Gulf Coast Week: March 26 - April 1

TAMPA BAY

FINRA shuts GunnAllen
Regulators have shut down Tampa-based GunnAllen Financial Inc. after the company fell below mandatory net capital requirements. The Financial Industry Regulatory Authority Inc., which regulates U.S. securities firms, took the action Monday morning and the company's 400 employees were told they were losing their jobs.

Jay Gunn and Rick Frueh established the firm in 1986. Once one of the nation's fastest-growing brokerages, GunnAllen has faced lawsuits in recent years by investors who claimed to have lost money either because of rogue broker activities or private placements tied to a Ponzi scheme.

It appears the GunnAllen founders may have a soft landing: Atlanta-based J.P. Turner & Co. LLC is talking with Gunn and Frueh about joining the firm, according to trade publication Investment News.

PBSJ weighs its options
PBSJ Corp. has informed its 3,600 owner-employees that it is considering buyout offers, or at least outside investments. The Tampa-based engineering firm has halted workers from buying or selling company stock until the third quarter while the offers play out.

“At this time, our options are varied and do not necessarily imply one particular course of action,” PBSJ Chairman Robert Paulsen said in a letter to employees.

PBSJ, one of the state's largest government contractors, is trying to right its ship after missteps late last year that included an internal investigation into possible bribery in foreign countries. Also, CEO John Zumwalt retired from the company earlier this year at the behest of shareholders.

The 50-year-old company, which has 350 local employees, moved to Tampa from Miami in 2006 and most recently relocated to 93,300 square feet of newly leased office space at the MetWest International complex.

Ironman gets own store
World Endurance Sports LLC, the Tampa company that owns licensing rights to the Ironman triathlon brand, has opened a retail outlet dedicated to the popular and lucrative sport. The Ironman Store occupies 4,000 square feet in a grocery-anchored shopping center at County Line Road and Bruce B. Downs Boulevard in New Tampa.

Although it seems risky to open any retail in such a lousy economy, the partners of WES are as confident as anyone fit enough to take on 140.6 combined miles of running, biking and swimming. The average triathlete earns $126,000 annually and spends at least $4,000 on the sport alone, according to USA Triathlon.

SARASOTA/MANATEE

Sports project proposed
Officials at Schroeder-Manatee Ranch, the developers of Lakewood Ranch in eastern Manatee County, have put together a proposal to build a large amateur sports complex.

The complex would be built on fields SMR owns near the Lakewood Ranch Post Office. Preliminary plans include space for parking and about 24 soccer fields, which would be used primarily for large tournament play. The addition of baseball and softball fields and a concession stand would be a more long-term project.

SMR executives have previously discussed the need for additional family-based entertainment venues at Lakewood Ranch. The sports complex plans were announced a few weeks after a bowling alley project collapsed.

Connectivity plan approved
The Sarasota City Commission unanimously voted to support the controversial bayfront-connectivity plan, which includes building six roundabouts on or near U.S. 41 in downtown Sarasota.

The connectivity project will stretch south from the city's main bayfront area to Osprey Avenue. Supporters have said the project will support more pedestrian compatibility, but opponents say it will increase traffic in an already congested area.

Commissioners also voted to spend $5.9 million to build the first two U.S. 41 roundabouts at 14th Street and 10th Street.

LEE/COLLIER

AG sues developer
Florida Attorney General Bill McCollum has filed a lawsuit against developer Bonita Bay Group, alleging the company failed to refund fees to members of its social clubs as promised.

The Bonita Springs-based developer may owe as much as $215 million to 800 members of its clubs who resigned, McCollum says. Members each paid $25,000 to $180,000 in membership fees to clubs at Bonita Bay Group's residential communities in the Fort Myers and Naples areas.

Bonita Bay Group, which is in the process of selling its clubs to members, says it suspended refunds in late 2008 because of deteriorating sales. It recently announced the sale of Bonita Bay Club to members for $11.5 million in cash and is negotiating with investors to sell its Twin Eagles residential community to Angelo, Gordon & Co. and The Ronto Group.

Hotel revenues dip
Hoteliers in Lee County reported revenues per room dropped 4.8% in January compared with the same month a year ago, according to a survey by David Peterson Associates.

New hotels opened in the past year have added nearly 18% to the inventory of available rooms in Lee County, pressuring rates and occupancies.

The average daily rate at hotels in Lee County fell 1.3% to $133.29 in January compared with the same month in 2009. Declining rates didn't keep average occupancies from dipping 3.7% to 55.1% in January.