Target productivity with AI
Over the past two decades, the construction industry has seen an average annual increase in worker productivity of just 1%, according to McKinsey Global Institute, the research arm of consulting giant McKinsey & Co. The manufacturing industry , on the other hand, has a productivity growth rate of 3.6%. Miami-based Togol.ai believes artificial intelligence can improve productivity in the construction industry. This fall, Togal launched software that uses machine learning technology to automate cost estimating in construction projects.
Normally, the estimating process involves tasks such as color coding to predict the quantities and types of materials, equipment, and labor needed for a project. Togal says its software, which costs $250 per month per user, compresses “weeks of work into seconds” by quickly analyzing plans and project details to generate cost estimates.
Togal CEO Patrick Murphy, a former US congressman whose father, Tom, runs Miami-based builder Coastal Construction, said AI will allow estimators to spend more time working with clients to build new homes. better projects.
“They went to engineering school and higher skills; they don’t want to color,” Murphy says. “Now they can spend their time doing what we call value engineering, which is basically finding a better way to build the widget – the hotel or the house.”
- Destination Sport, a planned $150 million multi-sport facility in Miami-Dade County, will be built near a TopGolf in Beacon Lakes Business Park, just west of Florida’s Turnpike. The 820,000 square feet. The facility will include two ice hockey rinks, an artificial turf football and soccer field, numerous basketball, tennis and volleyball courts, a 50-meter swimming pool, an indoor surf simulator and an electronic sports arena.
- Professional soccer club Inter Miami CF has signed a jersey sponsorship deal with crypto-finance firm XBTO.
- Toronto-based wealth management firm CI Financial has opened a US headquarters in Miami. Since the start of 2020, CI has acquired 21 investment advisory firms, nearly doubling its global assets to $254 billion.
- Silicon Valley Bank has a new office in Miami to provide commercial banking services to tech start-ups.
- The U.S. Securities and Exchange Commission has filed fraud charges against Miami-based payday loan company Sky Group and its CEO, Efrain Betancourt, accusing them of defrauding hundreds of businesses of more than $66 million. investors — mostly Venezuelan Americans in South Florida — under a year-long plan that involved the sale of promissory notes. The SEC alleges Betancourt misused at least $2.9 million in investor money for his French Riviera wedding, vacation, buying a new condominium and other personal expenses.
- The nonprofit Aspen Institute will host its first climate change conference March 3-7 in Miami Beach. Panel discussions will focus on reducing emissions, sustainable food and agriculture, and community resilience.
- The City of Miami Beach has approved a plan by Ocean Terrace Holdings to redevelop a two-block stretch of beachfront property on Collins Avenue in the North Beach area. Ocean Terrace Holdings executives Sandor Scher and Alex Blavatnik plan to build a five-acre public park, a 127-room hotel and a 75-unit apartment building. The historic Broadmoor Hotel, located next to the proposed residential building, will be integrated into the project.
- President Joe Biden has named Coral Gables real estate developer and Democratic donor Michael Adler as U.S. Ambassador to Belgium.
- Miami-Dade County Circuit Court Judge Michael Hanzman has approved a $120 million sale contract for the site of the collapsed Champlain Towers South building in Surfside. The proposed buyer is a company associated with Damac Properties, a condominium developer in the United Arab Emirates.
- C3, a ghost kitchen business that does take-out or delivery, has partnered with Brightline to operate a 26,000 square foot. food hall in MiamiCentral. C3’s culinary brands include Umami Burger, Sam’s Crispy Chicken, Krispy Rice and Cicci di Carne. Miami hospitality industry veteran Sam Nazarian founded C3 in 2019 and recently completed an $80 million funding round, giving the company a valuation of around $500 million.
- Microsoft will open a 50,000 square foot. office at 830 Brickell, a 55-story building under construction in downtown Miami. Thoma Bravo, a technology-focused private equity firm, has also leased 36,500 square feet as part of the development, which will be completed in 2022.
- Miami-based Recur, a non-fungible token company focused on branded crypto collectibles, raised $50 million in a funding round led by the family office of hedge fund investor Steve Cohen.
- Miami-based startup DoorLoop has launched a software platform with $10 million in funding to help landlords manage rental properties.
- SoftBank has launched a second $3 billion fund to invest in Latin American tech companies. The global investor created its first $5 billion Latin American fund in 2019.
- Allegiant has added nonstop service to Key West from St. Pete-Clearwater International Airport and Asheville Regional Airport in North Carolina. The airline plans to add direct flights between Key West and Indianapolis this month.
For more, see the December issue of Florida Trend.
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