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Business news

Florida Lottery / Ray Hollister

The old saying goes, "Somebody has to win. It might as well be you." But if you were the owner of one of the over 440 million tickets that didn't win the Powerball grand prize this weekend, you may be coming to understand how untrue that saying is.

Bank of America Tower
Hertz Investment Group

The legal marketplace in Jacksonville is about to get a little bit more crowded.

A Birmingham, Alabama-based law firm with offices in five states in the Southeast said Monday it has opened a Jacksonville office.


John Burr

A rapid bus route in Jacksonville is reducing commute times for people going downtown since late last year.

The Northside First Coast Flyer route was the first to be completed of four planned routes—each one connecting a corner of Duval County to the urban core.

In this week’s “Business Brief,” analyst John Burr tells News Director Jessica Palombo the Jacksonville Transportation Authority project could give the town an economic boost. 

Jacksonville location exterior
Google Maps

After years of struggle, a Jacksonville entertainment venue has shut its doors.

Restaurant and entertainment center Latitude 360 shut down its operations in Jacksonville and Indianapolis this week. 

The Jacksonville location was off Philips Highway across from the Avenues Mall. The closure comes after the landlord sued the company, saying it owed almost $6 million in past rent and other charges.

exterior
Google Maps

An Ormond Beach investor has bought a strip mall and office building on Beach Boulevard in a multi-million dollar deal.

The Millennium Business Center went for $4.7 million in a deal that closed Monday.

The center is about a half-mile east of I-295, with Kernan Boulevard two miles to the west. It’s fully leased, according to Prime Realty, the broker on the deal. Its main tenants are MCCI Medical Group and Mattress One.

The sale comes as more investors are looking for space east of I-295, which has seen growth in the residential market.

www.energy.gov

People who take road trips during the holidays are finding it's less expensive to fill up the gas tank than it's been in a long time. Gas for less than $2 per gallon can be found at nearly three-quarters of the nation’s filling stations, according to AAA.

carnival fortune teller with crystal ball
Mark Kaletka via Flickr

As 2015 comes to a close, economists are looking ahead and trying their best to guess what market forces will do in 2016.

In the last “Business Brief” of the year, analyst John Burr tells WJCT News Director Jessica Palombo the year ahead will probably start with a whimper—but it could end with a bang. 


ship at JAXPORT
JAXPORT

JAXPORT could be getting an infusion of cash to cover a proposed deepening project if a Jacksonville state representative has his way.

Rep. Lake Ray (R-Jacksonville) has filed a bill that would steer more than $100 million into a fund dedicated for port improvements. But Jacksonville would have to compete with other major port cities for the money.


Business Brief: Interest Rate Hike Good For Business

Dec 21, 2015
$100 bills
Frankie Leon via Flickr

The Fed raised interest rates last week after six years of historically low rates.

In this week’s Business Brief, WJCT Business Analyst John Burr tells News Director Jessica Palombo what that means for people on the First Coast. 

Toronto skyline
City of Toronto via Flickr

Some potential passengers were pretty excited when Air Canada said it would start flying between Jacksonville and Toronto. Now they have something else to be excited about.

Air Canada said Monday its recently announced nonstop service would begin earlier than it had anticipated. The reason: The Canadian airline wants to accommodate tourists coming to the First Coast for The Players Championship.


One of Jacksonville’s most storied luxury car dealerships will soon have a new owner.

Brumos Automotive is selling its Mercedes-Benz, Lexus and Porsche dealerships to Fields Auto Group, the company said.

Fields is based in Illinois and has dealerships in several states. Locally, it has the Land Rover and Jaguar dealerships in Jacksonville and Cadillac dealerships in Orange Park and St. Augustine.

The two companies have been in talks for several months.

The transaction, whose terms were not disclosed, is expected to be finalized in mid-February.

CSX train
Nate Beal / Wikimedia Commons

Two local railroad companies have seen their stock prices fall as the industry sector slides overall.

CSX Corp.’s stock has dropped about 8 and a half percent over the past week. On Monday , it fell almost three percent from the opening bell, closing at 26.03.

The fall comes as the railroad sector has generally weakened. On Friday, a Bank of America analyst downgraded CSX and Genesse & Wyoming, which has its operations headquarters in Jacksonville.

Genesee & Wyoming’s price per share dropped from almost $70 last Tuesday to $58.89 at Monday’s close.

Jacksonville Jaguars

Jacksonville business recruiters are seeing success after a recent mission to London.

A British recruiting firm is expected to expand into the First Coast area as soon as spring.

SparkDistrict.com screenshot
Downtown Vision

The Spark District is the new name for the area where entrepreneurs can find support in downtown Jacksonville. The new district and its corresponding website were unveiled Thursday evening in Hemming Park.


Skyplex

The Orange County Board of Commissioners voted unanimously tonight to approve zoning on International Drive for what is slated to be the world’s tallest roller coaster. The Skyscraper will feature a drop more than 400 feet.

Fifty-six members of the public spoke at a final hearing that lasted about three hours. Long-time Tangelo Park resident Sam Butler presented petitions of support from his neighbors.

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