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Tampa Bay Business Journal
Honeywell to acquire major Seaport Manatee facility in $1.8B deal
Industrial manufacturing giant Honeywell will acquire Air Products' liquified natural gas business and its 390,000-square-foot manufacturing facility in Palmetto. <\p> The $1.81 billion all-cash deal expands Honeywell’s already extensive liquified natural gas business with complementary process technology and equipment. Air Products (NYSE: APD) opened the facility just east of SeaPort Manatee in 2014. It is the production site of large-scale coil-wound heat exchangers used to liquefy natural gas. <\p>
New Florida Poly president makes key personnel changes
Devin Stephenson, in one of his first decisions as president of Florida Polytechnic University, has hired his own provost. <\p> New College Vice Provost Bradley Thiessen will replace Terry Parker, who has served as provost since 2016. Parker's last day at Florida Poly will be Sept. 5. <\p>
Number of Tampa Bay homes for sale rose by 93% this year
According to the latest Realtor.com report, the Tampa Bay region homebuyers are seeing the market shift slightly. <\p> Housing inventory is up in the 50 largest U.S. metros compared to last year but is still well below the pre-pandemic benchmark.<\p>
Industrial portfolio near TPA lands $52.3 million loan
The New York investors who bought two industrial properties near Tampa International Airport have closed on a post-acquisition loan for the portfolio.<\p> Cushman & Wakefield Inc. said Tuesday that Jason Hochman and Ron Granite of the equity, debt and structured finance team arranged a fixed-rate loan for $52.3 million through PGIM Real Estate for Clarion Partners.<\p>
Pinellas County transit agency lands its largest grant ever
The Pinellas Suncoast Transit Authority has secured the largest discretionary grant in its history. <\p> The U.S. Department of Transportation announced on Tuesday the allocation of $27.8 million for new electric buses in Pinellas County. The grant will be added to a $18.4 million federal grant announced in 2022 and $18 million from the Volkswagen settlement — all of which will help PSTA fulfill its commitment with Gillig to purchase 60 electric buses over five years. <\p>
Luxury branded condos could be part of downtown St. Pete redevelopment
St. Petersburg-based Feldman Equities has revealed it is in talks with two partners to redevelop a parking garage in downtown St. Pete into luxury condominiums. <\p> The potential redevelopment of the prime downtown property went public on July 1 after Feldman Equities sent a letter to its tenants at the City Center office tower addressing social media posts about the potential demolition of the six-story garage adjacent to the tower. <\p>
Report shows pressure mounting for small business in Tampa Bay
A recent report paints a bleak picture of the health of local small businesses, adding to concerns about an alarming rise in bankruptcies over the last 12 months. <\p> The percentage of small businesses in Tampa Bay that said they were operating at a loss was 44%--nearly 10% higher than the U.S. rate—and 46% said their revenue decreased over the prior 12 months versus 39% nationally, according to the Federal Reserve Bank’s 2023 small business credit survey. <\p>
More student housing coming to Tampa's RITHM at Uptown
A Chicago developer has entered a deal to build more student housing at Tampa's RITHM at Uptown, a mixed-use development on the property formerly known as University Mall.<\p> Core Spaces, which built the a 359-unit, 890 bed student housing development Hub Tampa in 2022, will again partner with the master developer of RITHM to build a phased development that will include "up to 3,000 student housing beds, 150 conventional units and 10,000 square feet of neighborhood-friendly retail." <\p>
See where Tampa Bay cities rank among luxury home rentals
Point2Homes has ranked several Tampa Bay cities in its latest national leaders in the number of rental luxury homes report. <\p> The report ranks luxury rental inventory among the 100 largest U.S. cities.<\p>
Raising Cane's to open first St. Pete location
A Louisiana fried chicken restaurant with a cult following is opening its first St. Petersburg restaurant at Tyrone Square Mall.<\p> Raising Cane’s has filed a permit with the city to open a restaurant at 6901 22nd Ave. N. Documents show it will be built in the northwest corner of Tyrone Boulevard North, directly adjacent to Tire's Plus on property owned by Macy's. Macy's could not be immediately reached for comment.<\p>
Helios Technologies places CEO on leave amid investigation
Helios Technologies said it placed President and CEO Josef Matosevic on paid leave while it completes an investigation into potential violations of the company’s code of conduct. <\p> CFO Sean Bagan will serve as interim president and CEO the Sarasota-based hydraulics and electronic controls technology manufacturer (NYSE: HLIO), effective immediately, according to a statement. <\p>
Meet Dolman Law Group, a 2024 Fast 50 honoree
Dolman Law Group is a Clearwater-based personal injury law firm. It was founded in 2009 and has offices across Florida.<\p> Describe what your company does in a single sentence. Dolman Law Group is a premier law firm offering clients assistance with personal injury claims, including, but not limited to, automobile accidents, defective products, slip and fall accidents and bad drug claims.<\p>
Meet Pinnacle Home Care, a 2024 Fast 50 honoree
Pinnacle Home Care is a home health services provider based in Tampa. It was founded in 2003 and has offices across Florida.<\p> Describe what your company does in a single sentence. Pinnacle Home Care is a Medicare Certified and Florida Licensed full-service clinically owned and operated health care company, led by professionals who are passionate about delivering exceptional outcomes and quality care beyond expectation to patients, referral partners, staff and the communities that we serve.<\p>
Bankers Financial to move HQ back to downtown St. Pete
Bankers Financial Group is moving back to downtown St. Petersburg after signing a major sublease deal in Duke Energy's office tower on First Avenue North.<\p> Bankers has signed a 10-year lease for 54,000 square feet at 299 First Ave. N., the Tampa Bay Business Journal has learned. The company will vacate its suburban headquarters at 11101 Roosevelt Blvd. N. <\p>
Ten Rooms closes in Ybor City less than three months after opening
Ten Rooms, which opened in Ybor City this spring, has permanently closed. <\p> Ten Rooms combined a retail boutique, coffee shop and a full-service restaurant in the same space — El Centro Español de Tampa, a National Historic Landmark property. It is part of Centro Ybor, an open-air shopping and entertainment complex in the heart of the Ybor City historic district. <\p>
Related's new downtown district will include a Riverwalk underpass
A new mixed-use district in downtown Tampa will include a Riverwalk underpass, eight boat slips and a kayak launch as part of its revitalization of the adjacent shoreline. <\p> The Hillsborough County Planning Commission on Monday approved Related Group's permit application for its plans along the western edge of the Hillsborough River, which abuts the Miami-based developer's forthcoming Riverwalk district. <\p>
Brightline lost $116M in the first quarter of 2024
The opening of a station in Orlando has given Brightline a huge infusion of revenue. However, the Miami-based train company still reported a net loss of more than $116 million in the first three months of 2024.<\p> According to its quarterly unaudited financial statement, Brightline collected $48.93 million in revenue between Jan. 1 and March 31 of this year, a 207% year-over-year increase. <\p>
St. Petersburg, Tampa among national leaders in economic growth
Several Tampa Bay cities of various sizes were among the nation’s best in economic growth, according to a study by Coworking Cafe.<\p> St. Petersburg and Tampa were among Coworking Cafe’s Top Cities for Economic Growth report, ranking No. 4 and No. 7 among the top mid-sized cities. The report said St. Petersburg’s investment in infrastructure and innovation-friendly policies have created an attractive environment for entrepreneurs.<\p>
FTC noncompete ban suffers setback
The Federal Trade Commission’s broad noncompete ban suffered a legal setback after a federal judge in Texas ruled against the agency on July 3.<\p> U.S. District Judge Ada E. Brown of the Northern District of Texas, said in a ruling that the agency “lacks substantive rulemaking authority” on the matter and granted a preliminary injunction on the controversial rule that could affect employers in a broad range of industries. <\p>
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