South Florida Business Journal articles from October 1998

South Florida Business Journal archives from October 1998

CityPlace bonds -- locals first, please: Smith Barney hopes project's name recognition will spur sales in Palm Beach. (Florida)
October 2, 1998... Palm Beach County investors will get first dibs on $54 million in municipal bonds to pay for CityPlace. Proceeds from the sale, scheduled in November, will pay for the infrastructure, parking and open spaces needed to make the $600 million...

The mega merger: final steps will blend Barnett into NationsBank.
October 2, 1998... After 13 months of preparation, NationsBank will wrap up Florida's biggest bank merger next Friday morning when it unveils its signs at almost 900 Barnett Bank branches. About 260 of those offices are in South Florida, where the expanded...

Slugger turns into economic grand slam. (baseball player Mark McGwire)
October 2, 1998... Officials at Roger Dean Stadium are among those who will be aiming for the bleachers this spring, when star slugger Mark McGwire and the St. Louis Cardinals arrive for spring training. The stadium's management is making plans to add 1,300...

Firefighter invents revolutionary gel. (John Bartlett; fire blocking gel)
October 2, 1998... Palm Beach firefighter-turned-entrepreneur John Bartlett said growing a business out of a potentially revolutionary product he invented is "just taking my job to the next level." The inventor of Barricade Fire Blocking Gel has put out some big...

Windmere one of many affected by economic chaos. (Windmere-Durable Holdings; South Florida)
October 2, 1998... Economic turmoil in emerging markets overseas is hitting some South Florida firms hard. And soft international sales have hit their stocks hard, too. The companies range from household appliance maker Windmere-Durable Holdings and aviation...

Outlook 2005: shortage of educated, able workers. (South Florida companies)
October 2, 1998... When South Florida business executives arrive for work on the morning of Jan. 3, 2005, the biggest threats they'll face are a shortage of skilled employees, challenges in the area of human resources and a lack of top-grade education among staff...

Consumer advocate plans drive-by grocery shopping.
October 2, 1998... You're hungry. The fridge is empty and the last thing you want to do is spend an hour at the grocery store maneuvering your cart through the crowded aisles. First you have to find parking. Then once you finally get in the store, you must plot...

Cruise industry floats legal benefits. (Miami, Florida-based Royal Caribbean International; attorney's services for employees)
October 2, 1998... Royal Caribbean International, the Miami cruise company, has offered its onshore employees a legal benefits program similar to the health care benefits offered by a medical preferred provider organization. The benefits, provided by Tampa-based...

Region fares better on magazine's list; Five South Florida companies make list of fastest growing. ('Fortune' magazine)
October 2, 1998... Five South Florida companies were among the hottest in the U.S. last year, according to a list published by Fortune magazine this week. The new additions to Fortune's list of 100 fastest-growing companies marks a major improvement locally -...

Doctors complain about Prudential. (Prudential HealthCare of Florida)
October 2, 1998... Citing a controversial insurance practice already under fire in Texas and North Carolina, the Florida Medical Association has lodged a complaint against Prudential HealthCare with the Florida Department of Insurance. A second insurer also may...

Rate squeeze hits commercial mortgages.
October 9, 1998... Edward Schmidt knows firsthand the pain of financing a real-estate deal these days. Schmidt of Larkin Schmidt Weidenbaum Commercial Real Estate in Miami thought he had landed refinancing for a Broward County office building. But the so-called...

Export credit insurance markets starts to dry up.
October 9, 1998... With the global financial crisis scalding Latin American markets, an insurance tool used to help export businesses get paid faster and obtain trade financing, may soon dry up for Brazil, Argentina and Venezuela. That could set off a chain...

Blockbuster's rival making move into area. (Hollywood Entertainment Corp acquires Video Avenue)
October 9, 1998... Video Avenue, a South Florida video rental chain with 18 stores in the region, has been purchased by Hollywood Entertainment Corp., one of the industry s leading players. Video Avenue stores in Palm Beach, Broward and Miami-Dade counties were...

Good deal gives seniors luxury care. (HealthTrust America developing former landfill as apartments)
October 9, 1998... Developer Stewart Marcus says the best thing that partner and friend Harvey Rafofsky ever did for him was to fire him. That was 15 years ago, a time when both were working at Boca Raton-based Levitt Homes. The home-building market had soured....

Tech companies moving up: sky-high real estate prices encourage firms to move up, not out.
October 9, 1998... Many technology companies that have long-preferred campus-style headquarter sites are seeing the benefits of moving up. Highrise and midrise office buildings - once seemingly reserved for law firms, accounting firms and advertising agencies -...

Aviation business taking off despite stock lows. (aviation products and services industry)
October 9, 1998... In a market cluttered with multimillion dollar firms, South Florida's aviation products and services industry has learned that specialization and cooperation creates enough room for everyone. B/E Aerospace (Nasdaq: BEAV) is one of eight...

Pan Am moves operations to Fort Lauderdale. (Florida)
October 9, 1998... While Pan Am still calls Miami home, the downsized airline operates its charter service exclusively out of Fort Lauderdale, where the crew, administrative offices and basic maintenance facilities are now located. "Currently the charters are...

Mellon looking for Broward, palm Beach sites. (Mellon United National Bank)
October 9, 1998... Mellon United National Bank has its eyes on Boca Raton and Broward County's Cypress Creek area, and rivals can expect it to open branches once finds sites suited to its high-niche services. "We have been looking to go into Boca for several...

Port of Miami officials get grilling - and $37 million.
October 9, 1998... In a series of right-sizing moves designed to help nurse the Port of Miami to fiscal health, Miami-Dade County commissioners have approved $37 million in loans for debt refinancing and improvements. Commissioners also have wiped clean $30...

Admiralty poised to march south. (Admiralty Bank to expand in Broward County, Florida)
October 16, 1998... Fresh from its stock offering, the Palm Beach Gardens bank is eyeing Broward After going public amid stock market turbulence, Admiralty Bank of Palm Beach Gardens is planning an increase in business lending and an expansion that could include...

Mortgage firm takes bigger space in Boca. (Mortgage Express relocates to Boca Raton, Florida)
October 16, 1998... Mortgage Express, a Palm Beach Gardens company that's ranked among the country's largest retail mortgage brokers, has relocated its office in Boca Raton to larger quarters. The company has leased 7,000 square feet in the four-story Board of...

Selling team spirit. (Howard Schnellenberger to Florida Atlantic University's football team)
October 16, 1998... Football fits in with FAU's athletic, academic goals Florida Atlantic University, hoping to create a winning football program and reshape its image at the same time, is counting on coach Howard Schnellenberger to sell the idea to its students...

NationsRnet CEO reveals secret weapon. (interview with James Kirk)(Interview)
October 16, 1998... James Kirk, CEO of Huizenga-owned NationsRent, said he's excited about running his business from South Florida. Where else could he tap into such an expansive network of research databases as those owned by H. Wayne Huizenga? The databases,...

Dycom, BE/Aerospace withdraw stock offerings.
October 16, 1998... Citing the poor performance of their stocks, South Florida's Dycom Industries and B/E Aerospace are withdrawing offerings of millions of shares from the stock market. Dycom (NYSE:DY), a telecommunications services provider headquartered in...

Matadors, Thundercats goal: to lure fickle fans. (professional hockey and soccer teams in Florida)
October 16, 1998... The Miami Matadors hope to lure fans to minor-league hockey games with face-painting and birthday parties for kids. Florida Thundercats players, meanwhile, have been visiting schools and youth soccer practices to build support for indoor...

Medicine, business merge at University of Miami. (university's School of Medicine and School of Business Administration team up to offer three 32-hour certification courses)
October 16, 1998... What used to be two distinct disciplines - medicine and business - have come together at the University of Miami. UM's School of Medicine and School of Business Administration have teamed up to offer three 32-hour certification courses intended...

Ivax refocuses as market changes, results strengthen. (pharmaceutical firm Ivax Corp.)
October 16, 1998... Miami pharmaceuticals giant Ivax Corp. (AMEX: IVX) has set aside plans announced this spring to spin off operations including profitable British subsidiary Norton Healthcare, President Neil Flanzraich said. The spinoffs, which would have...

Coiltronics to build headquarters at Quantum. (electronic parts maker to construct office building in Quantum Corporate Park in Boynton Beach, Florida)
October 16, 1998... Boynton industrial park's development has been fueled by new ownership, land shortage Electronic parts maker Coiltronics has signed a deal to buy 5.3 acres in Boynton Beach's Quantum Corporate Park with plans to build a 40,000 square foot...

Slumping stocks leading to delistings; several Palm Beach County companies delisted or threatened by Nasdaq.
October 23, 1998... After it was rocked by scandal in 1996, Nasdaq decided to use the tough love approach to bring its companies in line. To protect investors, Nasdaq imposed strict new listing requirements that drove firms off the market and made many other...

Hotel room occupancy levels slump; fewer heads in beds are paying more to stay here. (Florida)
October 23, 1998... Higher room rates have ?? Florida's tourism industry in 1998, even though occupancy sputtered because of warmer weather in the Northeast and global economic jitters. Through August, hotel occupancy in Palm Beach, Broward and Miami-Dade...

Boat Show attendees take over Broward hotels. (39th Annual Fort Lauderdale International Boat Show)
October 23, 1998... If you're in need of a hotel room in eastern Ft. Lauderdale next weekend, think about going elsewhere. Rooms anywhere near the Broward County Convention Center are expected to be booked for the 39th Annual Fort Lauderdale International Boat Show....

Themed restaurants face challenges in staying afloat.
October 23, 1998... Why can't the Planet be as solid as the Rock? At first blush, the two themed restaurants are almost identical. Both rely heavily on entertainment paraphernalia. Both are billed as a themed dining "experience." But while Hard Rock is making...

Temp agency for food service coming to South Florida soon. (Food Temp)
October 23, 1998... Hotels, banquet and catering companies across the country who suffer from excess labor costs are turning to a staffing alternative called Food Team. The St. Louis-based company began operations in 1989 and now has 16 offices nationwide,...

AmTrust gaining business by offering high deposit rates. (AmTrust Bank)(Company Profile)
October 23, 1998... AmTrust Bank is "the closest thing left to a traditional savings and loan," according to its top Miami-Dade County official, and its S&L-like strategy is gaining a growing share of South Florida deposits. Since last year, Boca Raton-based...

Faster than you can say 'hold the anchovies!'; fast food Pizza Place serves up pies in 2 1/2 minutes.
October 23, 1998... A Palm Beach Gardens-based company has come up with an idea that sounds like a fast-food lover's dream: fresh-baked pizza made in minutes and sold in drive-through restaurants. Pizza Place, a new fast-food concept from Palm Beach Gardens-based...

What's next for Sunbeam after restated earnings? (Sunbeam Appliance Co.'s recovery after almost going into bankruptcy)
October 23, 1998... Talk of an impending bankruptcy may have eased after Sunbeam (NYSE: SOC) released restated earnings this week, but investors are still wondering about the Delray Beach company's long-term outlook. "I applaud the fact that all this is behind...

Sales rose 38 percent in '97 for Consolidated Cigar.
October 23, 1998... After Consolidated Cigar's stock lost 83 percent of its value and Caribbean Cigar left town unexpectedly, it looked as if the cigar industry in South Florida was going up in smoke. The industry has seen better days. Despite enjoying over $1...

Miami's diverse entertainment industry unites. (Miami, Florida)
October 23, 1998... The stage is set, the actors rehearsed but the plot is yet to unfold. When the 17-member Miami Entertainment Association convenes this week, the region's first industry trade association will begin the difficult task of uniting South Florida's...

Manufacturers blast public education system. (South Florida companies criticize quality of students from the state's public schools)
October 23, 1998... South Florida's manufacturers are extremely unsatisfied with the quality of students the state's public school system produces. "The manufacturing industry in Florida has the Rodney Dangerfield syndrome - it gets no respect," said rune Wolf,...

South Florida medical clinics facing fraud charges.
October 23, 1998... State prosecutors are preparing to bring Medicaid fraud' charges against 20 South Florida medical clinics accused of billing for phony doctor visits. Investigators say they have uncovered more than $1 million in bogus claims, some of them...

Dynamic database duo: Technologies' founder leases 63,000 square feet for new venture....(startup computer services firm Indar Corp.)
October 30, 1998... A fledgling computer services company, led by Database Technologies founder Hank Asher, has signed a deal to lease a 63,000-square-foot building under construction in the Arvida Park of Commerce. Indar Corp., which was incorporated in July...

TV Interactive moves to FAU's research park.(Florida Atlantic University)
October 30, 1998... Fort Lauderdale-based production company TV Interactive will relocate to bigger facilities in Palm Beach County by December, lured by a $100,000 incentive grant from Palm Beach's Film and Television Commission. The company has signed a...

Spec space in Boca start to come on the market.(Boca Raton, FL, upscale office building-space rent market)
October 30, 1998... Schever International II is first of four opening by the end of the year A Chicago steel company, an equity placement firm and a Kansas City mortgage company are among the firms soon to have addresses in one of Boca Raton's new high-rent...

Vacant Universe becomes frigid home for flowers.(former Incredible Universe store converted to refrigerated warehouse by new lessee Aerofloral)
October 30, 1998... Outside the 156,000-square-foot building west of Miami International Airport, the temperature is 90 degrees. Inside, workers wear winter jackets. The frigid facility has undergone a transformation, from an Incredible Universe electronics...

BankAtlantic targeting small-business customers.(BankAtlantic F.S.B. reports first loss in six years in 1998 3rd qtr but expects a better year in 1999)
October 30, 1998... For BankAtlantic, 1998 is proving to be a year of bullet-biting - with a painful chomp coming last Monday when it announced a third quarter loss of $9.5 million, or 27 cents a share. A $15 million writedown of the value of its mortgage...

Codina's selling savvy saves Beacon's value.(Codina Development Corp.'s astuteness in selling 2.5-million Beacon Centre proven 10 months after the sale)
October 30, 1998... Developer Armando Codina sold his trophy warehouse property early this year for a lofty $180 million. Ten months later, Codina's savvy has been reaffirmed not by the hefty amount of the sale price but by the stability of the buyer's stock...

Bass Pro Shop scurries for mid-November opening.(retailer scrambles to meet soft launch schedule of new facility in Dania, FL)
October 30, 1998... Good anglers know it takes patience and perserverence to land a big Florida bass. Now the International Game Fishing Association is applying those same qualities as it approaches the grand opening of its world fishing center in Dania. In...

Smells like business spirit.(Green Island Inc. prospers by selling odor eliminating product for auto/home air conditioning systems)(Company Profile)
October 30, 1998... Lake Park company aims to clean up automotive air condition systems Talk about turning a stinky situation into a golden opportunity. Todd Marshall hated the stench coming out of his car's air conditioner. Every time he turned it on, the...