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Thursday's Afternoon Update
What you need to know about Florida today
Millions of dollars at stake in statewide bankers vs. lawyers dispute
Two identical bills are working through the Florida Legislature to address an obscure rule change that governs how much interest banks pay on specific trust accounts held by lawyers. Notably the changes — which have pitted the Florida Bankers Association against the Florida Bar — could also affect how much money is generated to help fund legal aid organizations statewide. More from the Business Observer.
How corporate investors are taking over Tampa Bay’s neighborhoods
Housing in Tampa Bay is becoming increasingly corporate-owned, a Tampa Bay Times analysis has found. Large companies have amassed around 27,000 homes across three counties. More than 70% of these properties are linked to institutional investors backed by Wall Street and private equity. More from the Tampa Bay Times.
Ryder acquires H.I.G. Capital's logistics portfolio company with $1.1 billion revenue
Miami-based Ryder System (NYSE: R) acquired Concord, North Carolina-based Cardinal Logistics, which had $1.1 billion in revenue in 2022. Cardinal Logistics was sold by Miami-based H.I.G. Capital, which acquired the freight logistics firm in 2019. Terms of Ryder’s acquisition were not announced. More from the South Florida Business Journal and Florida Trend.
What's next for Port Canaveral's money-losing Exploration Tower?
Tourists heading to Port Canaveral can see it from miles away, telling them they soon will be heading to sea on one of the many cruise ships that call the port home. The seven-story Exploration Tower — an architectural symbol of Port Canaveral — is designed to look like a billowing white sail. Instead, it has become a white elephant for the port. The $23 million tower has been closed to the public since July 2022, and likely soon will be operated by another entity. More from Florida Today.
Saturday plans in downtown Orlando? Good luck — unless you’re planning for the Olympic trials
If you’re thinking about heading to downtown Orlando this weekend, you might want to think again. The City of Orlando is hosting the U.S. Olympic Team Trials marathon on Saturday and many roads along the marathon route will be closed for the historic event. Road closures are expected to disrupt traffic patterns, pedestrian movement and vehicular access to businesses and residences. More from the Orlando Sentinel.
Profile
Ralph Rapa, a Brightline employee and forner Tri-Rail engineer, is opening railroad-themed brewery.
Ralph Rapa has the side job everyone wants. Which he deserves, because he has the day job no one wants. This is opening week for railroad-themed Rule G Brewing Co., a Coconut Creek bar and restaurant co-owned by Rapa, whose sturdy build, formidable beard and gregarious personality seem right out of central casting for a brewery boss. But he’s also a man of intriguing complexity — a third-generation railroad worker, now in a management position at Brightline, with a doctorate in psychology and stories to tell.
» More from the South Florida Sun-Sentinel.
Out of the Box
Something "stinks" but in a good way: The Garlic Fest is back
This stinks ... and we love it! Entering its 25th year, the South Florida Garlic Fest is back and as wonderfully pungent as ever. This two-day extravaganza celebrating the mighty bulb is once again ready to rock your olfactory senses and taste buds like they haven't been rocked since, well ... last year.
» Read more from the Palm Beach Post.
In case you missed it:
Business Beat - Week of May 3rd
