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Tuesday's Afternoon Update
What you need to know about Florida today
Price hikes on the way for state-run insurer Citizens?
Insurance customers who lose access to affordable homeowner coverage could soon see their remaining option become much more expensive. With private market insurance rates skyrocketing across the state, state-run Citizens Property Insurance Corp. is again becoming the “insurer of last resort” for Florida homeowners who cannot find other affordable insurance. But a state lawmaker who doesn’t want Citizens to regrow to levels of a decade ago is proposing raising rates for new customers so the company becomes a less-affordable last resort. More from the South Florida Sun-Sentinel.
Holiday travel expected down by 30%, but Orlando hotels hope for small bump in business
In a year of few bright spots for tourism, Orlando hotels are looking for one small win for the holidays: bookings are expected to be down only 52% from last year, according to preliminary data from Visit Orlando. “As crazy as it sounds, that’s an improvement,” said Daryl Cronk, Visit Orlando’s senior director of market research and insights. More from the Orlando Sentinel.
Insurance company adds $100 million in revenue in pair of deals
BRP Group, one of the fastest-growing insurance firms in the Tampa Bay region, recently announced a pair of major acquisitions. Combined, the deals, expected to close by the end of 2020, will add more than $100 million in annual revenue to BRP Group — a publicly traded firm that posted $137.84 million in revenue in 2019. Terms of the deals weren’t disclosed. More from the Business Observer.
New COVID-19 curfews are in effect for Miami and the town of Palm Beach. Could more cities follow?
As COVID-19 cases begin to rise, a few South Florida cities are taking a more aggressive and polarizing measure to stop the spread — reinstituting curfews. The decisions come amid an increase of COVID-19 cases across Florida. On Monday, the state reported 8,452 new coronavirus cases and another 137 new resident deaths linked to COVID-19. Additionally, health experts worry South Florida could see another wave this holiday season due to increased travel and gatherings. More from the South Florida Sun-Sentinel.
FSCJ and Bank of America form jobs partnership
Florida State College at Jacksonville and Bank of America announced Dec. 11 a $1 million jobs initiative partnership to help students of color complete the education and training necessary to enter the Jacksonville workforce. “The College will focus on our proactive work with school districts, community partners and industry leaders to support diverse talent pipelines. We will also be able to enhance our programming that quickly prepares students to enter high-need, high-wage jobs,” said FSCJ President John Avendano in a news release. More from the Jacksonville Daily Record.
Preservation
Group buying dune property at Nassau County's American Beach
A Jacksonville nonprofit is buying part of the “NaNa” dune system on Nassau County’s American Beach – and trying to raise money to pay for it. The $1.3 million deal the North Florida Land Trust signed with owners of three undeveloped parcels is only the second time in recent years the organization has borrowed money rather than saving until it could use cash on hand. Now, the land trust is asking for money to help pay off a bank loan it plans to use to pay for the lots and protect the dunes at the historic Black resort community.
» More from the Florida Times-Union.
Development
Solar power-focused community hits sales milestone
Babcock Ranch, a community in Charlotte and Lee counties billed as America’s first solar-powered town, has surpassed a major milestone: 1,000 homes sold. Northeast of Fort Myers on Babcock Ranch Road/State Road 31 and developed by Kitson & Partners, the community, in addition to the 1,000-home mark, has signed 505 contracts for home sales year-to-date, according to a statement. Babcock Ranch began marketing new homes in 2017, with the first residents moving into the town in January 2018.
» Read more from the Business Observer.
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