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Orlando Business Journal
How to get your stuff up to space
CEO Andy Green of MyRadar, an Orlando-based weather data company, is among a special group of business people navigating a unique business environment — one that rests up to 1,200 miles above our heads. <\p> MyRadar develops compact satellites designed to mitigate the impact of wildfires through early detection of indicators of fire, as well as high-risk scenarios where fire is more likely. However, for the company's mission to succeed, Green must get his satellites into space. <\p>
Local space industry is filled with wonder and potential
"We saw the International Space Station!" my wife texted me one evening while on a recent trip to Auburn, New York, with our kids. To my daughters, the small blinking light crossing the night sky must have seemed like a plane, not a state-of-the-art microgravity laboratory traveling over 17,000 miles per hour around Earth. <\p> Still, the wonder was in their eyes when they realized astronauts nearly 250 miles up might be waving down at the small town of 26,000 residents. <\p>
How Orlando ranks for 1st-time homebuyers
Metro Orlando may have just set a new record for its median home sale price in June, but WalletHub nonetheless ranks it among the best places in the U.S. for first-time homebuyers.<\p> The personal finance site's July 16 report ranks Orlando No. 5 out of 300 cities, based on 22 factors under the umbrella categories of affordability, real estate market and quality of life.<\p>
See the top real estate deals in Brevard so far this year
Housing is leading the way for real estate investment in Brevard County, with at least five of the county's biggest deals in 2024 being multifamily properties or land for housing developments.<\p> A look at the top 10 real estate transactions reveals more than $223 million has been spent in Brevard in the first six months of the year, according to records from the clerk of courts. Industrial, hospitality and commercial properties all make an appearance on the list, but the largest share of purchases are devoted to one form of housing or another.<\p>
The National Observer: Distress rises for apartment owners
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we'll take a look at the challenges of finding new tenants as two prominent drug store chains close stores, uncertainty around new rules on brokers in the home buying sector, and Big Lots' plan to close dozens of stores as doubts arise around its solvency over the next year. But for our top story we're going to examine distressed debt in the multifamily sector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
Why Darden leadership decided to acquire Chuy's
Darden Restaurants Inc. has a few key reasons why it plans to acquire Chuy’s Holdings LLC.<\p> The Orlando-based restaurant company (NYSE: DRI) announced in a July 17 news release the $605 million deal to purchase the Austin, Texas-based Tex-Mex chain (Nasdaq: CHUY). Darden President and CEO Rick Cardenas said in a July 18 investor call on the transaction that given Mexican is one of the fastest-growing dining segments and Chuy's is the largest full-service operator in that category, the decision makes sense. <\p>
Darden to acquire Chuy's Tex-Mex. Here’s what we know so far.
Darden Restaurants Inc. (NYSE: DRI) in a July 17 news release announced it will acquire Tex-Mex restaurant company Chuy's Holdings Inc. (Nasdaq: CHUY) in an all-cash deal worth about $605 million. <\p> The transaction is expected to close in Darden’s fiscal second quarter and was approved unanimously by both companies' boards. <\p>
$4.25M luxury spec home in works in Winter Park
A Winter Park-based luxury homebuilder is set to break ground on a speculative home valued at $4.25 million.<\p> Construction will begin this month on the 3,660-square-foot home at 985 Lincoln Circle that is expected to be "one of the highest value-per-square-foot homes in Winter Park not on water," said the builder, Clay Wooten, developer and president of Winter Park-based Wooten Built Inc., in a prepared statement — noting its anticipated $1,160-per-square-foot value.<\p>
RosenCare to add more clinics here through partnership
RosenCare plans to use a partnership with a Pittsburgh-based primary care provider to expand in Central Florida.<\p> Health care provider RosenCare — created by Rosen Hotels & Resorts founder and President Harris Rosen — announced a partnership with PeopleOne Health on July 17. Through the partnership, RosenCare and PeopleOne Health will open its first health center in Palatka this month, with four others coming soon in Orange County. <\p>
Raising Cane's opens in Daytona Beach
Baton Rouge, Louisiana-based Raising Cane’s — a popular restaurant chain that moved into Florida in 2022 with a location in Homestead — opens its first Daytona Beach eatery July 23 at 2451 West International Speedway Blvd.<\p> Each Raising Cane's has interior décor distinct to its market. The Daytona Beach Raising Cane’s has racing-themed décor, featuring a Toni Breidinger Raising Cane’s race suit, pit crew memorabilia and walls celebrating local icons like Bob Ross, Vince Carter and Denzel Washington. The drive-thru emulates a finish line and is complete with a checkered flag. <\p>
The ghost effect: Another sign the job market has dramatically shifted
Three years ago, many employers reported the phenomenon of being "ghosted" by job candidates.<\p> In yet another sign of the shifting labor market, the shoe is now on the other foot, with companies now abruptly ceasing communication with candidates. <\p>
Orlando Magic co-founder, longtime executive Pat Williams dies
Pat Williams, the co-founder of the Orlando Magic, has died.<\p> Williams was a key player in helping Orlando gain a National Basketball Association team alongside the late Jimmy Hewitt, with The City Beautiful being awarded a team in 1987. Williams died at the age of 84 due to complications from viral pneumonia.<\p>
Red Lobster landlords reject seafood chain's proposed plan
With Orlando-based restaurant chain Red Lobster Management LLC behind on rent at many of its locations, landlords are looking to get paid back. But the payback plan proposed by the restaurant chain hasn’t been well received, and a spate of legal filings show landlords want more money than Red Lobster has offered. <\p> A variety of offers have been made, depending on the locations and leases. One example is Shorenstein Properties LLC’s filing related to a Tigard, Oregon, restaurant where Red Lobster owes months of rent. Shorenstein says its records show the cure should be $20,634, while Red Lobster has proposed a zero-dollar payment. <\p>
Industrial outdoor storage site sells, seeks tenants
A company specializing in industrial outdoor storage is seeking tenants for a recently acquired property in Orlando.<\p> Pennsylvania-based Alterra IOS bought a 10.4-acre property at 4777 Old Winter Garden Road in May for $4.6 million in May, according to county records. The property features two buildings including a 13,740-square-foot warehouse and a 3,500-square-foot auxiliary building.<\p>
What's next for potential Kissimmee hotel
Kissimmee’s community redevelopment agency may seek proposals again tied to a downtown hotel by the end of this year.<\p> The Kissimmee CRA board, which is comprised of city commissioners, met July 16 for a workshop on projects, including a hotel. A prior effort to add a hotel at the Kissimmee Civic Center failed in front of the city council in January due to a desire for a higher caliber hotel product than was being pitched by the lone proposal from Orlando-based IHRMC Hotels & Resorts.<\p>
1st Hooters location to open in The Villages revealed
A little more than one year after the announcement of a development agreement that would bring three Hooters restaurants to The Villages, the first location for the wing-restaurant chain in the retirement mega-community has been revealed.<\p> Geno Jarquin, director of commercial development for The Villages, announced July 15 via LinkedIn that Hooters had signed a lease at Lake Deaton Plaza. <\p>
Builder pessimism grows with rising interest rates, added inventory
Homebuilders continue to offer a bevy of incentives to remain competitive, but sustained higher mortgage rates and an increase in the number of homes for sale is dampening their overall sentiment about market conditions. <\p> Major homebuilders like Lennar Corp. (NYSE: LEN) and D.R. Horton Inc. (NYSE: DHI), among others, have been offering various concessions to prospective buyers at a time of much-higher mortgage rates than a few years ago and record home-price appreciation. Among the more popular offerings is a mortgage-rate buydown, in which a builder will put points down to reduce a buyer's mortgage rate.<\p>
Here's who will lead BBIF after CEO's death
The Black Business Investment Fund's board has named new interim executives after the passing of longtime CEO Inez Long. <\p> Chair Jaqueline Barr announced Oraine Reid and Duane Lewis as interim co-CEOs of the loan fund and resource group for minority business owners. Long died suddenly on June 29 at age 68. <\p>
Office market vacancies, leasing activity rise
Orlando's office vacancies continue to rise as companies sort out work-from-home policies, but new leasing activity is a sign of a strengthening market.<\p> Metro Orlando has seen negative absorption — meaning more space vacated or was put on the market than leased — of between 184,000 and 202,000 square feet in second-quarter 2024, representing a rise in total vacancy, according to reports from commercial brokers CBRE, JLL and Cushman & Wakefield.<\p>
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