes social media sites such as Twitter to measure public sentiment and generate actionable investment intelligence. 62 September 2014 www.sfbwmag.com Larrys Private Car & Limo Service COLLECT SMARTER. Ditch the blanket approach. Each of your clients is different. Customize your collection approach to each client and watch recovery rates soar. With our automated system you will save money without losing your hard-earned client relationships. For an in-depth is accounts receivable analys t Scott Krasick. please contac scott.krasick kinum.com Sedans SUVs Stretch Limos Vans & Buses Broward 954.473.6631 Palm Beach 561.361.7899 Toll Free 800.611.6631 COLLECT SMARTER. (305) 582-8258 Find more info at kinum.com CLASSIFIED SEPTEMBER 2014 Collect Smater 1 4 page Scott Krasick.indd 1 7 28 14 6 54 AM FREELANCE WRITERS - SFBW and Lifestyle Media Group are seeking freelance writers for their business and lifestyle magazines in South Florida. The best candidates will have a knack for digging out interesting impactful stories and the ability to write compelling content. Candidates should send a resume and clips to kgale sfbwmag.com. SFBW SALES TEAM - Like what your reading SFBW is seeking sales representatives throughout South Florida. We believe in a consultative approach that solves problems for our clients and helps them grow business. Key skills required are self motivation initiative creative problem solving blending patience and aggressiveness with the ability to ask questions and listen. Send resume to gpress sfbwmag.com. SOCIAL MEDIA INTERNSHIP - I m that smart social media kid you ve been looking for right here in Miami. By night I m going to college by day I want to help your company increase incoming connections and sales through social media and website programs. I have experience optimizing company websites by using meta tags to build traffic and content marketing through Facebook Twitter LinkedIn Reddit and StumbleUpon. Please contact Jeff Dolezal (561) 603-2984 dolezj gmail.com NYSE BBX 18.00 6 30 14 433% GROWTH 15.60 12 31 13 .70 .38 6 3 12 31 12 Historical results may not be indicative of future results. 12 30 11 BBX Capital formerly known as BankAtlantic Bancorp a New York Stock Exchange listed company (NYSE BBX) is involved in the acquisition ownership and management of and joint ventures and investments in real estate and real estate development projects as well as investments and management of middle market operating businesses. In addition BBX Capital and it s holding company BFC Financial Corporation have a 46% and 54% indirect ownership interest in Bluegreen Corporation. Bluegreen manages markets and sells the Bluegreen Vacation Club a flexible points-based deeded vacation ownership plan with more than 180 000 owners over 60 owned or managed resorts and access to more than 4 000 resorts worldwide. 401 E. Las Olas Blvd Ste 800 Fort Lauderdale FL 33301 954-940-4000 BBXCapital.com www.sfbwmag.com September 2014 63 WHERE I DINE AND WHY Private dining and wine pairing in the Wine Attic ATRIO The Conrad Miami 1395 Brickell Ave. Miami Reservations 305.503.6529 or www.opentable.com Atrio BY RICHARD SHELLENE We took a moment with Carlos Fernandez Guzman President and CEO of Pacific National Bank to talk about his favorite restaurant Atrio at The Conrad Miami. The Atrio dining room in The Conrad Miami has a view of the Miami skyline. Here s what he likes Convenient location A wide selection of both very sophisticated and simple selections. You can take just about anyone. A most impressive training staff. Knowledgeable about the menu. They take good care of you yet maintain a sense of distance and privacy. You never have a sense that they re interrupting your conversations with clients. It is a very comfortable environment. You don t feel boxed in. Even private dining in the wine room provides a sense of privacy without removing you completely from the ambiance. The culinary level is above expectation. Ordering a Cuban sandwich somewhere that is not Cuban is daunting. I was surprised as a Cubanborn American to find Atrio s take was not only genuine and culturally correct but very good. Also the gazpacho is non-traditional but also very good. Even the view has value as you look out on the skyline and water. The best compliment any restaurant can receive is getting return business from my clients. Every once in a while I go for dinner with my wife. 64 September 2014 www.sfbwmag.com 888 EAST LAS OLAS BOULEVARD FORT LAUDERDALE 954 462 8880 VALET PARKING AVAILABLE LEVINSONJEWELERS.COM SHOP ANYTIME ONLINE LAUREN TANNEHILL www.sfbwmag.com September 2014 65 66 September 2014 www.sfbwmag.com Where can we help you next Over three decades of experience advising clients on strategic acquisitions and dispositions and providing landlord representation tenant representation property management and construction management services. We bring you real estate solutions around the block or around the world. 4400 PGA Palm Beach Gardens FL Recently renovated this 10-story office building offers excellent access and fantastic amenities. Just minutes from I-95 and the Gardens Mall. Centrepark Office Buildings West Palm Beach FL A 479 000 square foot collection of Class-A office buildings with access to everything... I-95 PBIA downtown and more. If you need it we ve got it City Centre Palm Beach Gardens FL A 93 700 square foot office mixeduse plaza in Palm Beach Gardens offering retail and office tenants excellent choices at great rates. Jupiter Med & Tech Park Jupiter FL This 186 000 square foot med tech facility is located on a beautiful 16-acre corporate campus setting in the heart of the Jupiter Medical Center. Fountain Square Boca Raton FL A 241 000 square foot Class-A office property consisting of three buildings surrounding a cafe courtyard and a grand fountain. Minutes to I-95. Golden Bear Plaza Palm Beach Gardens FL A 243 000 SF Class-A office complex with beautiful Intracoastal and ocean views with lush landscaping. Located just north of PGA Boulevard on US 1. West Palm Beach 561 471 8000 www.mhcreal.com Boca Raton 561 394 5200