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Tampa Bay Business Journal
HART seeks assurances on Tampa's $1.5M fare-free bus trial
The Hillsborough Transit Authority tentatively supports receiving $1.5 million from Tampa to make a bus route from USF to downtown Tampa fare-free for a year. But the organization wants assurances that the city will cover any unexpected costs.<\p> Tampa councilmember Lynn Hurtak proposed on Sept. 3 making Route 1 — which encompasses 56 stops from near USF to the Marion Transit Center downtown — fare-free. City Council approved reallocating $1.5 million of the proposed budget to fund the program in a 4-3 vote. The funds were initially set aside to purchase electric vehicle chargers.<\p>
Tampa startup secures NSF grant, tackles 'AI anxiety'
The National Science Foundation's Small Business Innovation Research program has awarded Actualization.AI, an artificial intelligence startup, a $275,000 grant.<\p> The grant will support the company’s efforts to develop AI solutions that strictly adhere to human rules, ethical standards, and legal guidelines. <\p>
USF Research Foundation invests in Tampa biotech company
The University of South Florida Research Foundation has invested $200,000 in Psilera, a Tampa-based biotech company developing therapies for neurological disorders.<\p> The startup has worked to develop the next generation of non-hallucinogenic psychedelic therapies, but the focus of the funding, according to Co-Founder Jackie von Salm, is on disorders like Frontotemporal Dementia (FTD), a progressive condition that impacts cognition and behavior with no currently available treatments.<\p>
Private equity cash could solve the Bucs’ aging stadium conundrum
The NFL’s recent vote to allow private equity into franchise ownership will bring a flood of new money to teams — at a prime time for the Tampa Bay Buccaneers. <\p> Raymond James Stadium is nearing the end of its lifespan, and the 26-year-old facility will likely require renovations or redevelopment in the near future. The Glazer family, which has owned the team for nearly three decades, hasn't publicly voiced a preference on how or when to proceed with improvements. But access to private equity dollars now available could potentially help solve one of the most contentious parts of stadium renovations: public funding.<\p>
Million-dollar condo sales close en masse in St. Pete's newest tower
Reflection, an 18-story condominium tower in downtown St. Petersburg, is now open. <\p> City leaders received their first look at the building during an event on Tuesday. On the same day, 17 buyers closed on condos in the 88-unit tower. The prices ranged from $724,000 to $1.83 million, according to property records. <\p>
Tampa's former economic development chief launches consulting firm
Tampa's former economic development chief has launched a real estate consulting firm — and formed a strategic alliance with one of the city's best-known land-use attorneys.<\p> Nicole Travis, who resigned from Mayor Jane Castor's administration earlier this year, has formed URP Advisors, which offers consulting in economic development, housing, urban revitalization and corporate strategy. URP also has a strategic alliance with The Euclid Group, a Miami consulting firm specializing in large-scale urban planning and development. The Euclid Group and Shubin Law Group, both founded by attorney John Shubin, expanded to Tampa in January after recruiting Jim Shimberg. Shimberg was previously general counsel of Water Street Tampa developer Strategic Property Partners and was city attorney under former Mayor Bob Buckhorn.<\p>
Hillsborough to finalize 20-year transportation plan
The Hillsborough County Transportation Planning Organization is preparing to finalize a transportation plan to prioritize projects through 2050.<\p> On Wednesday, the Hillsborough TPO board agreed to open a 30-day public comment period for the Access 2050 Long Range Transportation Plan (LRTP). Earlier this year, the community was asked to weigh in on which transportation projects should be prioritized in Hillsborough. The projects ranged from improving transit and building multi-purpose trails to fixing potholes and improving safety. <\p>
Despite decrease, Tampa Bay asking rents remain above the national
Despite a year-over-year decline, Tampa Bay’s asking rents remain above the national average, according to the latest Redfin report.<\p> In August, asking rent in the U.S. rose 0.9% year-over-year to $1,645—the biggest annual increase since April 2023. The report from the technology-powered real estate brokerage found that rents were up 0.1% month-over-month.<\p>
Why there's no clear answer on office-space decisions for employers
Suburban office submarkets sometimes are perceived as the preferred spot for tenants post-pandemic, largely because of their proximity to existing or potential workers. But a recent analysis by Moody's Analytics Inc. found there's generally more nuance to location decisions than strictly suburban versus urban.<\p> Moody’s looked at 618 U.S. office submarkets and compared central business districts with their respective suburban areas. It found office vacancy remains higher in suburban markets nationally, standing at 21.1% at the end of the second quarter compared to 18.4% in CBDs.<\p>
Florida budget could tighten as pandemic aid ends
Legislative budget leaders said they expect lawmakers to remain “fiscally responsible” after being advised Friday the state faces potential deficits in coming years as federal coronavirus pandemic money dries up.<\p> After receiving a presentation about Florida’s long-term financial outlook, House Appropriations Chairman Tom Leek, R-Ormond Beach, expressed optimism that lawmakers during the 2025 legislative session will handle spending needs in areas such as education and health care.<\p>
Orlando Health hospital purchases get key approval
A U.S. bankruptcy judge approved Orlando Health's purchase of a trio of Steward Health Care's East Central Florida hospitals.<\p> Judge Chris Lopez of the U.S. Bankruptcy Court for the Southern District of Texas during a Sept. 10 hearing in Houston signed off on the nonprofit health system's acquisition of the 298-bed Rockledge Regional Medical Center, 119-bed Melbourne Regional Medical Center and 145-bed Sebastian River Medical Center. <\p>
BayCare makes $12 million land buy in Pasco
One of Tampa Bay's largest health systems is expanding in Pasco County. <\p> BayCare Health System Inc., based in Clearwater, has paid $12 million for a 15.7-acre parcel of land in Epperson, where it plans to build one of its HealthHubs, a facility that includes a freestanding emergency department as well as acute and primary services. <\p>
Hottest hiring markets: Where Tampa Bay ranks
The job market is softening nationally, and the trend is holding true in the Tampa Bay area.<\p> That's according to new data from the research arm of payroll giant ADP, which identified the nation's hottest hiring markets based on pay growth, starting wages and hiring rate for 15 million workers. <\p>
Podcast: Juliette Feld Grossman on Feld's future
The Business Journal recently spoke with Juliette Feld Grossman, CEO of Feld Entertainment, for a segment of the Florida Business Minds podcast.<\p> Sponsored by TECO Peoples Gas, the audio series features candid conversations with top business leaders from the Orlando, South Florida, Tampa Bay and Jacksonville regions.<\p>
St. Pete Winn-Dixie will convert to Aldi
A Winn-Dixie store in St. Petersburg is slated to become an Aldi as part of a larger re-bannering effort. <\p> Aldi, a German discount grocer that acquired Southeastern Grocers' Winn-Dixie and Harveys Supermarket banners earlier this year, filed renovation plans with the city for the Winn-Dixie at 3327 Dr. Martin Luther King Jr St. N. The permit hasn't been approved yet. <\p>
USF gives President Rhea Law a $282,000 raise
University of South Florida President Rhea Law has received a substantial bonus and pay increase from the USF Board of Trustees, bringing her salary closer to that of other Florida public university presidents.<\p> On Tuesday morning, the BOT agreed to amend Law’s annual contract to increase her base pay from $655,000 to $825,000 yearly. The cap for her performance pay was raised from $300,000 to $412,500. Her deferred compensation plan was raised from 20% of base pay to 25% for the past two years.<\p>
Jabil to create 5,000 jobs at new manufacturing site
Jabil is expanding its footprint in India with a new plant in the Southern state of Tamil Nadu as the country’s electronics manufacturing industry surges.<\p> The St. Petersburg electronics manufacturing giant said it will invest $238 million to open the new manufacturing site in Tiruchirappalli, according to a statement. The new facility will be a crucial anchor investment in the region and is expected to create close to 5,000 jobs, according to Tamil Nadu Minister T R B Rajaa. <\p>
General Dynamics acquires Tampa defense tech firm Iron EagleX
One of Tampa Bay’s largest and fastest-growing defense contractors is selling to the information technologies arm of global aerospace and defense giant General Dynamics. <\p> The acquisition of Iron EagleX follows roughly a year after General Dynamics Information Technology rolled out a digital accelerator program to target investments in artificial intelligence and machine learning, cloud, and cybersecurity. <\p>
Suffolk brings tech, AI to construction industry
Construction isn’t an industry an average consumer thinks of when discussing the implementation of new technology.<\p> Suffolk Construction is trying to change that by redefining what's possible in the construction industry — from AI-driven safety algorithms to robotics and advanced data dashboards. <\p>
TechCrunch global competition selects 15 Wave startups
Fifteen companies from Tampa Bay Wave's portfolio have been selected to participate in TechCrunch's 2024 Startup Battlefield, a global startup competition taking place in San Francisco this October. <\p> For over 15 years, TechCrunch has featured top startups worldwide across any industry in tech, according to its website. <\p>
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