Latest news with #CityPlace
Yahoo
25-05-2025
- Business
- Yahoo
Beloved Restaurant Chain Planta Closes First Location
Whenever a local restaurant files for bankruptcy, it always brings some sorrow, because nobody wants their business to end in bankruptcy. But, sometimes the only way to move forward is to cut one's losses and move on. Restaurants filing for bankruptcy have become very common the past few years, and that trend is continuing with one beloved restaurant chain. A chain of vegan restaurants filed for Chapter 11 bankruptcy protection in the District of Delaware earlier this month, and now, that chain has closed its first location. Planta, founded in 2016, is a plant-based restaurant chain. The company has locations across the United States and in Canada, including restaurants in New York, California, Florida, Georgia, Illinois, Washington, D.C. and Toronto. Now, Planta has closed the first of its locations following filing for bankruptcy. The restaurant's location in West Palm Beach, FL, at CityPlace officially shut its doors on May 20. Assistant manager Jessie Gregory, who worked at the West Palm Beach location for more than two years, told the Palm Beach Post that workers were informed on May 20 that they were closing and that it would be their final shift. Gregory also told the publication that "they had received no warning and despite the bankruptcy filing reported May 12, the buzz at the CityPlace restaurant was that they'd be 'staying open.'" Gregory says the restaurant employed around 30 people and that a few workers were offered the chance to transfer to the Fort Lauderdale, FL, location, although the company didn't make it clear how much work the employees could get at that location. Gregory also said that working at a vegan restaurant meant a lot to her, because she is vegan, so the restaurant's mission was congruent with Gregory's lifestyle. "I put a lot of energy into being a good employee and helped them whenever they needed it," she told the Palm Beach Restaurant Chain Planta Closes First Location first appeared on Men's Journal on May 24, 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
24-05-2025
- Business
- Miami Herald
Bankrupt restaurant chain starts shuttering locations
Bankruptcies and store closings seem to be all over the news this year - a trend that was happening even before President Donald Trump announced his tariffs plan on April 2. The looming impact of tariffs has spooked many businesses. Unfortunately, their fears are rational. With the pressure of new levies on both large and small businesses, it's almost certain that we will see many forced to either downsize or throw in the towel this year. Don't miss the move: Subscribe to TheStreet's free daily newsletter While some stores are such staples that it's hard to imagine them closing, for some it's happening anyway. Joann, a fabric and craft store that customers have loved since its opening in 1943, was forced to declare Chapter 11 bankruptcy twice in the last year and is in the process of closing all its stores, a process that should be completed by May 31, 2025. Related: Beloved retailer in Chapter 11 bankruptcy angers customers Another company that declared Chapter 11 this year is 23&Me, which announced the news in mid-March. The DNA company once had a valuation of $6 billion, which is a far cry from the $256m Regeneron Pharmaceuticals paid for it earlier this week. While a Chapter 11 bankruptcy doesn't always mean the end for a company, it does mean it needs a way to restructure its debt. In some cases the companies sells its assets to do this, as 23&Me did. In others, the best way to handle it is to simply close all the locations if the company is a chain. And that's exactly what one casual restaurant is doing now, after declaring Chapter 11 bankruptcy in May. Image source: Ebener/picture alliance via Getty Images National vegan restaurant chain Planta has closed the first of its locations only a few weeks after filing for Chapter 11 bankruptcy. The first location to close is the West Palm Beach location at CityPlace, which officially shuttered on May 20. "Assistant manager Jessie Gregory, who had worked at the West Palm Beach location for over two years, said they were informed on Tuesday, May 20 that they were closing and that it would be her and her coworkers' final shift," per a report in The Palm Beach Post. "Gregory said they had received no warning and despite the bankruptcy filing reported May 12, the buzz at the CityPlace restaurant was that they'd be 'staying open,' she said." Planta has also closed its South Beach location and the Williamsburg location in Brooklyn, New York, according to the website. Related: Historic college suffers complete financial collapse after bankruptcy The plant-based chain previously operated in 18 locations in seven states, including Florida, Chicago, Atlanta, Washington, D.C., Maryland, Los Angeles, and Toronto. Planta has not announced what will happen to the locations that are still operating. Planta, which is owned by Miami Beach-based CHG US Holdings, cited its reason for the bankruptcy as "inflationary pressures on input costs and consumer pullback as driving factors behind its bankruptcy," according to a court filing. "The debtor's largest unsecured creditors include landlord 8461 Melrose Avenue, owed over $613,000; law firm Saul Ewing Arstein & Lehr LLP, owed over $316,000; landlord 13 W 27 Leasehold LLC, owed over $203,000; landlord Friedman Properties, owed over $180,000; and Baldor Specialty Foods, owed over $176,000," reports TheStreet's Kirk O'Neil. Related: Home Depot local rival closing permanently after 120 years The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
20-03-2025
- Business
- Yahoo
Billionaire West Palm developer not worried about economy fears: 'I feel very optimistic'
Stephen Ross, billionaire developer and owner of the Miami Dolphins, who is investing heavily in the rebirth of downtown West Palm Beach, among other projects, recently waved off worries about the economy, tariffs or market instability. President Donald Trump's tariff wars with Canada, China and Mexico are roiling the markets and already leading to price hikes on commodities and consumer goods. Recently, former U.S. Treasury Secretary Lawrence Summers warned there was a "real possibility" of a recession. "I think everybody long-term recognizes where we're going and what we are as a country," Ross said after a March 12 groundbreaking of the company's newest planned office towers, 10 and 15 CityPlace. "I think Palm Beach is going to be a leader long-term. So, I feel very optimistic even though we may have some short-term instability." But Ken Himmel, president of Related Ross, acknowledged concerns about the current and future economic forecast. On the topic of tariffs, Himmel said that Related Ross already entered into contracts for guaranteed prices from subcontractors on 90% of the 10 and 15 CityPlace office towers. For another project, the twin-tower south Flagler House condominium being built along South Flagler Drive, Related Ross locked down prices on 70% of the project, and 90% of what would be subject to tariffs. "We have no tariff exposure," Himmel said. But Himmel acknowledged concerns about the economy's uncertain future. Growth plans by corporate executives "definitely are going to be in question more today than they would have been a year ago. I'm sure this is going to have some impact on some people," Himmel said. But Himmel thinks that economic declines will have limited effects on Related Ross' roster of new tenants. This is because these tenants are in the healthcare field "and health care is not going away," as well as the still-growing finance and wealth management fields. "As long as people keep moving here, which they are, that will keep fueling growth in these sectors," he said. Stay up to date on South Florida's sizzling real estate market and sign up for The Dirt weekly newsletter, delivered every Tuesday! Exclusively for Palm Beach Post subscribers. Alexandra Clough is a business writer at The Palm Beach Post. You can reach her at aclough@ X: @acloughpbp. Help support our journalism. Subscribe today. This article originally appeared on Palm Beach Post: Billionaire West Palm developer Stephen Ross not worried about economy
Associated Press
19-03-2025
- Business
- Associated Press
Unveiling an Unprecedented Hotel Experience
West Palm Beach Marriott Completes Multimillion-Dollar Renovation WEST PALM BEACH, FLORIDA / ACCESS Newswire / March 19, 2025 / The West Palm Beach Marriott is delighted to announce the completion of a multi- million dollar guest room renovation. Drawing inspiration from South Florida's stunning sunsets, rich warm hues and dynamic textures blend seamlessly to offer guests a luxurious retreat with stunning views of the bustling cityscape and serene Renovated Lakeview Suite As West Palm Beach cements its status as a premier destination for 2025, the West Palm Beach Marriott stands at the heart of the action. Guests can easily explore the best the city has to offer-from indulging in upscale shopping at CityPlace and taking in world-class performances at The Kravis Center to discovering culinary delights along Clematis Street. General Manager Marcus Borman shared, 'We are proud to unveil a guest room transformation that shatters expectations and redefines class in West Palm Beach. Every detail has been meticulously crafted to create a truly memorable experience. This renovation isn't just an update; it's a statement of our commitment to excellence - and this is only the beginning.' As a legacy Marriott property, service is at the forefront of the culture. Whether it's anticipating needs or following through on their promises, guests can rely on the exceptional and heartfelt service the hosts provide with every interaction. Discover the new standard of class and comfort-where timeless elegance meets modern sophistication at the West Palm Beach Marriott. ABOUT WEST PALM BEACH MARRIOTT The West Palm Beach Marriott is the premier destination for guests traveling to the Palm Beaches. Located in a vibrant downtown, just steps from Palm Beach Convention Center and The Kravis Center, minutes from shopping at CityPlace, Brightline West Palm Beach Station, and the airport. The recent completion of its guest room renovation positions the hotel competitively in the market. The property features a sparkling outdoor pool, a lighted courtyard with firepits, a state-of-the-art fitness center, and a signature restaurant, Bistro Ten Zero One, offering American cuisine. Moreover, the hotel is an ideal venue for business or social events, with over 20,000 square feet of flexible indoor and outdoor space. For additional information about the hotel and reservations, visit [email protected]. Michelle Gamboa
Yahoo
19-03-2025
- Business
- Yahoo
These major changes are coming to downtown West Palm Beach's CityPlace
Stephen Ross, chairman of Related Ross, said he is working to transform West Palm Beach into a model city that will be in "the most important county in the United States." To get there, Ross will continue to upgrade downtown's CityPlace, a massive mixed-use project that changed downtown when it opened in October 1999. New developments were shared by officials after March 12 groundbreaking of the company's newest planned office towers, 10 and 15 CityPlace, at Rosemary Avenue and Hibiscus Street. Ross, also owner of the Miami Dolphins, said: "We are doing everything we can to bring all the amenities and activities needed to sustain the growth we're looking at today." Some of those include: ∎ Related Ross development company is hoping to strike a deal with Publix to build a new West Palm Beach grocery store that would be nearly double the size of an existing store at CityPlace. ∎ More restaurants and furniture stores will take space at CityPlace. ∎ The opening of the Eataly Italian Market in the historic Harriet Himmel Theater this year. More: The Square complex in West Palm Beach reverts to its former, beloved name: CityPlace The 15 CityPlace tower, and a companion tower next door dubbed 10 CityPlace, will add 1 million square feet of office space to the downtown when completed in 2027. Some 4,700 employees could work in the towers when they are fully occupied, said Ken Himmel, president of Related Ross. The 25-story, 500,000-square-foot 15 CityPlace tower is 60% pre-leased to office tenants, officials said. More: West Palm's new office tower One Flagler opens as Related Ross works on other projects Among the building's many perks is a 6,000-square-foot rooftop amenity deck, said the tower's architect, Bernardo Fort Brescia, co-founder of Arquitectonica. These tenants included the previously announced Cleveland Clinic Florida medical offices, which will total 120,000 square feet. They also include two newly revealed tenants: Shutts & Bowen, Related Ross' law firm and a current tenant of another office building owned by Ross; and Inclenberg Investments, a private real estate investment firm with an office in Palm Beach. The size of these office leases was not disclosed. As for a larger Publix, Himmel said talks with the Lakeland-based grocery chain still are underway, and Related Ross needs to buy one additional piece of property for a new, larger store. The new store would be built at the northwest corner of Banyan Boulevard and Rosemary Avenue, a few blocks north of the current Publix store at Fern Street and Rosemary Avenue. Talks have been ongoing with Publix for five years, Himmel acknowledged, but the grocery chain previously backed away from opening a larger store at CityPlace. However, in the past couple of years, with the surge in the city's population and upgrades being made to the CityPlace district, a bigger store once again is a possibility, he said. The $45 million Eataly market will feature 30,000 square of interior space, plus outside seating. The market is being built in the historic Harriet Himmel Theater. Mayor Keith James, who attended the groundbreaking, said Eataly will attract further interest in the city. "You want something that will bring people from all over the county, maybe all over the region, and I think Eataly will be a great draw," James said. Himmel said Eataly also is a draw for restaurants hoping to get spillover business from the foot traffic and customers who visit the food hall. In fact, more than half a dozen restaurants are slated to be built at CityPlace in the next few years, Himmel said. Among them is Moxie's, a Canada-based chain that does $17 million a year in revenue at each of its two other locations in South Florida. In addition, a restaurant will be built inside the cottage that once housed the former Hibiscus House Bed & Breakfast, a property that Related Ross now owns. Home furnishings are an important element, too, in the CityPlace retail lineup. Perigold, part of the Wayfair furniture company, will open at the end of the year, and Crate & Barrel will open at CityPlace, too, joining West Elm at the center. As for the existing RH store on Okeechobee Boulevard, just south of CityPlace, that store does more than $80 million in volume, the third busiest store in the company's chain, Himmel said. Stay up to date on South Florida's sizzling real estate market and sign up for The Dirt weekly newsletter, delivered every Tuesday! Exclusively for Palm Beach Post subscribers. Alexandra Clough is a business writer at The Palm Beach Post. You can reach her at aclough@ X: @acloughpbp. Help support our journalism. Subscribe today. This article originally appeared on Palm Beach Post: These major changes are coming to downtown West Palm Beach's CityPlace
