Wednesday's Afternoon Update
What you need to know about Florida today
Florida developers are holding off on big projects as insurance costs surge
Rising insurance rates, combined with rising interest rates and inflation, are making many condo and apartment developers in Miami-Dade, Broward, and Palm Beach Counties unprofitable, according to developers. Insurance costs can exceed 8% of the total cost of some South Florida high-rise projects, according to developers; three years ago, insurance averaged around 2% of project costs. Many developers are being forced to postpone or cancel their projects entirely. More from Program Business and the Wall Street Journal.
Florida gas prices fall 6 cents to $3.34 a gallon average
State gas prices fell for the second consecutive week and reached an average of $3.34 per gallon of regular fuel on Monday, according to the U.S. Energy Information Administration. The average fuel price in Florida has risen about 11 cents since last month. According to the EIA, gas prices across the state in the last year have ranged between $3.12 on Oct. 3, 2022, and $4.85 on June 13, 2022. A year ago, the average gas price in Florida was $3.30 per gallon, representing a 1% annual increase. More from the Tallahassee Democrat.
Tampa Bay businesses hop onto TikTok as the social media app rises
As TikTok has grown beyond an app known for young people dancing to viral songs, it’s quickly becoming a platform where people get their information from — and some Tampa Bay businesses have taken notice. A Pew Research Center survey found news consumption on TikTok has increased 11% from 2020 to 2022, while the amount of American adults getting their news from social media sites like Facebook and Twitter have either stagnated or declined. More from the Tampa Bay Times.
Humana to lay off 150-plus employees as it shuts down Jupiter facility
Humana will layoff 157 employees as it shuts down a chronic-care facility for seniors in northern Palm Beach County. Those affected include SeniorBridge Jupiter's staffing pool of 149 caregivers, six field care manager nurses, one home care sales executive, and one care manager supervisor. "All affected employees have been notified of their separation dates and that their separation from employment will be permanent," stated Nate Bellinger, an associate vice president of Humana. More from the South Florida Business Journal.
Arizona company pays nearly $500 million for Florida properties
Cove Communities, an Arizona company that owns mobile home parks and 55 and over communities, has bought five properties in Florida, including one in Lakeland and one near Tampa. According to the commercial real estate research firm CoStar, Cove spent a combined $448 million on the portfolio. The five properties sold include the 55 and over manufactured communities StrawBerry Ridge Village in Valrico, a suburb of Tampa, and the Cypress Lakes Villages in Lakeland. The company also bought the Big Cypress Golf & Country Club, which is part of Cypress Lakes. More from the Business Observer.
Baptist Health Cancer Care: South Florida's cancer experts
Should a screening test lead to a cancer diagnosis, patients can seek treatment from Baptist Health Cancer Care. Miami Cancer Institute and Lynn Cancer Institute are partners in Baptist Health Cancer Care and have integrated their programs to become the largest provider of cancer services in South Florida. U.S. News & World Report has recognized Miami Cancer Institute and Lynn Cancer Institute as top healthcare facilities in the nation for cancer care. [Sponsored report]
The Florida Rural Economic Development Association (FREDA) is hosting Florida’s premier rural economic development event in St. Augustine, December 7-9, 2022—the Florida Rural Economic Development Summit. FREDA is a consortium of Florida’s 32 rural counties with a focus on providing and facilitating education, technical assistance, and advocacy services.
Out of the Box
Florida, is this the future of dining? Try this new virtual reality experience for foodies
When it is paired with a surreal, swirling landscape, what does a mousse of Roasted Hopes taste like? Is it sweet or bitter? Is it redolent of all your dreams, salted with success and yet fragrant with a faint hint of failure? And more importantly, can you get it into your mouth while wearing a virtual reality headset without dropping it on the floor?
» More from the Miami Herald.
Beverly Raphael Altman and Robyn Raphael-Dynan
When RCC Associates, the Deerfield Beach construction company known for its high-end projects, recently took on the renovations of the iconic Mayfair Hotel in Coconut Grove, the $50-million job was something bigger and more complex than the firm had attempted before. But jumping into the unknown is something the mother-daughter duo of CEO and chairwoman Beverly Raphael Altman and President Robyn Raphael-Dynan have done plenty of times before.
» Read more from Florida Trend.
In case you missed it:
State projects 1.75 million Floridians could lose Medicaid coverage as pandemic-era law expires
‘Our children are at stake:' Teacher shortage in Florida among worst in the nation