The Daily Pulse
New trade pacts seen as a boost for Florida
Exporting aviation electronics to countries such as Colombia and South Korea isn't as big a deal for Southeast Aerospace as exporting to primary markets in Europe and elsewhere in South America. But the Melbourne company could benefit from pending trade pacts with those countries as Colombia fights a simmering drug war and South Korea updates its military aircraft. "Whatever our government can do to make the trade easier, everybody would welcome it, especially in Florida because we deal with so many people down in South America," said Joe Braddock, the company's vice president for sales and marketing. After languishing for several years because of political disputes, trade pacts with Colombia, Panama and South Korea could get a Senate debate soon. Once the pacts are formally submitted to Congress, votes would be required within 90 days. One reason for urgency is that a European Union trade agreement with South Korea begins June 30. "We think we need to act and act fast, and that's because we're not the only game in town," said Jose Fernandez, Assistant Secretary of State for economic, energy and business affairs. "We will be losing market share if we do not move fast." [Source: Florida Today]
Home buyers from around the world want "a little slice of Florida"
Cathy Prenner and her husband are top-selling real estate agents in Broward County on Florida's southeast coast who last year sold US$53-million worth of property. Ms. Prenner is hot off selling a $3-million home with minutes to spare before heading out to meet developers, who are moving back to the area after a two-year hiatus. ``The buyer got a great deal. It sold previously for $4 million. That was a 25 per cent discount,'' says Prenner, who is seeing more and more Canadians closing deals in her stomping grounds, a popular spot for families with children. ``Canadians have been looking for a long time and now they are buying - and, like 70 per cent of high-end buyers, they are paying cash. They are here because they know now is the time to be here.'' They are not alone. Southeast Florida, which stretches from Miami through Fort Lauderdale north to West Palm Beach, is calling investors from all over the world. ``People from South and Central America, England, Ireland, France all want that little slice of Florida,'' says Jim Heidisch, president of the Realtor Association of Greater Fort Lauderdale. [Source: Canada.com]
Related:
» Gulf Coast real estate market down, but not out
High cotton: Summer clothes cost more this year
Gabriela Buchanan, a tourist from Mexico City, sat empty-handed on a bench on Miami Beach's Lincoln Road Mall Tuesday afternoon. She had been shopping unsuccessfully for jeans and t-shirts.
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Biotech event illustrates optimism over UF spinoffs
Optimism in the local biotechnology industry is high this year as companies continue to grow, investment funding is on the rise and more new companies and products spin out of University of Florida research. The industry was on display during the 8th annual Celebration of Biotechnology on the RTI Biologics campus at Progress Corporate Park, hosted by the trade association BioFlorida. The event included more than 50 national and international vendors that supply products and services to the biotech industry. The business park includes the UF Sid Martin Biotechnology business incubator and more than 80 percent of 1,200 people employed in the park work at startup companies built around UF research inventions. German laboratory supply company Sartorius Stedim sells equipment to UF but attended the event for the first time this year to try to get in on the ground floor with emerging companies. "Everything starts here," East Coast Manager John Woodson said of Progress Park. "You support them now, so when they go big, your products are already in the mix." [Source: Gainesville Sun]
Gov. Rick Scott signs budget, vetoes $615 million in spending
At a campaign-style event, Gov. Rick Scott made himself Florida's new veto king Thursday when he axed $615 million from the state budget before signing it.
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ALSO AROUND FLORIDA:
› Nadel's florist shop returned to former owners [Sarasota Herald-Tribune]
A well-known Sarasota florist shop will revert to its original owners under an agreement that settles a $1.1 million claim against the Arthur Nadel receivership.
A federal judge Thursday approved the return of Mr. Florist Plants n' Things to Ron Carter and Jim Neal, who sold their business in 2006 to now-imprisoned Ponzi schemer Nadel.
Tampa attorney Burt Wiand, the receiver in the Nadel case, said he was unable to sell the property at 599 N. Lime Ave.
Transferring the property and business to Carter and Neal will eliminate their claim and is in the "best interests" of the receivership, which is gathering assets to raise cash for investors burned in Nadel's scheme, Wiand said.
Nearly 500 investors who lost $162 million in the six hedge funds operated by Nadel and Neil and Christopher Moody have filed claims for money. The receivership expects to make initial disbursements later this year.
"We plan to stay in business," said Carter, who returned to run Mr. Florist after Wiand seized it two years ago. "We're in our 40th year. We started in what is now the Opera House."
› Orlando-based pawn company lands $5 million venture deal [Orlando Sentinel]
he latest multimillion-dollar venture-capital investment in Central Florida did not go to a social-networking firm, theme-park spinoff or high-tech company. It went to a pawn shop chain.
Orlando-based La Familia Pawn & Jewelry has landed $5 million in venture funding from a private equity firm based in Puerto Rico, the companies said Thursday.
It is one of the largest venture deals in Central Florida so far this year, according to the latest MoneyTree survey by PricewaterhouseCoopers, which tracks activity by professional investment firms.
San Juan-based Advent-Morro Equity Partners said it invested in fast-growing La Familia, which means "family" in Spanish, because of the company's strong management team, customer service and positive image in the oft-criticized pawn business.
"La Familia has already become a unique agent of transformation for the pawnshop industry in the markets where it operates," Advent-Morro's founder Cyril Meduna said in a statement.
› Unlimited access to Busch Gardens Tampa Bay to cost a little more [St. Petersburg Times]
It's going to cost a little more to get unlimited access to Busch Gardens Tampa Bay.
The Tampa theme park is dropping the Florida Fun Card, its popular and most liberal pass which entitles Florida and Georgia residents who paid full price for a one-day ticket to return as many times as they want the rest of the year.
Now, they will have to pay an additional $5 for that privilege.
With attendance up this year about 7 percent and the new $40 million Cheetah Hunt attraction set to open Friday, Busch Gardens officials are trying to tighten up discounts as the economy improves.
"We think with Cheetah Hunt — clearly the top new attraction in Florida this summer — we provide plenty of value," said Jim Dean, general manager of Busch Gardens Tampa Bay. "But we still are offering lots of discount promotions this summer."
› Siesta Key named best beach in USA [Sarasota Herald-Tribune]
The powdery white shoreline of Siesta Key just got the ultimate seal of approval from "Dr. Beach." Siesta Beach was ranked No. 1 in the nation today in the annual survey by Dr. Stephen Leatherman, director of the Laboratory for Coastal Research at Florida International University.
"The sand is like sugar," Leatherman said. "Some people can't believe it. It's super soft, super fine. They claim to have the finest, whitest sand in the world, and I can't argue with that."
For the past two years, Siesta was ranked No. 2 in the survey. Now local tourism officials can boast of the top spot.
"This is absolutely the best thing we could ever hear," said Virginia Haley, president of the Sarasota Convention and Visitors Bureau. "We know we'll be on national TV in the morning. Live shots across the country."
» Siesta Beach photo gallery
» Top ten beaches photo gallery
› Controversial rave comes to Orlando [Orlando Sentinel]
A two-day rave music festival that drew controversy in Los Angeles last year because of hospitalizations, more than 100 arrests and a teen's drug overdose death is coming to Orlando's Tinker Field this weekend.
Electric Daisy Carnival, a series of electronic dance music performances, carnival rides and art installations, runs from 2 p.m. to midnight Friday at the city-owned baseball field and the adjacent grounds around the Florida Citrus Bowl. It repeats the same hours on Saturday, with DJs spinning electronica and house music from four stages both days.
Officials from Orlando, which owns and leases Tinker Field along with other venues, say they had no reason to turn away the Electric Daisy Carnival. Even so, city officials say they have taken extra precautions to ensure it is safe.
"We have looked at what happened in other cities and taken measures to ensure they don't happen here in Orlando," said Heather Fagan, Mayor Buddy Dyer's press secretary.
› Pool business recovery in North Florida? It's more like a trickle
[Florida Times-Union]
It could be at the top of the list of discretionary expenditures. A swimming pool provides wet relief from the North Florida heat, but it's not cheap.
A pool costs tens of thousands of dollars that the homeowner is not likely to recoup if the home is ever sold.
But they are still very much a part of the Florida lifestyle, and Jacksonville pool builders say although sales aren't close to what they were a few years ago, they are starting to creep up again.
Kimberly Quintal, owner of Blue Haven Pools, said that 2005, 2006 and 2007 were her biggest years. But 2008 and the next two years saw a drop of 40 percent from those salad days.
"Now we're up over last year," she said. "And there's a lot of people who want to buy pools. The number who contact us is up tremendously.
"Consumer confidence is there. People want to spend money."
Go to page 2 for more stories ...
› New $5 fee coming to Fort De Soto and Fred Howard parks in Pinellas [St. Petersburg Times]
Pinellas County will add $5 fees per car at Fort De Soto and Fred Howard parks when its next budget comes out this summer.
The new fees at the popular beach areas are expected to net the county $2 million to stave off more cuts and improve maintenance in parks.
The fees received just enough support from the County Commission during a work session Thursday.
Commissioners Susan Latvala, John Morroni, Karen Seel and Ken Welch backed the fees, while Neil Brickfield said he "half" supported them during an informal vote.
› Cape Coral's mom and pop eateries holding their own [Fort Myers News-Press]
Georgette and Bob Hibbs want to eat somewhere where everybody knows their name. Somewhere where those people know Georgette Hibbs doesn't like mayo on her BLT.
So, they do — at least three days a week.
The Cape Coral couple was dining at Jimbo's Waterside restaurant, one of the oldest in the city, Tuesday for lunch. And they planned to go back that evening for dinner, too.
Local mom and pop restaurants were the first to feed the pioneers in the Cape.
And over the years, local restaurant owners have had to compete with chains, such as Perkins, Denny's, and others, that have more recently moved into the Pine Island Road corridor with more recognizable names. All contribute to the local economy.
But the economy hasn't been picky about who it affects. Whether local or chain, many owners have been struggling to get by and doing what they can to get noticed.
› With funding tight, how much will Jackson Lab settle for? [Sarasota Herald-Tribune]
The Jackson Lab is not tipping its hand about how much state money over what time period would be enough to establish its personalized medicine institute in Sarasota County.
But with a wide variety of economic development initiatives competing for limited Tallahassee funding, the key word in the Jackson camp this summer has become "negotiation."
State government has pulled together $100 million to $200 million to stimulate economic development during the fiscal year that starts in July, with $150 million the most common number attached to the new economic development incentive fund.
Sarasota County Commissioner Joe Barbetta said he does not want to hurt Jackson's cause, but suggested that negotiation is highly likely.
"Because of the fact that the total fund is only about $150 million, we would be fortunate if we could get $60 (million) or so and make that work, either in a lump sum or spread out over a couple of years," Barbetta said. "With site work and the timing of a referendum, the project would stretch out out over a 24-month period anyway."
› Fort Lauderdale's Las Olas Riverfront sells for $16.7 million [South Florida Sun-Sentinel]
Las Olas Riverfront, the beleaguered 3.67-acre shopping, dining and entertainment complex on the New River in downtown Fort Lauderdale, has been sold for $16.7 million, broker Colliers International South Florida said Thursday.
Last year, the assessed value of the property was $16.5 million and the value of the mortgage at auction was around $24 million.
Colliers, which has offices in Fort Lauderdale, Miami and West Palm Beach, represented both the seller and buyer in the sale of the near-empty, 244,667-square-foot complex at 300 SW First Ave.
CRE Las Olas Riverfront LLC, which is owned by a large private equity fund, sold the complex to Las Riverfront LP, which plans to reposition the property, Colliers said in a statement.
› Rocket-engine maker lays off 300, including 69 at Cape [Orlando Sentinel]
Rocket-engine maker Pratt & Whitney Rocketdyne is laying off about 300 people, including 69 at its facility at Kennedy Space Center, the company said this week.
The company, which has powered missions to virtually every planet in the solar system, cited a sluggish economy, uncertainty in the space industry and concerns about government spending as reasons for the job cuts.
"We must take difficult steps to ensure our cost structure is competitive during these challenging times," the company said in a statement. "This action is part of the company's continuous effort to align its workforce to meet customers' needs and to respond to the prevailing business conditions and outlook."
The Kennedy layoffs were included in the state's regular announcements of major job reductions around the state.
The company said it had already cut back in other areas, reducing spending on facility space, salaries and travel. Salaried workers who are being let go will receive severance packages that include benefits.
› Canaveral Port Authority picks builder for new cruise terminal [Florida Today]
Canaveral Port Authority commissioners this morning unanimously approved awarding the construction bid for a new cruise terminal to Skanska USA Building Inc.
The commission's vote reaffirms a decision made April 20 where Skanska bested four other firms for the multi-million dollar project. Following complaints that the original bidding process was confusing, port officials decided to re-bid the project to build cruise terminal No. 6.
The second time around, only the New York-based Skanska, which has an office in Orlando, and Haskell Co. of Jacksonville bid on the $23.5 million contract. The three other bidders, which included two local firms, instead opted to bid on the parking garage portion of the project.
› State approves Raytheon cleanup plan [St. Petersburg Times]
Florida environmental officials have approved the plan Raytheon submitted for cleaning up the pollution that has spread beneath the Azalea neighborhood, they announced Thursday.
Under the 2,000-page plan, Raytheon would zap the toxic plume with a combination of electrodes and chemicals designed to neutralize the pollution, and sink new cleanup wells throughout the area to pump what's left of the pollution out.
Raytheon has already pumped out, cleaned and disposed of about 28 million gallons of contaminated groundwater from beneath its former plant in St. Petersburg, according to the announcement from the state Department of Environmental Protection.