Development

Flashback to 2006. Developers across South Florida were outgunning each other for the privilege of building the biggest, tallest, priciest, most luxurious condos in the land. That’s when a light bulb went off in the mind of Rilea Group CEO Alan Ojeda.

News this week that Adler Group, one of those real estate firms that truly built Miami, and Atlanta-based ECI Group obtained financing for the land acquisition of a Miami bayfront site slated for a major multifamily project is a positive sign for the South Florida real estate market.

With Tallahassee debating the prospects of bringing destination resorts to Florida, supporters of the legislation are making their case with a strong economic/jobs message at the core. Below, noted economist Tony Villamil offers his projections of the economic impact of destination resorts while small business owners sound-off on how an influx of new tourists (and their dollars) will provide much needed relief to their bottom line. Read on...

   The Associated Press has reported today that a number of banks that own Florida homes containing faulty Chinese drywall are refusing to participate in a class-action lawsuit against the drywall manufacturer and supplier. According to Podhurst Orseck attorney Victor Diaz, lead counsel for plaintiffs in the drywall class action, banks have received numerous  notices and requests to join the class – both by phone and priority mail – and not a single bank has responded.