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Jacksonville Business Journal
Want to buy everything in a Red Lobster? Here's how.
Red Lobster restaurant contents are up for grabs less than 24 hours after dozens of locations suddenly closed across the nation.<\p> New York-based TageX Brands announced it is holding the "largest restaurant equipment auction event ever" related to the closure of more than 50 locations of the Orlando-based seafood restaurant company. The auction started May 13 at 3 p.m. — which coincides with reports of the closures of many Central Florida restaurants and nationwide — and will continue through May 16, with auction closing times starting at 8 a.m.<\p>
Visit Jax to drop a new trail to incentivize hospitality business
Sometime in the next two weeks, Visit Jacksonville will release the details of its third Jacksonville adventure map: the Shrimp Trail. <\p> Almost a decade into the Ale Trail’s frothy footprint, Visit Jax is tripling down to drive revenue and bring more visitors to Jax businesses. <\p>
Nominations made for DIA board leadership
A leadership change within the Downtown Investment Authority board is imminent as summer approaches.<\p> The nominating committee recommended Patrick Krechowski to be the next chair, Micah Heavener to be vice chair and Sondra Fetner to fill the role of secretary. The DIA Board will vote on these nominations at Wednesday’s board meeting.<\p>
South Florida investor buys Riverside office building
A South Florida-based investor bought an office building in Riverside for $2.75 million.<\p> Marcus & Millichap announced Tuesday it brokered the sale of Riverside Park Place, a six-story, 46,682-square-foot office building between the Five Points and Brooklyn neighborhoods at 751 Oak St.<\p>
Growing share of real estate agents weigh leaving their brokerages
The Covid-19 pandemic and a recent wave of class-action lawsuits have pushed more real estate agents to consider leaving their brokerages.<\p> Those findings, from the latest annual Agent Priorities Report from Coldwell Banker Real Estate, found while 61% of agents surveyed plan on sticking with their company this year, that’s down from 75% in 2023.<\p>
Need your lawn mowed? There’s now an app for that in Jacksonville
At the end of March, the GreenPal app launched in Jacksonville. <\p> Since then, more than 5,000 Jacksonville homeowners used the service to get their lawns mowed by one of the 500 Jacksonville landscaping providers who the company said signed up with the app. <\p>
North Jacksonville retail center sold
Shopping center Dunn Ave Plaza was sold recently to an out-of-state firm for $5.13 million.<\p> Marcus & Millichap announced it arranged the sale of the 42,570-square-foot retail property at 1440 Dunn Ave. California-based Dunn Plaza Investments LLC sold the property to Salem 1440 LLC on May 3. Salem Makhlouf is listed as the registered agent for the company.<\p>
Airline credit-card reward programs in regulators' crosshairs
The nation's major airlines are drawing heat over their branded credit-card reward programs, with federal regulators targeting consumer complaints that claim many perks don't live up to the hype and sometimes cost more than they are worth. Those findings...
Jacksonville Red Lobster restaurants close abruptly
In the face of financial difficulties across the country, Orlando-based Red Lobster has closed its three Jacksonville locations, part of a string of closures across the country. <\p> The locations at 416 Commerce Center Drive, 8720 Baymeadows Road and 13090 City Station Drive are listed as "temporarily closed" on the restaurant chain's website.<\p>
Jacksonville Symphony announces lineup for 75th season
The Jacksonville Symphony announced its 75th season lineup Monday. <\p> “Over the past seven decades, the symphony has served as the fabric of Jacksonville's cultural landscape, weaving together the threads of music and community spirit through uplifting experiences,” Steven B. Libman, president and CEO of the Jacksonville Symphony, said in a press release. “This milestone is a testament to our mission of reaching new artistic heights.”<\p>
Committee on downtown Jax starts conversation on future of DIA
Jacksonville should either get rid of the Downtown Investment Authority and replace it with something else, the vice-chair of the City Council's special downtown committee said Monday, or make the authority more independent — a move that could require additional funding.<\p> Figuring out which path to recommending taking will be the charge of the Special Committee on the Future of Downtown, which kicked off at least six weeks of meetings this week. <\p>
Baptist Health System, Feds settle False Claims Act
A Northeast Florida hospital system has agreed to pay $1.5 million to settle allegations involving discounts offered to certain Medicare beneficiaries. <\p> Baptist Health System reached the settlement with the U.S. Department of Justice, according to a recent Justice Department statement. <\p>
IQ Fiber announces expansion, HQ site
Jacksonville-based internet service provider IQ Fiber announced Monday it will expand its service further in Jacksonville as well as moving to a new headquarters.<\p> IQ Fiber plans to continue its Jacksonville expansion with the addition of Arlington, Fort Caroline, Ponte Vedra Beach and Fruit Cove along with extensions to its San Pablo and Intracoastal West deployments.<\p>
Why Amazon's recent moves bode well for a cooling CRE market
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals. We'll take a look today at a bankruptcy health care system's hospital sale; a $3.3B investment from Microsoft that will help establish an artificial intelligence hub; and what you need to know about upcoming changes to overtime rules. But we'll start with the dynamics in this once-hot commercial real estate subsector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Jacksonville Airport expansion, Shipyards office top permits
Approximately $311.6 million of work was approved across 741 permits for the seven-day period ending May 12. Removing 675 permits for single-family homes, townhouses, duplexes, mobile homes and condominiums leaves 66 permits totaling $270.6 million.<\p> Among the top permits for the period are:<\p>
Higher-for-longer rate environment means more uncertainty for CRE
Commercial real estate investors, owners and occupiers all have been monitoring whether the Federal Reserve will impose interest-rate cuts in 2024 after rapidly rising rates have substantially increased the cost of doing business.<\p> Earlier this month, the Fed signaled it needed to see more progress toward its inflation target of 2% and decided to maintain its key lending rate. At that meeting, Fed Chairman Jerome Powell said gaining greater confidence around inflation "will take longer than previously expected," although he also said he felt inflation would move back down in 2024.<\p>
Affordable units underway in Southwest Jax
Jacksonville affordable housing nonprofit Ability Housing will break ground on its latest project, bringing 90 affordable units to the city.<\p> Leaders from Ability Housing, the City of Jacksonville, the Florida Housing Financial Corporation and EverBank will gather to break ground on the Village at Cedar Hills Monday at 1 p.m. at the Corner of Harlow Boulevard and 103 Street. The 90-unit apartment community includes 72 units designed for households earning up to 60% of the Area Median Income, and the remainder available to households earning up to 30% of the AMI.<\p>
Gen Z's latest college grads have a new rival in the workforce
As new college graduates enter the workforce, they are facing some new competition for jobs: artificial intelligence. Given ChatGPT and other AI tools' ability to complete tasks such as research, data entry and email writing, some entry-level roles...
Related Group's Southbank high-rise clears DIA committee
The Related Group’s development at the former River City Brewing site is moving ahead with its revived and revamped mixed-use project. The Downtown Investment Authority Strategic Implementation Committee unanimously agreed to forward a recommendation...
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