THURSDAY March 11, 2021
Basch Report: Publix gains from pandemic-related sales PAGE 6
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Dream Finders opens the door for shareholders
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Rooftop tacos at VyStar Downtown
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Bread & Board plans a Mexican concept with a view at 100 W. Bay St. BY MIKE MENDENHALL
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Dream Finders Homes Inc. Special to the Daily Record
The Avalon II model home in Dream Finders Homes’ Markland community in St. Augustine.
From breaking ground 12 years ago to $1 billion in revenue today, founder Patrick Zalupski says ‘being a public company was the best option’ for growth. BY MARK BASCH CONTRIBUTING WRITER
Dream Finders Homes Inc.’s stock doubled in price after the Jacksonville-based homebuilder launched its initial public offering in late January. That’s good news for Dream Finders founder and CEO Patrick Zalupski, who retains a controlling voting interest in the company after the IPO. But Zalupski wasn’t celebrating the price spike. “Of course, up is always better than down but believe it or not, we don’t spend a lot of time
2018 2019 2020*
Revenue
$522 million $977 million $844 million
Net income
$17.3 million
$31 million
$35.6 million
Active communities 53
140
121
Home closings
2,851
2,419
1,408
*Nine months
watching the share price,” Zalupski said March 8 by email. “We are confident that if we deliver great results to our investors, then the value we create will ultimately be reflected positively in the share price,” he said. Dream Finders impressed Wall Street with its “asset-light” approach to the business, which has been delivering higher returns on investment than other homebuilders. “Asset-light means we do not own any land on the balance sheet, which minimizes our exposure to development risks and we believe is SEE DREAM FINDERS, PAGE 3
STAFF WRITER
The Bread & Board intends to open a Mexican restaurant and bar on the rooftop of VyStar Credit Union’s six-story building at 100 W. Bay St., according to restaurant co-owner Dwayne Beliakoff. Estrella Cocina will feature a menu inspired by coastal Mexican cuisine from the Baja peninsula, Beliakoff said March 10. VyStar CEO Brian Wolfburg and Beliakoff said they have a target opening date of May 1. Estrella Cocina also will have a 3:30 p.m. happy hour weekdays and weekends, Beliakoff said. The 8,000 square-foot rooftop space seats 200 with room to expand, a drink and salsa bar with a “tequila shrine,” a fire pit and two lounge areas, according to Bread & Board. The space offers city and river views, as well as indoor and outdoor seating with roll-up garage doors separating the spaces. A $1.34 million interior buildout is underway for The Bread & Board’s 7,200-square-foot restaurant and provisions marketplace on the ground floor. Wolfburg expects that to open after the rooftop restaurant begins operating.
MMENDENHALL@ JAXDAILYRECORD.COM @MIMENDENHALL
Zalupski
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East San Marco markets to tenants Publix-anchored project is underway.
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