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APRIL 2015 SFBWMAG.COM 7.95 Gil Dezer Life in the Porsche Lane T HOU SH A L L COV E T. TEST DRIVE THE N E W 2 015 CA D I L L AC AT S BAYVIE W D EL R AY B EA CH SAWGR A SS W W W.ED M O R S E.CO M 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 April 2015 3 PATRIOT NATIONAL Your Trusted Workers Compensation and Managed Care Services Partner of Choice Patriot National Inc. is a national provider of outsourcing solutions to the workers compensation insurance industry. For more information on how we can help you with your Workers Compensation needs contact Nicole Brewer nbrewer 954.670.2946 401 E. Las Olas Blvd. Suite 1650 Ft. Lauderdale FL 33301 4 April 2015 One Choice... 6 700 local commercial real estate market leaders. 55 countries. 375 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. 1 305 938 4000 April 2015 5 TABLE OF CONTENTS 16 How the Dezer family being real estate magnates in New York and South Florida COVER STORY 12 SPACES Meet this year s inductees at NSU s Huizenga School 44 HALL OF FAME 82 BEHIND THE MIC 94 COMPETITIVE Finding investment hot spots in real estate 58 HOT SPOTS SFBW s Hot Spots for Your Business series kicks off with Coral Gables 84 SFBW AGENDA 7 Steps to Boost Productivity Satisfaction EDGE The over the top features at Oceana Bal Harbour 70 SPECIAL REPORT 88 LAW Mansions move into a new modern design era A red carpet treatment for non-profits fun festivals and a visit from the governor 96 BUSINESS TIPS Here s a must-do list 98 HISTORY The other Brickell Avenue 22 FEATURE 28 FEATURE Community bankers sharpen their deal making 76 COMMERCIAL Apartment Surge Is a wave of conversions ahead Be proactive when it comes to cyber security VIEWPOINT REAL ESTATE STRATEGIES 90 SALES Are your meetings the ultimate de-motivator How Rokk3r Labs plays a key role for emerging companies 36 FEATURE 40 PROFILE REAL ESTATE 78 COMMERCIAL How to mazimize value OFFICE 92 FAMILY Best practices checklist The fire at Brimstone 80 TECH HUB Why the journey matters for billionaire Mike Fernandez The latest in mobile matters 6 April 2015 Oppenheim Law Providing strategic valuable counsel to those that have earned it. 2500 Weston Road Suite 404 Weston 33331 info LETTER FROM THE PUBLISHER Overcoming obstacles Powering your bottom line Publisher Kevin Gale right solution. right service. At Any time. 1-800-385-3187 If there s a major theme in this issue it s all about overcoming obstacles. Cover subject Gil Dezer and his family faced 900 condo unit buyers wanting to walk away during the Great Recession. More recently he was told there was no way you could take cars up in an elevator and park them outside of a condo unit. Both problems were solved. The trio of NSU Huizenga School Entrepreneur Hall of Fame honorees each had significant challenges. Ramola Motwani had to deal not only with the end of the lucrative Spring Break business for her family s hotel but the death of her husband. Steve Mariano had to balance being a single father for five children with building new ventures. Joseph Farrell started out with one tugboat symbolically named Resolve and created one of the world s top maritime emergency responders. There are also struggles overcome in some of our feature stories as well. Billionaire Mike Fernandez battled illness during much of a 508-mile walk but developed an inspriational book about life s journeys. Rokk3r Labs is all about overcoming the obstacles faced by entrepreneurs. It s getting a lot of attention from major companies. The region s community banks had to overcome the challenges of the Great Recession and increased regulation. Our panel discussion provides a lot of insight into what happened and how that has shaped the current state of lending. In other stories we are happy to launch our Hot Spots for Your Business series in this issue. The series is designed to provide insight and perspective about some of the best places to grow your business in the region. Coral Gables was a great place for us to kick off with its rich history international cosmopolitan business environment and an outstanding quality of life. I d like to give a big shout out to Mark Trowbridge President of the Coral Gables Chamber of Commerce for his willingness to lend his support to our project. Mark is one of the most insightful and fun business leaders I know in South Florida so I would highly recommend getting to know him if you have even the slightest interest in doing business in the City Beautiful. Speaking of beautiful we have plenty of great images of great residential in this issue. For starters I m awestruck that there are two pieces of art costing 14 million going in to Oceana Bal Harbour. The landscape approach to the project also seems like a welcome departure. Check out our Spaces feature to see more about that. The profile of the Dezers also has some great images of the Porsche Design Tower. It s very clever how the car elevator system has turned into what I would call performance art. Then there s our special report on what I call Mega Modern Mansions. What s going on here is truly amazing. This was a team effort so I d like to thank Pinecrest Magazine Publisher Gail Scott and Lifestyle Publisher Michelle Simon for their help. Kevin Gale 8 April 2015 Cassandria Blackmore Asimi Kerma 40 x 61 inches Reverse painting on glass. Breaking The Glass Ceiling On Display Today s Contemporary Women Artists March 20th-April 23rd Forr & Co. is a trusted provider of the world s most exciting Contemporary fine art and sculpture. PUBLISHER AND EDITOR-IN-CHIEF ASSOCIATE PUBLISHER Kevin Gale kgale Sally Nicholas snicholas ASSOCIATE EDITOR Richard Shellene rshellene CONTRIBUTING EDITOR Leslie Kraft Burke Creative CREATIVE DIRECTOR ART DIRECTORS Melanie Smit Alexander Hernandez Frank Papandrea Alisha Riddle Writers CONTRIBUTING WRITERS Kyle W. Ankney Chris Fleck Jim Fried Steve Garber Linda Janasz Julie Kay Darcie Lunsford Julie Neitzel Greta Schultz Photographers Downtown Photo Fort Lauderdale Bill Reinke HistoryMiami Archives & Research Center Larry Wood Market Directors JAMES CONSTANTINE PETER EVANS jconstantine pevans TANISHAL HARRIS tharris CHAIRMAN JILL HOROWITZ CHRISTINE REDMOND GAIL SCOTT jhorowitz credmond gscott Gary Press gpress GENERAL MANAGER Danielle Tarrant dtarrant Marc Brotman Brotman Nusbaum Ibrahim Founder and Partner Bob Birdsong OK Generators President Rick Case Rick Case Automotive Group Owner Abe Dababneh Smoke Inn Owner Monroe Gang Atlantic Partners CEO Gerald Greenspoon Greenspoon Marder Co-Managing Director Editorial Advisory Board Steven Mariano SunCoast Holdings Chairman and CEO Ed Pozzuoli Tripp Scott President Thomas te Riele TD Bank South Florida Market President Mark Trowbridge Coral Gables Chamber of Commerce President and CEO Jordan Zimmerman Zimmerman Partners Advertising Chairman and CEO Michael Keeby Brown & Brown of Florida Executive Vice President Jeremy Larkin NAI Miami President Alan Levan BBX Capital Chairman and CEO Gerry Litrento Bank United Senior Executive Vice President Neil Merin Merin Hunter Codman Chairman Chris Roberts Lexus of Kendall President Ron Shuffield EWM President Terry Stiles Stiles Corp. Chairman and CEO SFBW Magazine 3511 W. COMMERCIAL BLVD. SUITE 200 FORT LAUDERDALE FLORIDA 33309 954.377.9470 FAX 954.617.9418 WWW.SFBWMAG.COM 2015 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. You earned it we protect it 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. 1-800-330-3241 Fx. (954) 771-9192 Auto Aircra Bonds Condominium Collectables Flood Health Bene ts Homeowners Liability Marina Personal Property Umbrella Workers Comp April 2015 11 SPACES OVER Harbour goes aboveOCEANSIDE THE TOP and beyond luxury Oceana Bal BY LESLIE KRAFT BURKE 12 April 2015 Two works by artist Jeff Koons Ballerina (seated) left and the gold hued Pluto and Proserpina will decorate the breezeway courtyard at Oceana at Bal Harbour. Developer Eduardo Constantini reportedly paid 14 million for the two art pieces. Oceana Bal Harbour is on the former site of the Bal Harbour Club While the city of Bal Harbour has long been a South Florida icon in luxury lifestyle a new high in that standard will likely be reached there when Oceana Bal Harbour is completed. Replacing what once was the famed Bal Harbour Club the 28-floor 240-oceanfrontunit project will offer 25 floors of mixed one two three and four bedroom apartments with maid quarters plus one floor with four penthouses and two floors with four duplex upper-penthouses. Set for completion in December units are priced from 2 million with maintenance fees of 95 cents per square foot. Oceana Bal Harbour s amenities include five-star international concierge and building services advanced high-tech multi-level security throughout high speed elevators with separate service elevator valet parking with two levels of underground parking private storage and bicycle area smart building with personal worldwide access to residence functions and building services and beach and poolside services. The building s most impressive architectural feature is its 60-foot-tall breezeway which connects Oceana s ocean and bay facades. Stunning art installations by world-renowned artist Jeff Koons which will be displayed in the beachside gardens and the reflecting pool area are meant to highlight the breezeway. The tower is parallel to the beach so all residents have spectacular views that include the Atlantic Ocean Biscayne Bay Bal Harbour Marina and Miami s city skyline. Oceana s developer Consultatio says the company is spending about 15 percent more than competing luxury developments to deliver first-class soundproofing features. For example the entire building is wrapped with two layers of insulated glass with a oneinch air gap. The building is the first LEED certified residence in Bal Harbour. The all-glass tower designed by Arquitectonica is being created with expansive green space which includes a landscaped garden an Olympic and leisure pool tennis courts and 400 feet of beach access. About 50 percent of the community s land is used for green space in a park-like setting designed by master landscape architect Enzo Enea. He is forgoing the typical Miami landscaping style and not using palm trees. His use of trees reflection pools and manicured lawns will instead evoke images of the gardens of Versailles. Oceana s public areas are an extension of its exterior expression. The lobbies run parallel to the breezeway with tall ceilings that announce arrival. The public spaces all open to the gardens pools and beach. Pierro Lissoni the interior designer has capitalized on the building geometry that fits with his classic modernist approach. Noteworthy design features also include the underground parking garage rare in Miami buildings because of water levels. Consultatio says it is spending about four times as much for its parking garage which will take just as much time to build (about a year) as the entire rest of the building. 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Offered At 1 500 000 AUDREY ROSS 305.960.2575 MYRIAM J. VARELA 305.803.8325 NANCY JIMENEZ 305.632.2277 4615 PONCE DE LEON BL CORAL GABLES 3461 NW 48 STREET MIAMI 1090 SW 27 AVENUE 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 850 000 AUDREY ROSS 305.960.2575 GREAT OFFICE WAREHOUSE SPACE Large warehouse with office and bathroom High ceilings two parking spaces. Centrally located and just minutes away from Miami International Airport State Road 112 Le Jeune Rd and the City of Hialeah. Offered At 205 000 JOSH GARCIA 305.496.6693 FREE-STANDING RETAIL BUILDING Four-unit free-standing retail building with great frontage and visibility on the corner of SW 10th Street & SW 27th Avenue. Eight parking spaces behind the building. Great investment opportunity. Offered At 675 000 VIVIAN SERRALTA 305.772.7717 Find More Commercial Listings At April 2015 15 COVER STORY 16 April 2015 COVER STORY Just desserts DEZER FAMILY HAS A CLEAR TRACK FOR FUTURE DEVELOPMENTS BY KEVIN LANE Gil Dezer says some observers thought his family was a bit whacky when they announced one of the first major projects after the Great Recession The 60-story Porsche Design Tower which includes a first-of-its kind elevator that would lift cars to the owners mansions in the sky. April 2015 17 COVER STORY When we started everybody said You can t do it. You can t start your car on the 30th floor with combustible materials says Gil who is president of Dezer Developers. However he found a way to deal with that issue and the tower has turned into a major success with only nine units out of 132 left for purchase Dezer said in a recent interview. The sellout is expected to be 850 million while the construction loan from Wells Fargo is 214 million. Moreover Dezer says 240 out of 307 units at Residences by Armani Casa down the street are already spoken for. I m the brand guy Dezer says about his love of his luxury brand partners. A stay at Armani Hotel Dubai inspired Gil to pursue that brand which will have interiors and furniture designed by Giorgio Armani s team and architecture by Cesar Pelli who did the Adrienne Arsht Center for the Performing Arts. When we started everybody said You can t do it. You can t start your car on the 30th floor with combustible materials says Gil who is president of Dezer Developers. How the Dezers got to this point starts with Gil s father Michael emigrating to the U.S. from Israel and becoming the dominant landlord in New York s Chelsea neighborhood before spotting opportunity in buying beachfront hotel properties in Sunny Isles Beach. There s plenty more to the story ahead with the family still owning plenty of beachfront land in Sunny Isles buying the 26-acre Intracoastal Mall in North Miami and getting involved in Miami s Midtown area. My father has a saying he s the captain of the ship and I m the navigator. I have to figure out how to get there Gil says. Gil Dezer has taken over day-to- Gil Dezer 18 April 2015 COVER STORY day leadership of Dezer Development while his father spends a lot of time on his Miami Auto Museum home of the Dezer Collection. But there are plenty of other family members involved too. Gil s older sister Leslie Dezer Salmon is president of Dezer Properties and runs the New York operations that include 1 million square feet in 27 buildings. Younger sister Estee Dezer-Gurwitz is a vice president at Dezer Properties and plays a key role in the company s accounting. Their mother Neomi leads financial affairs. You can t write a check without asking mom first. She keeps my father and I in check Gil Dezer says. BEGINNINGS OF AN EMPIRE Michael was the son of a bus driver and served in the Israeli Air Force before emigrating to the United States in 1962 and subsequently starting a type setting business. In the pre-PC era one typewriter was hooked up to 500 others to write personalize letters for customers such as banks Gil says. Michael needed space for his growing business after buying out competitors so he bought a building to house the company. He eventually realized there was a lot more money in loft conversions than the typewriter business Gil Dezer says. Michael entered the South Florida market by buying a Holiday Inn at 87th Street and Collins Avenue in 1986 Gil says. Miami became a second home for us. Then I went to school at UM from 1993 to 1997. As I was graduating we heard rumblings of what was happening here in Sunny Isles Beach and decided to place a big investment. There was no zoning for building high-rises in unincorporated MiamiDade County but Michael correctly anticipated that would change when the city incorporated and saw a need to grow its tax base Gil says. He bought a string of low-rise beachfront hotels from 1997 to 1999 when the new building code came out. SURVIVING THE RECESSION The first project was called the Ocean Grande but the family turned to Donald A four-level penthouse at Porsche Design Tower A balcony at the Porsche Design Tower has a fire feature Trump s brand to get more marketing oomph in the wake of the September 11th terrorist attacks. The renamed Trump International Beach Resort was followed by the Trump Palace in 2006 and the Trump Royale in 2008 just in time for Wall Street s meltdown. We sent out the closing notices and two days later Lehman Brothers went bust Gil says. The family was also developing three projects with Related. The Dezers faced the nightmare of 900 unit buyers who didn t want to close but the units value was more than the cost of construction. Dezer said 2008 was when he took over a lot of the responsibility from his father. He said to me one time I wish we could go on vacation and come back when it is all over Gil says. There were hundreds of millions owed on two projects which had 14 lenders on one and nine on the other he recalls. But the family was well positioned because older sister Leslie said years earlier to never sign a personal guarantee on a project. On a non-recourse you could wave the keys at banks and say You can take it back Gil says. Instead of doing that he cut a deal with the banks and was able to pull through the recession. In 2011 they had a mortgage burning party with Donald Trump and paid off 475 million in debt Gil says. That paved the way for us to get the first loan post crisis and develop the Porsche Design tower. Contrary to what many developers were doing with layers of deposits after April 2015 19 A 1966 Batmobile at the Dezer Collection Michael Dezer has fulfilled his childhood love of Vespas and all but 16 have a plunge pool on their balconies Dezer says. Prices for the few remaining units are 6.5 million for an Intracoastal Waterway view or 8 million for an oceanfront view. Eight of the units have 10 000 square feet one is left and there are also two 17 000 square foot penthouses. Prices peak out at 32.5 million. Another part of the automotive theme is the racing car simulators so you can race against your neighbors Gil says. Beyond the novelty of having your car outside your unit Dezer says some buyers like the privacy aspect. One celebrity buyer who Dezer declined to identify already owned a South Beach unit but decided to buy at the Porsche Tower. The valets harass me and always stop me for a picture. I feel like they are always tracking me and seeing where I m going. I m going to have a blacked-out Mercedes with tinted windows so I can come and go Dezer says the celeb told him. WHAT S AHEAD Dezer says the family is still buying property and has three projects under development. The Intracoastal Mall is a long-term play but one of the first steps is bringing an iPic theater to the shopping center. Dezer said he is pursuing a rezoning that will lead to creation of a project resembling Boca Raton s Mizner Park which has a mixture of restaurants shops offices and entertainment. He expects to do the teardown part of the development in phases with some tenants with longterm leases being relocated as part of the process. The Dezers are a partner in a company that owns 30 000 rental units which Gil expects will turn into a REIT. They are also partners with Related in the Hyde Suites and Residences in Midtown which will include a SLS hotel. Meanwhile the Dezers still operated the Thunderbird Bluegrass and Monaco hotels along the beach in Sunny Isles. Gil says his family understands the business of operating hotels and there is no gun to our head that we have to start construction tomorrow. the recession the Dezers gained a 214 million construction loan and used a 30 percent deposits structure. Gil says he liked the piece of mind knowing that he had the funds to finish the project no matter what happened. A FAMILY LOVE OF CARS Cars were a natural fit for branding given that the Miami Auto Museum home of the Dezer Collection has 1 800 vehicles and Gil has participated in the 3 000 mile Gumball Rally which is usually in Europe. The Dezers are also Palm Beach International Raceway coowners. It s a fun hobby and I ve met a lot of like minded people that I have sold condos to Gil says. The Dezers approached Porsche but there was the question about how to really relate the car brand to the building. Part of the inspiration came from one of their New York holdings which houses Manhattan Motor Cars and includes a five-story elevator for cars. The big twist though at the Porsche Tower is that unit owners will be able to sit in their cars while they are transported to their units. The cars aren t running in the elevator and a pressurized water mist system widely used on cruise ships is used as a precaution against any fires. The patented Dezervator works like this Each unit owners car has a transponder that recognizes the vehicle when it comes onto a platform. The driver turns off the car lowers the window and shuts off the engine. The lights are flashed twice and a dolly comes out lifts the car and moves it into one of the building s three car elevators. It then unloads in garages at the unit owners residences. Owners who don t want to stay in their car can take a regular elevator upstairs. Many units have windows so owners can see their luxury makes from inside the units and the elevators are a flashy design element in the building. The typical units are 4 750 square feet 20 April 2015 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 ounts receivable analysis acc sick. please contact Scott Kra scott.krasick COLLECT SMARTER. (305) 582-8258 Find more info at Collect Smater 1 4 page Scott Krasick.indd 1 7 28 14 6 54 AM April 2015 21 FEATURE Community banks sharpen their deal making as they recover from the recession Community banks rank with mom and apple pie in the business scene but the recession dealt a tough blow to many of them. SFBW assembled a panel of community bank leaders and a few larger banks to gauge the health of the industry. The good news is that community banks in South Florida are getting back on solid footing amid the economic recovery. One example A day after our panel U.S. Century Bank completed the arduous process of getting a 65 million recapitalization approved by regulators. A vote by shareholders was expected shortly afterwards. Community bankers outlined the difference in this economic cycle compared to previous booms. The diverse sources of foreign capital flowing into the market has a lot of positives but there are some potential pitfalls ahead. Some commercial investors are getting priced out of the market similarly to local purchasers of condominiums. That comes as regulators try to avoid banks being overly concentrated in commercial The Heart of Banking lending. Our panel discussion took place at a lunchtime meeting at Morton s Steakhouse on Brickell Avenue in Miami and was organized by SFBW Associate Publisher Sally Nicholas. SFBW Publisher and Editor-in-Chief Kevin Gale moderated the discussion. What follows is an edited transcript of the conversation. What is the general state of community banks these days Carlos Davila President and CEO of U.S. Century I think in general the trends are very positive from a capital point of view and from an asset point of view. I would actually argue in some cases that I see excess capital that should be put to work. That s in the context of the heavy competition that s going on. The real estate turning helped a lot in cleaning up a lot of balance sheets and the asset quality is in better shape. Angel Medina Jr. President of Gibraltar Bank & Trust Regulatory costs are extremely high whether you are under a regulatory order or not. If you are under a regulatory order it s tenfold. Can we expect more consolidation among community banks Davila Of course driven by regulatory expenses. Guillermo Diaz-Rousselot President and CEO of Continental Bank I mentioned we have about 250 mergers a year nationally and that is expected to get stronger. Dan Kushner CFO of City National Banks I think the expected number of banks is going down to the 4 000 or under range. It s below 7 000 now. We were over 8 000 before the crisis about 8 600. Diaz-Rousselot We were at 14 000 in 1984. What s the impact on businesses here in South Florida if there is a reduction in community banks 22 April 2015 Davila There are fewer choices and alternatives for customer. We just finished a strategic plan and looked at the data for the last five years. During the recession what you saw was the bigger banks in Florida getting stronger and to a certain extent during the recession and working our way out of it the community banks getting weaker on a comparative basis. It is a scale game but certainly community banks bring choices to small customers. Diaz-Rousselot I think the unfortunate elimination of the competition has made our bank a little bit stronger. We have seen growth that we actually had to hold down over the past few years even during the recession. Davila Does that growth come from other community banks that disappeared Diaz-Rousselot Of course but from my perspective I derive a lot of my business from the larger institutions because they are not servicing the expectations the clients have. Kushner On the consolidation issues one of the things you have to consider is that with many smaller banks the value of their stocks was very very much reduced but now that valuation is coming back. Some of the owners are thinking about exit strategies. There are two basic types of transactions The purchase of a smaller institution or mergers of equals. Both can have difficulties such as a merger of equals what s the real surviving organization going to be I think the consolidation will continue in the industry. How challenging is the regulatory environment Stan Rubin CFO and Executive Vice President of Ocean Bank Banking has always been a regulated business. Regulations ebb and flow depending on what s happening. It s a reaction. It s never an anticipated issue. The challenging part is when you have a certain regulation that has been written in a matter that it s leading to more writing or more regulation. That s still unfolding and we don t know what that means yet. Kushner We have a good relationship with our regulators. We feel we are very transparent and let them know of things going on in real time. But the reality is they are always going to be looking at a certain set of things. And then it s always then some and then some and then some. The new thing I think we are going to see this year is cyber security. It s a black eye for the whole industry when we have these data breaches. What s ahead in terms of growth for community banks here Diaz-Rousselot We need to balance organic growth that is within the regulatory acceptance. The regulators are April 2015 23 Daniel Kushner CFO City National Bank I think the expected number of banks is going down to the 4 000 or under range. It s below 7 000 now. We were over 8 000 before the crisis about 8 600. quick to point out there were two basic findings on the cause of failures of banks which were concentrations of commercial real estate and rapid growth. We have a good economic market right now for growth so how do you balance that growth with regulatory acceptance You have to be watchful and monitor that growth and make sure it is on a very safe and sound ground and that you have all the resources available there for exit strategies. Davila I think the opportunity for growth is there but there is also a lot of liquidity in the system which is making for an aggressive competitive environment. It s an important challenge to how you manage growth with good returns and the right asset quality. Rubin That s the big challenge with rates so low and spreads that are so narrow. Most of the community banks made their profits through lending and the spreads. The spreads as low as they are create a big challenge for banks to get the returns for the size of the organization they have. It will pass but it will take some time. Eddy Arriola Chairman Apollo Bank You see cranes continue to grow and real estate is booming. That s wonderful. But for community banks we have concentration issues where we can t take advantage of the opportunities even if we want to. We are going to have regulatory restrictions. We have to look at other ways to grow. How does that affect a developer not having that choice like they had before Rubin There are fewer sources of funds. You do have a lot of developers with a lot of liquidity too. They are relying on less borrowing and the structure of deals is far stronger because of that. How long will that last as liquidity dries up and peoples memory fades is a whole another thing. What s happening is a lot of the financing is not being done local. Thomas Te Riele South Florida Market President of TD Bank There is private money going into a lot of these projects. They are getting deposits upfront in the deals so it is self-funding. Rubin There is also the tradition of the insurance companies which are doing a lot of lending now. They were hurt but they are stronger now. They are the ones doing the take outs on the long-term deals. Can we expect more new community banks in the future or has that era passed Chorus of voices Doubtful. Don t see that happening. Arriola Anybody that wants to start de novo has to bring whatever their seven-year projection of capital needs is. Back in the day you started with de novo and then at the end of three years raised more capital. Rubin The likely model will be that people will pull together the funds and buy the license buy a small bank and basically that s the shell that they are going to work from. How is the environment for small business lending Diaz-Rousselot Extremely competitive. You have a limited market down here and are looking for those traits that you would desire and past muster with an examiner. Everyone here is after that customer and we are giving out very very very competitive rates. Arriola The economy has rebounded but specifically construction and real estate. So if you are trying to diversify your portfolio the regular small and midsized businesses aren t growing. Those are the ones really faced with transportation and education issues. The hedge fund guys don t care about Metrorail or buses. They live in 30 million high-rises with waterfront views. But if you have a small business you are concerned about where my kid is in public school how do I get to work and how do my employees get to the office. Those are the issues we aren t addressing. Rubin The blue collar workforces and jobs for that and developing skilled people that can do that work is lacking here. The wage disparity in this city or any disparity in this city is one of the biggest in the country. Arriola Unfortunately I think we are No. 1 now and in medical fraud. Rubin There is an enormous need for skilled workers in those other fields that round out what you need in a regular Guillermo DiazRousselot President & CEO Continental National Bank The difference between now and in the 80s and 90s is that it was cheap then for the Venezuelans Brazilians and Argentines to invest in the U.S. Now it s not. 24 April 2015 urban environment and those are going to be small businesses. It s a combination of developing people with those skills and then funding them. That s going to be a big challenge for banks. We are going to compete on the credit criteria we want and many smaller businesses don t meet our thresholds. Diaz-Rousselot I thrive with small business. That s my niche and we ve done well. A speaker at a recent Miami Finance Forum said it s difficult for tech startups to get funding. Is there a role for community banks to help address this Kushner I think the regulators would really have a field day at a community bank that s doing tech startups. You talk about startups There is no business and they are trying to make a business. It s extremely speculative. Even for angel investors if they hit two out of 10 they will make money. If we hit two out of 10 we will lose money. Arriola They need equity. It s not our role. Rubin It s all startups really it s not just tech. Startups are not where community banks can play safely. What is the state of commercial lending these days what projects do you feel comfortable with and are there some that are difficult to do Kushner I think the last 3.5 years have been very good in this area for commercial lending. I think there are a lot of areas that community banks can lend in such as supply chain with materials and supplies with all the building going on. I think there are opportunities there. In wholesale institutions there are opportunities. We have one of the biggest port systems for inventory coming from all around the world. There is a lot of activity and opportunity for community banks to participate in some of the lending to these. What s the impact of the thaw in relationships with Cuba and what would change if the embargo ends Is your bank starting to make plans Arriola This is too early to write your article. There is still so much that needs to play out. Diaz-Rousselot Invest in warehouses. There s continued turmoil in Venezuela a scandal involving Brazil s Petrobras and intrigue surrounding the president of Argentina. What does this mean to the flow of money into South Florida Angel Medina President Gibraltar Private Bank & Trust Turmoil in South America equals more money in Florida. Te Rioele Florida is the safe haven for all those countries. Diaz-Rousselot There s more. It s a little different from other years. We ve bumped into this. The human capital is coming that wasn t there before. Rubin It s not just the countries you name. Other countries in Latin America see the uncertainty on their borders and say they have to be careful too. They re moving. It s not just a currency valuation. Even in countries that use the dollar like Ecuador Salvador and Panama exchange controls can be put in place. People still won t have more than they need in the country. Arriola Money has always flowed here when there is a crisis and we have the most amazing economy in the world. Venezuelan oil money has always come here but now those talented individuals and entrepreneurs are moving here buying homes and buying offices and starting businesses. That may not hit us today and we may not be lending money today but in two three four or five years from now we will look back at those well-educated entrepreneurs starting businesses. That s what happened with Cubans who came over here. Davila There s a lot going on in some of the smaller Central American countries becoming more dollarized. I think over time that will help Miami quite a bit. I was surprised I was at a conference in Colombia FELABAN (Federaci n Latinamerica de Bancos) and the opening speech was between a former Fed governor and the president of Central Bank. I was shocked to hear the alignment that s occurring in places like Colombia with the economy following Eddy Arriola Chairman Apollo Bank Money has always flowed here when there is a crisis and we have the most amazing economy in the world. Stan Rubin CFO & Executive Vice President Ocean Bank Lower oil prices put more spendable money in people s pockets which has shown an impact on the economy. April 2015 25 the guidelines of the Fed and those countries becoming more dollarized. I was in the Dominican Republic and seeing the same. Some of these small countries are growing in a nice fashion and become more aligned with the policies of the U.S. I think over time that will be good for South Florida. Have the political events in Russia and the Ukraine plus lower oil prices had any impact in South Florida Davila Low oil prices are great for business. Diaz-Rousselot For every cent they cut it s like a billion in taxes is cut that is considerable. Rubin Lower oil prices put more spendable money in people s pockets which has shown an impact on the economy. Guilermo But what you think would happen is that it would go in spending. People are keeping it. Rubin There is some spending. Then you also have that we are a destination location. It helps tourism it some. But international tourism could face some impact because the dollar is strong. Diaz-Rousselot Central banks that are oil producing are hurting. Rubin In terms of Russia South Florida is becoming a safe haven for Russians too. I live in Aventura and I can see Sunny Isles from my back porch I can see Russia from my back porch. The flow of funds from Russia is increasing and will continue to increase especially when they know that how many dollars they are getting for the ruble is going down. Arriola What worries me is when they raid the piggy bank I need to sell this condo and move the money back to Venezuela. Kushner When they want to monetize it back into cash it s not going to make a difference to them if they are getting 80 or 70 percent back. That s the issue if there is a mass sell-off of some of these units. Rubin I don t see this happening. In a lot of these countries when they move money to the U.S. there is no intention to bring it back. They are in there home country because that is where their Thomas Te Riele South Florida Market President TD Bank We saw a lot of the Canadian guys because of where the dollar is come in and want to put money in U.S. real estate. We benefitted from that. Xavier Martinez Chief Investment Officer Coconut Grove Bank I think community banks have an advantage that we tend to know our clients very well and tailor wealth strategies for their needs. business there and they are earning their money If it gets too bad that they can t do that or their store gets nationalized they will leave. Kushner Buying that condo is the easy thing for them to do. They are coming here. They may not want to live in the condo. They are going to sell it and may not care what they will sell it for. Compared to leaving the money over there to begin with they are way ahead of the game. If they sell it for 70 cents on the dollar what is the collateral damage to the other properties in that building That s really what the unknown question is. Rubin That s assuming people that are moving their money here the NRAs (non resident aliens) and are putting 80 90 percent of their funds in the U.S. in real estate. It has increased but I don t think to that amount. Diaz-Rousselot Guilermo The difference between now and in the 80s and 90s is that it was cheap then for the Venezuelans Brazilians and Argentines to invest in the U.S. Now it s not. Medina One of the things I m seeing is a lot is the investment aren t short term but rather family money looking two or three generations down. I m willing to buy this commercial property and pay a higher price because I m not looking to trade. This is really for my grandkids for my great grand kids. It s a very long-term strategy. Davila On the commercial side they are paying some cap prices that are unheard of to buy into a property with a Walgreens or Walmart. I don t know how they are going to get their money out. It s tough to figure out how you do debt service against that type of loan because of the prices they are paying. It s easier to get the money out on the residential side. Medina You have loan to deposit ratios of 40 percent and lending to those thing at 10 years at 4 percent and that s how you make the cash flow. Diaz-Rousselot The plan is not to make money but not to loose it over there. Have you seen an uptick in your wealth business longer and more secure Family offices seem to be growing and doesn t that impact your business Medina For us on the wealth side it 26 April 2015 is very positive. Arriola It hurts our bank because we have a good old fashion focus on entrepreneurs the local customers. It hurt us because the guy who built that Walgreens can no longer buy when it is financed. Foreign investors come in and pay all cash or the debt service is just not there. Te Riele We saw a lot of the Canadian guys because of where the dollar is come in and want to put money in U.S. real estate. We benefitted from that. Xavier Martinez Chief Invest ment Officer Coconut Grove Bank On the wealth side we have seen a lot of foreigners coming in and establishing more permanent nexus. They are owning long-term investment accounts but then turning around pledging these account which creates a lending opportunity on the other side to fund their business locally which is part of the more human capital permanent nexus. Rubin A number of the NRAs won t be NRAs at some point. They will cross over from being an NRA and being a green card holder. Martinez Their children study in U.S. universities. They find jobs and stay. Are you starting to see more interest in South Florida from Asia Kushner You have the Miami Herald building being sold to a Malaysian company. You have Swire. Then you have the hole in the ground at 15th and Broadway Capital at Brickell I think that was acquired by an Asian company. Rubin The U.S. compared to a lot of place in Asia with wealth is cheap in some ways. Miami is viewed as an international city and not as expensive as in New York. What we do in Miami is equivalent to Singapore for Asia. The money flows into Singapore for the Pacific Rim. There was a South Florida Banking Institute event last night where an economist from BBVA Compass spoke. For foreign buyers of condos in South Florida China was 12th on the list. I didn t realize it was that high. This is just not pure business investment it s people buying places here. I only see it increasing. That s a good thing. Davila I think the major change from this cycle compared with previous cycles is the capital flowing in is more diverse. It was more concentrated in Latin America Asia and Russia. For the long-term state of the South Florida economy it s very positive. Anything different your banks are doing to meet the needs of wealth clients that you might not have done a few years ago Martinez I think community banks have an advantage that we tend to know our clients very well and tailor wealth strategies for their needs. I think people like to know who the investment person is that actually makes decisions for them. Smaller institutions can position themselves to do that. Local decision making is important having local investment committees that can hire world class managers but they don t have to implement some policy made by some guy in New York who has zero context with our clients. Diaz-Rousselot We are also in the midst of a great wealth management transfer from the Baby Boomers into the other generations. It is ripe for the wealth management departments of the world to capitalize on it. Martinez You have to understand that those millennials are very different in how they approach wealth and think about things. How technological savvy they are and expectations for you to deliver knowing what their investments are in real time. Diaz-Rousselot We started as a small wealth strategy department that has grown and hopefully we can keep capitalizing on that. Services fees are coming down. Rubin The wealth management area had been a safe haven for deposits. The expansion into providing wealth management products generally through a broker dealer can be done seamless and appropriate to all the roles. That is something the smaller banks didn t do as much that is now the emerging trend. Davila It is difficult because it means more regulation. It is difficult unless you build a scale and expertise to build an investment business. Angel Medina Jr. President Gibraltar Private Bank & Trust Regulatory costs are extremely high whether you are under a regulator order or not. If you are under a regulatory order it s tenfold. Carlos J. Davila President & CEO U.S. Century Bank There s a lot going on in some of the smaller Central American countries becoming more dollarized. I think over time that will help Miami quite a bit. April 2015 27 FEATURE Rokk3r Stars Cobuilding company finds major partners as it plays a key role in building South Florida s emerging company ecosystem BY KEVIN GALE April 2015 29 FEATURE Scout Ventures investment in Rokk3r Labs symbolizes how an emphasis on support and structure is increasing the odds of a payoff in the VC scene. SFBW wrote about Rokk3r in its November issue and reported on both companies appearance at the Miami Finance Forum in the March issue but a visit by SFBW to Rokk3r s headquarters in Miami Beach provided a deeper dive into what s going on. Scout s opening of a Miami office is important because it s the first permanent boots on the ground move by a VC firm in the area. Scout s investment in Rokk3r was announced in February but the dollar amount was not released. Perhaps more importantly though is Scout is a strategic adviser to Rokk3r helping with business development fundraising and product innovation. Scout is ranked nationally as a top 100 VC firm and has a niche between angel investors and Series A investments typically investing 50 000 to 500 000 in companies. Scout has two funds and its first was on track to return 3.7 times what investors had put in according to An indication of Scout s pedigree is deal networking with Google Ventures Spark Rokk3r CEO Nabyl Charania is finding VC interest in the Miami area said Miami Beach is never going to be a high tech hub. Levine correctly pointed out the high cost of office space in Miami Beach is likely to deter startups especially those who might be better off in the cheaper warehouse type space found in emerging areas like Wynwood. However Rokk3r seems to have coped with Miami Beach prices by creating a high-density workspace that doesn t have cubicles and big offices. Much of the technical staff is also based in Colombia. Rokk3r s headquarters on Michigan Avenue has the allure of being just a few steps from the Lincoln Road Mall. While there is trendiness along the Three billion new minds will join the Internet in the next few years. These are the people who will be the innovators and disruptors. Capital and General Catalyst. Ed Boland formerly with JP Morgan Private Bank in Miami opened Scout s Miami office. He pitched Miami to Scout Founder and Managing Partner Brad Harrison. Boland is not only helping find entrepreneurs but investors. Rokk3r s likely or unlikely location There s a growing ecosystem of start-up activity in South Florida at universities incubators and accelerators but Miami Beach Mayor Philip Levine created controversy when a year ago he mall Rokk3r appears to be all about functionality. Walk through the entry door on the eighth and you will see workers with computers lined up side by side at long tables. The floor-to-ceiling glass in the offices and conference rooms are covered with ideas and plans like dry-erase boards. This is the epicenter for the 25 companies in Rokk3r s portfolio. Out of that total 18 have gone through a process where Rokk3r s expert help build the company said Rokk3r CEO Nabyl Charania. Most importantly 13 have raised money for the next stage of product development and growth. That type of ratio is really unheard of in the early stage especially for tech companies Charania says. We started getting the attention of these small cap VC firms outside of Miami. They don t exist in Miami. Rokk3r vets hundreds of companies a year to find 100 that are accepted into a think phase where the idea funding structure go to market strategy and technology road map are evaluated and defined a video on Rokk3r s website outlines. Twenty go on to the cobuilding phase when Rokk3r s strategists creative team and engineers help the entrepreneur build the company. Products then go into the scale grow and fuel stages that involve help with marketing HR future investment partnerships and business development. Charania a third generation Kenyan whose family has roots in India said Rokk3r cut a deal with Scout because it wanted a partner and advisor from outside of Miami who could validate that the companies are scalable and can pique the interest of investors. We realized Scout had a very similar vision. They are more focused on the business end of things Charania says. Scout Founder Harrison can pinpoint business issues and with his fund put his money where his mouth is Charania says. He hopes Scout will open the floodgates to other investors realizing there is opportunity in Miami. Mosley 30 April 2015 November 2014 FEATURE the Rokk3r deals Charania says. Working with McDonald s Celebrity Citi DDB DLA Piper While its focus is on entrepreneurs Rokk3r also has done work for major companies including Bridgestone Celebrity Cruise Lines McDonald s (a real-time analytics dashboard for Latin American and Europe) and Warner Music (a social media app for artist Hunter Hayes) according to its website. Rokk3r also has attracted the attention of Citibank a unit of advertising giant DDB and international law firm DLA Piper. Rokk3r has just started a partnership to help Citibank find entrepreneurs in the financial technology field Charania says. If they are good enough what Citibank can do is plug them into an existing financial system. Rokk3r serves as an innovation lab for the Alma DDB agency in Coconut Grove which was Advertising Age s 2015 Multicultural Agency of the Year. Alma which means soul in Spanish picks some of Rokk3r s startups and becomes their marketing arm. DLA Piper is providing access to its advisors for Rokk3r s portfolio companies and is also helping Rokk3r expand with offices in New York and London. DLA Piper which has 3 200 lawyers in 30 countries opened a Miami office about 3 years ago and has focused on the technology ecosystem. For a law firm to make that leap of faith speaks volume. What they are banking on is you are building a real strong portfolio of companies Charania says. For example there could be a big pay off in future business for DLA Piper if one of Rokk3r s companies eventually goes public. Defying the entrepreneurial stereotype While 90 percent of the entrepreneurs at Rokk3r are from South Florida the company has attracted some from New York Los Angeles and London Charania says. Our philosophy is great new ideas can come from everywhere. Three billion new minds will join the Internet in the next few years. These are Ventures of Atlanta and Arsenal Ventures in Orlando are already looking at the area he said. Mitigating Risk Rokk3r s approach of co-building companies mitigates a lot of the risk that early-stage VC firms take on Charania says. They don t have the scale and capability to do a deep dive on technology entrepreneurs and the business model. When companies go through our process that s a lot of what we do. The result is a better model for small cap early stage venture capitalists to make investments he says. Scout doesn t have an exclusive on its relationship with Rokk3r and Charania says different VCs have different targets and investment levels. Rokk3r s model requires the entrepreneurs to have some cash. How much equity Rokk3r takes in the portfolio companies can depend on how much help they need. The extremes in equity stakes are 3 to 50 percent but 12 to 24 percent stakes make up the bulk of The atmosphere at Rokk3r is all about brainstorming and collaboration April 2015 31 FEATURE the people who will be the innovators and disruptors. In the connected world a kid in Dubai could have a friend in Nairobi and collaborate on an idea that rocks the financial world he says. The common notion is that entrepreneurs are typically twentysomethings testing out ideas but more typically it s people in the workforce for 10 to 12 years who have a real life decision to make about becoming an entrepreneur Charania says. Many of them are successful in the business area but not necessarily in the tech space a gap that Rokk3r s staff can fill with expertise in Apple IOS Android the cloud and application program interface (API). SFBW s readership of C-level executives business owners and professionals are also the type of people who bring ideas to Rokk3r Charania says. Many times they have a great idea and access to funding. One example is serial entrepreneur Benzion Benny Aboud whose QologyDirect is Dish Network s largest seller of service. He selected Rokk3r to cobuild his new venture Public Reputation. Public Reputation has developed a reputation scoring system for businesses that can be viewed by the public. Business customers get information on how they compare to their peers and can help steer customers positive reviews to sites with more impact. Another source of entrepreneurs are successful business people who retire in South Florida and then get bitten by the digital bug Charania says. Their daughter or niece sees something in the news. They think I don t have the energy or desire to build a team but I want to get this idea to the market. There are plenty of people in South Florida who fit these profiles Charania says. His story seems to be working since the five partners were going through a financial raise when SFBW visited in late February. Their unspecified goal using a convertible debt instrument was accomplished in six weeks and Charania expected a close by mid-March. Rodolfo Saccoman CEO of AdMobilize Developing advertising intelligence on the go Rodolfo Saccoman saw an Apple sticker on a car and thought someone should get paid for doing that sort of marketing. His office is next to the Lincoln Road Mall on Miami Beach and he thinks it would be cool if someone could analyze the activity of people walking by. Just how many and what type of people are looking at a menu at a given restaurant He has created solutions to address both issues as CEO of AdMobilize. Com one of the portfolio companies at Rokk3r Labs in Miami Beach. AdMobilize recently started shipping AdBeacon 2.0 which is about the size of an iPhone and has a built-in camera. The device is part of the growing trend of the Internet of Things (IOT) and can analyze traffic at retailers vending machine sites or other types of outdoor media including the age and sex of those coming within camera shot. Clients can see the data on a dashboard and then turn them into actionable insights. Consumers can go to the IOS app store and download AdMobilize. Users fill in some basic information such as where they live what places they frequent and their three favorite brands. Then they get offers for campaigns to turn the screen of their iPads into mobile advertising devices. For example someone sitting in a coffee shop could prop up their iPad so those going by might see a special offer for dessert with their latte. It could be an easy way to pick up 100 a month via PayPal for someone who is active in pursuing opportunities. One concept has the iPad mounted on backpacks which could be ideal 32 April 2015 FEATURE for marketers on college campuses. AdMobilize launched in August 2011 and has gained serious attention from investors. The company s Series A round last year raised 2.2 million from Azoic Ventures an early-stage investment company in Fort Lauderdale Rokk3r Fuel the capital investment arm of Rokk3r Labs and angel investors from Venezuela. Saccoman is an example of the type of home-bred entrepreneur that South Florida needs. He studied business at the University of Miami and was director of online marketing at The Breakers before co-founding which landed him on the TV show Shark Tank. Saccoman had raised 100 000 for AdMobilize and was planning to move to Silicon Valley but ended up becoming Rokk3r s first partner. He wants to capitalize on the out of home advertising business which is 7 billion in the U.S. In an interview at Rokk3r Saccoman said he is talking with four of the biggest out of home companies to start pushing AdMobilize s technology through them. He has also partnered with Verizon to co-sell his product which would use the telecom giant s network. His company has grown to 30 staff members and has engineering staff in Colombia where Rokk3r does as well. The AdMobilize engineering team was built in 30 days. AdMobilize has opened an office in London has a patent writer in Israel and a well connected out of home media specialist in Washington D.C. Saccoman says of his relationship with Rokk3r We have become true friends and we know it s a really hard journey. The more we stick together the better everyone does. The more we succeed the more Rokk3r s model is proven. The more they succeed the more resources we have in overall collective intelligence. Brad Liff is developing Fitting Room Social which includes an app The quest for the perfect fit A lot of women are buying clothes online these days but nobody has figured out how to make sure they are satisfied with the fit and style of their purchases. The result is low conversion rates and high return rates. Brad Liff is trying to solve that with Fitting Room Social which will soon be on the IOS app store. Dozens of startups have tried to address the fitting issue using techniques such as algorithms body scanners and quizzes Liff said in an interview at Rokk3r where Fitting Room Social is one of the portfolio companies. His approach is totally different. If we know what you bought in the past and what the people you trust are buying it is the best predictor of what you should buy in the future he says. The upcoming app will allow users to store their previous purchases and will tie in to emailed receipts of their purchases from retailers. A social media aspect utilizing Facebook and Twitter will allow purchasers to discover and share items among friends. An application program interface (API) will transmit information to third parties such as retailers and fashion companies who will pay for the treasure trove of data. For example while Levi may know what its customers bought Fitting Room Social will present a broader picture across many different brands he says. Liff hopes it will do for fashion what Concur s Tripit has done for the retail industry. Liff is originally from New York but has been in South Florida for six years working as a senior credit analyst at Bayside Capital and then H.I.G. Capital. The way Rokk3r fit in is they filled the holes. They are a trustworthy partner that can build and support technology and provide strategic insight and guidance he says. So how did an investment banking guy become a tech fashion guy He was inspired when his wife came back from shopping sales on the day after Christmas She looked like she had been through a war zone he says. His wife explained how she needed to try everything on. It made perfect sense he says but I thought surely there must be a better way to do this and there was not a better way to do it. As a founder-in-residence at Rokk3r he s eager to help other entrepreneurs fulfill their visions as well. April 2015 33 Join South Florida Business & Wealth as We Celebrate the 2015 Up & Comers 2 0 1 5 UP & COMERS is an awards program designed to showcases South Florida s young professionals whose dedication to their occupation and their community deserves recognition. DATE TIME PLACE Thursday June 18th 2015 6 30pm Networking Reception 7 00pm Awards Ceremony The Venue 2345 Wilton Drive Wilton Manors FL PRESENTING SPONSOR TICKETS 150 1000 Group of Ten Tickets GOLD SPONSOR For additional information or to purchase tickets please visit www.SFBWMAG.COM UP No time for technology problems One simple solution. Our primary focus is utilizing technology to increase overall productivity and decrease capital expenditure. Quantified IT s success originates from listening to our clients analyzing their needs and producing long term solutions. These success principles combined with immediate response have afforded Quantified IT a 99 percent client retention rate. CIO Consulting. Private Cloud. Managed Services. Vendor Management. 1-800-365-0953 FEATURE Restaurant company makes a mark in South Florida and plans further expansion The Fire at Brimstone BY KYLE W. ANKNEY Brimstone WFG Holding s Andy Fox If you are at all familiar with the South Florida food scene you provably have heard of restaurants like Grille 401 on Las Olas Boulevard Brimstone Woodfire Grill in Pembroke Gardens or Pi on Grill in Boca Raton. These restaurants are not only hot spots for dining but are all owned by Brimstone WFG Holding Co. which is emerging as one of South Florida s leading restaurant groups. Brimstone is a subsidiary of Jeffrey R. Anderson Real Estate Inc. a family-owned real estate development company based in Cincinnati. J.R. Anderson Vice President of Development said the company s decision to open in South Florida was real estate driven yet influenced by their appetite for good cuisine. We are developers at heart but my father (Jeffrey R. Anderson) has a background in the restaurant industry and food is something we are very passionate about says J.R. Anderson Vice President of Development for Jeffrey R. Anderson Real Estate. Brimstone opened its first restaurant in South Florida Brimstone Woodfire Grille 401 on Las Olas added a new patio and bar area The outside bar at Brimstone Woodfire Grill Grill in September of 2008 in the upscale shopping center of Shops at Pembroke Gardens which the real estate company also owns. Pi on Grill in Boca Raton followed in November of 2010 and then Grille 401 on Las Olas Boulevard which rapidly emerged as a power dining spot for the business crowd. Notably it has succeeded in a space where Zucca Pasta N Grill Riley McDermott s Bova Prime and Rare Las Olas didn t last all that long. We are dedicated to doing a few things really well and there is a core menu in all of our restaurants that will have a familiar feel for anyone who has dined in any of our establishments Andy Fox Director of Operations for Brimstone. Each of Brimstone WFG s restaurants has a unique feel but there are trademark elements that encompass all of the restaurants. Beyond having menus that appeal to almost everyone each of Brimstone s South Florida restaurants 36 April 2015 FEATURE About Brimstone Brimstone WFG Holding Co. is a national restaurant group and a subsidiary of Jeffrey R. Anderson Real Estate a commercial real estate development company based in Cincinnati. WFG Holding Company s South Florida locations include several restaurants serving new American cuisine Grille 401 401 E. Las Olas Blvd. Fort Lauderdale 954.767.0222 Brimstone Woodfire Grill Shops of Pembroke Gardens 14575 SW 5th St. Pembroke Pines www. 954.430.2333 Pi on Grill The Terrace at Town Center 6000 Glades Rd. Boca Raton 561.391.7770 have been designed to capitalize on South Florida s world famous weather with outside dining. Initially Brimstone Woodfire Grill was the only restaurant to have an outdoor space along with live entertainment Thursday through Saturday. Eventually there was an opportunity to add a sushi bar and develop an outdoor space for Grille 401 a move that has transformed the look and feel of the restaurant. The outdoor space at Pi on Grill was completed in February. The new expansion features a 16-seat bar and patio with 10 tables and provides Boca with a refined energetic bar that takes advantage of South Florida s beauty and scenery. There is no doubt that Brimstone WFG Holding Company s restaurants have become staples in South Florida and the company is looking at a fastcasual concept and other neighborhoods for further expansion in the region. The interior of Pi on Grille in Boca Raton April 2015 37 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. Andrew Cagnetta OWNER CEO 800.205.7605 t 38 April 2015 PROFILE TRAVELS of Mike Fernandez It s the journey not the destination BY JULIE KAY The What do you do when you ve exceeded every one of your goals and then some Or when you ve come from being an impoverished immigrant to becoming a billionaire and one of the richest men in Miami Or when you create 25 companies from scratch turning into one of the most successful healthcare entrepreneurs in America Or when your personal holdings include a 4 000-acre plantation near Tallahassee 25 000 acres of property in Alabama a helicopter a plane and a Coral Gables mansion valued at 36 million Or when you ve already donated more than 125 million to healthcare and children s causes in the Miami community If you re Miguel Mike Benito Fernandez known to his friends and family simply as Mike you take a 508-mile 32day trek through Europe to raise money for Miami Children s Hospital which saved his granddaughter s life several years ago. Then you write a book about the adventure about both the one from France to Spain and the one that took him from his beginnings as a poor Cuban immigrant to the heights of economic prosperity in his beloved adopted country. And if you re Mike Fernandez you donate 100 percent of the proceeds from that book Humbled By The Journey 40 April 2015 PROFILE Mike Fernandez is one of the nation s most successful health care entrepreneurs. His family below immigrated from Cuba. Life Lessons For My Family...And Yours to the Early Childhood Initiative Foundation a nonprofit focused on early childhood education started by Fernandez s pal former Miami Herald publisher David Lawrence. It is not a book about vanity or ego says Fernandez 62. It is a book about delayed gratification. And when you help with children s causes it puts you on the right side of the ledger. Lawrence who joined Fernandez for 72 miles of one of the walks is not surprised about Fernandez s decision to donate the profits from his book. I think of him as one of the most generous and good people I know he says. Much of what he has done nobody knows about. He s given away millions most in ways people don t know. The highest form of charity is when people don t even know where the money came from. Our country is lucky to have him. The book written with former Miami Herald reporter Marty Merzer details Fernandez s humble roots moving with his family from Cuba to New York at the age of 12. He worked as a floor cleaner and delivery boy and eschewing college joined the army where he incurred five herniated discs in his back after 72 jumps out of airplanes. After the army Fernandez tried his hand at selling insurance door to door where he discovered a passion for business. From there he delved into entrepreneurship with both feet founding the Coral Gables-based MBF Healthcare Partners a private equity firm that invests in healthcare service companies nationwide. The portfolio includes Navarro Discount Pharmacy (which was just sold to CVS Pharmacy) and a managed-care company Simply Healthcare Plans. He also started a partnership with the University of Miami and Magic Johnson Enterprises to provide services to South Florida s HIV AIDS population. The book also explores Fernandez s grueling trek last November along the El Camino de Santiago trail in Europe. Out of the 32-day trek Fernandez was sick for 21 days. That s when the book was born he used the down time to start writing about his feelings thoughts and values. Fernandez s wife Constance and friends like Lawrence and Miami-Dade College President Eduardo Padr n had been April 2015 41 PROFILE Mike Fernandez shares a fun moment with Magic Johnson who is a collaborator to help those in South Florida with HIV. Yankees star Alex Rodriguez lower left joined Fernandez Carson Sylvestre former Heat player Ray Allen and Johnson at the book launching of Humbled by the Journey Lessons from My Family...And Yours pushing Fernandez to write a book for years but his response was always the same That s egotistic and vain. Finally when Lawrence and Fernandez were crossing the northern tip of Spain they struck a deal. Fernandez agreed to write a book if Lawrence would help him find an editor and publisher. And he insisted that all the proceeds from the book would help children s education. Fernandez finally felt he had an adventure worthy of a book. On the trek he contended with vast changes in the weather from snow to 80-degrees overnight walked 58 000 steps a day and expended 6 100 calories daily. He befriended hikers from Korea Colombia and other countries all over the world. It was a grueling experience but wonderful recalls Fernandez. You re completely equal to the person next to you whether it s a rock star or a simple person. The simplicity of people and how wonderful they are is very special. It s a grounding and spiritual experience. Since then Fernandez has taken three more treks along different paths throughout Europe and plans another with his 11-year-old son this summer. Is there another book in Fernandez s future Don t count on it says the billionaire who is more Bill Gates than Donald Trump. I m the most boring person in the world laughs Fernandez. It s a statement few would agree with. Copies of the book are available at Books & Books 265 Aragon Ave. Coral Gables online at or by calling 305.442.4408. WEALTH MANAGEMENT SERIES Introducing the SFBW 2015 Wealth Management Series PRESENTED BY Throughout 2015 SFBW and leading wealth management panelists will come together for a series of panel discussions to discuss latest insights and strategies regarding wealth management. Topics discussed will include entrepreneurial wealth risk assessment investment allocations planning insurance and more. PANEL PARTICIPANTS INCLUDE Robert M. Hebble Senior Vice President Chief Fiduciary Officer & Estate Planning Director Gibraltar Private Bank & Trust Understanding Diversified Wealth Preservation Strategies April 2nd 2015 7 30 a.m. Registration and continental breakfast 8 30 9 30 a.m. Program Gibraltar Private Bank & Trust 55 Alhambra Plaza Coral Gables 33134 William F. VanDresser Executive Vice President Managing Director of Wealth Management Gibraltar Private Bank & Trust Jeremy Larkin President NAI Miami Space is limited Please RSVP to snicholas If you would like more information on the Wealth Management Series or would like to be considered for panel participation please call Sally Nicholas Associate Publisher at 954 288 7052 or email snicholas ENTREPRENEUR HALL OF FAME AT NSU HUIZENGA SCHOOL OF BUSINESS Hall of Fame entrepreneurs show how to turn ideas into major success and give back to the community One just had the first IPO this year on the New York Stock Exchange. One assembled sites for some of the most luxurious hotels on Fort Lauderdale s beach. One takes care of major shipwrecks around the world. Meet this year s honorees being inducted into the Entrepreneur Hall of Fame at Nova Southeastern University s H. Wayne Huizenga School of Business and Entrepreneurship. The 2015 honorees are Steven M. Mariano Chairman President and Chief Executive Officer of Patriot National Inc. (NYSE PN) which just had the IPO. Ramola Motwani Chairwoman and CEO of hotel and land owner Merrimac Ventures which is a partner in the new Four Seasons Hotel & Private Residences Fort Lauderdale. Joseph E. Farrell Jr. President and Chief Executive Officer Resolve Marine Group which specializes in vessel Making a difference The NSU Huizenga School Hall of Fame Cup emergency response ship rescue salvage maritime training naval architecture and marine engineering. The H. Wayne Huizenga School of Business and Entrepreneurship s Hall of Fame program the school s highest honor is celebrating its 26th year in 2015. I congratulate these exemplary business leaders who will be joining the ranks of an elite group of world class entrepreneurs in our Hall of Fame said J. Preston Jones D.B.A. dean of NSU s Huizenga Business School. Each honoree s story is exceptional and it will be my privilege to share their accomplishments at our awards ceremony in April. The invitation only awards program will be held on Wednesday April 22nd at the Signature Grand in Davie. SFBW and Lifestyle Media Group are the exclusive media sponsors for the event. Here is more about the honorees and their accomplishments. The Honorees Steven M. Mariano Ramola Motwani and Joseph Farrell Jr. STEVEN M. MARIANO Starting from scratch in 2004 Mariano has grown Patriot National to 750 employees and its launch as a public company on the New York Stock Exchange on Jan. 16. The IPO is helping fuel Patriot s growth as an outsourcer of services for major insurance companies including AIG Zurich and Nationwide. Patriot National includes Patriot Underwriters a national managing general agency Patriot Risk Services a 50-state third party administrator and Patriot Care Management a leading provider of managed care services. Just three weeks after the IPO Patriot announced the acquisitions of Phoenix Risk Management a managing general agent in the workers compensation field and Decision UR LLC a software company that offers utilization review solutions in the workers comp field. In addition to Patriot Mariano also leads Guarantee Insurance Co. a workers compensation carrier that writes policies in 35 states and finished 2014 with 280 million in premiums he says. Mariano grew up on his grandfather s 3 000-acre produce farm in southern New Jersey. His first business venture was Strategic Outsourcing Inc. a Charlotte NC. company that offered staffing IT outsourcing and employee leasing. It had under 1 million in revenue in 1991 but riding a boom in outsourcing helped it grow to 900 million when he sold the company to Union Planters in 2000. He was a finalist for an Ernst & Young Entrepreneur of the Year Award. Mariano who was a single father with five children ages 1 to 8 moved to Fisher Island after selling the company. 44 April 2015 How the honorees are chosen The selection committee is comprised exclusively of past Hall of Fame members. The Hall of Fame committee is currently led by Mike Jackson Chairman and Chief Executive Officer of AutoNation. Among the attributes the selection committee seeks is a high-level of entrepreneurial success the way wealth was accumulated contributions to philanthropic organizations support for new entrepreneurs engagement with NSU and support of students through internships and career opportunities. RAMOLA MOTWANI Ramola Motwani remembers having to make a major decision after the death of her husband in 1994 which left her to raise two teenage sons on her own. She could cash in on the family s increasingly valuable real estate holdings move back to India and live like a queen in her words or fulfill the couple s dream for the future of Fort Lauderdale beach. Her decision to stay is validated up and down State Road A1A with the soon to open Ocean Resorts Residences managed by Conrad the under construction Paramount Residences and the upcoming Steve Mariano celebrates Patriot National s IPO He started Guarantee Insurance Co. in 2003 and then launched Patriot the following year building on his experience in outsourcing and underwriting. Patriot has cutting edge cloud technology that makes it a cost efficient choice for the legacy insurance companies. Patriot handles claims administration back office date and claims related to workers compensation George Hanbury. Mariano is a visionary as a CEO but his background selling policies and doing underwriting also means he can drill down into the details says Christopher L. Pizzo Patriot s Executive Vice President & Deputy General Counsel. When the rubber meets the road management needs a hands on approach and he does that. Mariano says the key to his success is talented help which he rewarded by giving an average of 4 000 in stock to each employee as part of the IPO. I try to hire the best in the business the best talent and let them do their job he says. Patriot has strong expertise in closing claims so people get back to work he says. That just comes from experience and time. You get known in the industry as the best. Mariano is active in the community as a member of the CEO Council of the Greater Fort Lauderdale Alliance and chairman of the Broward Boys and Girls Club. His personal foundation sponsored two schools in Uganda last year and Patriot was ranked as the fourth-largest corporate charitable giver in South Florida. Entrepreneur Hall of Fame Members 1990 Leonard L. Farber (deceased) George W. Gill (deceased) August Urbanek (deceased) 1991 Alexander W. Dreyfoos Jr. Louis W. Parker (deceased) David H. Rush (deceased) 1992 Shepard Broad (deceased) H. Wayne Huizenga R. David Thomas (deceased) 1993 Ronald G. Assaf Robert L. Elmore (deceased) Garth C. Reeves 1994 Joseph C. Amaturo Phillip Frost Michael S. Egan 1995 Armando M. Codina Jim Moran (deceased) Jack A. Smith 1996 Hans J. Hvide (deceased) Frederick G. Ruffner Jr. (deceased) Kay Smith (deceased) 1997 Bernard Marcus James R. McKinley (deceased) Robert A. Steele (deceased) 1998 William J. Armstrong Carl DeSantis William D. Horvitz (deceased) Terry W. Stiles April 2015 45 HALL OF FAME on a beach that was best known for spring break only to find the city putting the damper on what had been a yearly cash cow. It s a good thing the couple kept the business in St. Louis which she visited every few weeks she says. The hotels on Fort Lauderdale s beach with a few exceptions weren t attracting an upscale family business and there were issues with prostitution and drug abusers on the beach followed by tough economic times she remembers. The couple s attitude was It s OK what ever is happening. Let s give our best shot and move forward. Both Bob and Ramola became active in the city and started to see future promise when the city passed a bond issue that led to the Wave Wall and other improvements. A realty agent showed the couple the Merrimac Gold Coast and Tropic Cay hotels when they first arrived and they eventually ended up buying all three. It was bittersweet though when they bought the Tropic Cay on Oct. 13 1994 only to have Bob pass away on Nov. 2. I was left with two teenage boys and I was devastated. It was not just the downturn we were trying to fight but he was gone and I had to put myself together to see how I could move forward from then Ramola says. The financial world only gave her about 30 days of sympathy and she visited 26 banks to pull off a refinancing. In 2000 she heard rumors about rezoning on the beach and thought it was time to get entitlements. Dr. George Hanbury then Fort Lauderdale City Manager and now the Ramola Motwani with her late husband Bob and sons Nitin and Dev Four Seasons Hotel & Private Residences George Hanbury. As the couple dreamed the land they accumulated turned into in economics from Jai Hind College and a law degree from Government Law College. It s OK what ever is happening. Let s give our best shot and move forward. some of the hottest property on the beach. To me this was the vision and dream I shared with my husband she says. Moreover her sons Nitin and Dev are major forces in the real estate field in South Florida involved in two projects involving the Paramount name and Miami World Center. Ramola was born and raised in India where she received a bachelor s degree She and Ramesh known as Bob were sweethearts from the age of 16 and wrote each other daily letters during the four years he studied in the United States before she moved here she says. They had an import export business in the St. Louis area but moved here because it would be a better climate for Bob s scleroderma. The family bought the Merrimac Hotel Entrepreneur Hall of Fame Members 1999 George Dean Johnson Jr. Rowland Schaefer (deceased) Morton Terry D.O.(deceased) 2000 Ronald M. Bergeron Steven J. Halmos Edward E. Iacobucci (deceased) 2001 Rick Case Harris W. Hudson Keith Koenig Kevin Koenig (deceased) 2002 Michael Bienes James A. Cummings Alan B. Levan 2003 John E. Abdo Frederick A. DeLuca Thomas J. Miller 2004 William D. Matz Albert J. Miniaci Ramon A. Rodriguez Barry G. Ross 2005 Arthur J. Falcone Charles L. Palmer Kaye A. Pearson (deceased) 2006 Walter L. Banks Shaun M. Davis 46 April 2015 Deepwater Horizon Cleanup An oil skimmer is loaded on to a Resolve Marine barge President and CEO at Nova Southeastern University walked her through the process and helped strengthen her confidence she recalls. He said you know everyone and everyone knows you. The city commissioned a 320-room hotel on the block accumulated by the family which is now the site of the Ocean Residences. The Tropic Cay block is now the site of the upcoming Four Seasons. The Motwani family still owns the Sawgrass Inn and Conference center and other land ripe for further development. Ramola who speareheaded a holiday lighting program and the return of the Air Show in Fort Lauderdale remembers the dark days when she and other beach residents did citizens patrols on the beach using walkie-talkies to communicate. Some of my friends the motel owners that run into me now say We thought you were the crazy woman. We thought nothing was going to change. Ramola initiated the Business Improvement District on the beach and is a member of the Greater Fort Lauderdale Chamber of Commerce Beach Council Board of which she is past president. She s had broader impact as co-chair of the business advisory committee at the Broward Workshop and vice president and chairwoman of the education committee at the Florida Restaurant and Lodging Association JOSEPH E. FARRELL JR. Joseph E. Farrell Jr. s Resolve Marine Group handles some of the toughest marine jobs in the world ranging from helping clean up the Deepwater Horizon disaster to a cargo container grounded off of New Zealand. President and CEO Farrell has led Resolve for 35 years building it into one of the top four marine emergency response company with locations in seven nations internationally and 22 in the United States. About 40 percent of oil tankers in U.S. waters have agreements that designate Resolve as their emergency responder. The company s name comes from Farrell s first ship a 158-foot tugboat that he renamed the Resolve to symbolize his determination to build his own business he said during an interview. Farrell grew up initially in Boston s Entrepreneur Hall of Fame Members 2007 James R. Dunn Kurt J. Langsenkamp Michael E. Maroone 2008 Ralph A. Marrinson Douglas J. Von Allmen Jordan Zimmerman 2009 Jeffrey L. Berkowitz Miles Austin Forman James E. McDonnell IV 2010 Mitchell W. Berger Mike Jackson Don Taft (deceased) 2011 William E. Mahoney Jr. Beverly Raphael Altman John H. Schnatter 2012 Joel L. Altman George Feldenkreis Philip P. Smith 2013 Armando Leighton Jr. Felix S. Sabates Jr. Thomas H. Shea 2014 James Donnelly Guy C.McN. Harvey Manuel D. Medina April 2015 47 Navy sailors compete in the Resolve Marine Damage Control Olympics at Port Everglades tough Roxbury neighborhood but moved closer to the ocean at age 12 and went to Quincy High School. He learned how to work on outboard motors at Hurley s Boat Rental he says. His interest in diving was inspired by a friend s brother who was a Navy Seal. Because of a deviated septum Farrell ended up joining the Coast Guard. He attended the Navy dive school served on an icebreaker and as explosives advisor when ships were offloading ammunition on the Saigon River during the Vietnam War he says. He credits his youthful experience repairing outboard motors with helping him gain his E5 engineering designation at age 20 which usually doesn t happen until the age of 30. At the end of his Coast Guard career Farrell was stationed in Massachusetts. He achieved his dream of warmer weather when he left the service and ferried a sailboat to the Dania Beach Cutoff Canal. He eventually ran out of money and hitchhiked to West Palm Beach seeking a job with the Navy s AUTEC base in the Bahamas where naval vessels conduct mock war drills. He spent four years jumping out of helicopters in scuba gear and retrieving dummy torpedoes. I would jump out of helicopter at six in the morning and sometimes land on a shark he said noting that they were attracted by the locational pingers used to locate the torpedoes. Farrell then became chief engineer and captain of a 158-foot Dutch salvage tug which was the biggest in the world when it was built in 1958 he says. The owners ended up wanting to sell and Farrell parlayed two salvage jobs that he developed to buy the ship. Resolve opened with a headquarters in Fort Lauderdale in 1980 and the big tug had the power and crew space to perform well in the Caribbean Farrell says. We were just slugging it out. Every job was challenging. Growth has accelerated in the last 10 years with Resolve gaining a reputation with major insurance companies such as Lloyd s of London he says. Resolve has offices equipment warehouses salvage tugs aircraft and operations in the United States United Kingdom Singapore Gibraltar China Ireland India and New Zealand. The U.S. locations include Mobile New Orleans Anchorage and Dutch Harbor in Alaska. Resolve capitalized on the ocean pollution act of 1990 which was passed in the wake of the Exxon Valdez disaster by signing up tanker clients to help in the event of a disaster. During the Deepwater Horizon disaster Resolve had 120 ships involved. Resolve has created an academy at Port Everglades that has a mock ship to help train crews in fighting ship fires. It has trained 20 000 students Farrell says. In recent years Resolve has also raised a sunken Indian submarine and towed the Costa Concordia after it was raised. It is currently dealing with the M V Rena which was carrying 1 368 cargo containers when it ran aground in New Zealand on Oct 5 2001. The ship eventually split in two with 88 containers falling into the ocean and an oil slick creating an environmental catastrophe. The two biggest salvage companies on the job were taken off and Resolve took over Farrell says. My guys will go the extra mile. Most of my guys worked with me from the beginning they don t back down. Farrell is winning market share even though he s competing with salvage companies that are owned by larger marine conglomerates. We re still a privately held company and it s kind of neat Farrell says. My three kids have been working in the company. Mary Beth and Joe Farrell s son Joey spent a year cutting metal on the Rena ship but is currently attending Cornell to get an MBA. Daughter Summer has worked on a barge salvage operation in Fort Pierce after previously working in the Bahamas and Sri Lanka. Daughter Lana became a commercial coordinator at Resolve in early 2013 and is working as an RN at Broward Health. She also has an interest in getting an MBA. 48 April 2015 Bay of Plenty New Zealand RESOLVE MARINE GROUP PROUDLY CONGRATULATES PRESIDENT & CEO JOSEPH E. FARRELL JR FOR JOINING THE DISTINGUISHED H. WAYNE HUIZENGA SCHOOL OF BUSINESS AND ENTREPRENEURSHIP HALL OF FAME 24HR EMERGENCY RESPONSE 1. 9 5 4 . 76 4 . 87 0 0 WWW.RESOLVEMARINE.COM April 2015 51 CONGRATULATIONS RAMOLA MOTWANI We are proud to congratulate our mother Ramola Motwani on this outstanding achievement Mom you have always been an inspiration to us and to your community leading with vision passion integrity and an amazing attitude. We are so proud of you and all you have accomplished We would also like to congratulate Steven M. Mariano and Joseph E. Farrell Jr. on their achievements and would like to thank Nova Southeastern University for their selection of these 3 icons into the 2015 NSU Entrepreneur Hall of Fame. Your loving family Dev Nitin and Anshu and Arin and Shaan Motwani From all of us at PARAMOUNT we would like to formally congratulate Ramola Motwani on her induction to the NSU Business School s Entrepreneur Hall of Fame Thank you for being part of the PARAMOUNT family. Artist conceptual rendering. Developer may change without notice. Artist conceptual rendering. Developer may change without notice. SALES AND MARKETING BY ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS REFERENCE SHOULD BE MADE TO THE DOCUMENTS REQUIRED BY SECTION 718.503 FLORIDA STATUTES TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. THIS OFFERING IS MADE ONLY BY THE OFFERING DOCUMENTS FOR THE CONDOMINIUM AND NO STATEMENT SHOULD BE RELIED UPON IF NOT MADE IN THE OFFERING DOCUMENTS. THIS IS NOT AN OFFER TO SELL OR SOLICITATION OF OFFERS TO BUY THE CONDOMINIUM UNITS IN STATES WHERE SUCH OFFER OR SOLICITATION CANNOT BE MADE. PRICES PLANS AND SPECIFICATIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE. Stiles congratulates our friends and 2015 Entrepreneur Hall of Fame Honorees STEVEN M. MARIANO RAMOLA MOTWANI JOSEPH E. FARRELL JR. 9 5 4 . 6 2 7. 9 3 0 0 W W W. S T I L E S . C O M 3 0 1 E L A S O L A S B LV D F O R T L A U D E R D A L E F L since 1951 We congratulate the 2015 inductees and best wishes to Entrepreneur Hall of Fame Steven M. Mariano Ramola Motwani Joseph E. Farrell Jr. George Feldenkreis Chairman and CEO and 2012 Hall of Famer 54 April 2015 LEADING BY EXAMPLE Steven Mariano Chairman & CEO Patriot National Insurance Group Ramola Motwani Chairwoman & CEO Merimac Ventures Being a leader is a 24 7 commitment. At AutoNation we re committed to not only leading the industry but leading our community. Which is why we are honored to support Nova Southeastern University Huizenga School of Business and we join them in applauding these outstanding Entrepreneur Hall of Fame Award Winners Joseph Farrell Jr. President & CEO Resolve Marine Group. Congratulations and Keep Driving Forward Chairman CEO & President AutoNation Mike Jackson April 2015 55 1 8 0 0 AT T O R N E Y S 3 7 L O C AT I O N S W O R L D W I D E Greenberg Traurig is pleased to join South Florida Business & Wealth magazine in congratulating the 2015 Entrepreneur Hall of Fame honorees Steven Mariano Ramola Motwani and Joseph Farrell Jr. Steven we applaud your well-deserved recognition as a distinguished entrepreneur and look forward to your continued success at Patriot National Insurance Group. FRED E. KARLINSKY SHAREHOLDER PAUL B. MCCAWLEY SHAREHOLDER 401 EAST LAS OLAS BOULEVARD SUITE 2000 FORT LAUDERDALE FL 33301 954.765.0500 GREENBERG TRAURIG P. A . AT TORNEYS AT L AW WWW.GTL AW.COM Greenberg Traurig is a service mark and trade name of Greenberg Traurig LLP and Greenberg Traurig P.A. 2015 Greenberg Traurig LLP. Attorneys at Law. All rights reserved. These numbers are subject to fluctuation. 25055 Congratulations Ramola Motwani on your success as a leader of the South Florida Business Community CONGRATULATIONS RAMOLA MOTWANI WITH ADMIRATION FOR YOUR MANY ACCOMPLISHMENTS AND GRATITUDE FOR YOUR CONTRIBUTIONS TO THE COMMUNITY. LEN DUGOW AND ALL OF YOUR FRIENDS AT 56 April 2015 We Congratulate Steve Mariano on his Induction into NSU Business School s Entrepreneur Hall of Fame NEW YORK BEIJING HONG KONG HOUSTON LONDON LOS ANGELES PALO ALTO S O PAULO SEOUL TOKYO WASHINGTON D.C. HOT SPOTS CORAL GABLES 58 April 2015 SFBW puts the focus on Coral Gables at the first city in its Hot Spots for Your Business series April 2015 The City Beautiful 59 HOT SPOTS MAYOR S LETTER Coral Gables Renaissance BY MAYOR JIM CASON In keeping with the enterprising spirit of our city s founder a renaissance is underway in Coral Gables. Our reputation as an international city continues to grow and our downtown is experiencing a major transformation. Most recently we welcomed the consulate of Norway and the Honorary Consulate of Australia. Today 21 consulates and foreign government offices have addresses in Coral Gables the City Beautiful. We ve also recently welcomed several international organizations including Britvic Britain s secondlargest producer of soft drinks international broadcaster BBC Chopard the Swiss luxury jewelry and watchmaker and ESRI the international supplier of G-I-S software. These companies are among the more than 150 multinationals helping to fulfill founder George Merrick s vision of Coral Gables as a truly international city. Our proximity to the airport Port Miami and downtown Miami makes Coral Gables central business district a major employment center offering a highly desirable office market that remains one of the most stable in South Florida. But our city center is no longer just a great place to do business. Now it is rapidly becoming a premier place to live with more than 1 000 residential units planned for the area. It s an ideal time for residents and businesses to invest in our downtown. As we prepare to celebrate our 90th anniversary this April we are embarking on long-anticipated streetscape projects for Miracle Mile and Giralda Avenue that will make our central business district more pedestrian-friendly attractive and economically competitive. With input from property owners merchants and residents with a steering committee comprised of major stakeholders we will begin the exciting process of remaking our main street by replacing sidewalks planting trees creating garden areas and adding outdoor dining along newly landscaped curbs among other things. This project is so important it s being fast-tracked and we hope to have shovels in the ground by fall. We ve also rolled out several initiatives that will improve the Coral Gables experience. Last October we officially launched a Visitors Center at the Coral Gables Museum that provides a welcome place to begin exploring our city s rich heritage natural beauty and wealth of cultural offerings. We also recently upgraded our technology to make it easier to navigate our city and find the many amenities Coral Gables has to offer. With our new mobile app users can find hundreds of places in the City to dine shop or catch a show at a gallery theater or museum. It s also a convenient way to find parking. I believe every improvement and beautification project we embark on every opportunity we seize to make Coral Gables more welcoming will enhance the city s desirability as a place not only to live but to do business. 60 April 2015 HOT SPOTS CHAMBER LETTER Why I m Bullish on Coral Gables BY MARK TROWBRIDGE I have had the rare opportunity to watch the Gables transform itself over the last decade while serving as president of our Chamber of Commerce. Whether it s the new businesses that have located (or re-located) to The City Beautiful or the amazing projects that have been built (or will be built) there is no place like Coral Gables. Indeed there is no place like home. This special issue of South Florida Business & Wealth Magazine focuses on our much admired hometown and the many people projects and places that make it one of the best small towns in America. There is much to celebrate in the Gables and our Chamber has the great fortune to be involved in many of these activities and transformations. Like the phoenix rising out of the ashes of an economic recession our community is stronger and better positioned for the next decade to take our rightful place as the best community in which to live work learn and play. We are without peer in the quality of life offered in the Gables with endless amenities and cultural offerings an incredibly robust business community that is both international and professional in nature a top-50 University of Miami (nearly 90 years since its own founding) and of course year-round amazing weather that beckons travelers of all types no matter if you like to hit the links or take a dip in our historic Venetian Pool. As a reminder of all these amazing opportunities it is the role of the Chamber to share the good news and after nearly a half-decade of rather quiet growth the Gables is poised for a renaissance. It is indeed an exciting time to be part of The City Beautiful. Some of these developments include Agave s Mediterranean Village a significant multi-use project adjacent to Ponce Circle Park likely to be a game-changer in our community. As the project nears approval it will include upscale retail space a hotel residential and commercial space and a rooftop restaurant. It will also bear the hallmark of the most admired projects in the Gables the Mediterranean architecture that inspired our City and Chamber Founder George E. Merrick over 90 years ago. Then there is our Miracle Mile Streetscape a 20 million investment in our community s well-known main street. This makeover will create significant place-making for Miracle Mile and its iconic restaurants and shops. It will also update the Mile s brand with a focus on outdoor seating vast tree canopies wayfinding lighting and unparalleled energy in which our businesses will thrive. As the City prepares for its 90th anniversary we are reminded not only of our historical past but our exciting future. There are many voices who are contributing to this vision from our City leadership and downtown businesses to our Chamber and member stakeholders. While the momentum behind these projects is great there is a broad understanding of how critical it is that we follow a well thought out path ensuring that our businesses and the customers they serve - are not inconvenienced during our growth phase. One of the greatest joys of serving our Chamber is that there is never a day that does not require our attention. Businesses are prospering again and it is our singular focus that they achieve all of their goals. We are proud of our mission to help develop business and build our community. It is what we do best. But you need to come and see it for yourself. Dine in one of our many amazing restaurants helmed by some of the hottest names in the culinary world. Spend the night wrapped in the warm history of our iconic Biltmore Hotel (also celebrating its 90th anniversary). Or better yet step onto our trolley and let it whisk you from the shops at Merrick Park to the one and only Miracle Mile. There is no place like home especially in Coral Gables. Mark A. Trowbridge President & CEO Coral Gables Chamber of Commerce April 2015 61 HOT SPOTS ECONOMY Highly-educated workforce attracts multi-national businesses & foreign consulates BY LESLIE KRAFT BURKE Work Smart Considered to be one of the most desirable places to do business in South Florida Coral Gables is home to more than 150 multinational corporations and 20 foreign consulates and foreign government offices. The city continues to attract more diverse businesses as it boasts a well-educated workforce More than half of Coral Gables 50 000 residents can speak a language other than English and nearly two-thirds of those over the age of 25 have at least a Bachelors degree. About 30 percent of the city s population has at least one graduate degree. Corporations with offices in Coral Gables specialize in a variety of fields including telecommunications and technology international finance health care biomedical research import and export transportation manufacturing travel and tourism news information services and real estate. They tend to be heavy purchasers of professional services such as legal and accounting and often serve South and Central America from their local base. Overall more than 100 countries are served from corporate addresses in Coral Gables. The affluent enclave in which the median household income is 85 183 per year also is one of the more expensive areas to live in South Florida. The median house price is 701 800. Home prices there have risen in the past year by 8.1 percent and Zillow predicts they will rise another 0.6 percent within the next year. The median rent price is 2 600 much higher than the Miami-Fort Lauderdale Metro median of 1 800. Why Coral Gables Works for Business Home Financing Center has been based in Coral Gables since our founding in 1984. Coral Gables has become the commercial epicenter and gateway to businesses from around the world with dozens of consulates representing countries from every continent. We are unquestionably one of the most desirable places to work in South Florida. When combined with the historical preservation of our city which maintains the charm of George Merrick s vision of the 1920s while still accommodating growth along with the scores of top-caliber restaurants the fine hotels and the beautiful tree-lined avenues of the residential areas Coral Gables is simply unique. John R. Allen President of Operations Home Financing Center 62 April 2015 HOT SPOTS ECONOMY Key Players Mayor Jim Carson 305.460.5220 jimcason Vice Mayor William H. Kerdyk Jr. 305.569.1817 wkerdyk Commissioner Patricia Keon 305.460.5223 pkeon Commissioner Vince Lago 305.569.1817 vlago Commissioner Frank C. Quesada 305.569.1817 frank City Manager Cathy Swanson-Rivenbark 305.460.5201 cswanson City Attorney Craig E. Leen 305.460.5218 cleen Economic & Cultural Development Director Cynthia Birdsill 305.460.5310 cbirdsill Executive Director Business Improvement District Marina Foglia 305.569.0311 mfoglia President of the Board of Directors Business Improvement District Mindy McIlroy board Coral Gables Chamber of Commerce President Mark A. Trowbridge 305.446.1657 mtrowbridge Examples of Largest Employers AECOM American Airlines Bacardi U.S.A. Bank of America Baptist Health South Florida HQ Bayview Financial Trading Group The Biltmore Hotel Cargill The Collection C3TS Stantec Coral Gables Hospital Dade County Public Schools Del Monte Diageo Doctors Hospital Esslinger-Wooten-Maxwell First United Bank Gables Engineering Gibraltar Bank HBO Latin America Hyatt Regency Coral Gables IBM Corporation Kindred Hospital S. Fla. Coral Gables Kraft Foods Caribbean Sales Mercantil Commerce Bank N.A. Mercedes-Benz of Coral Gables Merrill Lynch Bank & Trust Co. Odebrecht Corporation Richemont Latin America & Caribbean T.Y. Lin International The Westin Colonnade Hotel University of Miami Univision Radio Florida Zubi Advertising Services Consulates & Foreign Offices ACC1 (Government of Catalonia Agency) Consulate General of Barbados Consulate General of Colombia Consulate General of El Salvador Consulate General of Italy Consulate General of Norway Consulate General of Uruguay Consulate General of St. Lucia Consulate General of the Principality of Monaco Consulate General of Spain Italian Trade Commission Spanish Trade Commission Tourist Office of Spain Spanish Office of Education Honorary Consulate of Belize Honorary Consulate of Hungary Honorary Consulate of Senegal Honorary Consulate of Togo Honorary Consulate General of St. Kitts & Nevis Honorary Consulate General of Thailand U.S. Office of Foreign Missions Taipei Economic & Cultural Office We have been very fortunate to have become a part of this close-knit community and are pleased to be doing business in the City of Coral Gables. The Liberty Entertainment Group has been in Coral Gables for over four years first with the revitalization of the Coral Gables Country Club followed by Cibo Wine Bar in the heart of the Miracle Mile. Both have appreciated continuous growth since opening. The exceptional quality of life architectural and natural beauty as well as convenient access and a diversified economy make it an ideal location for investment. We look forward to many years of success ahead in Coral Gables. Nick Di Donato President and CEO Liberty Entertainment Group Coral Gables is an ideal place to do business as compared to any other location in South Florida. First as compared to other locations it is more accessible for our clients located in the Miami area as well as those from out-of-town coming from the airport. Second with many of our clients located in Coral Gables or close by it makes business meetings at our office or at one of the great places to eat very convenient for all. Finally the location is ideal for our employees since it is a safe place to work less expensive than downtown Miami and with plenty of shopping options nearby. Ronald L. Kammer attorney and partner-in-charge of the Coral Gables office Hinshaw & Culbertson April 2015 63 HOT SPOTS HISTORY George Merrick s vision lives on BY LESLIE KRAFT BURKE Created in 1925 by George Merrick Coral Gables is renown both for its beauty and as one of the nation s first fully planned communities. The city s storied past informs its present culture which treasures its architecture and landmarks while positioning for the future. Merrick s vision for Coral Gables was drawn from the Garden City and City Beautiful planning movements of the 19th and early 20th century and incorporated secluded residential enclaves and commercial areas inspired by the architectural style of the Mediterranean. He dreamt of a city that would offer every amenity to its residents as well as one that would become a center for international business. To make his dream a reality Merrick worked with a team of city planners to create the community complete with set aside residential and country club areas business industrial and block of Hardee Road The French Normandy Village is on LeJeune and Viscaya and the Dutch South African Village is on LeJeune at Maya Avenue. Also standing are the Italian Village which is spread throughout an area located just south of Bird Road between Granada Boulevard and Riviera Drive and an 8-unit Chinese Village that stands out colorfully from behind a gated wall on Riviera Drive just south of U.S. 1. The Building of Coral Gables has not been a thing of the moment but a wonderful monument that will as solidly endure as does the everlasting coral upon which it is founded. - George Merrick 1926 craft subdivisions and recreational areas including bridle paths parks tennis courts and golf courses. Next he selected a group of extraordinary designers which included artist Denman Fink architects H. George Fink and Phineas Paist and landscape architect Frank Button to create a unique suburb of the city of Miami. A project that would be an unrivaled beauty constructed in the Mediterranean Revival style featuring all the elements of the City Beautiful Movement right down to the finest details like city lamp posts. Over time other architectural styles became hallmarks within Coral Gables each executed to perfection. The Florida Pioneer Village (Southern Colonial) stands today on Santa Maria Street bordering the Riviera Country Club golf course the French 18th Century Village is located in the 1000 Some of the most enchanting examples of Coral Gables unique beauty also include the Venetian Pool and the Biltmore Hotel whose tower ends in a three-stage cupola inspired by the Giralda tower of the Cathedral of Seville Spain. Both properties are listed on the National Register of Historic Places along with Merrick House and Coral Gables City Hall as well as over 1 300 locally designated properties. With an exceptional appreciation of the past influences the future the same principles that made Coral Gables a success at its inception guide the city s current policies. The community s emphasis on protecting the residential sectors preserving the natural environment and celebrating international culture lives on today as Coral Gables continues to be one of Miami-Dade County s greatest cities. Coral Gables is the ideal location for today s business person. Its central location combined with numerous high quality restaurants a corporate environment 140 multi-national company headquarters numerous Consul General offices and a full array of banking institutions make it a sought after location. Businesses and residents both take advantage of the free trolley lushly landscaped boulevards and a City Government that is there to promote businesses and that continues to invest in infrastructure. William H. Kerdyk Jr President & CEO Kerdyk Real Estate 64 April 2015 HOT SPOTS EDUCATION UM symbolizes overall education excellence BY LESLIE KRAFT BURKE Coral Gables schools have long occupied prestigious positions on the nation s lists of top advanced learning and K-12 educational institutions. Based in the city since its inception the University of Miami is one of the country s leading research universities. Its main campus occupies 239 acres in Coral Gables to support its student population of more than 16 200 collegiates who hail from more than 120 nations. Led by President Donna Shalala the university offers more than 180 undergraduate and more than 150 masters and doctoral degree programs. It was the highestranked university in Florida on the recent U.S. News & World Report s list of America s Best Colleges. Also located in the city is Northwestern University s Kellogg School of Management s Executive MBA Program. Kellogg was ranked third in the U.S. News & World Report s list of America s Best Business Schools in 2013. In 2014 25 schools based in Coral Gables placed in the top 100 in the state on U.S. World & News Report s list of the top schools in the nation and Florida. Coral Gables Preparatory Academy and George Washington Carver Middle School have been designated as Blue Ribbon Schools of Excellence by the Department of Education the highest honor that can be awarded to an American school. In addition George Washington Carver Middle School holds the distinction of being recognized by the French German Italian and Spanish governments. While Riviera Day School and Gulliver Academy have long traditions of academic excellence in elementary school education Coral Gables Senior High hosts a renowned International Baccalaureate Program. Graduates received diplomas recognized by colleges and universities throughout the U.S. and the world. Also renown is The International Studies Preparatory Academy a high school focused on international studies and foreign languages created by a collaboration between Coral Gables Miami-Dade County Public Schools and the French Italian and Spanish education ministries. Not only does Coral Gables have superb housing and first class retail shops of all varieties numerous restaurants and great cultural institutions but it also has a very pro-business municipal administration and one of the lowest property tax rates in the region. Add that to close proximity to Miami International Airport a worldclass university the University of Miami great connectivity with several stops on the metro rail line and a great trolley system as well as two great hospitals the sum total is the best business environment in Miami-Dade County. Jack Lowell Executive Vice President PointGroup Advisors April 2015 65 HOT SPOTS CULTURE & RECREATION Art The Ambrosia of Life Widespread recognition for arts quality of life BY LESLIE KRAFT BURKE Quality of life is at the heart of the many cultural and recreational programs offered in Coral Gables which has won much national acclaim as an exemplary city. Opportunities to enjoy the arts are plentiful as Coral Gables has a Cultural Grants Program to support non-profit organizations and an Art in Public Places Program that require all real estate developments to assign 1 percent of their budget for public artworks. The city is home to three museums the Coral Gables Museum in the downtown area the Lowe Art Museum on the University of Miami Campus and Merrick House the boyhood home of city founder George Merrick. The Coral Gables Museum plaza hosts a live music art and wine gathering every Friday of the month as part of Coral Gables Gallery Night which features many of the city s private art galleries highlighting works by European and Latin American artists. Live theater abounds as well including the Actors Playhouse at the Miracle Theater GableStage at the historic Biltmore Hotel and the Jerry Herman Ring Theatre at the University of Miami. Film enthusiasts enjoy the most current foreign and independent releases at the Cosford Cinema at the University of Miami and the Coral Gables Art Cinema. Widely applauded for its sophisticated music scene the city of Coral Gables presents the Jazz in the Gables lunchtime concert series every week from January to April. The city also is home to an annual Baroque Music Festival and the University of Miami s renowned Frost School of Music a popular venue for a wide variety of concerts. For outdoor recreation there are more than 40 parks where residents enjoy yearround golf tennis and water sports. These complement Coral Gables 47 miles of lush waterways that flow throughout its neighborhoods and the city s historic freshwater Venetian Pool voted one of the world s coolest pools by Travel & Leisure magazine. National Quality of Life Distinctions Top 5 Most Beautiful Small Cities in America (Rand McNally USA Today) Most Walkable Suburbs in the Country (Wall Street Journal) Top 10 City to Live Well in America (Forbes) Best Places to Retire in America (NBC Today Show) Playful City USA (KaBOOM ) 100 Best Communities for Young People (America s Promise Alliance) Top 10 Romantic City in the U.S. ( Top 10 Dreamiest Places to Live in the United States (HGTV s Protector of the Climate Award (Audubon Society) Top 10 Cities for Books ( Top 5 Most Livable Communities in the World (United Nations-backed LivCom International) Coral Gables is an affluent community located 5 miles from Downtown Miami and 4 miles from Miami International Airport. It is a well-known internationally acclaimed sophisticated destination with more than 200 shops and 70 restaurants supported by a centralized valet program and free trolley within the City Beautiful. Business people and residents alike come to Coral Gables to shop dine play live and work. The Gables also has a significant population of 30 000 students and staff at the University of Miami that support its economic vitality. Mindy McIlroy Executive Vice President of Terranova and President of the Business Improvement District of Coral Gables 66 April 2015 HOT SPOTS RETAIL A Center for Fine Dining & Great Shopping BY LESLIE KRAFT BURKE A mecca for locals and tourists who love fine dining and boutique shopping Coral Gables famed Miracle Mile is the center of the city s vibrant downtown. It s also the site of one of Coral Gables most exciting current initiatives expected to be completed this year the city is investing more than 1 million to give this pedestrian-friendly main street feel even more like an elegant European enclave by widening public spaces to create a lush garden environment reminiscent of the Alhambra in Spain. Crossing areas throughout Miracle Mile will become garden rooms designed by artists and there will be plenty of areas for al fresco dining especially along the nearby spectacular Restaurant Row located on the 100 block of Giralda Avenue between Ponce de Leon Boulevard and Galiano Street. There and throughout Coral Gables in general diners choose from 120 international upscale and casual options. Miracle Mile is also home to stores like Barnes & Noble unique bridal and wedding shops jewelers beauty salons shoe boutiques fitness studios and specialty men s clothing stores. Close to these is the acclaimed Books & Books one of the nation s top independent bookstores. Considered a major South Florida cultural center the shop hosts more than 500 author readings and events annually. Just a few minutes away from downtown is the upscale Village of Merrick Park an outdoor shopping and lifestyle center that offers array of luxury retailers anchored by Neiman Marcus and Nordstrom. Specialty boutiques include Tiffany & Co. Hugo Boss Jimmy Choo Longchamp Burberry Diane Von Furstenberg Carlo Pazolini and Gucci. For a list of shopping dining and business services options visit The Village of Merrick Park top offers luxury shopping Downtown Coral Gables left has 120 dining options Coral Gables has a dynamic diverse and educated population and as we all know the city s thoughtful planning and beautiful aesthetic appeals to business people and consumers including both residents and tourists. The city s new commercial development has brought new people to downtown Coral Gables and made it more lively than ever. With the Coral Gables Museum s location in the heart of downtown and the fact that we also now serve as the city s Official Visitors Center we have benefitted from the surrounding successful business community and from residents and tourists taking advantage of all the business district has to offer. Christine Rupp Director Coral Gables Museum April 2015 67 WE DO IT DIFFERENTLY. Powered by differently (954) 603-1515 toll free (855) 222-6611 west palm beach boca raton fort lauderdale coral springs miami coral gables 68 April 2015 Coral Gables Trust Company is a leading provider of Wealth Management and Trust Services in South Florida. Founded in 2004 as a locally owned and operated independent trust company Coral Gables Trust serves a client base ranging in size from 1 million to over 50 million which includes affluent individuals and families small to medium sized companies foundations and pension and endowment funds. Coral Gables Trust strives to provide totally conflict-free services to clients combining personalized advice and service open-architecture (no proprietary products) asset based fees and a culture totally devoted toward putting our clients interests first. Fort Lauderdale 401 E. Las Olas Blvd. Suite 1400 Ft. Lauderdale FL 33301 Tel 954.707.6899 Main Office Coral Gables 255 Alhambra Circle Suite 333 Coral Gables FL 33134 Tel 786.497.1212 West Palm Beach 500 South Australian Avenue Suite 620 West Palm Beach FL 33401 Tel 561.820.4844 April 2015 69 FEATURE Modern Mansions SOUTH FLORIDA MOVES FAST FORWARD INTO A NEW DESIGN ERA BY LESLIE KRAFT BURKE 70 April 2015 Auberge Beach Residences left a Related Group project in Fort Lauderdale will have a beach chic vibe by Meyer Davis. Architect Alberto J. Comas used glass doors to let the outside in at 38 Pelican Drive Fort Lauderdale a Coldwell Banker listing. Take a drive through many of South Florida s most upscale neighborhoods and you ll notice a change in how they look. Where there once was a sea of Mediterranean style mansions and condominiums you ll find a new aesthetic a clean fresh modern style. April 2015 71 350 South Hibiscus Drive in Miami Beach top is listed for 7.8 million by Douglas Elliman and can accommodate a 70-foot yacht. It has views of the Miami skyline and 22-foot ceilings in the great room. Another view of Auburge bottom shows its resortlike amenities. Auberge with prices starting at 1.8 million is right on the sand. This trend will come to define the region s landscape many in our real estate industry say. This isn t your grandmother s version of modern designers are quick to emphasize. The architecture doesn t look as if it was inspired by the space shuttle and the furniture isn t stainless steel and PVC piping. South Florida s current take on modern is defined by clean lines bringing our picturesque outdoors inside top-quality organic materials and amenities that enhance quality of life within our immediate environments. There is a new type of modern design evolving in South Florida not only in residential architecture but in the enhancements it features that speak directly to living our more modern existence says Jay Phillip Parker CEO of Douglas Elliman Florida. The explosion of modern here is in line with the greater appreciation of our environment. It matches beautifully with crystal blue water and sandy beaches. Also driving the trend is South Florida s growing place in the global community encouraging architects from some of the most design-forward cities in the world to work here says Daniel de la Vega president of ONE Sotheby s International Realty. Contemporary architecture is new 72 April 2015 to us in South Florida he adds. But as we see more of the impressive work of architects like Zaha Hadid who designed 1000 Museum in Miami it will become more integrated into the landscape here and may come to define it. Architects such as Alberto J. Comas who designed an exemplary modern home being built at 38 Pelican Isle in Fort Lauderdale knows what high end buyers are looking for says Michael F. Rizzo of Coldwell Bankers Previews International. Alberto is most popular with today s sophisticated buyers who demand quality without sacrificing convenience. His homes are designed to allow the flow from the inside to the outside with such features as glass doors that open completely and pocket out of the way high ceilings with sky lights or glass ceilings thereby keeping the home bright Rizzo says. He also accomplishes this by incorporating more natural textures and combines exotic woods and stone with glass and wide open spaces. Today s sophisticated buyers expect their homes to come equipped with innovative and convenient amenities such as the smart house concept say Pinecrest-based realty agents Hilda Jacobson and Ysha Arteaga of Douglas Elliman. This means that most of the important functioning of the home can be controlled anywhere by their smart phones or tablets and includes everything from monitoring security cameras and alarm to controlling temperature music lighting and pool all with a touch of a button Rizzo says. Sophisticated buyers want clean lines indirect lighting and large open spaces. Kitchens are more streamline and open to living areas rather than closed in allowing owners to better entertain with their guests. Desirable kitchens feature chef-quality gas appliances wine storage and built in coffee machines. In both single-family homes and Amazing water views are at the top of many buyers lists says Jill Eber of Coldwell Banker Residential who has the 17.9 million listing for this 3 627-squarefoot unit at 101 20th St. at the Setai in Miami Beach. April 2015 73 The home known as Bakara Seston Sensa at 5004 N. Bay Road in Miami Beach has cutting-edge architecture including the cool vibe of this bar. The 35.9 million listing by ONE Sotheby s is owned by Chicken King founder Christian Berdouare and includes a rooftop swimming pool 35 feet above ground. condos there are often indoor and outdoor kitchens. In condos oversized balconies facilitate exceptional outdoor entertaining. While each of our clients has his or her personal tastes most are looking for four main features in a home an open layout amazing water views a topof-the-line kitchen and an incredible location said Jill Eber of Coldwell Banker Residential Real Estate s The Jills. Buyers desires have factored heavily in advancing the modern design and enhancement trend locally as developers more often tailor their projects to meet their specific requests says Patrick Campbell vice president of The Related Group. This was a key in the company s new project Auberge Beach Residences and Spa a 171-unit beachfront condominium in Fort Lauderdale that it is developing in partnership with Fortune International Group and The Fairwinds Group. Situated on the 4.6-acre site that is the former home of Ireland s Inn Beach Resort Auberge is to be the area s only on-the-sand luxury residential project. Prices start at 1.8 million at the property which is due for completion in October 2017. Its spa restaurant and resort amenities will be overseen by Auberge Resorts Collection a luxury hotel operator acclaimed for its resorts that embrace intimate understated elegance. This understated elegance is at 74 April 2015 the heart of the modern style that is becoming a hallmark of design in South Florida say Will Meyer and Gray Davis of Meyer Davis an award-winning New York-based interior design firm whose portfolio includes 1 Hotel & Homes South Beach W Hotel Mexico City and Capri Hotel Southampton. The team is designing Auberge s interior public spaces to reflect a relaxed yet elegant beach-chic vibe using rich natural materials making the most of natural light and stunning views. Views are also the jewel in the modern design crown at 1200 The Ocean in Deerfield Beach. The 18 architecturally distinctive condominium homes and penthouse residences designed by renowned South Florida architect Richard Jones are priced from 895 000 to more than 2.35 million for direct oceanfront residences. Each unit features a sleek contemporary design with clean lines and casual sophistication which highlights the one-of-a-kind oceanfront setting. We saw many modern design elements become popular throughout the 80s and 90 s but they didn t last says Dan Kodsi developer of Paramount Fort Lauderdale Beach where units in the cutting edge beachfront building start at 1.2 million. But this time I think modern is here to stay. The pool area at Paramount Residences top overlooks the Atlantic Ocean in Fort Lauderdale. Prices start at 1.2 million. Developer Dan Kodsi says the modern style will stick this time. The inside and outside merge with views overlooking the Middle River and George English Park at Riva in Fort Lauderdale bottom. Units start at 650 000 for a city view and 1.1 million for a water view. April 2015 75 COMMERCIAL REAL ESTATE Apartment Surge Occupancy rates are high but prices may foreshadow a wave of conversions BY DARCIE LUNSFORD It is not your imagination. New apartment projects are popping up like sawgrass across the South Florida landscape. In fact nearly 8 100 new rental units were delivered region-wide last year alone topping off a three-year construction surge. Bolstered by a torrent of capital available financing low vacancy rates and an everrising floor for what people will pay to live a luxury lock-and-go lifestyle South Florida s apartment sector is commercial real estate s proverbial Energizer Bunny. And so far the construction boom hasn t moved the vacancy dial up that much or rental rates down at all. Fourth-quarter occupancy in South Florida was a healthy 95.3 percent according to MPF Research. Year-over-year rents in 2014 edged up 6.5 percent in West Palm Beach 4.7 percent in Fort Lauderdale and 4.5 percent in Miami. It is supply and demand and right now we have a very healthy market said Deme Mekras regional managing partner of Franklin Street. If I were to guess I would say we have a couple more years of this. A quick trip down memory lane helps remind us how we can build so much without a glut. From 2003 to 2007 more than 63 000 apartments were ripped from the rental inventory and converted to for-sale condos. That led to a 37 percent decrease in total apartment supply. Even with the three-year deluge of new apartment deliveries South Florida s apartment stock still remains seven percent lower than it was in 2003 MPF data shows. Joel Altman You still have tremendous pent-up demand said Joel Altman chairman of Altman Cos a Boca Raton-based apartment developer. You also have a dramatic change in household preference for living accommodations. He said that these days many people simply prefer to rent than own. 76 April 2015 Several views of Altis Sheridan Village facing page and this page where high demand allowed developer Joel Altman to raise rates 20 percent during the lease up phase. Altman s recently completed Altis Sheridan Village in Pembroke Pines is an example of the dynamics now driving the apartment sector. By the time the 300-unit complex received it final certificate of occupancy in October it was stabilized at 93 percent leased. Robust leasing demand of 40 units a month allowed Altman to push rents by nearly 20 percent to 1.84 per square foot during the lease up phase. Altman hopes to repeat this success with his newest development Altis Boca Raton in the Park which is set to break ground this summer. The 398-unit midrise development on Yamato Road will seek to command rents averaging 2.20 per square foot. The project will blend high-end residential with 64 000 square feet of retail. It is a very luxurious building Altman said. With average rents in new South Florida apartment projects now piercing 2 a square foot in Broward and Palm Beach counties and 3 a foot in Miami affordability is beginning to become a market force said Jack McCabe of McCabe Research & Consulting in Deerfield Beach. I think what we are coming into now is a potential period of condo conversions he added. Ninety percent of the new apartment developments being built now are unaffordable to 90 percent of the people that live here. In fact metro Miami was recently pegged as the least affordable city for renters among the nation s largest cities including New York and San Francisco according to a new study by New York University Furman Center and Capital One. More than 36 percent of Miami renters spend more than half their income on rent and utilities the study showed. What we noticed in Miami is that it is one of the most severely rent burdened cities in our study said Laura Bailey head of community finance at Capital One. Rent growth has outpaced income growth in Miami. At current market rates leasing a new 1 000-square-foot two-bedroom apartment in Miami would be more than triple the mortgage payment on a 200 000 house or condo. That is why I think we have a new age of conversion coming McCabe said. I think we Jack McCabe have a lot of folks out there that would like to buy. Freelance writer Darcie Lunsford is a former real estate editor of the South Florida Business Journal. She is the Senior VP for leasing at Butters Group and is avoiding a conflict of interest in her column by not covering her own deals. April 2015 77 COMMERCIAL REAL ESTATE Maximizing commercial real estate value Manage properties as though always for sale BY JORDAN C. PAUL It s a great time to be a seller of commercial real estate. South Florida has enjoyed a full recovery from the downturn that began when capital markets disintegrated in 2008. Office and retail projects saw record sale prices in 2014 and new highs are expected to be set in 2015. South Florida also enjoyed positive office absorption with vacancies falling about 5 percent in many areas with little new construction on the horizon. Enormous institutional capital remains earmarked for commercial real estate continuing to push capitalization rates to record lows. With this in mind potential sellers must think about the steps they can take to maximize property values. Preparation for sale should actually begin in the preliminary stages of ownership and should continue with proactive property and financial management throughout the ownership period. Don t Forget The Basics Overall architectural design and property condition are critical valuation factors. Owners should continually explore capital projects to improve the appearance of a property sustain the life of its systems and maximize operational efficiency. From the outset owners should set aside capital reserves for repairs and plan on a consistent capital improvement program. Maintenance is particularly critical to avoid giving valued tenants reasons to not renew. A strong understanding of a landlord s rights under its leases is also critical. It s imperative that collections be kept current and rent increases and expense pass-throughs be captured and invoiced when due. While strong tenant service is critical tenants should be held accountable for lease obligations. Retain Tenants The loss of any tenant can hurt your bottom line. Lost rental income new tenant build-out allowances and brokerage commissions all cut into an owner s profits. To optimize property values build and maintain a robust tenant retention program. Key considerations include Ongoing relationship assessments Address tenants proactively through ongoing communication to prevent small issues from turning into big issues that could lead to non-renewals. Property managers need to stay in touch with their tenants and develop a relationship whereby tenants view them as valued colleagues and problem solvers. Tenant appreciation programs and regular surveys can play an important role in boosting tenant retention rates. Monitor renewals Consistently monitor which leases are coming up for renewal and begin renewal discussions at least 12 months prior to allow time to address critical issues. Existing tenants in need of expansion are always your best prospects for new space. Identify most valuable tenants Every tenant is important but an owner needs to continuously evaluate the impact that each tenant has on the owner s overall portfolio taking into account contributions to cash flow and credit quality. Make sure you understand the value of each tenant and that you allocate focus and retention efforts accordingly. Capitalize on the Capital Markets Evaluation of a property s capital and financing structure is another key to optimizing value. Consistent communication with financing professionals to regularly evaluate capital structure and debt alternatives is important in today s dynamic market. Interest rates are at record lows a wide variety of lenders are competing for borrowers and there are a plethora of loan products that can be used to efficiently finance a property. Over 90 billion of new commercial loans were securitized in 2014 compared to just 2 billion in 2009. CMBS (commercial mortgagebacked securities) loans allow borrowers to lock in today s low rates for up to 10 years on a non-recourse basis and there are also numerous shorter term financing options available from commercial banks and investment funds. Start Now South Florida is among the most sought after commercial real estate markets in the country. For property owners seeking to tap into investor demand and achieve top valuations it s important to deploy an ongoing proactive and disciplined approach -- and the time to start is now. Jordan Paul is Chief Executive Officer of commercial real estate brokerage NAI Merin Hunter Codman. Contact him at paul or 561.471.8000. 78 April 2015 A Global Force in the Information Technology Arena We are a global company with 100 Years of combined experience placing IT professionals ALL while experiencing 28 quarters of consecutive growth. Our services of staff augmentation contract to hire direct hire and retained search will help you attain your business goals. Ask us about our Resource Concierge Program 6001 Broken Sound Pky. Suite 506 Boca Raton FL 33487 561-912-9363 main office info Meet Some of Our clients Blue Cross Blue Shield WebMD Guardian Citigroup TD Ameritrade Morgan Stanley Avon Weight Watchers April 2014 79 TECH HUB A look at the latest in mobile matters BY CHRIS FLECK Mobile World Congress (MWC) in Barcelona has transitioned from a telco industry specific event to a platform for announcing and demonstrating advancements in global mobility including devices enterprise business infrastructure and extending into internet of things (IoT) vehicles and wearables. Some of this year s MWC highlights include Samsung S6 Edge This beautiful device promises to make up for the 5S deficiencies and slow the progress of the iPhone 6 market share. Some of the new features include curved edge display wireless charging 16 megapixel camera super fast Octacore CPU and a new fingerprint scanner along with Samsung Pay. Samsung S6 Edge Virtual Reality Not a new concept but now closer to reality. HTC announced the Vive headset that provides an immersive experience for gamers that allows them to navigate virtual spaces. Samsung demonstrated the Gear VR headset based on their partnership with Oculus now owned by Facebook. Beyond Virtual Reality is Cinematic Reality which is being developed in South Florida by Magic Leap. This enables virtual experiences to merge with normal vision to enable not only gaming but potentially a new interface for computing. Google s SVP Sundar Pichai highlighted Magic Leap in his keynote providing some insight to the company s massive contribution to the recent 542 million investment round. Wearables in 2015 With the upcoming release of the Apple Watch many competitors took the opportunity to release new smart watches to gain attention. The unexpected Huawei Watch gained a lot of attention in addition to updates from Pebble and a variety of Android wear devices. MWC also kept to its core of providing the latest vision for 5G networks capable of 100 times faster than 4G and 1 000 times the number of devices based on IoT. I can t wait for MWC 2016 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. Google Android for Work Built on Android 5.0 Lollipop Google launched Android for Work (AfW) which enables IT administrators to create separate workspaces to isolate work apps and data on a personal BYOD (Bring Your Own Device) device. Citrix was named by Google as a leading partner in AfW along with a few other Enterprise Mobility Management vendors that can provide integration with existing IT management systems. 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Because it is delicious HOFFMANS.COM 888-281-8800 Fort Lauderdale Hollywood Greenacres Palm Beach Gardens Boca Raton Lake Worth Hoffman s Chocolates is a BBX Capital company 82 April 2015 COURTOF Bankruptcy Law Ross Hartog Corali Lopez-Castro Jerry Markowitz David Samole Markowitz Ringel Trusty Hartog Kozyak Tropin & Throckmorton Markowitz Ringel Trusty Hartog Kozyak Tropin & Throckmorton THEULTIMATE RECOGNITION 2015 leaders in law finalists Medical Malpractice Steven L. Lubell Stuart Ratzan Richard T. Woulfe Lubell Rosen Ratzan Law Group PA Bunnell & Woulfe P.A. Law Firm with more than 50 attorneys Berger Singerman Gray Robinson Greenberg Traurig Greenspoon Marder McDermott Will & Emory Shutts and Bowen mergers & acquisitions Matthew R. Bielen Robert Brighten Jr. Corporate Law Alan D Axelrod Bowman Brown Michael N. De Biase Matt Katz Don Kubit Uriel A. Mendieta Morris Skip Miller Linda Worton Jackson Bilzin Sumberg Shutts & Bowen LLP Tobin & Reyes PA Katz Barron Squitero Faust Fowler White Burnett Hunton & Williams LLP Greenspoon Marder Law Salazar Jackson LLP Roig Shutts & Bowen Personal Injury Law Stuart Z. Grossman Robert W. Kelley Howard Talenfeld Joshua L. Wintle Grossman Roth P.A. Kelley Uustal Talenfeld Law Panter & Panter Sampredo Please Join South Florida Business & Wealth as We Celebrate the 2015 Leaders in Law. Leaders in Law honors lawyers and law firms in South Florida who have achieved excellence in their areas of practice maintained the highest level of ethics and have shown a commitment to their communities. DATE TIME Wednesday April 29th 2015 5 30pm - Networking Reception 6 30pm - Awards Ceremony Real Estate Law Stephen B. Moss Stephanie Toothaker Holland & Knight Tripp Scott Eisinger Brown Lewis Frankel & Chaiet P.A. EnVIROnMENTAl Law Heidi Davis Knapik Dennis Mele Steven Wherry Gunster Greenspoon Marder Law Greenspoon Marder Law Dennis J. Eisinger Stanley B. Price Thomas Coyle Blizin Sumberg Greenspoon Marder Law Family Law Michael Alman Peter L. Gladstone Yueh-Mei Kim Nutter Je rey A. Weissman Greenspoon Marder Law Gladstone & Weissman P.A. Brinkley Morgan Gladstone & Weissman P.A. Wills Trusts & Estate Simon Beck Elaine Bucher Marsha G. Madorsky Stuart R. Morris Carl Schuster Michael Wild Baker & McKenzie LLP Gunster Carlton Fields Morris Law Group Greenspoon Marder Law Wild Felice & Partners P.A. Healthcare Law Lee F. Lasris Jodi Laurence Florida Health Law Center Florida Health Law Center PLACE Gallery of Amazing Things 481 South Federal Highway Dania Beach FL 33004 TICKETS 150 1000 Group of Ten Tickets Insurance Law Mike Colodny Marco Leyte-Vidal Daniel J. Rheaume Colodny Fass P.A. Leyte-Vidal & Mazzitelli Attorneys at Law Welt & Rheaume P.A. Rising Star Simeon D. Brier Michael J. Drahos Brian Karpf Louis Reinstein Alan Somerstein Cozen O Connor Fowler White Burnett Young Berman Karpf & Gonzalez PA Bunnell & Woulfe P.A. Greenspoon Marder Law For additional information or to purchase tickets please visit http awards lil-2015 Intellectual Property Rights Michael Chesal James A. Gale Peretz Chesal and Herrmann Feldman Gale Law Firm with Less than 25 Attorneys Farmer Ja e Weissing Edwards Fistos & Lehrman P.L Goldstein Law Group Katz Baskies Lesser Lesser Landy & Smith Reyes Law Group Labor and Employment Law Rob Hudson H. George Kagan Ellen M. Leibovitch Jay M. Levy Paul O. Lopez Hudson & Calleja LLC MKRS Law Assouline & Berlowe P.A. Jay M. Levy. P.A. Attorneys at Law Tripp Scott Presenting Sponsor Litigation Jeremy Elman Andrew C. Hall Evan Klinek Je rey M. Ostrow Stephen Joseph Padula DLA Piper Hall Lamb & Hall P.A. Greenspoon Marder Law Kopelowitz Ostrow Padula Hodkin PLLC Attorneys at Law Law Firm with 25-50 attorneys Jones Foster Johnston & Stubbs P.A. K & L Gates Kopelowitz Ostrow Ferguson Weiselberg Attorneys at Law Silver Sponsors April 2015 83 SFBW AGENDA Bob Birdsong Susan Renneisen Susan M. Mansolillo and John Benz at the Non-Profit Academy Awards Federation of Bodybuilding and Fitness and friend Tony Lopez. There s no other pro show like ours in Miami said Lopez. The last one was about seven years ago at the Jackie Gleason Theater. The duo started out with zero capital and investment money but Paula s contacts helped give the event credibility and sponsors Lopez said. The IFBB event on Saturday April 19 at Loews Miami Beach Hotel will have both men s and women s categories. For more information visit www.miamimusclebeachpro. com. Non-profit leaders get red carpet recognition A red carpet reception with live golden statues makeup artists and champagne greeted nearly 800 attendees at the 5th Annual South Florida Community Care Network Non-Profit Academy Awards. The awards were presented by 2-1-1 Broward which provides a 24-hour comprehensive helpline to provide people in crisis with access to community resources and the Seminole Hard Rock Hotel & Casino in Hollywood. The awards honor the work of Broward County s non-profit organizations and leaders and the impact they have on the community. The audience was welcomed by Bob Birdsong 2-1-1 Broward Board Chair & CEO of OK Generators Sheila Smith President & CEO of 2-1-1 Broward and John Benz President & CEO of South Florida Community Care Network and a 2-1-1 Broward Board Member. Guests were surprised with a special performance by America s Got Talent s Emil and Dariel a rock cellist duo. The event raised over 172 000 and a total of 23 000 will be awarded to winners of the year. Nathan Dapeer BBX gets new private equity principal Nathan Dapeer who has a background with Blue Sea Capital and Brockway Moran & Partners has joined BBX Capital Partners as a principal. Dapeer has more than seven years of private equity and investment banking involving middle market companies and nearly 1 billion in transactions. Dapeer began his career as an investment banker with Harris Williams & Co. in The real hot bodies of SoBe Given the buff nature of South Beach it s a wonder somebody hasn t launched a professional body building show before the upcoming Miami Muscle Beach. The event is being organized by Geobanny Paula who is Miami s first Physique Pro under the auspices of the International Several of the 2015 Non-Profit Academy Award Winners 84 April 2015 The VIP tent at the ninth annual Great Smoke right. Smoke Inn owner Abe Dababneh below hosts his Kiss My Ash radio show JA honors this year s laureates Junior Achievement of South Florida honored four laureates at its 35th annual Business Hall of Fame celebration recognizing their significant community impact. This year s laureates were David Clarke PwC Digital Services Steve Hudson Hudson Capital Group Ginger Martin American National Bank and Frank Sacco Memorial Healthcare System. This year s event was a record-breaking success Richmond Virginia and as a founding member of the firm s first international office in London. We are thrilled to have someone with Nathan s industry experience join our team and help build the BBX Capital Partners platform and portfolio of brands said Jarett Levan President of BBX Capital. A rockin Great Smoke The ninth annual Great Smoke rocked out with the band Foghat known for their song Slow Ride at a new location at the German American Club in Lake Worth. Event organizer Abe Dababneh owner of Smoke Inn kicked off the event with a live broadcast of his weekly Saturday radio show which also can be heard at Several hundred cigar aficionados were lined up for the VIP opening at noon. With coupon books in hand they went through 45 different stands with an array of premium cigars being handed out as part of the price of admission. The VIP area was serving up ice-cold Russian Standard vodka while tasting booths outside had a range of bourbons and whiskeys. and it was a thrill to induct these four amazing entrepreneurs and executives into the Business Hall of Fame said Andy Cagnetta Event Co-chair and Junior Achievement Board Member. The event raised 135 000. Junior Achievement also awarded Gale Butler with the first ever Melissa Aiello Character Award named in honor of the late JA CEO and president. BBX Capital was the Presenting Sponsor for the evening at JA World Huizenga Center at Broward College in Coconut Creek and SFBW was among the gold sponsors. Junior Achievement Hall of Fame laureates Steve Hudson Ginger Martin Frank Sacco and David Clarke April 2015 85 SFBW AGENDA Interact with the chefs at Veritage Miami VeritageMiami Four venerable veritable days of libations dining The 20th annual VeritageMiami presented by City National Bank will attract more than 3 500 wine and food lovers to four days of world-class culinary indulgence to benefit United Way of Miami-Dade County. The event will be at some of the coolest places in the county April 15 Craft Beer Tasting at Wynwood Walls VIP 6 p.m. General Admission 7 p.m. April 16 Fine Wine Tasting at Village of Merrick Park VIP 6 p.m. General Admission 7 p.m. April 17 Interactive Dinner at InterContinental Miami Headlined by Eileen Andrade of Finka Table & Tap Adrianne Calvo of Chef Adrianne s Vineyard Restaurant and Wine Bar Paula DaSilva of 3030 Ocean at the Harbor Beach Marriott Resort & Spa Cindy Hutson of Ortanique on the Mile and Dena Marino of MC Kitchen. 6 30 p.m. April 18 Auction and Wine Dinner at Marlins Park (on the diamond) with award-winning wines spirited bidding and a home run of an after-party. 6 30 p.m. To purchase tickets visit Florida Governor Rick Scott and Lt. Governor Carlos Lopez-Cantera join Rita and Rick Case of Rick Case Automotive Group in celebrating the company s new national headquarters in Sunrise. Photo by Robert Stolpe Photography Governor celebrates HQ opening Florida Governor Rick Scott and Lt. Governor Carlos Lopez-Cantera joined Rita and Rick Case to celebrate the new national headquarters of Rick Case Automotive Group. The headquarters in Sunrise is the epicenter for a 1 billion plus operation that has 16 dealerships in South Florida Atlanta and Cleveland. The Rick Case Automotive Group celebrated its 50th anniversary in 2012 and was honored in 2013 as Automotive News only National All-Star Dealer for the Privately Held Dealer category out of 17 000 dealers in the country. Terry Stiles Rita and Rick Case Gov. Rick Scott Sunrise Mayor Michael Ryan Sunrise City Manager Richard Salamon and Sunrise Assistant City Manager Mark Lubelski 86 April 2015 LAW Be Proactive in Cyber Security or Pay a Hefty Price BY PAUL O. LOPEZ Paul O. Lopez High profile data security breaches like those at Target and Home Depot drive home the need for businesses to take active responsibility for shielding customer information and so do the resulting lawsuits. Companies can t afford to stick their heads in the sand where cyber security is concerned. The potential cost to them for doing so is simply too high says Paul O. Lopez an attorney and director with Fort Lauderdalebased Tripp Scott who chairs the firm s litigation department and who has handled a large number of cases involving compromised data and issues pertaining to the storage of financial information. Together with attorneys Catalina M. Avalos Megan L. Janes and Ryan Lehrer Lopez also works with businesses that want to make sure their systems and procedures are in compliance with what the government considers to be best practices. Lopez says that internal and external breaches of data security have cost companies millions of dollars as both federal and state governments hold them responsible for protecting the information. Violations of laws like the Computer Fraud and Abuse Act and the Stored Communications Act come into play when those whose information is compromised file suit individually and in class actions against companies with data breaches. Lopez expects the government oversight of data breach issues to increase as Congress is currently considering more legislation that addresses the need for best practices in data security. To be less vulnerable to hacker attacks and the potential data breach activities of rogue employees companies need to create secure networks for information the Tripp Scott attorneys advise. To guard against internal threats businesses need to employ competent IT staff to supervise cyber security make sure that employees sign confidentiality agreements and update their passwords frequently. To shore up company network security against external cyber attacks update firewalls and make certain that data is well encrypted which makes it more difficult to penetrate. If your firewalls are from three or five years ago they would likely be considered obsolete according to industry standards. So if information is compromised your company could be held responsible for not having taken the necessary steps to protect customer information Lopez says. You should review your protective technology every 12 to 24 months to be certain it is considered current and make the investment in new technology for this purpose if at all possible. Factor it into your budget. The penalties for companies the government considers to be lax with regard to cyber security are substantial he notes. While many cases brought by injured parties are settled at a heavy price some go to jury trial and result in even higher corporate costs. Class action claims for data breaches due to insufficient security can amount to tens of millions of dollars Lopez says and penalties can be criminal as well as civil. States differ with regarding to security standard benchmarks so it is important to know the most current standards where a company is operating as well as the federal position on the issues. Many of the breaches Lopez has seen involve former employees theft of customer information for use either in their employment with a competitor or in their own businesses. We work side by side with forensic IT experts to quickly understand how the information was stolen and transmitted Lopez says. From there we can map out a strategy to deal with it. However we hope more often to help companies in their proactive efforts that will help avoid security breaches and damages. Paul O. Lopez may be reached at pol or 954.525.7500 88 April 2015 April 2015 89 SALES STRATEGIES Sales Meetings The Ultimate De-motivator BY GRETA SCHULZ How often as a sales director do you get that dreaded feeling from your reps as well as yourself about the weekly sales meeting Does it last longer than it should Did you feel like something was accomplished or did you just go through the motions Why is that feeling so common Let s first define what a sales meeting is for by defining what it is not for. 1. It is not for having each sales representative discuss what is happening with him her. This is a huge waste of everyone s time. 2. It is not for that representative who loves to hear himself herself talk. 3. It is not for the sales manager to lecture. 4. It is not for calling someone out in public about his her performance. It seems the sales meeting has never really been truly defined so let s define what it is supposed to be and what will make it most productive. 1. Have an agenda with subjects to cover and what time they are meant to be covered. Keep to your agenda to avoid distractions. 2. Keep it motivating. Use the sales meeting to share success stories. If a sales person didn t have a great week discuss the positives that came out of that. There is always something that they can learn and share that will make them feel better and stay motivated. 3. Make it a teaching opportunity. Training should always be a part of your sales meeting. Bring in something helpful to them it could be an article a new product or service or a great story. 4. Schedule one of your representatives to present something. Plan ahead with them to do this when you want to instruct on selling a difficult product or service or a new way of looking at something. Give the presenter a timeframe in the meeting. If the presentation involves a new products or service it can force them to really learn it and become the knowledge leader. Now for the individual coaching and pipeline review We often think this should be done in a group meeting but it shouldn t be. It should happen in short one-on-one meetings every week with each rep. This can work if you set a very strict set of goals for this meeting. If you feel weekly is too often that is because you are so caught up now in micro meetings with your representatives quick calls emails and texts that all together probably take more time than weekly individual meetings. Plus if sales representatives are struggling they may be hiding. Don t you want to nip that in the bud So how is this accomplished You preset these meetings with the reps for 20 minutes each and no more If you do this right you can get through it quickly and productively. Coaching is your first priority so do this well you won t get the calls emails and texts all day long. The agenda comprises five things 1. What who are you working on right now 2. What part of the sales process are you in with each of them 3. Where are you toward your goals and what are your plans to make sure you reach them 4. What do you need from me to help you accomplish this 5. What are our action steps from this meeting and what are their time frames Greta Schulz is President of SchulzBusiness a sales consulting and training firm. She is a best selling author of To Sell IS Not To Sell and works with Fortune 1000 companies and entrepreneurs. For more information or free sales tips go to www.schulzbusiness. com and sign up for GretaNomics a weekly video tip series or email sales questions to greta 90 April 2015 Congratulations to our finalists for South Florida Business & Wealth s 2015 Leaders in Law Morris G. Skip Miller Corporate Law Environmental Law Dennis D. Mele Environmental Law Steven Wherry Michael J. Alman Family Law Evan B. Klinek Litigation Thomas F. Coyle Real Estate Law Carl Schuster Wills Trusts & Estate Alan Somerstein Rising Star (888) 491-1120 Aventura Boca Raton Fort Lauderdale Miami Naples Orlando Port St. Lucie Tampa West Palm Beach April 2015 91 THE FAMILY OFFICE Our Family Wealth Inc. BY JULIE NEITZEL Last month s column discussed the current magnitude of family wealth estimated at 46 trillion globally. Further according to Federated Investors the millennials will inherit 30 trillion from their Baby Boomer parents. Those numbers are big business However if history is any indicator the shirtsleeves to shirtsleeves phenomena of wealth dissipation will occur unless best practices are used to ensure sustainability of family wealth. Many wealthy families approach the family business differently than Our Family Wealth Inc. as it relates to strategy process governance and resources. In her recent book Wealth Management Unwrapped family wealth thought leader Charlotte Beyer wrote The reality is that when it comes to your wealth you are the CEO of My Wealth Inc. whether you want it or not. When a family accumulates millions of dollars of personal net worth outside of a family operating business they create an important organization in its own right. This enterprise generally has bank and investment accounts real estate investments hedge funds private equity funds collections multiple residential dwellings personal aircraft and other items of significant value. If an operating business was capitalized with 100 million it would not endure nor be successful without intentional vision strategy structure and process. Further successful businesses have highly effective teams that work together supporting the vision and mission. Frequently a family will not utilize even the most basic commercial enterprise management approaches. A family office can solve for this by facilitating the following best practices for Our Family Wealth Inc. Defining Family Mission Defining the purpose of the wealth is an important component that links the goals of the family to ongoing wealth management activities. Mission provides direction to the family office and others who support the family. The family vision mission can only be determined by the family. Mapping Our Family Wealth Inc. Understanding the components of wealth enables greater awareness control and clarity around ongoing decision making. The wealth map includes family balance sheets structures and their ownership cash flows and succession planning. Investment strategy planning As the saying goes if you don t know where you re going any road will take you there. An investment strategy and plan are critical roadmaps to help navigate through the investment allocation and decision-making process. Consolidated reporting Incorporating a process that not only aggregates data and investment information but also reconciles cash flows and reviewing quality of data is critical. Financial institutions may inadvertently debit accounts trades occur with incorrect pricing and fraud ad cyber criminals may gain access to accounts. There are many reasons for a solid reporting and control process. Provider management Most wealthy families work with over 20 service providers. This ecosystem is important but needs direction to ensure integration with the overall family wealth objectives. Family governance and education Family wealth enterprises flourish when there s an understood governance system and ongoing education for family members to learn and grow in their roles. Wealth transfer planning Effective wealth transfer requires ongoing focus as change is the only constant given that families change transfer tax laws change investment results change and new risk exposures surface. When families bring sound practices to Our Family Wealth Inc. it creates roles and individual purpose for the family members to contribute to the family mission vision such as CEO COO CIO board director. We ll explore these best practices in more detail in a future column. Julie Neitzel is a Partner and Advisor with WE Family Offices in Miami and a board member of the Miami Finance Forum. Contact her at Julie.Neitzel or 305.825.2225. 92 April 2015 HOT SPOTS FOR YOUR BUSINESS BOCA RATON South Florida Business & Wealth the region s largest business publication will spotlight the City for All Seasons with an in-depth report in the May edition. The section will highlight the history economic leadership education and cultural scene in Boca Raton telling SFBW s 30 000 readers in Miami-Dade Broward and Palm Beach counties why they should consider doing business in the city. SFBW gives you the insight and true picture of the cities and neighborhoods that are experiencing exceptional rates of growth and economic vitality. Our special report series will spotlight who you need to know and highlight key trends in economic development education demographics and culture. SFBW reaches 30 000 senior-level executives and professionals. FOR MORE INFORMATION CONTACT James Constantine at (954) 304-3200 or jconstantine UPCOMING HOTSPOTS May Boca Raton June Brickell and Downtown Miami August Sunrise September West Palm Beach October Fort Lauderdale November Wynwood Design District December Delray Beach April 2015 93 THE COMPETITIVE EDGE Mindfulness on the Job 7-Steps to Increased Productivity and Satisfaction BY LINDA JANASZ woven effectively into your workday routine enabling you to let go of the past frustrations and reduce future fears while enhancing job satisfaction and productivity. Some techniques are 1. Increase present awareness Simply bring yourself back to this moment by using your five senses to help anchor you back into this moment. 2. Pay attention to whatever is in front of you You can practice mindfulness anywhere at a desk in front of computer or while interacting with colleagues or clients. 3. Check in with yourself a few times a day Present awareness is a form of mental exercise and like any exercise it is better to start in small increments. Make mindfulness a part of your routine like showering or brushing your teeth. 4. Keep at it Early practice can seem awkward and over time you will become comfortable and begin to see and feel the benefits. Like with any exercise we have a tendency to quit so be patient and let go of unrealistic expectations that can be distracting. 5. Keep an open heart and mind Try to not judge yourself as there is no right or wrong. 6. Come back When you notice distracting thoughts simply bring your attention to back to being here and now. This will get easier and better with time and you will begin to notice better control over your thoughts and mind. 7. Enjoy it Over time you will learn to reap the benefits of present awareness and reduce stress and find more joy in everything that you do. Linda Janasz is a journalist coach researcher Emmy awardwinning producer and Registered Yoga Teacher (RYT 200) and holds a PhD. She has created and teaches a program called Mindfulness Meditation and Movement (MMM) Training that has helped hundreds of people find balance and success in an unbalanced world. Visit The practice of mindfulness (increased present awareness) has impacted our understanding of the field of behavioral economics. New research demonstrates that by paying attention to one s environment instead of simply reacting to it we can reduce stress enhance creativity increase motivation and improve performance. Rather than following old rules and routines present awareness gives you an innovative and fresh perspective on any situation. This is why industry leaders (Ray Dalio Oprah Winfrey Larry Brilliant and Rupert Murdock to name a few) practice present awareness and why it has now become part of Harvard Business School s curriculum. It s a Practice Not a Perfect Mindfulness practice allows you to overcome your negative emotional hardwiring and is the first step toward creating a better relationship with your 65 000 daily thoughts and is different from meditation. Present awareness practice can be 94 April 2015 Get our Guaranteed lowest Price or your Money-back If you are not completely satisfied return the vehicle within 3 days or 300 miles. Gives you More for LESS only Rick Case KIA Volkswagen Hyundai Equus Acura FIAT Alfa Romeo Honda Cars & Cycles DoublE THE NATIoNwIDE FACToRy PowERTRAIN wARRANTy uP To 20 yEARs 200 000 MIlEs with every New Hyundai Equus Acura KIA Volkswagen FIAT or Honda Car Purchased. DIsCouNT GAs AND FREE CAR wAsHEs ANyTIME with Rick Case Rewards - You Can Save 100s Even 1 000s. souTH FloRIDA s FACToRy AuTHoRIzED lEAsE RETuRN CENTER Early Lease Return or Exchange Program - no matter how much you owe even if over mileage. Sunrise Blvd. at Sawgrass Expy. KIA 855-209-2929 50 Plus Years Since 1962 ON 441 at Sunrise I-75 & Griffin HONDA Cars HYUNDAI EQUUS I-75 Auto Mall HYUNDAI EQUUS ON 441 at Sunrise 866-757-4644 I-75 & Griffin 866-757-5568 FIAT ALFA ROMEO I-75 Auto Mall 866-899-1817 VOLKSWAGEN I-75 Auto Mall ACURA HONDA Cycles 866-895-5702 866-812-6572 866-910-1420 888-603-9657 SHOP OR BUY AT HOME... April 2015 95 BUSINESS TIPS 4 Things Every Company Needs To Do Editor s Note This is the first in a monthly series of articles on tips to help grow your business. More tips will be published twice each week on Even though the financial horizon looks warm and inviting as spring arrives preparation and planning are a must for every organization. Following these essential steps should help jumpstart your game plan. Step One Identify what works and what doesn t. Every good business plan should have a reflection process built into it. If yours does not then sit down with your management team and have an honest discussion about what is working and isn t. There may have been good ideas that did not yield the profits you initially thought they would. Perhaps an initiative absorbed too many man-hours to warrant continuing. Conversely you may identify areas of success with projects that practically ran themselves. Once you have identified what worked and what didn t it s time to decide how to amplify the positive results and eliminate the negative results. Your management team is key in this process as many times they have access to information and perspectives that are vital to the process. Make sure the entire team knows that this is a growth exercise and that there is no shame in this game. Schedule time to purge ideas that never worked or are no longer viable. It is also a time to reinforce the gold standards of your organization while identifying new areas for future growth. Step Two Identify your yearly dream team. Once you know what works and what doesn t the next step is to pinpoint who worked and who didn t. Be careful with this step it should be a positive one and team members must not feel threatened by it otherwise it will not work. Communication is the key to insight and much of that will be needed to ascertain what teams are not working effectively and why. It may be personality issues or perhaps even a need for redirection in some areas of the organization. Whatever the case may be decisions must be made now rather than later to avoid any unnecessary time or profits lost. Step Three Allocation of resources. Create a plan where resources are allocated appropriately. Make sure you are focusing on who and what matters. The leadership team support personnel clients and stockholders are the people that your organization depends upon for survival. The beginning of the year is a time to allocate resources and time to ensure continued satisfaction on all of their parts. This may mean announcing an incentive program for loyal customers or a bonus program for personnel. Step Four Update your company website. Many organizations make the mistake of not updating the company website periodically and this can cost them more than business. The truth is that an out-of-date website speaks volumes about a company to current and perspective clients alike. A company s website is a window into their operation so make sure yours is up-to-date and user friendly. Contact information should be easily accessible and your mission and vision should be prominently showcased. Your organization should be an open book. Transparency builds trust and current and prospective clients alike demand access 24 hours a day. Today s successful business does not close its doors at 5 p.m. anymore. Make sure you have links for every imaginable option in order to facilitate processes that will positively impact your business. If you are a wholesale organization having inventory online ordering and fulfillment will make such processes take half the time. To get the next four steps please see 96 April 2015 Where Can You Find LUxURY OFFICE Space In Coral Springs UNIVERSITY PLACE AT CITY CENTER 3111 N. University Dr. T EN S TORY O FFICE B UILDING - 1 000 - 75 000 SF F OR L EASE O N S ITE P ROPERTY M ANAGEMENT & S ECURITY O N S ITE A MENITIES R ESTAURANT F ULL S ERVICE B ANK R ESERVED C OVERED PARKING M ULTI -M ILLION D OLLAR R ENOVATION U NDERWAY A GGRESSIVE L EASE T ERMS W ITH S TRONG I NSTITUTIONAL O WNERSHIP NEW OWNERSHIP A Co-Development Between LEASING INFORMATION Darcie Lunsford 954.312.2435 Molly McDonough 754.227.5023 BUTTERS HISTORY VIEWPOINT In another airport era Since the 1980s Fort Lauderdale-Hollywood International Airport (FLL) has been steadily expanding and rebuilding to accommodate passenger traffic. It s now ranked as the nation s 21st busiest airport with 23.35 million passengers according to the Airports Council International. A second main runway recently opened and the airport is in the midst of a capital improvement program that includes major terminal redevelopment. FLL was Broward County s first airport and was named Merle Fogg Field when it opened on May 1 1929. During World War II the U.S. Navy took over the airport expanded it and named it the Fort Lauderdale Naval Air Station. In 1948 Broward County assumed control of the facility from the U.S. Navy and it gained its current name. Miami News photographer Bill Reinke shot this image on June 3 1985 a few months before FLL was scheduled to open the first of three new terminals. From the Miami News collection at History Miami (catalog number 1994-370-2-33). For more information about the HistoryMiami Archives & Research Center or to see more historic images please visit 98 April 2015 Ma ee teyo t ftmp d d ni l u o s r a e c l rl ds e h lres ae od ol t l e ag c l e e t P l d p n a tih f m T c ai e e d n l tr s a g o eh L higofrv u l o lxy i t g n f s i a c mpe i e s t a dmo ena p a. n dr pel 1 9 E Oa ln P . l . 2 0 . k d kB d a v F L u ed l L 3 3 t a d rae F 3 3 4 9 45 36 6 5 .6 .6 7 REQUIRES financing Desire Choosing the right mortgage loan is just as important as choosing the right home. At BankUnited our dedicated team of loan specialists are here to help you find the Jumbo or Super Jumbo mortgage loan that s right for you whether it s to purchase or refinance a primary home second home vacation home or investment property. Programs for foreign nationals are also available. Contact Ingrid A. Mason today to discuss your next move. Ingrid A. Mason Regional Sales Manager Residential Lending (954) 218-4298 NMLS 725580 COMPETITIVE RATES. 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