Region’s hospitality sector takes a hit

There’s an adage most of us are familiar with: What goes up must come down. And that sentiment seemingly rings true when applied to the region’s hospitality industry. After years of explosive growth, when South Florida hotels were packed with the droves of guests traveling to the region for sun, entertainment and business, more hotel…

Apartment complex sells for 55% gain

The Midora at Woodmont Apartments in Tamarac sold for $27.2 million, a 55 percent gain from its previous trade four years ago. Fairfield Woodmont Park, an affiliate of national multifamily investor Fairfield Residential, sold the 199-unit garden-style apartment community at 7790 N.W. 78th Ave. to We Midora Owner and Selwyn Midora Owner, with interests of…

Public company asks city to approve HQ expansion

SBA Communications Corp. will go before the Boca Raton Planning and Zoning Board on Thursday evening for permission to expand its headquarters. The wireless communications tower company (Nasdaq: SBAC) currently occupies a four-story, 167,304-square-foot building at 8051 Congress Ave. It wants to build a three-story, 63,359-square-foot building to house more of its operations. The parking…

Extended stay hotel breaks ground near airport

Staybridge Suites broke ground near Miami International Airport after the developer obtained a big construction loan. Grapeland Hospitality Development, managed by Marianela Hernandez in Coral Gables, received an $18.54 million mortgage from Banesco USA. Coral Springs-based Bluewater Builders recently commenced construction on the 153-room hotel at 3683 N.W. 25th Street. The six-story building will include…

Commercial development, private school proposed

A developer filed plans for a commercial/retail center and a private school in Miami-Dade County’s Kendall/Tamiami neighborhood. Tamiami Square would be on a seven-acre site at the southwest corner of Southwest 136th Street and Southwest 157th Avenue. It’s near Lennar Homes’ new Crestview community. Under a site plan and rezoning application filed on July 14…