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Tampa Bay Business Journal
Two St. Pete tech companies join forces on data analytics
One month after announcing an acquisition, software company Bedrock Technology Inc. in St. Petersburg is partnering with another firm. <\p> Bedrock and Spontivly, a data and analytics tech firm also in St. Pete, are partnering to deliver real-time spend analytics and supplier performance insights to leaders in the procurement space.<\p>
Second phase of Pass-a-Grille beach renourishment begins
Pinellas County has restarted its restoration of Pass-a-Grille Beach following the issuance of a federal permit earlier this month. <\p> County officials announced on July 29 that the beach south of Paradise Grille will be partially closed, effective immediately. Nearby businesses will remain open. <\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>
CEO out at Sarasota public company for relationship with employee
Helios Technologies Inc.’s board of directors terminated Josef Matosevic as CEO and president following an investigation that found he had a consensual relationship with an employee in violation of company policy. <\p> The board is initiating a search for his permanent successor that will consider internal and external candidates, according to a statement. CFO Sean Bagan has served as interim president and CEO for the Sarasota-based hydraulics and electronic controls technology manufacturer since July 9 when the board placed Matosevic on paid leave pending the investigation. <\p>
Fresh Kitchen to close SoHo building after fire
The original Fresh Kitchen location in South Tampa must be completely rebuilt following a fire on Monday morning. <\p> Tampa Fire Rescue reported that there were no occupants in the building at the time of the fire. The cause of the incident has not yet been determined. <\p>
Tampa Bay’s century-old furniture retailer to close in $2B bankruptcy
W.S. Badcock, one of Tampa Bay’s oldest and previously one of its largest private companies, 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>
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>
Shipyard in St. Pete's Old Southeast sells for $12.5 million
A real estate firm has added another piece of waterfront property in St. Petersburg's Old Southeast neighborhood to its assemblage. <\p> Prometheus Maritime Properties LLC purchased 3.49 acres at 101 16th Ave. S for $12.5 million from Catalina Investments LLC, according to a Pinellas County deed filed Monday. <\p>
FDOT opens diverging diamond in Tampa as part of $90M project
A newly constructed diverging diamond interchange at SR 574 (Dr. Martin Luther King Jr. Boulevard) over Interstate 75 in Tampa opened to traffic over the weekend as construction finishes throughout the project. <\p> The traffic through the interchange will be in an interim phase while project construction finishes. The DDI is part of the ongoing improvements to I-75 from SR 574 to Interstate 4 in Hillsborough County. Construction is estimated to be complete in summer 2025.<\p>
Tampa Bay among the nation's leaders in luxury home sales
Tampa Bay saw the second-largest spike in luxury home sales in the second quarter, according to a new report from Redfin. <\p> Redfin reports that the typical U.S. luxury home sold for a record $1,180,000 in Q2 2024, up 8.8% from a year earlier — the biggest increase in nearly two years. Non-luxury home prices grew at less than half that pace, rising 3.8% to a record-high median of $342,500. <\p>
SouthState updates board with Publix's general counsel and COO
SouthState is updating its board of directors with a longtime executive of Publix Super Markets ahead of its $2 billion acquisition of Independent Bank Group. <\p> The Winter Haven regional bank will expand its board from 11 to 12 directors with the addition of Merriann Metz, Publix’s chief compliance officer, general counsel and corporate secretary, according to SouthState. <\p>
Exclusive: Chamber names Leadership Tampa 2025 class
Fifty-two local businesspeople have been named to the 2025 class of Leadership Tampa by the Tampa Bay Chamber of Commerce. <\p> Class members come from various industries and major employers in the area, including law firms, banks, transit agencies and health care institutions. <\p>
Casual dress is just the start of Gen Z making offices less formal
The post-pandemic workplace has undergone a lot of change, with hybrid work and the implementation of more-casual dress codes among the biggest shifts.<\p> Newly available research spotlights how both business owners and employees have younger workers to thank — or blame — for an ongoing casual revolution in the workplace that extends beyond dress codes.<\p>
Things to know smashing things in controlled places for stress relief
First, here are three eye-catching stories you may have missed from the TBBJ newsroom this past week.<\p> The helicopter parked out front in the aerial image hooked me. We don’t get insight into many Hernando County waterfront luxury homes. As TBBJ Real Estate Editor Ashley Gurbal Kritzer reported, the home at 1227 Osowaw Blvd., on 23 acres on the Gulf of Mexico, is now listed for nearly $5 million. The sellers are linked to a popular national retail chain. The property includes a 9,000-square-foot garage with space for 40 vehicles. <\p>
Wells Fargo exec named chair of Florida Bankers Association
Wells Fargo’s Central Florida regional executive, Derek Jones, was named to a yearlong appointment as the chair of the Florida Bankers Association. <\p> Jones, who has served on the FBA’s board of directors for the last nine years, is succeeding Grove Bank & Trust President and CEO Jose Cueto. <\p>
County names top construction firm for $110M expansion at PIE
Manhattan Construction Co. in Tampa has been ranked as the top firm to be the construction manager at risk to build the $110 million terminal expansion at St. Pete-Clearwater International Airport.<\p> The request for proposals for the project was released on April 5 seeking a firm to build the project with design firm C&S Cos. In May, the Pinellas County Board of County Commissioners approved a $14.33 million contract with New York-based C&S Cos.<\p>
At Fast 50, Tampa Bay’s high-performance companies are celebrated
Tampa Bay’s fastest-growing companies were celebrated Thursday before a sold-out crowd of more than 500 at Armature Works in Tampa.<\p> While the annual List of companies is announced alphabetically in early June, the ranking order is revealed at the event. <\p>
St. Pete condo owners face post-Surfside inspection requirements
St. Petersburg has over 225 condominiums that must be studied for possible deficiencies like the ones that led to the tragic collapse of Surfside's Champlain South Tower complex in 2021. <\p> Condo owners must submit the milestone inspection reports by the end of the year. Of the 225 condo buildings in St. Pete, 68 have already completed the inspection report. All 225 buildings are located within 3 miles of the coastline and were built before 1997. <\p>
Hillsborough County leaders weigh in on Community Investment Tax
The Hillsborough County Commission has approved the list of proposed projects that the Community Investment Tax will fund should voters support its renewal this November. <\p> The tax was created in 1996 and had a 30-year window. Though still a few years out from expiring, the county wants voters to weigh in this November when a presidential election will undoubtedly pull more residents to the ballot box. The half-cent tax is used to fund projects in all areas of the county, including Tampa, Plant City and Temple Terrace.<\p>
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