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Orlando Business Journal
OneBlood hit by ransomware attack
OneBlood has seen a hit to its capacity to provide blood to hospitals after a ransomware attack. <\p> The Orlando-based not-for-profit blood center on July 31 said it is currently experiencing a ransomware event that is impacting its software system. The organization is currently working with cybersecurity specialists as well as federal, state and local agencies.<\p>
Furniture retailer to close in parent company's $2B bankruptcy
W.S. Badcock is winding down operations as its parent company reckons with a potential full-chain liquidation in Chapter 11 bankruptcy. <\p> Costs associated with Conn’s Inc.’s (Nasdaq: CONN) ill-fated acquisition of Badcock in December 2023 significantly contributed to the financial turmoil. The Houston furniture and appliance retailer also cited rising costs and declining sales when it filed for bankruptcy with $1.95 billion in debt on July 23 in the Northern District of Texas. <\p>
Luxury home prices hit a new high
The U.S. luxury housing segment has bucked some of the trends affecting the rest of the residential real estate market, in large part because those buyers and sellers are less affected by affordability issues.<\p> But like the broader housing market, luxury homes continue to see a surge in prices. In fact, luxury home prices hit a new high in the second quarter of this year, with a typical home in the category selling for $1.18 million, an 8.8% increase from the same quarter last year, according to Redfin Corp. data.<\p>
Epic Universe reveals details for Harry Potter Ministry of Magic
A ride dubbed Harry Potter and the Battle at the Ministry may become the headliner of all the attractions in the new Harry Potter installation headed to its upcoming Epic Universe theme park, slated to open in Orlando next year.<\p> The ride will be armed with large-scale environments and new ride technology, and have guests join characters from the Harry Potter films in a chase to capture Dolores Umbridge, navigate through the Ministry of Magic and face various challenges. <\p>
Sports celebs Rob Gronkowski, David Justice added to Izea's roster
Orlando-based marketing firm Izea Worldwide Inc. (Nasdaq: IZEA) has acquired another agency, and with it comes some celebrity influencers sure to attract more big-name managed service clients.<\p> Most of Izea’s revenue comes from managed services, hands-on influencer campaign development and support for brands rather than basic platform access. <\p>
Primark sets opening date for store here
Dublin-based Primark — the international retailer known for its fast fashion — is set to open a new store at The Florida Mall in Orlando on Aug. 29. <\p> The two-story store has more than 36,200 square feet of retail space and is across from the American Girl store. <\p>
Wells Fargo exec named chair of Florida Bankers Association
Wells Fargo’s Central Florida Region Executive Derek Jones was named to a yearlong appointment as chair of the Florida Bankers Association. <\p> Jones, who has been on the FBA’s board of directors for the last nine years, is succeeding Grove Bank & Trust President and CEO Jose Cueto. <\p>
Luxury home inventory balloons as sales slow
Orlando's luxury home market has seen a spike in inventory and a slowdown in sales — all while prices continue to ascend, according to a new report from Redfin.<\p> The real estate powerhouse's July 25 report noted that, nationwide, the typical sale price for luxury homes ($1.18 million, a record) was up 8.8% year-over-year in second-quarter 2024 — but sales growth slowed, and homes stayed on the market longer during the same period. <\p>
Mayflower at Winter Park preps $10M expansion
The Mayflower at Winter Park is gearing up for its third phase of expansion with a $10 million project. <\p> The senior community in August will convert 25,032 square feet of space that housed its former health center in its assisted living building into 21 one-bedroom apartments and one two-bedroom apartment. The renovated units will include a kitchenette, living space and en-suite bath connected to each bedroom.<\p>
Mexican eatery expands to Maitland
Talkin’ Tacos, a fast-casual Mexican eatery known for its scratch-made dishes, will open a new corporate-owned location Aug. 2 in Maitland. <\p> This restaurant at 400 N. Orlando Ave. will be the second Central Florida location, joining the existing one in SoDo run by Orlando franchise owner Hassan Rahim, who plans to open another Talkin' Tacos in Kissimmee.<\p>
OBJ wins 12 journalism awards
Orlando Business Journal received honors for reporting, writing, design and digital storytelling in two journalism contests this summer: the Society of Professional Journalists' 74th Annual Green Eyeshade Awards and the Florida Press Association's 2024 Weekly Newspaper Contest. <\p> OBJ's editorial staff and design team won a combined 12 awards — including four first-place honors — in the annual journalism competitions.<\p>
Defense contractor to triple workforce in Brevard
Draper, a nonprofit defense contractor based in Cambridge, Massachusetts, has expanded its planned Titusville campus and will triple the number of employees there.<\p> “Currently, we have about 50 employees in Titusville,” Vice President and General Manager of Navy Strategic Systems Robert Bacon told Orlando Business Journal. “This new facility will bring in another 100, bringing the total to around 150 employees."<\p>
AdventHealth kicks off Daytona Beach hospital expansion
AdventHealth recently kicked off construction on a $220 million, 240,000-square-foot addition at AdventHealth Daytona Beach.<\p> The Altamonte Springs-based health system earlier in July started work on the expansion, which will include 104 new beds — including intensive care and progressive care beds — as well as an expanded cardiovascular intensive care unit and a dedicated neuro-intensive care unit. It also will add a new and expanded pharmacy, an expanded sterile processing unit, additional CT and MRI machines as well as a new laboratory department. <\p>
ERC moratorium could spark windfall for some businesses
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we've got stories on the challenges of Series B fundraising right now, how regulations are shaking up remote work at banks and declining foreign investor purchases of U.S. homes. First, however, let's zoom in on the potential costs for the IRS' pause on Employee Tax Credit refunds.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
CrowdStrike outage may cost billions. Here's what businesses should do
The fallout over the global outage from a Crowdstrike update on Windows devices could measure in the billions — a stark reminder that business owners may want to revisit their insurance policies. <\p> A report by cloud monitoring firm Parametrix Insurance estimated the direct financial loss among Fortune 500 companies —excluding Microsoft Corp. — from the CrowdStrike outage that disabled computers around the world on July 19 was $5.4 billion. <\p>
New No. 1 tops largest architectural firms List
This week, Orlando Business Journal highlights the largest architectural firms in Central Florida as determined by local billings.<\p> The region's top five architectural firms combined for $128.4 million in local billings in 2023 and employ nearly 100 licensed architects. <\p>
Disney district replaces Fishback Dominick lawyers
The Central Florida Tourism Oversight District's supervisor board voted July 24 to bring on attorney Roy Payne as in-house counsel. Until now, the entity that governs Walt Disney World property in Orlando had Fishback Dominick law firm on retainer. <\p> Stephanie Kopelousos, district administrator since March, said the district needs someone who can provide consistent, on-site legal guidance, which external counsel cannot always offer. Board members echoed the sentiment that having an in-house counsel like Payne would ensure the district's legal needs are met more effectively. <\p>
UCF seeks $75M+ to add 180 jobs, grow programs
The University of Central Florida plans to request more than $75 million from the state to grow its engineering school and add nearly 200 local jobs. <\p> UCF's Board of Trustees on June 30 will consider advancing a fiscal-year 2025-2026 legislative budget request to the state for up to $75 million. <\p>
Mortgage rates are set to fall. Buyers should adjust their hopes.
Homebuyers frustrated by high mortgage rates may soon get some relief if the Federal Reserve begins to lower interest rates but they should temper their expectations, experts say.<\p> Although the Fed has signaled it could start lowering rates as soon as its July 31 meeting, industry experts believe rates will never go back to the historic lows seen during the Covid-19 pandemic, when some buyers snagged rates below 3%.<\p>
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