FYI Miami: August 17, 2023

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A NEW DEAL?: Owners of two Florida pari-mutuel facilities on Monday asked a full appeals court for a hearing after a three-judge panel upheld a deal giving the Seminole Tribe control of sports betting statewide. A federal judge in 2021 ruled that the deal violated federal gambling laws, siding with owners of Magic City Casino in Miami-Dade County and Bonita Springs Poker Room in Southwest Florida. But a three-judge panel of the US Circuit Court of Appeals for the District of Columbia in June overturned US District Judge Dabney Friedrich’s decision and gave a go-ahead to the sports-betting plan. The pari-mutuels sued after Gov. Ron DeSantis and Seminole Tribe of Florida Chairman Marcellus Osceola Jr. in 2021 signed a 30-year deal giving the tribe control over sports betting statewide, paying the state at least $2.5 billion a year for the first five years and possibly billions after that.

INDUSTRIAL SPACE RECORD: Miami-Dade is on track to add a record 8.4 million square feet of industrial space during 2023, with 2.9 million added already and 5.5 million more expected by year’s end, Avison Young brokerage reports in looking at the industrial market. A total of 6.6 million square feet of industrial space is now under construction, Avison Young says. The largest projects are Buildings A and B of the Bridge Point Commerce Center at 21500 NW 47th Ave. Each building is to be 793,937 square feet, both developed by Bridge Industrial. Bridge Industrial is also developing the next-largest project, Bridge Point Gratigny at 4700 NW 135th St. in Miami Gardens, which is to be 409,189 square feet. “Developers anticipate sustained growth and ongoing investments in future inventory within the dynamic industrial sector as the market continues to evolve,” the report says. The market now totals 199 million square feet of industrial space.

JOLT TO TRANSPORTATION TAXES: As more motorists drive electric vehicles, the change could dent gasoline taxes, which play a key role in funding transportation projects in Florida, according to state economists. The state Revenue Estimating Conference said the “market share of electric vehicles in Florida is expected to increase significantly over the course of the next 10 years” and pointed to more-affordable prices, increased access to charging stations and extended battery life. “As owners increasingly turn to electric vehicles, gas tax collections will face continuing downward pressure and, in so doing, reduce the state’s primary funding stream for transportation,” an accompanying summary said. Florida collects about 25 cents a gallon in gas taxes.