Posted in Finance & Investment The New Florida LLC Act is Coming Soon On May 3, 2013, as the last piece of legislation to be enacted this session, the Florida House of Representatives unanimously passed the new Florida Revised Limited Liability Company Act (the “New Florida LLC Act”), a companion bill of which also passed the Florida Senate unanimously a… Continue Reading
Miami residents have a long history of escaping to cooler climates during the summer months. While the advent of central air conditioning has made regular visits to the north more of a luxury than a necessity, vacation homes in such exotic locations as North Carolina, Maine, Vermont, Massachusetts and New York remain as popular as… Continue Reading
The Florida real estate market remains a prime target for Canadian investment, with a particular focus on South and South West Florida. These Canadian purchasers are being credited with playing a role in the rebound of the Florida housing market, which has seen a 12% increase since its April 2011 low. Indeed, notwithstanding competition from South… Continue Reading
Chapter 11 filings in the Southern District of Florida continue to trend downward. Since 2010, annual chapter 11 filings have declined by about 25%. The decline is consistent with the national bankruptcy experience. Variety of factors contributing to decline in filings To some extent, the current low filing rate is attributable to a robust local economy,… Continue Reading
As many Miami residents who earn income abroad may be aware, the United States is one of only two countries in the world that taxes its citizens and residents (collectively, “U.S. taxpayers”) on their worldwide income. Therefore, a U.S. taxpayer that earns only foreign source income will be subject to U.S. federal income tax on… Continue Reading
The Bilzin Sumberg Dodge Squad is getting set to square off against three other South Florida law firms in an upcoming dodgeball tournament to raise funds for the United Way of Miami-Dade. On March 13, we will vie for the title of Dodgeball Champion 2013 alongside Akerman Senterfitt, Carlton Fields and Greenberg Traurig at 5:30… Continue Reading
Posted in Finance & Investment, Uncategorized This is a guest post by Nancy Jones, Vice President of Development & Communications, The Miami Foundation. On December 12, 2012, almost 5,000 donors throughout Miami-Dade County and the world gave into our shared vision for a greater community. The inaugural Give Miami Day was a special “Miami Moment” where we stood up, rallied together and… Continue Reading
Thank you for joining us for the inaugural session of the New Miami Breakfast Series. Public-Private Partnerships: Why They Are Growing in Popularity and Their Impact on South Florida The most flexible relationship between the government and a private contractor is a public-private partnership, commonly referred to as a P3, in which government and the… Continue Reading
Posted in Finance & Investment According to a recent report from Hype Park Capital, Florida had the 4th most mergers and acquisitions transactions by volume in the United States in 2012 with 517 completed M&A transactions. Despite being better known for its real estate and tourism industries, South Florida had 196 completed M&A transactions in 2012, which would have put South Florida as… Continue Reading
Those who like to start their day with a cup of coffee and listening to the Marketplace Morning Report with Jeremy Hobson will be pleased that the show will be broadcast live from the WLRN Radio studios in Miami all next week. From January 22 - 25, WLRN Radio will host one of Public Radio’s most popular… Continue Reading
We are pleased to announce that the results of our New Miami Investment Survey are out. Click to Download SurveyTo assess what other business leaders are thinking about the pace and nature of economic recovery in South Florida, we commissioned The Bilzin Sumberg New Miami Investment Survey. 200 top executives in the community provided their… Continue Reading
This is a guest post by Alyce Robertson, Executive Director of the Miami Downtown Development Authority. Demand for condo sales and rentals slated to exceed supply We have been tracking condo sales and rental activity in downtown Miami since the market bottomed out three years ago, and what we are seeing is a clear trend… Continue Reading
On Thursday, the Federal Reserve Bank of Atlanta reported on the comeback of the construction crane in downtown Miami, touting it as a harbinger of good things to come in the South Florida condominium market. As reported in the Atlanta Fed’s EconSouth, during the peak of the South Florida construction boom, more than 140 cranes… Continue Reading
Posted in Finance & Investment Each year, tens of billions of dollars in remittances are sent abroad by immigrants in the United States. Money transfers to Mexico alone, for example, were an estimated $24 billion in 2011, according to the World Bank. Beginning in January 2013, the Consumer Financial Protection Bureau, as directed by the Dodd-Frank Act, will implement new… Continue Reading
Investors are using different types of techniques in an attempt to acquire commercial real estate in Miami and elsewhere at a discount. One technique that has recently gained popularity as a result of market conditions is through the purchase of a defaulted first mortgage loan, commonly known as “loan to own”. Acquiring Commercial Real Estate… Continue Reading
Steven D. Lear, a partner in the Corporate and Securities department, is the Recording Secretary for the task force of the Florida Bar Business Section that is drafting the new Florida LLC Act. This is the first in a series of blog posts on the new Florida Limited Liability Company Act. Future posts will discuss… Continue Reading
Much has been said about the ever diminishing supply of condominium inventory and the reluctance of banks to lend to construct new condominium projects since the market collapse. As previously discussed, several determined developers, including The Related Group, NewGard Development Group, and Terra Group, are relying upon buyer deposits of 70-80% of a unit’s purchase… Continue Reading
Foreign Investment In South Florida Real Estate Heats Up According to a recent report, international buyers are driving sales at several large real estate projects in South Florida. The 200-unit Trump Hollywood sold out less than two years after lenders foreclosed on the 41-story oceanfront tower. In Miami-Dade County, all 1,800 units at Icon Brickell… Continue Reading
Convention Centers Look to P3s to Become More Competitive Globally The PPP Bulletin recently reported that the city of Los Angeles is considering forming a public-private partnership with a private-sector entity to manage the Los Angeles Convention Center. We recently discussed the advantages of using P3s for large government projects, and a Los Angeles official… Continue Reading
Although attendees at the recently held International Council of Shopping Centers (ICSC) Florida Conference reported seeing a slow recovery ahead for the state’s retail sector, several local retail properties have been able to attract new lenders and take advantage of record low interest rates. Somerset Shoppes in Boca Raton, Florida was able to refinance its… Continue Reading
Just four years after condominium development in South Florida completely froze, development is back and heating up quickly. With the median sales price of condominiums in Miami-Dade County up 34% in June compared to the prior year and the amount of available inventory down 29% according to the Miami Association of Realtors, developers are moving… Continue Reading
