Texas City banker rings in largest U.S. IPO

IPO show: Wednesday when San Francisco-based Visa Inc. launched the largest initial public offering in U.S. history, a Texas City businessman was at the New York Stock Exchange to ring the market’s opening bell. Charles T. Doyle, chairman of Texas First Bank and a board member of Visa International, was selected to perform the honors. Visa, the world’s largest processor of credit and debit cards, ended Wednesday at $56.50 a share, 28 percent above the initial offering price of $44 per share. The IPO raised a record-breaking $18 billion, according to reports.

Talking down: Does aspiring island high-rise developer Omri Shafran have a new view about tall buildings? Shafran, a principal in development group Houstate, said he still is negotiating with neighbors of his proposed condominium project, The Presidio, planned for 6.4 acres at Fort Crockett. Houstate also wants to build a hotel and 20-single family townhomes on the parcel between 41st and 45th streets. After weeks of discussions with neighbors, who are concerned about blocked views, along with shadows and traffic that would be generated by the project, Shafran said he had whittled the height of the building from 12 stories to eight. Houstate also will reduce the size of the project to 350,000 square feet from 500,000 square feet, he said. Houstate will go before the Galveston Planning Commission on June 3 for a specific use permit for the project. The development group will then have to go before city council, which has been pondering building height rules for more than a year. Stay tuned.

Sea of sales: Real estate is a competitive business on the island. So who’s winning? That would be Carolyn T. Gaido with Sand ’N Sea Properties. Gaido’s closed-sales volume last year was more than $23 million, making her the top producer for Sand ’N Sea and for the island, according to the Galveston Association of Realtors’ Multiple Listing Services. Meanwhile, Sand ’N Sea Properties last year led the way in West End listings ($44 million) and sales ($28 million).

Lobster tales: Meanwhile, all those West End residents buying up homes are going to have to eat, right? Tammy Peoples and Todd Mackey have opened Avery’s Bayside Cafe, 21706 Burnet Drive in Sea Isle. The restaurant, in the spot formerly occupied by Richard’s on the Bay, serves up all the seafood island visitors expect. But Chef Mackey also has created a menu meant to appeal to locals. Items include barbecue sandwiches, babyback ribs and pheasant with pineapple bourbon sauce, to name a few. But the eatery’s biggest specialty is southern Australian cold water rock lobster.

“Our objective is to bring the love back to the locals,” Peoples said.

Peoples and Mackey were formerly married but decided they make better business partners. The eatery is named for their newly arrived grandchild. Avery’s Bayside Cafe serves breakfast, lunch and dinner seven days a week.

Mystery solved: The mysterious closing of Quiznos in the League City strip center on Interstate 45 and FM 646 is solved. Santa Fe resident Misty Radicioni said she closed the store in November less than a year after opening because it wasn’t making a profit. Including a loan, Radicioni invested more than $160,000 in the venture, she said. Radicioni, 31, said she and husband Duane, who have three young children, enjoyed Quiznos and the concept while they both attended Texas A&M University. The shop might have fared better had she waited for major retailers, including JC Penney, to open in the corridor, she said. Her husband still is employed with NASA and she has returned to nursing.

Seeing Red (Sushi): For those who missed this week’s Buzz Blog, Landry’s Restaurants has rolled out its Red Sushi concept at the Kemah Boardwalk. Landry’s built the 5,000-square-foot Red Sushi atop the Flying Dutchman restaurant. The eatery serves up traditional Japanese cuisine, including sushi, sashimi, specialty rolls, steaks, specialty cocktails, including Kumquat Mojito, Samurai Sunset and more. Shawn Shahnazi, general manager of Red Sushi, describes the setting as modern and chic.

Red Sushi is the newest concept for the Houston chain, which operates Landry’s Seafood House, Saltgrass Steak House, The Flying Dutchman and Aquarium Restaurant, among others. Kemah’s Red Sushi is the second such eatery for the brand, the other being in Landry’s Golden Nugget casino and hotel in Las Vegas. Want to talk sushi? Visit Buzz Blog at galvnews.com.

Coming Monday: What former boat captain is sailing ahead with plans to open an island wine bar? Find out in Monday’s Biz Buzz or get a sneak peak Friday in Buzz Blog.

Biz Buzz appears Mondays and Thursdays. We welcome your tips and suggestions. Call 409-683-5248 or e-mail laura.elder(at)galvnews.com.