Florida Trend Exclusive
Powerful engines idling
The marine industry is big business in the state. Florida annually does $5.4 billion in new boat, engine, trailer and accessory sales at 7,146 businesses, according to the most recent National Marine Manufacturers Association study. All those businesses depend on consumers navigating a bottleneck: access to water. The number of Florida boaters, post-COVID, has grown while the number of marinas is shrinking. [Source: Florida Trend]
Why new tropical disturbance in the Caribbean Sea could be a problem for Florida
With just under three weeks from the end of the 2024 Atlantic hurricane season, the National Hurricane Center is tracking yet another new tropical disturbance in the western Caribbean Sea. While the NHC says the system currently has a medium chance for further development, AccuWeather warns that its development potential is high risk. Should the system develop, it could become a problem for Florida. [Source: Pensacola News Journal]
Trump planning to choose Rubio to lead State Department in historic first
President-elect Donald Trump plans to tap U.S. Sen. Marco Rubio as his secretary of state, making him the first Latino to helm the State Department, according to a source familiar with the plans. Trump’s selection of Rubio, born in Miami to Cuban parents, is expected to assuage fears among GOP lawmakers seeking a continued U.S. presence abroad amid a lurch toward isolationism within the party. [Source: Miami Herald]
Florida homeowners' insurance market shows signs of recovery
The Florida homeowners insurance market has shown signs of recovery since major legislative reforms were introduced two years ago, according to industry executives. Privilege Underwriters Reciprocal Exchange President Dave Logan noted that while challenges persist, conditions are improving. Don Matz, CEO of Orange Insurance Exchange, described the shift as “the difference between night and day,” with new insurers entering a market that previously faced multiple insolvencies. [Source: Insurance Business Magazine]
Duke Energy Florida says costs from storms could top $1.1 billion
Duke Energy Florida’s costs of restoring power after three hurricanes this year could total about $1.1 billion to $1.3 billion, with the utility planning to seek state approval to recoup money from customers. The costs stem from efforts to restore power after hurricanes Debby, Helene and Milton — all of which slammed areas served by Duke. [Source: news Service of Florida]
ALSO AROUND FLORIDA:
› Credit card processing firm says it will hire 1,000 to back Plantation-based Florida headquarters
A New York-based credit card processing company, which views Florida as a promised land for new merchant customers, is looking to hire up to 1,000 people around the state to capture new clients. The firm is Merchant Industry, which set up a Florida headquarters in Plantation last February.
› Shad Khan's new massive 'Kismet' yacht arrives in Jacksonville
If you check the docks downtown, you can see Jacksonville Jaguars owner Shad Kahn's newest megayacht. It's hard to miss it, actually. It's long enough for the Jags to play a game on. The Kismet is the billionaire's fourth and largest yacht yet. His first was a 160-foot superyacht named "Gallant Lady" he bought from Southeast Toyota executive Jim Moran.
› Developers purchase Salt Creek Marina for larger, but still unknown, project
Developers who have been buying up boatyards in Salt Creek have made another key purchase and now own four adjacent properties along the creek’s south side. Salt Creek has been eyed for redevelopment before. A billion-dollar plan to turn the industrial marine service hub into a village of condos, affordable housing and office, hotel and conference space fell through a few years ago.
› Seminole County looks at protecting rural enclaves within urban areas
Tucked within congested areas of central Seminole County — near the strip malls, parking lots, high-rise apartments and bumper-to-bumper traffic — sit quiet rural enclaves of large oaks, dirt roads and homes on expansive lots. But now residents of these rural havens worry that as development pressures grow, they could lose their neighborhoods’ rustic charms to dense clusters of houses, residential multiplexes and traffic.
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› Sneak peek: Inside Florida Panthers’ new War Memorial Auditorium in Fort Lauderdale
The Florida Panthers are about to introduce South Florida’s newest concert hall, a stylish and sophisticated venue in downtown Fort Lauderdale that boasts state-of-the-art comforts and puts the “memorial” back in War Memorial Auditorium. A bookend to the adjoining Baptist Health IcePlex in Holiday Park, the new War Memorial Auditorium is part of a $65 million renovation project that has transformed the historic art-deco barn into a modern, versatile space.
› Panama City retailers get ready for holiday shopping season
Local retailers have mixed feelings about the upcoming holiday season. Despite ongoing issues with inflation, the National Retail Federation forecasts a 2.5% to 3.5% growth in holiday spending this year.While local businesses have differing outlooks on the holiday season, national predictions are somewhat positive.
› Business books bring techy energy to the 2024 Miami Book Fair
Miami’s cultural calendar wouldn’t be complete without the vibrant Miami Book Fair, and this year more than ever, tech and business books are taking center stage. The 41st annual edition, running from November 17-24, is packed with insightful discussions on AI, entrepreneurship, and the world of big tech – a theme that reflects our increasingly tech-driven lives.
› First Watch long-range goal: grow from 550 to 2,200 locations
First Watch is opening nearly two dozen restaurants in the fourth quarter, according to CEO and President Chris Tomasso. It would have opened five more, but he cites Hurricane Milton as the reason those locations will open for business instead in 2025. The east Manatee County-based breakfast-lunch-brunch company shared these details and more about its growth strategy on a Nov. 7 third-quarter earnings call.