Developer Grabs Rare Coral Gables Land

March 27, 2015

One of the few remaining pieces of prime developable land in Coral Gables has changed hands. And developers have a plan to build luxury townhomes aimed at empty nesters and retirees.

Perspectives: Elliot Shainberg

“Multifamily property investors are willing to accept lower returns in prime locations such as Coral Gables and Miami Beach, because they see these assets as hedges against inflation, as well as safe long-term investments. Weighing long-term appreciation potential in these areas, investors will accept returns in the 4%-5% range on a cash basis without financing. This is more attractive to them than where their money is currently invested.”

Kentucky’s Glenwood Properties buys Tuffy Auto Center and Dairy Queen

An affiliate of Bowling Green, Ky.-based Glenwood Properties purchased a Tuffy Auto Center and Dairy Queen for $2.35 million.

$2M Gables Deal

Franklin Street Real Estate Services says it brokered the sale of one of the few remaining pieces of prime developable land in Coral Gables. Deme Mekras represented the buyer, developer Michael Garcia-Carillo of GC3 Development plans to to tear down an older apartment building on the site at 635 Almeria Ave. and build five luxury townhomes.

Micro captive insurance can help companies save

For decades, Fortune 1500 companies have set up captive insurance companies to protect themselves from various risks. Now, middle-market companies with between $10 million and $100 million in gross annual revenue are realizing that they, too, can self-insure using what’s called a micro captive. It’s never been easier or cheaper to self-insure as more states vie for the domicile business, offering competitive taxes on premiums and lower setup fees. More than 30 states now allow micro captives, the most popular being Vermont, Delaware and South Carolina. Florida recently passed its own captive legislation.