Things To Do In SW Florida

The new 26-story Society Orlando tower downtown is set to be home to a 14,788-square-foot arcade and entertainment center.

Velocity Esports is bringing arcade games and lounges for esports, or video game competitions, next year to the development at 434 N Orange Ave., according to a news release from real estate firm JLL revealing the securing of the lease. Velocity Esports also has live tournaments.

The entertainment center chain serves cocktails and food, with its website showing menu items including burgers, carne asada tacos, chicken quesadillas, and pizzas.

It has other locations in Las Vegas and Newport, Kentucky.

“As part of Velocity Esports’ expansion strategy into Florida, Orlando was the perfect choice with its growing residential population and the opportunity to capitalize on the more than 74 million annual visitors to the region,” said Philip N. Kaplan, Velocity Esports executive chairman, in the release.

Society Orlando is expected to include 484 apartments as well as 34,000 square feet of commercial space on the ground floor. read more

Akin to having 50-yard line seats to the Super Bowl, very few people have experienced selling a company and crafting a lease with the buyer on a building that you own.

As you’ll recall, last week I delved into clauses and terms that you – as the owner of the real estate – should consider.

Today’s subject is a bit broader. Many of you have leased commercial real estate or know someone who has.

Certain paragraphs in commercial leases are non-starters and should be carefully avoided, or at a minimum, carry a complete understanding of the impact. I’ve often called these “gotcha” clauses because they can be like a blitzing linebacker who strikes from the blind side. You don’t see them coming until it’s too late to avoid the carnage.

So, we’re going to continue dissecting those common “gotchas” that are often hiding in the fine print of your commercial lease agreement. And continuing our football theme, let’s dive right back in, shall we?

First, there’s the infamous “pass-through” provision. This is like a surprise onside kick. It’s completely legal, but it’s a play you aren’t anticipating until you’re handed an invoice for a share of the property tax increase, a costly building repair or other operating expenses that the landlord has conveniently decided to pass on to you. Always have your special teams ready for this one. read more

A sustained high number of new business applications from mid-2020 to now indicates an optimism not necessarily shared across the economy. That ambition may be tested in the coming months.

From January to July 2020 — the six-month period with a very short and deep recession smack dab in its middle — the number of applications for employer identification numbers (EINs) from the IRS nearly doubled. That ambitious optimism amid great economic uncertainty persists: As of April 2023, filings of these new business applications were 55% higher than in that January three years earlier.

But banks are being more cautious about lending, and consumers may begin pulling back on spending after a long campaign by the Federal Reserve to cool the economy. New businesses, by their nature often on already-vulnerable financial footing, should prepare for rocky times with the knowledge that all healthy businesses, young or old, can benefit from contingency planning.

New businesses still elevated, three years after peak

COVID-19 lockdowns and layoffs encouraged people to get creative about how they spent their time and how they earned and spent their money. For many, that period was the proverbial kick in the butt needed to finally chase a dream of being self-employed. The number of new business applications peaked in July 2020 at about 552,000, up from 279,000 just six months earlier. And while the surge has subsided slightly, it remains higher than any pre-COVID period tracked. read more

Royal Caribbean is keeping Port Canaveral at the head of the line when dolling out where its new ships go, announcing Tuesday it will be home to its new massive Utopia of the Seas, which will be dedicated to short three- and four-night Bahamas trips starting in July 2024.

While it will be technically bigger than the five other Oasis-class vessels in the fleet, it won’t get to sport the title of world’s largest cruise ship as Royal’s new Icon of the Seas will debut beforehand and sail out of Miami.

Still, the Orlando-area port will get the world’s second-largest cruise ship with Utopia, and more important, be the first home for the line’s newest vessel, another coup for Port Canaveral that within the last two years has also become the home port for new ships including Carnival’s Mardi Gras, Disney Wish and Norwegian Prima.

It follows Royal’s dedication to keep its newest ships cycling through what for now is the world’s busiest cruise port. The last Oasis-class ship and a sister to Utopia, Wonder of the Seas, came to Port Canaveral less than a year after its debut, and it will continue to sail right alongside Utopia after its arrival. read more