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Business and Economic Developments in the Tampa Bay Area

Strategic Insights

— 2 min read

Major developments in the Tampa Bay area are underway as various corporations and organizations make significant announcements in the realms of business and economy. The region is set to welcome an 18-screen megaplex at the Cypress Creek Town Center, while investors and consumers alike are abuzz about the prospects of the new 1.3-million-square-foot mall. Meanwhile, utility company Progress Energy Florida has reached a rate-freeze settlement with the Florida Public Service Commission, ensuring that customers are not subject to substantial rate hikes until the end of 2007.

Key Takeaways:

  • AMC Theatres will build an 18-screen megaplex at the Cypress Creek Town Center, solidifying its position as the first announced anchor for the 1.3-million-square-foot mall.
  • The mall, located at Interstate 75 and State Road 56, is expected to open in fall 2007, offering a massive retail space to the region.
  • Progress Energy Florida dropped its request for an annual $206-million increase in its base electricity rate and will not seek an increase until the end of 2007.
  • Maritrans Inc., a Tampa-based petroleum shipper, contracted for three new tug-barge vessels, with each barge having a capacity of 335,000 barrels and a 12,000-horsepower tug boat.
  • Northwest Airlines Corp. will resume talks with striking mechanics, demanding steeper cuts than those that prompted the workers to walk out.
  • Former WorldCom CEO Bernard Ebbers can remain free while he appeals his conviction for leading an $11-billion accounting fraud.
  • A Washington state judge will rule on Tuesday whether a top Microsoft executive can perform his new job at Google until his case goes to trial in January.
  • BMW plans to join General Motors Corp. and DaimlerChrysler AG in a joint effort to develop fuel-saving hybrid engines.

Statistics:

  • The Cypress Creek Town Center will span a massive 1.3 million square feet.
  • The mall is expected to open in fall 2007.
  • Progress Energy Florida will not seek an increase in its base electricity rate until the end of 2007.
  • Maritrans estimates the cost of each vessel at $77.5 million.
  • Northwest Airlines Corp. has 4,427 striking mechanics, cleaners, and custodians.
  • Bernard Ebbers' 25-year sentence is expected to start after his appeal process, which may last over a year.
  • The joint effort by BMW, General Motors Corp., and DaimlerChrysler AG aims to develop fuel-saving hybrid engines.

Sources:

  • Tampa Tribune, "AMC Theatres to anchor Cypress Creek Town Center"
  • Florida Public Service Commission, "PSC Approves Progress Settlement"
  • Maritrans Inc., "Maritrans Contracts for Three Vessels"
  • Northwest Airlines Corp., "Northwest to Resume Talks with Mechanics"
  • Bloomberg News, "Ebbers to Remain Free During Appeals"
  • Bloomberg News, "Microsoft-Google Ruling Due Tuesday"
  • Bloomberg News, "BMW to Join Effort to Build Hybrid Engines"

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