Business news

Via Napoli, a new restaurant at the Italy pavilion at Walt Disney World’s Epcot, will have its grand opening on Aug. 5, according to Disney Parks Blog.

The blog said the new table service restaurant will be in a “soft opening” walk-in phase for nearly a month and won’t accept reservations for dates until Sept. 10 and moving forward. Early reservations for the September date will be accepted starting on Aug. 6.

Once open, the Italian restaurant will join more than 20 other restaurants, eateries and cafes that are located at Epcot.

Other details about Via Napoli include:

• The Disney Dining Plan is accepted at the restaurant.

• Italian-style vegetarian options will be available.

• The average check at the restaurant is estimated at $23.

Source

The trend in Dayton-area home sales continues to be positive, as June’s single-family home sales surpassed last year’s sales.

There were 1,080 transactions reported in June, up 1.8 percent over last June’s 1,061, according to the Dayton Area Board of Realtors.

Sales did slow from May, when 1,200 transactions were closed. But for the first half of the year, sales have increased roughly 12.5 percent. There were 5,445 homes sold in the first half of this year, up from 4,841 during the same period last year.

Year-to-date, home sale activity looks a lot better than it did a year ago. The total sales amount increased nearly 21 percent, from $561.5 million last year to $678.7 million this year. The median sale price jumped up more than 14 percent, from $95,500 to $109,000.

And the average sales price increased 7.5 percent, from $116,000 to $124,600.

For the month of June, sales volume was nearly $148.9 million, producing the highest average sale price of the year at $137,840 per home no fax payday loans. May’s average was $127,000 per home.

The streak of year-over-year increases in average sales price has reached 12 months.

There were 2,177 single-family listings entered in June, up from 1,890 in May, but only three fewer than last year.

The overall inventory at the end of June showed 9,101 homes for sale, the highest number of available properties so far this year. This is typical for the summer months, when selling activity picks up. Based on June’s sales pace, the supply stands at 8.4 months, up from May’s 7.5-month supply.

The Dayton Area Board of Realtors is a trade association representing more than 2,800 Realtor and affiliate members in Montgomery, Greene, Warren and Preble counties.

Source

Harris Corp. has been awarded follow-on contracts by the U.S. Navy worth $30 million to upgrade its Tactical Airborne Moving Map Capability (TAMMAC) digital map system.

The system provides military aircrews with moving maps and other critical mission information via cockpit displays.

The contracts bring the total value of the TAMMAC program for Harris Corp. to more than $140 million since 1997, the company said in a release.

“Harris has delivered more than 1,400 TAMMAC units to date, and is moving into new phases of graphics technology for this critical situational awareness capability used in such a wide variety of tactical aircraft worldwide,” said Pat Seamon, vice president of avionics and electronics programs with Harris Government Communications Systems payday loans for bad credit.

Melbourne-based Harris Corp. (NYSE: HRS) is an international communications and information technology company serving government and commercial markets in more than 150 countries.

The company has $5 billion of annual revenue and more than 15,000 employees.

Source

Trice Jewelers is leaving its longtime Denver store at University Hills Plaza for a new, more modern location at The Streets of SouthGlenn in Centennial.

“It will be one of the most high-tech jewelry stores, possibly in the entire West,” Trice owner Ralph Klomp told the Denver Business Journal on Friday. The jeweler refers to the machinery the store will have, some of which is computerized and uses lasers, for the custom jewelry it designs and makes.

Klomp, through K2 Karbon LLC of Denver, paid $950,000 in June for a couple of acres at the Centennial retail, office and residential development, according to the store owner and Arapahoe County property records.

The Streets at SouthGlenn, which is the $310 million redevelopment of the old Southglenn Mall, is at Arapahoe Road and South University Boulevard.

Trice’s new freestanding, 12,500-square-foot store had a quiet groundbreaking on July 2, and is under construction, Klomp said.

Klomp expects to move his existing Trice store, long located at 2520 S electronic check payday advance. Colorado Blvd. in University Hills Plaza, to its new location by Nov. 1. The new store is near University Boulevard and The Street at SouthGlenn’s existing Whole Foods Market grocery store.

Klomp is relocating to The Streets at SouthGlenn because it’s a “progressive retail development,” he said.

The Streets at SouthGlenn includes roughly 1 million square feet of space, most of it retail. The development also has office space and apartments. Principal stores include Macy’s, Sears, Whole Foods Market and Hollywood Theaters. The project’s owners include Walton Street Capital LLC of Chicago and PCCP LLC of San Francisco, which recently restructured $300 million of construction debt for the property with multiple lenders.

Alberta Development Partners LLC of Greenwood Village is SouthGlenn’s developer.

Source

A much-delayed redevelopment project in East Nashville is one step closer to reality.

A $218,000 building permit was issued Friday for a 2,000-square-foot barbershop in the Cleveland Park neighborhood, at the corner of Lischey Avenue and Vernon Winfrey Avenue.

The corner has been the planned site for Winberry Place, a mixed-use project developed by Vernon Winfrey, Oprah Winfrey’s father, and his wife Barbara. Vernon is the owner of Winfrey’s Barber Shop, which stood at the corner until it was demolished last month pay day loans. The new barber and beauty shop is to be the retail anchor for Winberry Place.

Plans for Winberry Place were first announced in September 2007, and was initially scheduled to be complete by the end of 2008. Consolidated Builders LLC will build the barber shop.

Source

The Dow lost 46 points Friday to close the week down 457 points from last Friday’s close. In Colorado, Red Robin and Gasco Energy led a few actively traded gainers, while United Western Bancorp sank nearly 18 percent after disclosing an order that it raise capital.

The Dow Jones Industrial Average finished the trading day at 9,686.48, down 46.05 points (0.47 percent).

The S&P 500 closed at 1,022.58, down 4.79 points (0.47 percent).

The NASDAQ Composite finished at 2,091.79, down 9.57 points (0.46 percent).

Among actively traded Colorado stocks, Red Robin Gourmet Burgers Inc. (RRGB) led the day’s gainers percentagewise, up 8.65 percent ($1.52) to close at $19.10.

Other Colorado gainers:

• Gasco Energy Inc. (GSX) — Up 3.28 percent (1 cent) to 34 cents.

• Berry Petroleum Co. (BRY) — Up 0.71 percent (18 cents) to $25.63.

• Intrepid Potash Inc. (IPI) — Up 0.15 percent (3 cents) to $19.98.

• Delta Petroleum Corp. (DPTR) — Up 0 .12 percent (just over 0 cents) to 82 cents.

• Cimarex Energy Co. (XEC) — Up 0.04 percent (3 cents) to $70.17.

Among actively traded Colorado stocks that declined on the day was United Western Bancorp Inc. (UWBK), down 17.9 percent (14 cents) to close at 65 cents, a new 52-week low.

The Denver-based holding company of United Western Bank disclosed Thursday it has consented to a cease-and-desist order with the federal Office of Thrift Supervision to raise its capital levels.

Other Colorado decliners:

• American Oil & Gas Inc. (AEZ) — Down 5.36 percent (34 cents) to $6.

• ProLogis (PLD) — Down 5.2 percent (53 cents) to $9.67.

• UDR Inc. (UDR) — Down 3.6 percent (69 cents) to $18.47.

• DCT Industrial Trust Inc. (DCT) — Down 3.33 percent (15 cents) to $4.35.

Source

The unemployment rate in the seven-county Pittsburgh metropolitan area rose from April to May, to 8.6 percent, the Pennsylvania Department of Labor & Industry said Tuesday.

Within the Pittsburgh area, only Beaver County saw its jobless rate decline last month, the state said, dropping to 8.7 percent. It was still up year-over-year, however, from the May 2009 rate of 8.1 percent.

Fayette County continued to have the highest unemployment rate of the seven-county region, at 10.5 percent. Butler County's rate was lowest in May, at 7.9 percent.

Pennsylvania's unemployment rate rose to 9.1 percent in May.

The state said the Pittsburgh region added 1,200 nonfarm jobs in May, the third straight month that number has increased. The figures are seasonally adjusted.

The national jobless rate for June is due to be released Friday. The current national unemployment rate is 9.7 percent.

Here's the Pittsburgh MSA county-by-county breakdown for May 2010:

Allegheny:

• May 2010: 8.3 percent
• April 2010: 8.2 percent
• May 2009: 6.6 percent

Armstrong:

• May 2010: 10 payday loan online.0 percent
• April 2010: 9.6 percent
• May 2009: 9.2 percent

Beaver:

• May 2010: 8.7 percent
• April 2010: 8.8 percent
• May 2009: 8.1 percent

Butler:

• May 2010: 7.9 percent
• April 2010: 7.8 percent
• May 2009: 7.1 percent

Fayette:

• May 2010: 10.5 percent
• April 2010: 10.1 percent
• May 2009: 8.9 percent

Washington:

• May 2010: 8.9 percent
• April 2010: 8.9 percent
• May 2009: 7.6 percent

Westmoreland:

• May 2010: 8.9 percent
• April 2010: 8.4 percent
• May 2009: 7.6 percent

Source

The USDA Natural Resources Conservation Service announced Friday that it is making $10 million available for farmers and ranchers — including those in Sacramento, Placer, El Dorado and Yolo counties — who want to reduce air quality emissions from off-road mobile or stationary agricultural sources.

The $10 million is on top of the more than $13 million made available earlier this year for agricultural air quality improvements through the 2008 Farm Bill’s Environmental Quality Incentives Program, a news release said.

Farmers and ranchers have to pay about half of the cost to swap out older engines for newer, more efficient ones that are nearly 75 percent cleaner, while the agency will pay for the rest. The program, for which 36 counties are eligible, includes stationary, portable and heavy-duty off-road mobile systems, the release said.

Source

The Boston Club — a leading association of professional women in the city — has a new president.

Janet B. Cady was elected to a two-year term earlier this month. She is president of the Children's Hospital Trust, overseeing fundraising for Children's Hospital Boston. She held a similar position in Milwaukee.

Addressing the club's annual meeting, she said, according to comments supplied by the group: "Women are a force in the economic health of this city. I am committed to advancing The Boston Club as a change agent and promoting the value that our organization brings to Boston’s business community."

JoAnn Cavallaro DeCava Consulting was elected vice president.

Source

Wells Fargo Bank isn’t bringing its nine-iron to the Heron Bay Golf Club in Parkland. It’s bringing its team of lawyers to seize the property.

The bank filed a foreclosure lawsuit May 26 against the 18-hole course owner BH Partners I, along with managing members Stuart Kaufman, Alfred Denowitz and Jamie Kaufman, according to Broward County Circuit Court records.

The group bought the property in the sprawling Heron Bay neighborhood for $6.3 million in 2007 and obtained a $4.8 million mortgage with Wachovia Bank, which was acquired by Wells Fargo the following year.

Jamie Kaufman declined comment.

Mark McCumber, a winner of 10 PGA tour titles, designed the golf club, which opened in 1996. The property includes two buildings: 20,088 square feet at 11801 Heron Bay Blvd. and 14,562 square feet at 11500 Trails End. They include a restaurant and a pro shop.

The PGA Tour’s Honda Classic was played at Heron Bay from 1997 through 2002. The past two years, it has hosted the Dixie Amateur.

Fort Lauderdale attorney Scott Rostock, who represents Wells Fargo in the lawsuit, declined to comment.

Other South Florida golf courses facing foreclosure include the Ocean Breeze Golf & Country Club in Boca Raton, the Emerald Dunes Golf Course in Royal Palm Beach and the Grand Lacuna Golf & Country Club in Lake Worth.

Bank targets 138 units in Doral condo

FirstBank Puerto Rico has targeted 138 units in the Doral Gardens II Condominium for foreclosure.

The bank (NYSE: FBP) filed the foreclosure lawsuit on June 10 against Doral 368, along with managing members Oscar A. Garcia, Danny Correa, Fernando S. Aran and Jorge M. Guarch Jr., according to Miami-Dade County Circuit Court records.

FirstBank granted a $46.4 million mortgage in 2005 for the developer to convert the 368-unit complex, at the northwest corner of Northwest 79th Avenue and Northwest 48th Street, from apartments to condos. It was built in 1972.

In 2008, the developer got the mortgage modified at $11.6 million with 138 units remaining. None have been sold since.

West Palm Beach attorney Scott B. Newman, who represents FirstBank in the lawsuit, did not immediately return a call seeking comment.

Garcia, Correa, Aran and Guarch also were named as guarantors of a foreclosure lawsuit that Bank of Miami filed over the Southgate Gardens apartment complex in Tamarac. They turned the property over to the bank in 2009 in a $9.1 million deed in lieu of foreclosure in exchange for a release of their personal guarantees.

Deerfield retirement community faces foreclosure

A Deerfield Beach retirement community in a mobile home park could be seized by a commercial mortgage backed-securities (CMBS) fund.

U.S. Bank, as a trustee for a CMBS fund originated by Merrill Lynch, filed a foreclosure lawsuit April 28 against Tidewater Estates Co-Ops, the owner of the 82-home park of the same name. It is located at the northeast corner of Military Trail and Northwest Fifth Street – just south of the northern Broward County line.

The 55-plus community has a clubhouse, swimming pool and shuffleboard court. It is owned by a cooperative in which residents are shareholders. Homes can be bought or rented.

Source