FedEx Ground to build new $87M hub in Ohio

FedEx Ground has picked a 127-acre site in Perrysburg Township, Ohio for a new $87 million hub to replace its existing Toledo operation.

The 400,000-square-foot building will be built on Buck Road near the I-75 interchange.

When it opens in 2009, the new hub will have automated material handling technology which can initially process 22,500 packages per hour. When it reaches full capacity, it will be able to process 45,000 packages per hour.

The current workforce of 550 is expected to increase to more than 800.

The project also includes a staging area on a 44-acre parcel of land adjacent to I-75 and the Ohio Turnpike.

The site will have a parking lot for reconfiguring tractor-trailers.

FedEx Ground is a division of Memphis-based FedEx Corp. It operates 29 hubs and more than 500 local pickup and delivery facilities. The company recorded annual revenues of $6 billion in fiscal year 2007.

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source: bizjournals.com

Renovation to start on Welcome Wagon Building

Finard Properties LLC will begin renovations on the Welcome Wagon Building at 30 N. Second.

The real estate company filed a $500,000 building permit with the Department of Construction Code Enforcement earlier this month.

It purchased the 104-year-old building for $932,000 from Nash Properties LLC in late July.

BankTennessee has signed a 15-year lease to take the 5,063-square-foot ground floor of the four-story, 31,380-square-foot office building.

Finard's move is the latest development around Court Square.

Court Square Center LLC is redeveloping Lincoln American Tower, the former Lowenstein department store building and the Court Square Annex site for $45 million.

The 22-story Lincoln American Tower is scheduled to open by the end of the year with 31 market-rate apartments and commercial tenants that include The Plough Foundation and Ceriello Fine Foods.

Also, Atlanta-based Summit Management Corp. is developing an eight-story, 131-room Courtyard by Marriott at Jefferson and Main near Court Square. The company already developed the Sleep Inn and Springhill Suites at Court Square.

Court Square Park underwent a $500,000 renovation in 2004.

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source: bizjournals.com

FedEx to build new hub in Ohio

FedEx Ground, a unit of Memphis-based FedEx Corp., will build a new package-handling hub in Perrysburg Township, Ohio, to replace its existing Toledo facility.

The move is part of a multi-billion dollar expansion plan to nearly double FedEx's daily package volume capacity in North America.

The 400,000 square-foot facility will sit on a 127-acre site and will cost about $87 million, according to a news release.

When it opens in 2009, the new hub initially will process 22,500 packages per hour. It will process 45,000 packages per hour when it reaches full capacity.

The 550 employees of the Toledo facility will be retained by the new hub, and employment could eventually increase to more than 800, the release said.

FedEx Ground currently operates 29 hubs and more than 500 local pickup and delivery facilities.

FedEx rival United Parcel Service Inc. operates its largest package-handling hub at Louisville International Airport.

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Business owners expect economic rebound

A slim majority of Northeast Florida business owners expect their companies to perform better in the next six months, according to a survey by CenterBank.

Fifty-three percent of business owners expect an improvement in the first half of 2008.

The bank's small-business trends and expectations survey found that the level of confidence among business owners is down significantly from a year ago.

An economics professor at the University of North Florida noted that respondents are not very optimistic about the performance of their own industry.

"The percentage of respondents who think their own industry performance is going to improve, 52.4 percent, is much lower than the same percentage in the fourth quarter of 2006, 66.4 percent," said Andres Gallo.

The twice-yearly survey is a joint project with UNF. The survey also found that area business owners think the local economic performance is better than the national economy; both local and national economies have slowed in the last six months; and the local economy is expected to improve in the next six months due to increases in jobs, capital investments and revenue.

"What I found most interesting about the current survey is that businesses felt that the proposed real estate tax decrease would not have a positive impact on their particular situation," said Raymond K. Mason, president and chairman of CenterBank.

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source: bizjournals.com

Hawaii bank stocks fall along with Dow

Wall Street choked Tuesday after the Federal Reserve lowered interest rates a quarter point, less than investors had expected, and Hawaii bank stocks were hit the hardest.

Central Pacific Financial Corp., (NYSE: CPF), parent company of Central Pacific Bank, dropped nearly 7 percent to close the day at $20.51. Bank of Hawaii (NYSE: BOH) fell a little over 6 percent to $50.13.

Hawaiian Electric Industries (NYSE: HE) was down over 2 percent to end the day at $23.24. ML Macadamia Orchards LP dropped almost 3 percent to $3.74. Alexander & Baldwin (Nasdaq: ALEX) fell nearly 2 percent to $52.84.

Hawaiian Holdings (AMEX: HA), parent company of Hawaiian Airlines, which was up more than 1 percent to $5.07. Barnwell Industries (NYSE: BRN) increased a little over 1 percent as well to finish at $12.92.

Hoku Scientific (Nasdaq: HOKU) and Maui Land and Pineapple (AMEX: MLP) both increased nearly 2 percent each, to end at $12.72 and $29.07, respectively.

The Dow Jones Industrial Average fell 294 points to close at 13,432.77.

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source: bizjournals.com