Newspaper article The Florida Times Union

Morning Briefs

Newspaper article The Florida Times Union

Morning Briefs

Article excerpt

GROUNDBREAKING BEGINS ON PANAMA CITY AIRPORT

Groundbreaking for the Panama City-Bay County International Airport will be held today at a 4,000-acre site donated by The St. Joe Co.

The airport will replace an existing one built in 1948 and allow creation of the 41,000-acre West Bay Preservation Area, according to a news release from the Jacksonville company.

St. Joe owns 730,000 acres of land in the Gulf Coast area, where it continues to develop resort and upscale communities.

The international airport's construction fits with the company's recent affiliation with SecondSpace.com, a Web site it hopes will broaden its customer base within the U.S. and Europe.

Liz Flaisig/The Times-Union

ATLANTIC COAST EARNINGS DROP IN THIRD QUARTER

Atlantic Coast Federal Corp. Wednesday reported that third-quarter earnings fell 48 percent to $789,000, or 6 cents a share.

The Waycross, Ga.-based savings and loan company's lower earnings resulted in part from an increase in its reserves for loan losses, due to industry-wide credit quality concerns.

But "fundamentally, our business remains solid and we are enthusiastic about the outlook for growth as we gain increasing traction from key strategic initiatives," CEO Robert Larison said in a news release.

Mark Basch/The Times-Union

REGENCY CENTERS SEES EARNINGS COME UP SHORT

Regency Centers Corp. reported third-quarter earnings Wednesday of $37 million, or 53 cents per diluted share, down from $39.4 million, or 57 cents a share, the previous year. Funds from operations in the quarter were $67.8 million, or 97 cents a share, down from $69.5 million, or $1 a share, in the third quarter of 2006.

The Jacksonville-based shopping center developer said its portfolio of 447 properties, encompassing 59 million square feet of space, was 95.1 percent leased as of Sept. …

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