South Florida Business Journal articles from August 1998

South Florida Business Journal archives from August 1998

Port seeks overnight cruises; Riviera Beach also would like to be a home port for a cruise company. (Port of Palm Beach)
August 7, 1998... The Port of Palm Beach is talking to several cruise lines about operating overnight cruises after a new slip and terminal are completed next year, the port's top executive said. The only cruises sailing from the port now are short day cruises....

It's just child's play: more children going on business trips. (trend toward children going along on their parents' business travels)
August 7, 1998... Working parents may be packing more than business suits to go on corporate trips these days. A growing number are throwing in their kids' bathing suits and goggles, too. The trend of kids going on business trips is being noticed by many South...

'Nobel Prize' for snacks: Delray Beach entrepreneur embarks on a jungle journey to revolutionize snack food. (Tropic's Yuca Chip by Agroselect)
August 7, 1998... Jerry Ritthaler loves exotic plants, especially the ones you can eat. Ritthaler's Tropic's Yuca Chip is derived from the fibrous root of an obscure South American plant known as the cassava. Over the past 10 years, it has become an obsession...

PhyMatrix weighing purchase alternatives.
August 7, 1998... Mum is the official word at West Palm Beach's PhyMatrix since investment bankers were brought in to evaluate purchase offers, but industry analysts say a management buyout is the most likely outcome. Weak market conditions, combined with the...

State banking groups agree to merge at beginning of '99. (Florida)
August 7, 1998... Members of the Florida Bankers Association and the Community Bankers of Florida have approved a merger that would take effect Jan. 1. Officials of the Tallahassee-based trade groups hope to sign a definitive merger agreement by Aug. 15,...

Importer competes with established kosher brands. (Kosher Brands Pres. Victor Carmely)
August 7, 1998... As a young man in the Israeli military, Victor Carmely was assigned to a bomb squad, handling explosives that didn't detonate. Now, as president of importer Kesher Brands in North Miami Beach, he's dealing with another touchy situation: The...

Jupiter officials debate proposed conference center. (Jupiter, Florida)
August 7, 1998... A proposed hotel and conference center adjacent to the new Roger Dean baseball stadium in Jupiter has sparked opposition from some of the county's tourism and hospitality leaders who fear it would draw business away from existing hotels. But...

CityPlace hits 50 percent mark in signing tenants. (West Palm Beach, Florida urban complex)
August 7, 1998... Half of the tenants needed to fill West Palm Beach's CityPlace have so far signed on the dotted line. Another 20 percent, according to project developers, have committed to do so, but haven't signed yet. The halfway benchmark is enough to...

A menu of growth at Arby's: franchisees become the focus of the Fort Lauderdale chain.
August 7, 1998... Arby's boss Roland Smith left West Point to test-pilot fighter jets. "I tell franchisees, I've been shot at before, so I'm happy to take shots," he said. "But recently, that's happening much less." Smith, 43 - a former PepsiCo and Procter &...

Golden Bear seeks help. (seeks for a joint venture)
August 14, 1998... Nicklaus' company wants joint venture partner Golden Bear Golf is seeking a joint venture partner to help pull its construction division out of the rough, a company spokesman said. Apparent financial improprieties at Paragon Construction,...

More retirees deciding they want a house. (G.L. Homes of Florida Inc)
August 14, 1998... G. L. Homes, one of the largest home builders in Broward and Palm Beach counties, is planning its second all-adult community on 280 acres in suburban Boynton Beach. The 831-home Valencia Isles will follow the Coral Springs-based home builder's...

Having their cake: congress clears way for credit union growth.
August 14, 1998... [TABULAR DATA OMITTED] By early next year, employees of The Fountains Country Club in Lake Worth will be able to end a two-year wait and join Tropical Federal Credit Union. Greg Blount, Tropical Federal chairman and CEO, expects that...

Nurse shortage propels mergers among agencies.
August 14, 1998... South Florida's nurse staffing agencies are coming under growing pressure to consolidate as qualified nurses become harder to find and the industry's health-care partners look for more flexibility. While smaller agencies continue to thrive in...

Boca Raton Resort is going to the dogs - fishy stuff, too. (Boca Raton Resort and Club, Boca Raton, Florida)
August 14, 1998... The Boca Raton Resort & Club is expecting an unusual shipment Nov. 1. That's the day the hawks, eagles and dogs will arrive. The animals will have a home on 335 acres of land near the Everglades' edge, providing resort visitors with a taste of...

Tampa law firm makes smooth transition. (Carlton, Fields, Ward, Emmanuel, Smith and Cutler)
August 14, 1998... Raquel Matas was protective of her small boutique law firm in Coral Gables. The former assistant dean of the University of Miami law school, with a huge interest in women's issues and a newborn, wasn't eager to merge with just any law firm. "I...

FIU program brings business savviness to theatrical world. (Florida International University; Walt Disney Co)
August 14, 1998... This ain't no Mickey Mouse production. While Walt Disney Corp. is in the business of entertainment, it can now add post-graduate education to its repertoire. Walt Disney's Entertainment Arts Division is teaming up with Florida International...

Sales of bank branches near. (NationsBank of Florida N.A.)
August 14, 1998... Several bidders looking at NationsBank sites Although several bankers feel that asking prices are high, NationsBank is expecting a rush of final bids for the 58 South Florida branches it is selling or leasing as part of its merger with Barnett...

Teachers, students to benefit from bank merger leftovers. (NationsBank of Florida N.A.; Barnett Banks Inc)
August 14, 1998... Karen Duckett had a dilemma as the merger between Barnett Banks and NationsBank was nearing completion. By the first week of October, anything that had Barnett Bank inscribed on it would become nothing more than a collector's item....

Emergency room payments disputed.
August 21, 1998... Managed care companies, hospitals, doctors can't agree on common guidelines Emergency room services have resurfaced as a major issue pitting Florida hospitals and doctors against managed care companies. Despite legislation intended to...

Scientist's kit tests for E. coli in home pools.
August 21, 1998... Atlanta death, illnesses accelerate marketing A Boca Raton scientist has developed what he believes is the first test for E. coli - and other harmful swimming pool bacteria - that consumers can do at home. Known as Aqua Screen, the test has...

Building boom hits Doral area. (Miami-Dade County, FL)
August 21, 1998... In western Miami-Dade County, developers are building. But will tenants come? More than 2 million square feet of offices are under construction or planned near Miami International Airport and Doral. So far, none of the space is pre-leased,...

Ad agencies hope for package deals after merger is completed. (merger between Sun-Sentinel Co and South Florida Newspaper Network)
August 21, 1998... Ad agencies welcomed Sun-Sentinel Co.'s announcement this week that it has acquired the South Florida Newspaper Network, a Deerfield Beach-based chain of 33 weekly papers reaching from Vero Beach to Miami. Terms were not disclosed. Several...

Nasdaq-listed InnoPet to liquidate assets. (InnoPet Brands Corp)
August 21, 1998... After a tumult of executive hirings and firings, InnoPet Brands Corp. (Nasdaq: INBC), a Fort Lauderdale-based pet food producer, announced last week it was going out of business. The company, citing financial problems for the shut down, will...

Ginsite manufacturer grabs on to marine industry. (Ginsite Materials)
August 21, 1998... Ginsite Materials, a Plantation manufacturer of a lightweight resin touted as being stronger than cement, has branched into the field of marine coating with a 3,000-gallon sale to a Louisiana distributor. The deal, valued at roughly $60,000,...

Competition, costs slow bank openings in South Florida.
August 21, 1998... Editor's Note: This is the first of a two-part series looking at issues facing smaller banks in South Florida. Only four of this year's 20 applications for Florida banking charters are in South Florida. But that doesn't mean that the region,...

Wackenhut seeks respect on Wall Street. (Wackenhut Corp)
August 21, 1998... Wackenhut Corp. and its subsidiary, Wackenhut Corrections, have been signing up new clients and revenues are on the rise, but its performance in recent months has failed to light a fire under Wall Street. While revenues at Wackenhut Corrections...

Paxson launches aggressive marketing for network. (Paxson Communications)
August 21, 1998... Ten days before Pax TV signs on the air, the network has launched an all-out advertising campaign to tune viewers into the 88 stations that will broadcast its programming. The multimedia blitz includes radio commercials, print and billboard...

Race for MacArthur land set to begin. (St. Joe Co. to buy John D. and Catherine T. MacArthur Foundation's real estate holdings in Palm Beach, Florida)
August 28, 1998... Big question is whether one buyer will purchase all of the 14,650 acres Details of how the John D. and Catherine T. MacArthur Foundation plans to sell off its vast real estate holdings in Palm Beach, Martin and St. Lucie counties won't hit the...

Trust bank expands in P.B. Gardens. (Wilmington Trust Co. to move headquarters in Palm Beach County, Florida)
August 28, 1998... Wilmington Trust is banking on its reputation in the northeast to grow its private banking business in South Florida. The Delaware-based private bank announced it will be moving its state headquarters into Palm Beach County as part of an...

Storage moves uptown. (Storage Authority to build mini-warehouse in Fort Lauderdale, Florida)
August 28, 1998... Wine cellars, retail stores part of trend The four-story building just north of downtown Fort Lauderdale includes wine cellars and a retail store with floor-to-ceiling glass. This isn't a typical self-facility. Storage Authority, a small...

Bankruptcy attorney meets call of duty. (Arthur Rice)
August 28, 1998... Arthur Rice had the mother of all car loans on his hands: $250 million. And an army of lenders was waiting for him at the gate. Rice had been in battle before. First as a decorated helicopter pilot in Vietnam and then as a corporate attorney...

Their brothers' keepers. (American Caribbean Medical Center plans expansion)
August 28, 1998... Plantation's American Caribbean Medical Center plans expansion Dr. Basil Mangra was about to order a blood test on a new patient from Jamaica when he witnessed a tangible result of the atmosphere he has cultivated in the American Caribbean...

On the fast track. (small banks in South Florida are planning stock offerings)
August 28, 1998... South Florida's small banks jump on IPO bandwagon (This is the first of a two-part series on issues facing small banks in South Florida). Even if financial markets remain turbulent, several small South Florida banks believe investors will...

Palm Beach Post to launch bulldog edition. (newspaper)
August 28, 1998... The Palm Beach Post will debut an early Sunday edition this weekend that will be sold on Saturday afternoons at supermarkets and other retail outlets, but will not be distributed by home delivery or available in its coin-operated boxes. The...

Sea of change. (mergers and acquisitions in South Florida's banking industry)
August 28, 1998... Mergers, acquisitions changing names of South Florida banks NationsBank's Mehdi Ghomeshi, and Washington Mutual Bank s Gwynn Virostek have spent much of 1998 fielding questions about mega-mergers that are reshaping South Florida's banking...