Finance

By Business Observer Staff
October 9, 2008

Gulf Coast Week

Channelside condos emergeAfter filing for protection from creditors in U.S. Bankruptcy Court in Tampa, The Towers of Channelside, a pair of 29-story luxury condominiums in downtown Tampa, have structured a new loan that will bring the project out of court and more quickly back in business.Possible transit taxA regional transportation authority is studying the possible success of a half-penny sales tax increase in the seven Gulf Coast counties that would benefit from a new mass transit system.Lawsuit threat lingersMosaic Fertilizer, a Mulberry-based phosphate mining and fertilizer company, has notified Manatee County commissioners that it intends to file a $600 million lawsuit against the county for denying its mining proposal in a northeast section of the county. Expansion project curtailedA $500 million redevelopment proposal for a beach club and resort on Longboat Key has been cut by $100 million.Building permits limpingLee County issued building permits for 32 single-family homes in September, which tied the record monthly low set in December. Fewer visitors in AugustStorms, both man-made and natural, resulted in a 16% decline in visitors to Lee County in August, according to estimates by consulting firm Davidson Peterson Associates for the Lee County Visitor & Convention Bureau.Counties hire marketerThe regional economic development organizations of Charlotte, Collier, Glades, Hendry, Lee and Sarasota counties

Finance

By Business Observer Staff
October 2, 2008

Gulf Coast Week

Shells shuts downA one-time Gulf Coast institution that used to attract lines outside its locations that featured shelled peanuts, grouper sandwiches and wall paintings of local celebrities, Shells Seafood Restaurants Inc., is closing its doors.Two more for Chapter 11Bill Heard Chevrolet, a Plant City mainstay business for many years, recently closed days before mounting losses forced its parent company in Columbus, Ga. to file for protection from creditors in U.S. Bankruptcy Court.Yacht club project sailsThe Sarasota City Commission recently approved a $55 million yacht club and redevelopment project for an area just north of downtown Sarasota that promises to bring more than 100 jobs to the region, not to mention a jolt to the sagging local construction industry.Lee County manager clearedAn independent review of Lee County Manager Donald Stillwell found no evidence that he lied to county commissioners about his ownership in land whose value could be affected by their decisions.Airport traffic down 8%Southwest Florida International Airport saw an 8% decline in passenger traffic in August compared with the same month a year ago. Nearly 449,000 passengers traveled through the Fort Myers airport.FGCU gets $600,000Florida Gulf Coast University in Fort Myers received a $600,000 gift from North Carolina-based banking company BB&T Corp. to establish the BB&T Distinguished Professorship in Free Enterprise at the Lutgert College

Finance

By Business Observer Staff
September 25, 2008

Financial Statements

Finance

By Business Observer Staff
September 25, 2008

Gulf Coast Week

Hyde Park Village changingEight tenants at Tampa's Old Hyde Park Village urban shopping center got notices to vacate or move to smaller spaces as the upscale retail center looks for ways to boost revenue amid a changing retail environment locally and nationally.Universal Health Care movesUniversal Health Care Group signed a lease as the first major tenant to move into 100 Bay Central in downtown St. Petersburg, the former domed corporate headquarters building of Progress Energy.Building departments mergeThe cities of Venice and North Port in Sarasota County have teamed up with Charlotte County to form a joint building department.Mining development deniedEven though Manatee County commissioners finally voted on a mining proposal for a 1,500-acre tract in northeast Manatee County, the issue is not closed. Lee comp plan changesLee County commissioners are debating 20 changes to the county's comprehensive land-use plan in a series of meetings, some of them more controversial than others.Long live CollierMagazines love lists.Fort Myers raises taxesThe Fort Myers City Council recently approved a 15% increase in the property tax millage rate that will result in a 12% increase in tax revenues, taking into account a 2.7% drop in property values.Tampa Ritz-Carlton deadTampa's chance to land a Ritz-Carlton hotel on the Courtney Campbell Causeway, between Tampa and Clearwater, has ended.

Finance

By Business Observer Staff
September 18, 2008

Gulf Coast Week

County mayor blockedThree judges upheld an earlier judge's decision to remove a charter amendment from the November ballot that would allow voters to decide whether Hillsborough County should move to a county mayor form of government.Zoo audit requestedThe head of Tampa's Lowry Park Zoo, Lex Salisbury, is being asked to prove that his entrepreneurial work in Polk County hasn't created a conflict with the taxpayer-backed zoo.Annual budget doneFor the second consecutive year, Manatee County commissioners have approved a budget that will decrease countywide spending.New LWR anchor storeOne of the largest retail commercial developments in east Manatee County, Lakewood Ranch's Main Street, is getting a new anchor tenant.Mega-dorm at Ave MariaAve Maria University, the new Catholic institution in east Collier County, plans to build a 552-student "mega-dorm."Lee housing gets absorbedTwo areas particularly hard hit by the real estate decline in Lee County - Cape Coral and Lehigh Acres - showed strong gains in sales of single-family homes in August, according to the Southwest Florida Real Estate Investors Association.

Finance

By Business Observer Staff
September 11, 2008

Gulf Coast Week

Judges to rule on mayor issueThe consolidation of power in Hillsborough County government through an elected county mayor is now going to a three-judge panel.Historic school demolishedAmid protests from preservationists, workers demolished the historic Gary Adult High School in Ybor City, which may make way for a sports complex, the property owner says.Bilirakis' biometrics billU.S. Rep. Gus Bilirakis, the first-term Republican representing the Tampa Bay Area's Ninth Congressional District of Florida, has sponsored a bill to require the government to use more biometrics.Budget deficit loomsFor the first time in a decade, Sarasota County might be operating under a budget deficit.Food distributor finedThe Palmetto-based branch of Sysco Food services, one of the largest food and beverage distributors on the Gulf Coast, has entered into an agreement with the state Attorney General's office regarding allegations that it sold fish labeled as grouper that was actually other varieties and species.Tourism numbers declineThe estimated number of visitors to Lee County declined 6.7% in July to 443,166 compared with the same month a year ago, according to figures compiled by Davidson Peterson Associates for the Lee County Visitor and Convention Bureau.Whole Foods at MercatoWhole Foods Market, the natural and organic food supermarket, opened its first store in Southwest Florida in Naples.Tourism tax increaseManatee

Finance

By Business Observer Staff
September 11, 2008

Financial Statements

View Financial Statements from Beasley Broadcasting Group Inc. and Nicholas Financial Inc.

Finance

By Business Observer Staff
September 4, 2008

Gulf Coast Week

Utilities seek rate hikesProgress Energy and Tampa Electric have both asked the Florida Public Service Commission for permission to raise electricity rates in January to cover the rising cost of coal, oil and natural gas.Brownfield grants redevelopThe Pinellas County Commission this week accepted a cooperative agreement with the U.S. Environmental Protection Agency regarding three brownfield cleanup grants totaling $600,000.Ritz-Carlton seeks expansionThe Ritz-Carlton, Sarasota already the go-to spot for luxury hotels in Greater Sarasota, could be adding another title to its mantle within the next two years: Biggest hotel in Greater Sarasota.Project receives green lightA mix-used project for Englewood, in the southern reaches of Sarasota County, has been given the preliminarily go-ahead by Sarasota County commissioners. Lee permits stay lowLee County issued permits for 37 single-family homes in August compared with 55 issued in August 2007, a 33% decline. The numbers are evidence that builders of new homes continue to face a tough market.nti-growthers win in LeeThree Republican incumbents on the Lee County commission who ran on anti-growth platforms won their primaries, paving the way for their reelection in November in the heavily Republican area.Tax on road buildersA consultant hired by Lee County commissioners is recommending the county tax businesses that mine rock used in road building. The new so-called "imp

Finance

By Business Observer Staff
August 29, 2008

Gulf Coast Week

City budget proposedWater pipe repairs, a new downtown art museum and widening Bruce B. Downs Boulevard are among the items in the city budget proposed by Tampa Mayor Pam Iorio.History center grantOne of the Gulf Coast's emerging attractions, the Tampa Bay History Center, recently received a $1 million grant from the Kresge Foundation, but it must continue its fundraising to meet a deadline for the grant.Alligator Alley lessorsSix companies are vying to lease Alligator Alley, the 78-mile toll stretch of Interstate 75 that crosses the Everglades from Collier to Broward counties.Fort Myers airport traffic dropsPassenger traffic at Southwest Florida International Airport in Fort Myers fell 6.1% to 503,000 in July compared with the same month last year.Naples visitor count risesThe number of visitors staying at hotels in the Naples area rose 3.5% to 110,700 in June compared with the same month last year, according to Research Data Services.Local company expandsL-3 Aviation Recorders, one of the world's largest manufacturers of airplane cockpit voice and flight data recording systems known as black boxes, has committed to remain in Sarasota for at least another decade.Soccer moves forwardThe effort to bring back the Tampa Bay Rowdies soccer team took another step forward recently as an investment group filed documents to rezone land so they can build a 5,000-seat soccer stadium in Town n' Country, a northwest suburb of

Finance

By Business Observer Staff
August 25, 2008

Gulf Coast Week

Animal park hits snagA proposed animal safari tour business, developed by the chief executive of Tampa's Lowry Park Zoo, has been delayed because of government red tape.Raytheon pledges cleanupFacing a class-action lawsuit from nearby residents, Raytheon says it will clean up the groundwater contamination near its St. Petersburg defense plant, but that the project, which will cost millions, could take more than five years.Wal-Mart project approvedA group of neighborhood organizations in South Sarasota County have taken the unusual step of supporting a plan to bring a Wal-Mart to town. YMCA to expandThe congested section of Lakewood Ranch north of State Road 70 and Lakewood Ranch Boulevard could get busier with a major expansion of the Lakewood Ranch YMCA branch. FM waterfront developmentThe City of Fort Myers selected Acquest Realty Advisors, a Bloomfield Hills, Mich.-based developer, to redevelop five downtown acres along the Caloosahatchee River.Naples festival chooses chefThe Naples Winter Wine Festival will host Emeril Lagasse and 16 other star chefs Feb. 6-8 to raise money for children's charities in Collier County.Valpak for saleAfter finishing a new printing plant in St. Petersburg, Valpak has learned that its Atlanta-based parent company, Cox Enterprises Inc., is trying to sell Valpak.

Finance

By Business Observer Staff
August 15, 2008

Gulf Coast Week

TAMPA BAYNew Tampa bridgeState concurrency laws and mayoral support may breath new life into a scrapped $22 million bridge project over Interstate 75 in New Tampa.Scientology's downtown landAlready a significant presence in downtown Clearwater, the Church of Scientology has bought a five waterfront acres for future development.SARASOTA/MANATEEMall expansion delayedOne of the largest outlet malls in Manatee County has put off expansion plans due to a dispute over costs to expand the main road leading to the center. Construction project beginsConstruction on a $20 million office and retail development in eastern Manatee County is scheduled to begin later this month.LEE/COLLIERMoran joins investment firmJohn Moran, former president and chief executive of Riverside Bank of the Gulf Coast, has joined Fort Myers-based CPA Financial Connections.Hoteliers show mixed JuneHalf the hoteliers in Lee County reported their June occupancies were better or the same than June 2007, but half said it was worse than the same month a year ago.Naples personal income risesThe Naples-Marco Island area's per-capita personal income rose to $61,788 in 2007, the second highest in the nation, according to the U.S. Department of Commerce's Bureau of Economic Analysis.

Finance

By Business Observer Staff
August 1, 2008

Gulf Coast Week

New high-tech firmCambridge, Mass.-based Charles Stark Draper Laboratory Inc. will be establishing a BioMEMS R&D Center at the University of South Florida in Tampa and a Multi Chip Module Center in St. Petersburg.Smith files bankruptcySmith Family Homes, an upscale homebuilder along the Gulf Coast, has filed Chapter 7 in U.S. Bankruptcy Court. Under Chapter 7, a court-appointed official liquidates the company's assets to pay creditors.udge upholds gun lawA Federal judge in Florida upheld a law allowing employees to keep concealed weapons inside their locked vehicles in their employer-owned parking lot.More arena delaysThe foreclosure of a unfinished hockey arena in Lakewood Ranch has been delayed again. German company relocatesOrbeco-Hellige Inc., a Long Island, N.Y.-based manufacturing company that specializes in building instruments for testing water and wastewater treatments, has moved its business to Manatee County. Enterprise opens Aug. 1Fort Myers city officials plan to dedicate the new Southwest Florida Enterprise Center on Aug. 1.News-Press layoffsThe Fort Myers News-Press, a daily newspaper owned by Gannett, told its readers recently it plans to lay off 36 employees and will not fill another 10 job openings.

Finance

By Business Observer Staff
July 14, 2008

Gulf Coast Week

Temple Terrace town centerTemple Terrace has been planning a town center renewal since 2001.Westshore property soldPro-Ject International has sold its seven-acre property at Laurel and O'Brien streets in Tampa's Westshore business district for $8.2 million to Flagler Development Group of Coral Gables.Seltzer's, Cork struggleTampa-based Sam Seltzer's Steakhouses of America Inc. has filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code.Tax hike delayedSarasota city officials have scheduled a meeting for later this summer to hear from developers and business owners concerned about a proposed 11% increase in the city's building and construction tax, also known as impact fees.Campaign hits milestoneSarasota Tomorrow, the pro-business program run by the Greater Sarasota Chamber of Commerce, has reached $2.5 million in donations - $500,000 more than its initial fundraising goal set last year.LWR city chatter progressesAdvocates of the concept of turning Lakewood Ranch into an incorporated city have come up with $35,000 to pay for a feasibility study on the issue.Downtown parking garageConstruction is scheduled to start this summer on the construction of a multi-story parking garage in downtown Fort Myers, bringing much-needed relief for workers and visitors to the Lee County Justice Center.Page Field expansionThe Federal Aviation Administration awarded $6.1 to the Lee County Port A

Finance

By Business Observer Staff
June 27, 2008

Gulf Coast Week

Tampa wins conference: Tampa will host an international business conference in November that will match entrepreneurs with representatives and business owners from 25 countries in Latin America.Rowdies return to Tampa:A new version of the Tampa Bay Rowdies, a professional soccer team that played in Tampa in the North American Soccer League in the 1970s and 1980s, is coming back to town next year and may build a small stadium in northwest Hillsborough.Pasco sports complex: Next door, in Pasco County, developers want to build a $40 million project called SportsPlex USA, which will include three ice skating rinks, bowling alleys, rock climbing, laser tag and an 18-hole miniature golf course.Encouragement zone dead: A proposal to create more business in and around Port Manatee through tax breaks and other incentives failed in Tallahassee.More growth sought: One of the biggest commercial developments in Sarasota County could be growing significantly over the next decade.New Cape manufacturer: Applied Cooling Technology, a United Kingdom-based marine manufacturer, opened its first U.S. division in Cape Coral.MIVA cuts 15% of workers: Fort Myers technology company Miva plans to cut 15% of its workforce in July.Collier panther protection: A coalition of landowners in eastern Collier County announced a panther-protection program to better manage the recovery of the endangered species.

Finance

By Business Observer Staff
June 19, 2008

Gulf Coast Week

Ethanol plant changes: Litigation and water challenges in finding financing have led a company to abandon plans for an ethanol production plant at the Port of Tampa.Verizon changing command: Alan Ciamporcero, who led Verizon's operations on the Gulf Coast and throughout the Southeast the past five years, is retiring July 25.Project holdups linger: Delays are once again plaguing a development in downtown Bradenton involving property once controlled by St. Petersburg developer and entrepreneur Frank Maggio.Buchanan honored by USF: The business education side of the University of South Florida Sarasota-Manatee campus has been renamed the Vernon G. Buchanan College of Business Wing after the congressman, who gave the school $100,000 last year.Sarasota County saves jobs: In an effort to avoid more layoffs and wage freezes, Sarasota County Administrator Jim Ley recommended to Sarasota County commissioners that the county dip into it's so-called stabilization fundNew Fort Myers hospital: Boca Raton-based Promise Healthcare Inc., a long-term acute care hospital company, plans to build a new hospital in Fort Myers.Air Berlin adds flight: Air Berlin, the German airline that recently acquired rival LTU, plans to boost the number of flights from Germany to Southwest Florida International Airport this summer.EDC chief takes buyout: Regina Smith, the executive director of the Lee County Economic Development Office, recently announced

Finance

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Tennessee investor pays $13 million for Fort Myers medical office

St. Pete asks residents to design its next creative neighborhood

Charlotte warehouse developer once jailed over alleged Hamas connection

Report: 4 markets in region among top 10 nationally in home price cuts

Frontier Airlines offers new Virginia flight from Tampa International

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