Happy Thursday, Orlando. As Central Florida continues to sizzle, Disney World is also feeling the heat, with two performers fainting at a recent Beauty & the Beast show after an AC unit went out. This included the Beast himself, who was allowed to go home without pay for his remaining shift, according to sources.

🌤️ Today’s forecast: Expect a mix of sunshine and clouds to start the day, with the possibility of a stray storm or two later. Highs will reach 95 degrees.

Here’s what’s on deck:

• Orlando-Based Food Truck Manufacturer Owes Customers $18M with Only $27K in the Bank

• Housing Crunch in Winter Haven Eases with New Investments

Let’s dive in.

BUSINESS

Orlando-Based Food Truck Manufacturer Owes Customers $18M with Only $27K in the Bank

What's happening: Orlando-based food truck manufacturer One Fat Frog has filed for Chapter 11 bankruptcy, leaving hundreds of customers without their promised trucks and wiping out the entire life savings of some.

Catch up fast: Customers were initially told they would receive their food trucks within four months, but many have been waiting for up to two years. The company owes around $18 million to approximately 600-700 customers, with an additional $4.1 million in unsecured claims for vendors. The company’s bank account holds a mere $27,000.

State of play: Subchapter Five Bankruptcy Trustee Todd Budgen is exploring solutions to recover client funds or deliver the trucks. The outlook is grim, with clients possibly recovering just 1-2% of their investments. Budgen is seeking investors to potentially take over the company and fulfill the contracts, albeit at an additional cost of 10-15%.

What's next: Budgen will submit a report to the courts by August 7th, with claims due by August 2nd. The Attorney General’s Office is investigating the company for potential violations of the Deceptive and Unfair Trade Practices Act.

Bottom line: The path forward remains uncertain, with liquidation being a possible outcome. Customers are left in a swampy situation, waiting for any hope of recovering their investments or receiving their long-awaited trucks.

Read more here (Fox 35 Orlando)

REAL ESTATE

Housing Crunch in Winter Haven Eases with New Investments

Driving the news: Winter Haven (about 45 minutes south of Orlando) has faced a severe housing shortage with a 100% occupancy rate for nearly three years, making it difficult for growing employers to recruit. However, recent investments have begun to alleviate the crisis despite rising construction costs.

The details:

• Housing development: Over 1,700 new units are either completed or under construction, marking the first significant multifamily housing investment in the area since 2002.

• Rental market: Rents increased 40% in 2021 but are expected to stabilize with the new housing supply.

Tough on employers: Employers face challenges retaining talent as housing and utility expenses continue to rise. Some consider purchasing condos to house employees, but high interest rates and insurance costs make that difficult.

Combating high rent: Developers like Six/Ten LLC are introducing unique housing options designed to be more cost-effective, including micro-housing with furnished 350-square-foot units at $1,450/month.

On the plus side… The new developments are clearly giving the local economy a boost. Combined investments from Six/Ten alone, including new restaurants and hotels, signify a $60 million addition to Winter Haven's downtown.

The bottom line: While the housing crisis isn't entirely resolved, significant progress is being made. The influx of new projects is key to sustaining economic growth and combatting talent retention challenges moving forward.

Read more here (Orlando Business Journal)

QUICK HITS

In Other News…

1. Topgolf’s touring ice cream truck is coming to Central Florida. Be on the lookout for free ice cream, and view the full tour schedule here.

2. An Orlando construction company pleaded guilty to a wire fraud scheme totaling around $8M.

3. Orlando City and the Pride are hosting watch parties for the upcoming Olympics, and Orlando Weekly has the full schedule here.

Thanks for tuning in to today’s edition of the newsletter. See you back here tomorrow.

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