THURSDAY June 7, 2018
Karen Mathis: Miller’s Ale House taking Buca di Beppo spot PAGE 4
jaxdailyrecord.com • Free
JACKSONVILLE
Record & Observer IT’S NO FISH TALE JACKSONVILLE
VyStar buying SunTrust Tower
Record & Observer Harry Frisch built Beaver Street Fisheries into a $500 million business. Now he shares the lessons of his success. JACKSONVILLE
Record & Observer
Credit union plans to move HQ and 700 employees Downtown. BY KAREN BRUNE MATHIS EDITOR
VyStar Credit Union intends to buy the SunTrust Tower Downtown and move its headquarters and up to 700 employees into the 23-story building. When anchor tenant SunTrust’s lease expires in July 2019, Jacksonville-based VyStar intends to put its name on the building at 76 S. Laura St. Employees might start moving there within six months. VyStar President and CEO Brian Wolfburg said Wednesday the
JACKSONVILLE
Record & Observer
SEE VYSTAR, PAGE 9
Ash Properties winning bidder for BB&T Tower BY KAREN BRUNE MATHIS EDITOR Photo by Dede Smith
Harry Frisch, 94, is the chairman of Beaver Street Fisheries. The company, whose flagship brand is Sea Best, employs about 400 people and annually imports more than 100 million pounds of seafood. In the photo behind him, he is at the left next to his mother.
BY KAREN BRUNE MATHIS EDITOR
H
arry Frisch intends to retire July 5, 2023, the day he turns 100. “I’m taking the day off,” states the chairman of Beaver Street Fisheries Inc., who turns 95 in four weeks and comes to work every weekday.
He aims to return the day after his “retirement” and thereafter. Born in Vienna, Austria, Hans “Harry” Frisch came to Jacksonville in 1953 and worked as an auto mechanic. He and his brother took over a fish market that his mother and stepfather bought in 1950. With just seven grades of education before he had to leave Austria when Hitler invaded, Frisch and his brother,
Mark Basch: End of an era for banking in city PAGE 8 Top 10 real estate sales PAGE 9 OBSERVER MEDIA GROUP
Alfred, built the fish business. Today, the enterprise imports, manufactures and distributes seafood products worldwide to wholesale distributors and retail stores. It employs about 400 people and counts annual sales of more than $500 million. SEE FRISCH, PAGE 8
Jacksonville-based Ash Properties won the bidding last week for the BB&T Tower Downtown and hopes to buy the property this summer and quickly start renovations. Randall Whitfield, COO of the commercial real estate developer, said Wednesday the tower’s 64 percent occupancy presents a “total upside” to attracting more tenants. “We’ve always been interested SEE ASH PROPERTIES, PAGE 9
You Should Know: Megha Parekh Jaguars executive helping create Shad Khan’s vision for Jacksonville. PAGE 14 VOLUME 105, NO. 143 • TWO SECTIONS
WHAT’S TRENDING
Page 2 • Thursday, June 7, 2018
Jacksonville Daily Record/Jacksonville Record & Observer
FROM THE PUBLISHER
While others decline, we are growing
MATT WALSH PUBLISHER
Welcome to the new Daily Record and its new offshoot, the Jacksonville Record & Observer. We’re making big changes. Starting today, we have changed the name of our 105-year-old flagship newspaper — from the Financial News & Daily Record to the Jacksonville Daily Record. We have changed the look — updating our design, including what we believe will become an iconic nameplate, featuring the Jacksonville skyline. And we have introduced a new, free weekly business newspaper, the Jacksonville Record & Observer. Oh yeah, in case you haven’t noticed or have forgotten, two months ago, we introduced our redesigned website, JaxDailyRecord. com, and our Daily Headlines email. While much of what you hear and read about the newspaper industry are stories of retrenchment and decline, we’re on the opposite path. We see opportunity and are growing. As you know, the market always fills a vacuum. That’s what we’re doing. We will continue, as we always have, to publish the Daily Record five days a week. Our longtime editor, Karen Mathis, arguably the most respected and accurate journalist in Jacksonville with almost
40 years in the local business as of this month, will continue to lead the region with her coverage of breaking development news and of the regional economy. Likewise, we will continue our focus on law and the courts; companies; and City Hall news affecting business. We will remain the region’s primary source for public notices and courthouse records. And you can continue to find all of this information on JaxDailyRecord.com. But with the introduction of the free Record & Observer, we’re expanding our content and giving Jacksonville business leaders easier and greater access to the kind of trusted news and information they need to thrive and grow in Jacksonville’s fast-changing marketplace. To begin, we’ll be distributing 5,000 copies of the Record & Observer each Thursday in Downtown office buildings and other Jacksonville business hubs. Why free? It’s a business model by which our parent company, Observer Media Group Inc., has grown for the past 23 years. Nationwide, as consumers shift to their smartphones and away from daily newspaper subscriptions, free weeklies have continued to grow. It’s a symbiotic model: We produce useful, needed and relevant content, which draws a loyal and valuable audience to which businesses want to market their goods and services. Everybody wins — you get great content, and businesses attract more customers. We hope you like our changes. We would love to hear your feedback.
Daily Record JACKSONVILLE
Daily Record JACKSONVILLE HOW TO REACH US
10 N. Newnan St., Jacksonville, FL, 32202 Phone: (904) 356-2466, Fax (904) 353-2628 jaxdailyrecord.com
Daily Record Daily Record JACKSONVILLE
ABOUT US
Jacksonville Daily Record, Jacksonville Record & Observer and Realty-Builder are a division of Observer Media Group Inc. Established in 1912, the Financial News & Daily Record, now the Jacksonville Daily JACKSONVILLE Record, is published Monday-Friday and is the Official Court Newspaper of the Circuit Court and publisher of public notices in Duval County. Jacksonville Record & Observer is a free weekly business newspaper available in Downtown Jacksonville and key business nodes throughout Jacksonville. To find a location near you, visit jaxdailyrecord.com/distribution. Editorial content focuses on news and trends, with a concentration on development, law, companies, economic and industry trends and how local and state government affects business. Realty-Builder is a monthly publication connecting Northeast Florida’s real estate professionals and homebuilders. Content focuses on timely news, information and trends affecting residential real estate sales and construction, as well as events and legal issues impacting the industry. Visit Realty-Builder.com to request your free copy.
STAFF Publisher / Matt Walsh mwalsh@jaxdailyrecord.com
Editorial Research Director / Scott Sailer ssailer@jaxdailyrecord.com
Publisher Emeritus / James F. Bailey Jr. jbailey@jaxdailyrecord.com
Director of Advertising / Jay Lesowitz jlesowitz@jaxdailyrecord.com
Editor / Karen Brune Mathis kmathis@jaxdailyrecord.com
Business Manager / Angie Campbell acampbell@jaxdailyrecord.com
Managing Editor / Monty Zickuhr mzickuhr@jaxdailyrecord.com Associate Editor Legal Affairs / Max Marbut mmarbut@jaxdailyrecord.com Staff Writer / David Cawton dcawton@jaxdailyrecord.com
MATT WALSH, PUBLISHER MWALSH@JAXDAILYRECORD.COM
PUBLIC COMPANIES Black Knight buys artificial intelligence firm Black Knight Inc. has acquired a company that provides artificial intelligence and machine learning for the financial services industry. Jacksonville-based Black Knight, which provides technology for mortgage lenders, bought a Philadelphiabased company called HeavyWater. Terms of the deal were not announced. Black Knight said HeavyWater’s technology helps lenders verify income, assets and insurance coverage, replacing time-intensive tasks usually done manually. Black Knight plans to use the technology as part of the services it provides to clients, and also will make the technology available to clients who can find ways to use it in other parts of their business.
GROCERY STORES Whole Foods to renovate in Mandarin Whole Foods will renovate its only Jacksonville location, updating much of its food-service areas in an almost $643,000 project. The city approved a permit last week for O’Barr Construction LLC, of Bowie, Maryland, to renovate the interior of the 49,378-square-foot store. Plans show that Whole Foods will replace the bakery, deli and pizza service cases; replace and install a new hot bar, salad bar and soup bar, including refrigeration, plumbing and electrical service; and renovate the scullery with a new cooler and equipment. The plans include renovating the employee breakroom with new finishes and furniture SBLM Architects PC of Miami is the architect. The almost 51,000-square-foot supermarket was built in 2008 at 10601 San Jose Blvd. in the Mandarin Landing shopping center.
COMMERCIAL REAL ESTATE Colliers moving to the SunTrust Tower Colliers International Northeast Florida is relocating from the Bank of America Tower a block south to SunTrust Tower. “Moving allows us to pick up a little more space, improve the layout and completely overhaul the look and feel of our space without skipping a beat operationally,” said Christian Oldenburg, managing director of the Colliers International Northeast Florida office.
Legal Advertising Manager / Janet Mohr legal@jaxdailyrecord.com Director of Circulation / Anne Shumate subscriptions@jaxdailyrecord.com
HOW TO SUBSCRIBE Subscribe online at jaxdailyrecord.com/subscribe or contact our subscription department by phone at (877) 231-8834 or email subscriptions@jaxdailyrecord.com PRICES 2 years ................................... $154 1 year ........................................$89 6 months .................................$55
Thursday only ..........$66 per year Single copy ......................35 cents
HOW TO ADVERTISE Display & Digital Advertising: Call Jay Lesowitz at (904) 356-2466 or email jlesowitz@jaxdailyrecord.com Legal Advertising: Submit public notices via email to legal@jaxdailyrecord.com
ARTICLE REPRINTS Available at jaxdailyrecord.com
POSTAL INFORMATION Jacksonville Daily Record is published daily except Saturday, Sunday & legal holidays (New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas) by Daily Record & Observer LLC, 10 N. Newnan St., Jacksonville, FL 32202. Periodicals postage paid at Jacksonville, Florida. Under no circumstances will any news or records of Duval County be suppressed for anyone. Information in this newspaper is for our subscribers only and must not be used by anyone for publication purposes.
POSTMASTER Send address changes to Jacksonville Daily Record, P.O. Box 15456, North Hollywood, CA, 91615-9965
OFFICIAL DESIGNATIONS The Official Court Newspaper of Duval County by Order of the Circuit Court, July 7, 1961.
The Official Newspaper of The Jacksonville Bar Association, Nov. 21, 1926.
AFFILIATIONS Florida Press Association
The Official Newspaper for the U.S. Bankruptcy Court for the Middle District of Florida, Jan. 4, 1947.
Jacksonville Daily Record/Jacksonville Record & Observer
Thursday, June 7, 2018 • Page 3
Fed executive says trade policy concerns could be holding back some business activity. BY MARK BASCH CONTRIBUTING WRITER
As spring turns into summer, economists’ thoughts turn to new college and high school graduates entering the labor market for the first time. With unemployment at its lowest rate of the century, the timing may work out well for this year’s graduates. “It’s a good labor market to be entering into,” said Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta. “There’s hiring happening all over the place,” Bostic said in an interview at the Atlanta Fed’s Jacksonville branch. “We’re adding jobs faster than just replacement. So, we need new workers.” The national unemployment rate dropped to 3.8 percent in May, with a net gain of 223,000 nonfarm jobs. “Those numbers are pretty consistent with what we’ve been hearing,” Bostic said during the interview just after the U.S. Bureau of Labor Statistics released its monthly employment report. Technology is changing the labor market, so Bostic doesn’t have specific advice for new graduates planning their careers. But, he doesn’t think young people necessarily need guidance from
previous generations. “They have instincts on where to look that are different than I have,” he said. Bostic sees optimism among young adults that they will not only find a well-paying job but they’ll find a career they consider rewarding. “I think that’s a good thing,” he said. “They’re probably not realistic, but they’re not supposed to be.” Bostic came to the Atlanta Fed a year ago and has spent a lot of time meeting with business people in the region, including the Jacksonville area. He thinks Jacksonville’s labor market outlook mirrors the national perspective. “The challenges we see in Northeast Florida are very similar,” he said. One potentially strong growth sector for the area is health care, he said. “My sense is there is a lot happening in the technology space as well,” he said. Bostic pays close attention to the national economy as one of the 12 voting members of the Federal Open Market Committee, the arm of the Fed that sets U.S. monetary policy. The committee includes the seven Federal Reserve Board governors plus five of the 12 regional Fed bank presidents, on a rotating basis. This year is a voting year for the Atlanta Fed president. The latest data on the U.S. gross domestic product, the broadest measure of economic activity, shows it rose at an annual rate of 2.2 percent in the first quarter, up from 1.2 percent the previous year.
CE VI ER
efficiently with the utmost attention to personal
S ITY
to tackle their roofing needs quickly and
YEARS
1
0 -2 3 99
T
W OR
KM
AN
SH
IP
25 CELEBRATING
EN
have partnered with Florida homeowners
MBASCH@JAXDAILYRECORD.COM
ITM
the majority of Florida. Since 1993, we
at 800 Water St. opened in 1987 but no longer needs all 198,000 square feet of space in the building. The Fed began marketing excess office space to Jacksonville businesses in 2009 after it stopped processing checks in the facility, leaving it with more capacity than it needs. “If we were building it today we would probably build it differently,” said Chris Oakley, vice president and regional executive for the Jacksonville branch. Oakley said the building currently has 20,645 square feet of space leased to other businesses and 28,310 square feet available for lease. The building still handles cash processing services and is tightly secured. Bostic said the Fed probably wouldn’t consider looking for a smaller facility. “We still have some specialized functions that make the building valuable for us,” he said. “We think it’s a good building.”
MM
owned and operated business servicing
“We are seeing good economic activity,” Bostic said. “That’s a fair amount of extra business activity and productivity.” However, as Bostic said last month during a talk to the World Affairs Council of Jacksonville, uncertainty over U.S. trade policy may be holding back some business activity. “Any time there is a sense of uncertainty there is some trepidation about the future. People are going to worry,” he repeated last week. “The businesses I talk to say they don’t have a clear sense of which investments are going to be more profitable.” Bostic also said consumers have some uncertainty. While lawmakers cut federal income tax rates at the end of last year, there is confusion about how the new tax laws will be applied, he said. “Household spending is robust, but it hasn’t accelerated as much as might have been expected,” he said. The Jacksonville Fed branch
CO
ipsum
File image
Raphael Bostic is president and chief executive officer of the Federal Reserve Bank of Atlanta.
EXPERIENCE
Universal Roof & Contracting is a family-
AL QU
ECONOMIC TRENDS
For summer grads, a welcoming job market
18
service, professional workmanship, and quality materials. Our estimates and inital inspections are always FREE, and you can bet on receiving honest advice. You can call 904-494-6462 or contact us online to schedule your FREE In-home Inspection & Estimate today!
904-494-6462 UniversalRoof.com
*Limited Time Offer. Not valid with other offers, prior purchases or insurance claims. Minimum purchase of $5,000 (five thousand dollars) required to qualify for offer savings. 18 (eighteen) months No Money Down, No Payments, & No Interest available to well-qualified buyers with approved credit through third-party lender. Other restrictions may apply. See estimator for complete details. Offer must be present to estimator at inital appointment to apply savings. License numbers CRC1328705, CGC1523333, CCC1330747. ©2018 Universal Roof & ContractingSM
Page 4 • Thursday, June 7, 2018
Jacksonville Daily Record/Jacksonville Record & Observer
THE MATHIS REPORT
Miller’s Ale House on tap for Buca di Beppo site
KAREN BRUNE MATHIS EDITOR
It would be the fifth Jacksonville location for the restaurant. Miller’s Ale House intends to take over the closed Buca di Beppo location at The Avenues mall in South Jacksonville. The city is reviewing a permit application for “new construction” of a Miller’s Ale House at a project cost of $1.2 million. The location is the former Buca di Beppo Italian Restaurant that stands in front of The Avenues A permit application shows that Orlando-based Miller’s Ale House Inc. wants to develop a 7,149-square-foot restaurant on 1.86 acres at 10334 Southside Blvd. The 8,180-square-foot Buca di Beppo was built for $850,000 in 2003. It appears to have operated for almost 15 years. Based on social media ratings, the Italian restaurant closed after Dec. 30. Miller’s Ale House and Buca di Beppo representatives have not responded to several telephone calls or an email. Plans indicate 241 seats, comprising 166 inside and 75 in the patio room. Interior seating includes 22 bar seats. Cuhaci & Peterson Architects Engineers Planners of Orlando is the project architect. Plans show that Kimley-Horn and Associates Inc. is the civil engineer. It would be Miller’s Ale House’s fifth Jacksonville location. The company operates in Mandarin, Regency, the Tinseltown area of Southside and at Hodges and Beach boulevards. Miller’s Ale House, a casual sports restaurant, operates 86 locations in 12 states, including 54 sites in Florida, according to its website. Millersaleshouse.com reports Jack and Claire Miller opened the first Miller’s Ale House in 1988 in Jupiter, a local place with a “come as you are” environment. Buca di Beppo operates internationally. In the United States, it has 78 restaurants in 24 states and the District of Columbia, its bucadibeppo.com website shows. Its six Florida locations are in Maitland, Davie, Orlando, Kissimmee, Naples and Coral Springs. It sells its meals family-style and features dining experiences such as a “Pope’s Table” that seats 12-18 people. It says its authentic Italian cuisine is served in an “eclectic, vintage setting” with a “whimsical atmosphere.” In 2011, Finance-Commerce. com reported the corporate office of Buca di Beppo was leaving downtown Minneapolis for the Orlando home of parent company Planet Hollywood International Inc. Planet Hollywood bought Buca di Beppo in 2008.
Special to Daily Record
Plans filed with the city show that Miller’s Ale House wants to rebuild at the former Buca di Beppo Italian Restaurant site at The Avenues.
Church of Eleven22 renovating space The Church of Eleven22 continues to renovate space in a former Winn-Dixie store at Beach Boulevard and San Pablo Road. The church is headquartered at the shopping plaza, San Pablo Family Center, in a former Walmart store. The center is at 14286 Beach Blvd. The Church of Eleven22 already converted 15,000 square feet of space in the former Winn-Dixie for its Hope’s Closet thrift store ministry. The city is reviewing a permit for the church to remodel another 5,200 square feet in the closed grocery store to add office space at a cost of $350,000. Plans show space for 11 offices, four areas for multi-occupant offices, two conference rooms, a break room, reception area and more functions. A permit was approved May 11 for Bradley Bowen Construction to demolish interior suspended ceilings, flooring and nonloadbearing walls at the closed Winn-Dixie. Spokeswoman Melinda Byrnes said the church is leasing the space next to Hope’s Closet and is building out space to support the ministry. The Church of Eleven22 opened its worship center in September 2012 in the former Walmart space, which initially was renovated at a construction cost of $2.56 million, according to a city permit. More work has been done since. The church acquired the Walmart property and the neighboring Hobby Lobby, which became a tenant, in 2017. The San Pablo center is owned among three entities, property records show. The church leases the Winn-Dixie space from Sleiman Enterprises.
ChenMed near opening 3 locations Dedicated US Holdings LLC applied for Certificates of Use to do business as three ChenMed locations in Jacksonville. ChenMed is part of Miamibased Dedicated Senior Medical Centers of Florida LLC. ChenMed announced in March it expected to open three locations in Jacksonville this year as part of a nationwide expansion. Plans and the certificate applications show ChenMed Dedicated Senior Medical Centers
at 9420-22 Arlington Expressway in the Regency area; 3059 Edgewood Ave. W. in Northwest Jacksonville; and 6841 Blanding Blvd. in Southwest Jacksonville. The primary care provider said 2018 would “be a banner year” for its more than 40 practices in six states, as well as for new Dedicated Senior Medical Centers in Jacksonville, Tampa Bay, Largo, Brandon and Philadelphia. The Medicare Advantage provider said in March it achieved 28 percent growth in 2017 membership, while individual Medicare Advantage plan memberships in the United States grew by 6.1 percent. David Hillegas, senior associate of brokerage services at Cushman & Wakefield, represented ChenMed in its Jacksonville site search.
Baptist North adding exam rooms Baptist Medical Center proposes to expand its emergency/diagnostic building at the Baptist North Medical Center at northeast Dunn Avenue and Interstate 295. The expansion adds 11 examination rooms, support areas and the relocation of existing staff facilities. The 4,085-square-foot addition is planned on the back of the existing ED building. “The expansion will allow this facility to serve the needs of patients requiring emergency care in this region of Jacksonville,” states a letter to the city Development Services Division from The R-A-M Professional Group Inc., the project engineering consultant.
St. Augustine Road Caliber Collision moves forward
Caliber Collision continues working toward a St. Augustine Road auto body center. Property owner Boxtown Brite Lite LLC is selling the site at 3633 S. Augustine Road to Caliber Collision for development of a nondrive collision-repair center. It will restore inoperable vehicles that remain at the facility for three to four weeks on average. Caliber Collision proposes to renovate the existing building, a former sign manufacturing center. The 32,117-square-foot building, constructed in 1958 and since
RETAIL NOTES Another retailer is coming to The Strand at Town Center. The Good Feet Store plans to open at 4906 Town Center Parkway, No. 108. The city is reviewing a permit application for a wall to separate the space from another tenant. Wawa is building next at Normandy Boulevard and Cassat Avenue in Westside. The city is reviewing site plans for Pennsylvania-based Wawa Inc. to build at the property, which previously filed plans show at northwest Normandy Boulevard and Cassat Avenue. Applications for Mobility Fee Calculation and Concurrency Reservation certificates show Wawa wants to build a 5,943-square-foot store with 12 fueling positions on 1.5 acres. O’Reilly Auto Parts intends to build a 7,734-square-foot store on 1.1 acres at 4405 U.S. 1 in St. Augustine. Starbucks will open at 11850 McCormick Road pending construction. The city issued a Concurrency Reservation Certificate for the 2,539-square-foot building on 1.14 acres near the Wawa gas station and convenience store under development. Plans show 35 parking spaces. The developer is Tampa-based Brightwork Real Estate through BW McCormick LLC. Starbucks wants to renovate its 1044 Dunn Ave. store at a cost of $225,000. The city is reviewing a building permit application.
expanded, sits on about 1 acre. The mobility fee, calculated to mitigate the traffic impact, is $8,049.
ABC Fine Wine & Spirits headed to The Crossing
ABC Fine Wine & Spirits is preparing to take space in a new development at The Crossing at Town Center. ABC Liquors Inc. and the KPMFranklin engineering and planning firm submitted site development plans to the city for the building. Plans show an almost 17,400-square-foot building with space for a 13,350-squarefoot, two-story ABC store and an additional almost 4,000-square-foot tenant. The ABC store would comprise about 9,500 square feet on the first floor and 4,000 square feet on the second. The project is planned on almost 1.5 acres at Town Center and Gate parkways.
KMATHIS@ JAXDAILYRECORD.COM @MATHISKB (904) 356-2466
Jacksonville Daily Record/Jacksonville Record & Observer
Thursday, June 7, 2018 • Page 5
TAKE YOUR WORKSPACE TO THE NEXT LEVEL
•Relocation & Liquidation •Commercial Flooring New, Used, Remanufactured, Ergonomic Furniture •Delivery & Installation • Commercial Flooring •Ergonomic • Delivery &Furniture Installation •Interior Sign Systems • Office Reconfiguration ••New/Used/Rental Workstation Cleaning Furniture
•Storage & Warehousing • Relocation & Liquidation •Space Planning & Design • Storage & Warehousing •Sound Masking Furniture • Rental/Leased • Space Planning & Design •Workstation Cleaning
904-398-0807
advancedfurnituresolutions.com
9452 PHILIPS HWY, STE 7, JACKSONVILLE, FL 32256
Page 6 • Thursday, June 7, 2018
Jacksonville Daily Record/Jacksonville Record & Observer
THE BASCH REPORT
No more Jacksonville community banks MARK BASCH CONTIBUTING WRITER
The acquisition of Atlantic Coast Bank by Ameris Bancorp signals end of an era for city. An era in Jacksonville banking ended last week, an era about as old as the city itself. When Ameris Bancorp completed its acquisition of Atlantic Coast Bank, it left Jacksonville with no more community banks focused on the local market. Atlantic Coast had four branches outside of the market but eight of its branches were in Northeast Florida, so its main concentration was on the Jacksonville area. When Ameris announced the completion of the purchase after Memorial Day, it said in a news release the deal solidified its position as “the largest community bank in Northeast Florida.” However, Ameris is more of a regional bank than a community bank. While its executive offices are in Jacksonville, its official headquarters is in Moultrie, Georgia. Ameris had 19 branches in the Jacksonville metropolitan area before the Atlantic Coast deal, but it had 90 other branches in four states, according to Federal Deposit Insurance Corp. data. Jacksonville in the not-toodistant past was considered the banking capital of Florida, home to major statewide institutions including Barnett Bank and Florida National Bank. But those banks were merged into larger national players. The sale of Atlantic Coast leaves only two banks still headquartered in Jacksonville, TIAA Bank and Florida Capital Bank. TIAA, which acquired EverBank last year, is a national bank which does much of its business online. Florida Capital Bank is a smaller institution, but five of its eight branches are outside of the Jacksonville market, according to FDIC data. So it also can’t be considered a Jacksonvillefocused community bank. “I think community banks serve an important part across the country,” said TIAA Bank Chief Executive Blake Wilson. But it may not matter to consumers these days, with fewer people visiting bank offices and instead using the internet for bank transactions. “The reality is we’re in this transition to a digital economy,” Wilson said. However, business customers rely more on relationships with local bankers. Raphael Bostic, president of the Federal Reserve Bank of Atlanta, said the lack of community banks in the market has been an issue raised by business people in the Jacksonville area. Bostic said it’s difficult to assess if the disappearance of community banks will hurt Jacksonville. “It really depends on how the
File image
The executive offices of Ameris Bancorp are in Jacksonville. The bank has 19 branches in the metro area and 90 others in four states.
new bank approaches the community,” he said. It’s hard to pin down an overall impact for Northeast Florida, he said. “Jacksonville is funny because there’s a little bit of everything.” The impact probably will be different on businesses in and around Downtown than on establishments in outlying areas, Bostic said. Even without a community bank, the urban businesses will have a lot of banks to choose from, but other areas may not be so lucky. “It may affect smaller communities more than a city,” he said.
SharedLabs Inc. files for IPO SharedLabs Inc., a Jacksonville-based information technology services company, filed plans with the Securities and Exchange Commission to raise up to $15 million with an initial public offering. Current shareholders of the company also plan to sell about $17 million of their stock in the company, which would make the total value of the IPO about $32 million. SharedLabs was formed in 2016 and expanded with two acquisitions last year that would have given it total revenue of $73.4 million for the year, according to the IPO filing. The filing said the company provides a range of customized IT services for businesses. The company’s headquarters office is in the Downtown Schultz Building at 118 W. Adams St., but it has additional offices in California, Texas, New Jersey, Virginia, Vermont and Montreal. Total employment is about 550, the filing said, but it doesn’t say how many are employed in Jacksonville. SharedLabs CEO Jason Cory is the largest current stockholder of the company, with 31.9 percent of the stock. Race Holdings LLC, an investment firm registered in Puerto Rico, is the second largest shareholder with 24.5 percent, but it intends to sell all of its shares as
part of the IPO, according to the company’s registration statement. SharedLabs said in the filing it will use its share of the IPO proceeds for several purposes, including a possible acquisition and hiring of additional personnel. The company expects to list its stock on the Nasdaq Capital Market under the symbol “SHLB.”
JinkoSolar stock tumbles on new Chinese solar policy
As JinkoSolar Holding Co. Ltd. begins staffing its Jacksonville solar panel plant, a new solar policy in its home country of China has sent its stock plummeting. JinkoSolar’s stock fell $2.48 to $15.14 Friday and dropped to a five-year low of $12.56 Monday after China said it would cut subsidies for solar projects and suspend the construction of new solar farms. “With China’s much worsethan-expected new solar policy released last Friday, we expect a massive net oversupply,” Roth Capital Partners analyst Philip Shen said in a research note Monday on JinkoSolar. Shen said the outlook for pricing of solar panels “has suddenly deteriorated for not only 2018, but also 2019. As a result, we are downgrading to a Sell until visibility for the industry improves.” Shen previously rated JinkoSolar at “neutral.” JinkoSolar is hoping to open its solar panel plant this fall at Cecil Commerce Center with 200 jobs. The company is getting $3.4 million in city and state incentives for the plant.
Shoe Carnival moves higher Shoe Carnival Inc.’s stock reached new highs this week after the footwear chain controlled by former Jacksonville Jaguars owner Wayne Weaver reported strong first-quarter earnings. The Evansville, Indiana-based company reported earnings of 83
cents a share for the first quarter ended May 5, up from 48 cents the previous year. Total sales rose 1.6 percent to $253.4 million and comparablestore sales (sales at stores open for more than one year) rose 1.3 percent. With the strong first quarter, Shoe Carnival increased its forecast for the full year. It now expects earnings of $1.90 to $2.05 per share in fiscal 2018, up from its previous forecast of $1.85 to $2. The company’s adjusted earnings in fiscal 2017 were $1.49 a share. Shoe Carnival’s forecast of total sales of $1.013 billion to $1.02 billion is about the same as its previous prediction. The company expects to open three new stores but close 20 to 25 this year, with most of the closings coming in the fourth quarter. Shoe Carnival operates 405 stores in 35 states and Puerto Rico. Weaver is chairman of Shoe Carnival and his family is the largest shareholder, controlling about 31 percent of the stock. Shoe Carnival’s stock jumped $5.46 to $31.80 on May 25 after the earnings report and reached a new high of $34.59 Wednesday.
Medtronic’s Jacksonville unit grows revenue
Medtronic plc said its Jacksonville-based division, which makes surgical instruments for ear, nose and throat doctors, grew revenue by a “mid-single digit” percentage in the fourth quarter ended April 27. The global medical device company does not give revenue figures for that division, which is part of Medtronic’s special therapies group. The entire group increased revenue by 7.1 percent to $424 million. Medtronic’s total revenue for the quarter rose 2.9 percent to $8.14 billion. The company’s adjusted earnings of $1.42 a share for the quarter were 9 cents higher than the previous year.
MBASCH@ JAXDAILYRECORD.COM
Jacksonville Daily Record/Jacksonville Record & Observer
Thursday, June 7, 2018 • Page 7
JOIN US NETWORKING AND BUSINESS OPPORTUNITIES NAIOP Northeast Florida provides the opportunity to exchange ideas and best practices among like-minded business leaders from every facet of the commercial real estate industry. Participation in events, programs, and advocacy provide continued business development opportunities.
LEGISLATIVE VOICE Planning for the future of our region’s real estate and economic landscape requires expert guidance and industry knowledge. NAIOP Northeast Florida is available to help advise and support public officials at the city, local, and statewide level as they plan, legislate, and shape the future of the First Coast.
CONTINUING EDUCATION NAIOP Northeast Florida provides opportunities for continuing education through engaging programs, dynamic speakers, online articles, and access to the NAIOP Research Foundation.
www.naiopnefl.com
For more information contact Carmel Buchanan, 904/730-8075 or naiopnefl@comcast.net
Page 8 • Thursday, June 7, 2018
Jacksonville Daily Record/Jacksonville Record & Observer
Frisch: ‘There is no room for second best’ CONTINUED FROM PAGE 1
Based 2 miles west of Downtown at 1741 W. Beaver St., the company owns more than 300,000 square feet of office, manufacturing and storage space and also stores products at offsite public warehouses. Its brands include the flagship Sea Best, which sells frozen fish fillets, breaded seafood, shellfish and specialty items; Island Queen and Island Prince, a lobster tail and seafood processor in the Bahamas; and HF’s Outstanding Brand, a premium line of custom cut beef, pork, poultry and lamb products. It annually imports more than 100 million pounds of seafood. Frisch’s two sons — Ben and Karl — followed him into the business as did Ben’s three sons. Customers include Walmart Inc. “We supply the world’s biggest retailer,” Frisch notes. Frisch values the realization that hard work — and successful business practices — led him to the seat he holds today. “You sit in a nice business that’s respected all over the world,” he said. He gives credit as well to his beliefs. “It’s God looking out for us,” adding that his stamina also is part of that plan. “I’ve hardly had any sickness. God gave me good health.” His demonstrable leadership drew requests for his knowledge. On Nov. 6, 2012, Frisch spoke to a Jacksonville University class of entrepreneurs. The evening before, sitting at his kitchen table, he crafted notes about what he wanted to share. A week later, those bullet points were collected into his “Points of Good Business Practices.” “In our company, there is no room for second best,” he explains on a printed list of those 32 points. “This sheet shows some ways to help us continue to always aim for this goal every day … since 1953.” They will be included in Frisch’s upcoming biography. “Use Your Head — Lessons of a Lifetime,” by Susan D. Brandenburg. Ask, and he’ll share the points. Among them: 2 NIGHTS’ SLEEP
“With any business decision of any consequence, I need two nights’ sleep to eliminate emotion or impulse,” he said. “Making a decision by your heart is the worst thing you could do.” That includes supporting a political candidate — which he often is asked to do — or making a purchase. “If you sleep on it two nights, it makes all the difference in the world,” he said.
IMPULSE AND EMOTIONS
Like the two nights’ sleep rule, “you cannot react on impulse and emotions. You have to use your head and make decisions that will be beneficial and not cost you more than you were willing to pay because you shot off the hip,” he said.
LET THEM LEAVE
Frisch wishes employees well when they leave to take another job. They come to him: “I’ve got an opportunity. I can make more money.” His response: “I’m not going to lose you as a friend. I’ll help you.” Frisch said he has many employees who left – and came back. “Those are some of the best people I’ve got,” he said. Frisch’s theory is that employees who believe they should
Photo by Dede Smith
Harry Frisch, right, and his grandson, Mark Frisch, 37, who is executive vice president of Beaver Street Fisheries. Behind them is a photo of the fish market run by Harry Frisch’s mother and stepfather.
explore another opportunity might always wonder what they missed. By taking it and returning, they realize what they have. KEEP OLD PEOPLE
The average tenure at Beaver Street is 20-30 years, he said, with some employees on staff for more than four decades. He values their extensive knowledge, wisdom “and loyalty to this company.”
2 PEOPLE ON EVERYTHING
The rule is important for accuracy, especially with critically sensitive actions such as signing and co-signing checks. “Somebody does it, somebody else checks behind. The second person is more important,” he said. He doesn’t necessarily fault those who inadvertently err. “People make mistakes. The only people who never make a mistake are those who never do anything,” Frisch said.
EVERY CUSTOMER IS YOUR SWEETHEART
He said every customer should know that you care about them and the product they need. “You have to treat them like your sweetheart.”
LEARN TO LIKE WHAT YOU HAVE TO DO.
“In life, things that we have to do are not always a pleasure, but it will benefit you to ‘be the guy’ that is always willing to do what no one else wants to do,” Frisch says. “Then when an opportunity arises, you will ‘be the guy’ that gets consideration because you are a team player and willing to do the work.”
PRIVILEGES AND OBLIGATION
He said it does no good to give a person privileges without obligations. “This deprives the person of a huge life lesson of working for what you have and being good to others, and subjects others to a person who doesn’t understand what it takes in life to be kind and
give back.” TRUTH IS THE BEST LIE
In other words, be honest. “People try to find excuses. I don’t like to make excuses. I don’t like to lie,” he said. “It is what it is.” He shares a German saying: “Long lies have short legs. Someone is going to catch it.” He insists: “Just tell the truth, whatever it is. Don’t lie.”
COUNT PENNIES AND DOLLARS
Frisch lived a good life in Austria with a large family in a big house until he was 15. Then, “Hitler came in and took everything.” Frisch said he lost most of his family in the Holocaust. He and his brother escaped to Czechoslovakia and then to Palestine. At the age of 16, he became an automobile mechanic and did well, but he recalls entering “a strange country, not knowing anybody or the language.” A penny could mean life. “Don’t throw a penny away. It multiplies,” he said. “If you have a dime to buy a piece of bread, it means everything.” Israel became an independent state in Palestine in 1948. That year, Frisch married Lilo and they had their sons there. Lilo Frisch died two years ago at the age of 92. While religion isn’t on Frisch’s list of business practices, he shares an important decision. Frisch said he did not grow up in a religious environment but joined an Orthodox synagogue when he came to the United States. “I wanted my children to have a choice to live a religious life,” he said. Another implied practice comes from another belief. “In order to be successful, you’ve got to like what you’re doing,” Frisch said. “It’s contagious.”
KMATHIS@ JAXDAILYRECORD.COM @MATHISKB (904) 356-2466
Points of Good Business Practices Beaver Street Fisheries Inc. Chairman Harry Frisch compiled his rules for success for a Jacksonville University class. He shares them in his upcoming biography, “Use Your Head – Lessons of a Lifetime.” Always be punctual. Set an example. Treat employees with respect. Ethics: Don’t lie, steal or cheat. Count pennies and dollars. Live (be) humble; not above your means. Don’t criticize your competitors. Be the best at any price. Every customer is your sweetheart. Pay your bills on time. Use your head; everything must make sense. Possibly work for someone in the same field. Don’t make commitments or promises unless you are absolutely sure you can deliver. Sometimes tell people “I NEED YOUR HELP.” As an employee, volunteer for projects no one else wants to do, and show you can do it. If necessary, go out of your way to make a friend. Smile constantly. Figure out (know) what you don’t know. Always keep clean, neat and pleasant. Show and give respect. Give back. Keep old people. Let them leave. Truth is the best lie. Communicate. 2 people on everything. 2 nights’ sleep. Impulse and emotions. Learn to like what you have to. Privileges and obligation. USE YOUR HEAD. Ask yourself these 3 questions: Why did it happen? How do we correct it? What do we do to make sure it doesn’t happen again?
Jacksonville Daily Record/Jacksonville Record & Observer
Thursday, June 7, 2018 • Page 9
Ash Properties: Made winning $23.3 million bid
BY MAX MARBUT ASSOCIATE EDITOR
File image
The BB&T Tower at 200 W. Forsyth St. opened in 1975.
KMATHIS@JAXDAILYRECORD.COM @MATHISKB (904) 356-2466
VyStar: Moving Downtown CONTINUED FROM PAGE 1
(904) 356-2466
Kessler Creative honored: Kessler Creative, a direct mail marketing company based in Jacksonville, has been honored with the U.S. Postal Service Mailing Innovation and Digital Award.
performing exceptional work to promote conservation on military land. Camp Blanding was acknowledged for its efforts in conserving and rehabilitating the endangered red-cockaded woodpecker.
Food bank supported: Feeding Northeast Florida’s Fresh Produce Program received a $50,000 grant from the Morgan Stanley Foundation. The grant will increase the food bank’s ability to transport and store fresh fruits and vegetables.
Country’s largest Subaru dealership: Hanania Automotive Group acquired 12.72 acres to build the largest Subaru dealership in the country. Subaru of Orange Park in Jacksonville is planned at 6400 Blanding Blvd.
Office building rises: Construction is underway for McKesson Corp.’s office in Southside Quarter. Hines is the developer for the 125,000-square-foot office, which is being built by Elkins Construction.
Glimpse Live acquired by ABB Optical Group: Jacksonville-Beach based Glimpse Live will be acquired by Coral Springs-based ABB Optical Group, a supplier of optical products and services for the eye care industry. Glimpse Live is a data and analytics provider for eye care and other health care practitioners. Casey Hedberg, founder of Glimpse Live, will become the managing director.
Camp Blanding honored: Camp Blanding was awarded the 2018 Military Conservation Partner Award by the U.S. Fish and Wildlife Service. The annual award is presented to the military installation
Compiled by Scott Sailer
File image
The 23-story SunTrust Tower at 76 S. Laura St.
VyStar has outgrown its almost 102,000-square-foot headquarters at 4949 Blanding Blvd. It will continue to use that structure as well as its 85,000-square-foot call center on Fleming Island. SunTrust Tower is owned by Mainstreet Capital Partners, a Fort Lauderdale-based real estate investment company that bought the tower for $31.1 million in March 2015. Property records show the almost 400,000-square-foot building was developed in 1989. Colliers International Northeast Florida is the leasing agent for the building. Marketing information shows that 130,000 square feet of space is available for lease. VyStar Credit Union, with assets totaling $7.5 billion, serves more than 600,000 members. It is the largest credit union headquartered in Northeast Florida and the second largest in the state. KMATHIS@JAXDAILYRECORD.COM (904) 356-2466
Promotions, hirings and happenings for business people in Northeast Florida. Send items to ssailer@jaxdailyrecord.com
Memorial Hospital added five new 2018 Board of Trustees members: Jake Godbold, former mayor of Jacksonville from 1979-87; Jackie Cornelius, executive director of The Douglas Anderson School of the Arts Foundation, and three Memorial Hospital medical staff: physicians Bharat Misra, Dianne Johnson and Salil Patel. Damien Creavin joined Jacksonville-based Availity as chief technology officer focusing on strategy, technology operations, platform development and
information security. Creavin served as senior vice president, CIO and CTO of Cotiviti, a health care analytics company. Tim Nolan, former president of TOTE Maritime Puerto Rico, has been selected president and Nolan CEO of TOTE Inc., the parent company to TOTE Maritime and TOTE Services.
PEOPLE ON THE MOVE
Jacksonville-based credit union’s growth necessitated a move and the cost of buying the high-rise was more economical than building a campus, which had been under consideration. He said the building is under contract, but declined to disclose the price. “This ended up being a better deal. It is an outstanding building,” Wolfburg said. Wolfburg said VyStar did not ask for incentives, although the city is assisting in addressing parking concerns. The purchase includes the 600-space parking garage next door. VyStar initially will use 300 to 400 of those spaces, but will need more spots as it moves employees Downtown. Wolfburg said the move should start within six months and be completed in 18 months. VyStar will maintain the leases in the building and evaluate each as it comes due. There is about 110,000 square feet available in the lower floors and some on the upper floors that VyStar plans to use. It will occupy additional space as tenant leases expire. VyStar has 1,400 employees. It added more than 125 positions last year as it expanded into Orlando and is moving west, too, he said. Wolfburg said SunTrust leased about 65,000 square feet until it sublet space to Jacksonville University, “which is one of the tenants that we plan to retain.” SunTrust will drop to about 35,000 square feet, he said.
MMARBUT@JAXDAILYRECORD.COM
BUSINESS IN BRIEF
the building through another entity, but declined to identify it. Ash Properties already owns some significant office buildings, including Deerwood Park Center, also known as the CEVA building, in Deerwood Park and the Concorde Offices park along San Jose Boulevard at Interstate 295. “We have increased our office exposure,” he said. Ash Properties continues to develop retail buildings as well, including Flagler Center Shoppes along Old St. Augustine Road and Flagler Center Boulevard. Transwestern Marketing was retained by LNR, the special servicer on the BB&T Tower, to provide investment sales services. It led the online auction efforts. Marketing Director John Bell also sold the One Enterprise Center building across the street. Transwestern said in an April 6 news release that the property encompasses a full city block connected by a tunnel to a six-story parking garage with ground-level retail. It said property owners completed $3.87 million in upgrades this year.
A judge Wednesday ordered Gov. Rick Scott to suspend the judicial nominating process in the 4th Judicial Circuit to fill the vacancy created by the resignation of Circuit Judge Robert Foster. The order, by 2nd Judicial Circuit Judge Charles Dodson, also instructs Secretary of State Ken Detzner to restore to the ballot for the Group 6 seat in the Aug. 28 primary election Jacksonville attorney David Trotti, who sought injunctive relief in May after becoming the only candidate to qualify in the election. The 4th Circuit Judicial Nominating Commission is scheduled to interview 18 candidates for the seat Monday at the Duval County Courthouse. “We have appealed this ruling,” said Ashley Cook, Scott’s press secretary. Foster, who is not eligible for re-election because of the mandatory retirement age for judges,
tendered his resignation to Scott in April. The vacancy between the effective date of his resignation, Trotti Dec. 31, and the end of his term in office, Jan. 7, is four business days. After Scott convened the nominating commission April 23, Trotti submitted the required documentation and paid the necessary filing fee during the statutory qualifying period to be a candidate for the judicial seat in Group 6 of the 4th Judicial Circuit. He was listed as a candidate on the Florida Division of Elections website, but later was removed when the department was notified by the governor’s office that the position would be filled by appointment. In his order granting preliminary injunction, Dodson stated that to deny the request would deprive the public of “their Constitutional right to elect Judge Foster’s successor.”
LEGAL SYSTEM
Attorney David Trotti’s name also ordered restored to ballot.
CONTINUED FROM PAGE 1
in the Downtown office market. We want to take full advantage of that to participate Downtown and do our part for Jacksonville,” Whitfield said. Whitfield said Ash Properties bid on the property because of “its location, its condition and its potential.” Ash Properties made the winning $23.3 million bid May 31 after a three-day online auction of the 18-story property. Whitfield said Ash Properties expects to close on the deal in midsummer and soon start renovations. The 285,487-square-foot building at 200 W. Forsyth St. opened in 1975. Its 2018 assessed value in progress is $11.7 million. Norfolk, Virginia-based Harbor Group International bought the building for $30.05 million in 2007. A group of lenders acquired it in 2016 after no one bid on the property in a foreclosure auction. Whitfield said the deal includes the building and two outside parking lots on the entire block and a parking garage across the street, just north of the building That allows Ash to offer two parking spaces per 1,000 square feet of office space, which Whitfield said is good for Downtown. In addition to adding tenants, Ash Properties intends to offer some unidentified improvements. Whitfield said there are some design elements to add some potential uses and fill some unmet needs Downtown. “We might be able to fulfill a couple of missing opportunities,” he said, but declined to elaborate. Ash Properties is led by Mike and Elaine Ashourian. The company specializes in leasing, managing and developing commercial, retail, storage and office space properties. “We have certain renovations we plan to do. We have some good quality tenants there and we plan to add more tenants to it,” he said. Whitfield said anchor tenant BB&T recently extended its lease, but he declined to disclose the terms. Whitfield said Ash Properties wants to be part of the Downtown renovation efforts. “We would like to participate in it,” he said. Whitfield said Ash Properties would buy
Judge orders suspension of judicial appointment
Page 10 • Thursday, June 7, 2018
Jacksonville Daily Record/Jacksonville Record & Observer
THE CAWTON REPORT
First Landing lawsuit lingers amid new conflict City Council committees approve The District deal
DAVID CAWTON STAFF WRITER
Legal battle over parking between city and shopping center owner continues in court. As the fight continues over who will operate the Jacksonville Landing, a separate lawsuit concerning the Downtown riverfront retail center continues in the 4th Judicial Circuit Court. In October 2015, the city of Jacksonville sued Jacksonville Landing Investments Inc., accusing the company of not closing on a sale for an adjacent property currently being used as surface parking for Landing customers. JLI is a subsidiary of Sleiman Enterprises, led by President Toney Sleiman. The city contends JLI has not paid property taxes but has collected parking fees at the lot since 2007. Sleiman bought the three buildings that comprise the Landing in 2003 from RouseJacksonville Inc. for about $5.3 million. The city owns the land and Sleiman owns the buildings, leasing the site from the city on a 56-year lease that ends in 2041. Sleiman agreed to purchase separately the roughly 1.6-acre site referred to in legal documents as the “east parcel” for $4.3 million in 2007 with plans to develop a mixed-use extension to the Landing. Although Sleiman gave the city the $4.3 million as required in the agreement, by 2014 his company still had not closed on the property, according to the lawsuit. Property records show the city still owns that parcel. The city wants Sleiman to close on the sale, and Sleiman wants his $4.3 million back, arguing that city officials never fulfilled the parking requirements it agreed to in the original
File image
The city says property taxes haven’t been paid on the Landing parking lot since 2007.
lease agreement. Neither side will comment on the lawsuit. Both have met to try and resolve the parking issue, and a compromise seemed to be imminent with a new deal agreement in 2007. Sleiman’s purchase of the east parcel lot was based on the success of another development agreement executed between the city and Project RiverWatch LLC, a company owned by developer Cameron Kuhn to construct a parking garage. Kuhn’s company was to build a garage to address parking concerns, allowing Sleiman to purchase the east parcel and then proceed with a mixed-use extension on site. Kuhn left Jacksonville and the garage was developed by Parador Partners. A 600-space, six-story parking garage at 37 S. Hogan St. opened July 1, 2015, to serve the adjacent SunTrust Tower, Downtown visitors and Landing patrons. As part of the agreement, the project received $3.5 million in incentives from the city in exchange for the public’s use of 200 spaces on weekdays and 375 spaces on weekends. Sleiman asserts that the garage does not provide enough parking for the Landing, and he has refused to take the deed for the east parcel, leading to the 2015 suit. Through much of 2016 and 2017, each side continued filing motions in the court of Judge Robert Dees. According to court records, depositions with individuals and companies continue to be
Surety Bond Solutions Machinery Insurance, Inc. Founded in 1986 Florida Based
The City Council Finance Committee on Tuesday approved a deal for developers Peter Rummell and Michael Munz to proceed with their plan for 30 acres on the Downtown Southbank. Their proposed “The District,” a mixed-use project focused on healthy living, now goes before the full council at its Tuesday meeting. Several amendments were added to clean up and clarify language in the economic development agreement between the city and Elements of Jacksonville Development LLC, the Rummell and Munz group. The Neighborhoods, Community Services, Public Health and Safety Committee approved the deal Monday by a vote of 6-1, with John Crescimbeni opposed. On Tuesday, Finance Committee member Matt Schellenberg provided the only no vote to the deal, which would provide up to $82 million in city-backed incentives including a Recaptured Enhanced Value grant and infrastructure improvements.
scheduled, including the most recent May 29 with a “corporate representative of the city of Jacksonville.” By the end of June 2016, JLI City poised to buy Mayport land called for a five-day trial by jury, City Council committees approved legislawhich Dees scheduled for Feb. tion allowing the city to acquire nearly 7 acres of 12, 2017. riverfront property in Mayport Village from JaxPort. Both parties decided to scrap Council member Bill Gulliford’s bill will move to the the jury trial through a joint full council meeting Tuesday and could induce ecomotion in December 2017, statnomic development on the vacant property. Guling they needed more time to liford wants to see the area used for commercial gather evidence and indicated fishing, charter boats, retail stores and restaurants. that they seemed to have found a compromise. The Dec. 12 motion stated that Paul Renner files for re-election “the parties have conferred and Palm Coast Republican Rep. Paul Renner will believe it is in the best interest of launch his re-election bid June 21 during a camjudicial efficiency and economy paign kickoff party in his district. Renner repof the parties to bifurcate the resents Florida House District 24 and is set to trial of the issues in this case become House speaker in 2022. Renner’s only through a non-jury trial.” challenge so far is from Democrat Adam Morley in A pretrial hearing scheduled the Nov. 6 general election. for June 6 was moved to June 19 ahead of a June 24 trial. According to court documents, that trial date still stands. purposefully not repairing the Complicating the case is damaged docks and bulkheads another legal battle between along the St. Johns River. the two that began at the end of In May, the city moved to ter2017. minate the lease agreement. Each accuses the other of The city’s move Friday to evict breaching terms of the lease JLI appears to be at odds with the agreement concerning the upkeep 2015 lawsuit. and maintenance of the Landing The city wants Sleiman to take and the surrounding area. control of the parking lot but In October, the Office of also wants to evict Sleiman’s General Counsel issued a default company from the Landing letter to JLI, explaining that the property. company was not maintaining While the cases address the Landing as a “first-class” separate issues, neither has a retail facility and therefore was time frame for a resolution or a in danger of violating the terms clear sense of who will operate outlined in the lease. the Jacksonville Landing in the In turn, JLI sued the city in future. November accusing it of failing The most FANTASMAGORICAL stage musical DCAWTON@ to do the same with thehistory surin the of everything! JAXDAILYRECORD.COM rounding property. @DAVIDCAWTON JLI filed another motion in (904) 356-2466 December accusing the city of
2018 SEASON SCHEDULE
KISS ME, KATE
PRESENTING SPONSOR
MAN
August 1 – September 9
Rated “B++” by A.M. Best Company
DO BLACK PATENT LEATHER SHOES REALLY REFLECT UP?
DIRECTORS & OFFICERS Stephen T. Cumella Fitzhugh K. Powell, Sr. President, Treasurer & Director
Secretary, Chairman & Director
Benjamin K. Powell
Rosemary G. Klemmt
Vice President & Director
Asst. Secretary/Treasurer & Director
EXCLUSIVE AGENT
Cecil W. Powell & Company Telephone 904-353-3181 | www.cwpowellins.com Agents: Robert Theus, Walter Myers, Benjamin K. Powell Account Manager: Annette Evans
Licensed to write Surety Bonds | Ocean Marine & Inland Marine Insurance
September 12 – October 7
JUNE 13 - JULY 29
1776
FAMILY 4-PACK
* GET june413TICKETS - july 29 FOR JUST $149 !
October 17 – November 18
Call the box office today for details. *Restrictions apply.
PROFESSIONAL THEATRE & INSPIRED CUISINE! 904-641-1212 | alhambrajax.com
Jacksonville Daily Record/Jacksonville Record & Observer
Thursday, June 7, 2018 • Page 11
BE IN THE KNOW.
For more than 100 years, the Financial News & Daily Record has delivered daily the news, trends and information business leaders rely on to thrive and grow in Jacksonville’s fast-changing economy.
No one covers commercial development, construction, companies, City Hall and the courts the way we do …
ACCURATE. RELIABLE. FAST.
Subscribe to the DAILY RECORD TODAY! JaxDailyRecord com/subscribe or call 904 - 356 - 2466 and ask for Rhonda.
Daily Record JACKSONVILLE
Daily Record JACKSONVILLE
Daily Record Daily Record JACKSONVILLE
JACKSONVILLE
JaxDailyRecord.com
Jacksonville Daily Record/Jacksonville Record & Observer
Top 10 sales of the week BY SCOTT SAILER • EDITORIAL RESEARCH DIRECTOR
Here are the top 10 real estate sales in Northeast Florida, comprising Clay, Duval, Nassau and St. Johns counties. The sales were recorded May 30-June 1.
The Winn-Dixie supermarket at 290 Solano Road in Ponte Vedra Beach sold for $8.5 million.
$16,002,056
$8,500,000
$4,400,000
$4,000,000
$3,OO0,000
St. Johns County
290 Solano Road, Ponte Vedra Beach, St. Johns County
6400 Blanding Blvd., Jacksonville
8285 Philips Highway Jacksonville
Lime Street, Fernandina Beach, Nassau County
Type: Commercial auto sales Size: 12.72 acres Buyer: Hanania Investments 5 LLC Seller: Terry Buick Inc.
Type: Hotel Size: 2.1 acres Buyer: Hare Krishna Jacksonville Hotel LLC Seller: Generation SRE Jacksonville LLC Previous sale: $5,750,000 in 2016
Type: Timberland Size: 12,415.77 acres Buyer: Rayonier Atlantic Timber Co. Seller: Wilson Green LLC
Type: Winn-Dixie supermarket Size: 4 acres Buyer: HPV East LLC Seller: Metro International Property Fund IV LTD
$2,875,000
$2,700,000
$2,675,000
$2,168,400
1600 Hendricks Ave., Jacksonville
9000 Regency Square Blvd., Jacksonville
126 13th Ave. S., Jacksonville Beach, Duval County
Twenty Mile at Nocatee, St. Johns County
Type: Branch bank Size: 0.33 acres Buyer: VyStar Credit Union Seller: James B. Hartley and Hartley Family Properties Inc.
Type: Office Size: 2.5 acres Buyer: 9000 Regency LLC Seller: Maxpepper LLC Previous sale: $2,150,000 in 2008
Type: Apartments Size: 0.39 acres Buyer: NWRW JAX Beach LLC Seller: SK Sand Dollar Property LLC Previous sale: $1,225,000 in 2015
Jacksonville property value up 7.9 percent over 2017 PROPERTY TAX Could yield $53 million in additional city revenue. DUVAL COUNTY TAXABLE PROPERTY VALUE 2018 BY MAX MARBUT
ASSOCIATE EDITOR
The combination of increased value of existing property and new construction resulted in an increase of 7.9 percent in the 2018 estimated taxable value of real and personal property in Jacksonville compared to 2017 values. That’s the bottom line in the report delivered June 1 to the city by Duval County Property Appraiser Jerry Holland. The total 2018 taxable value is calculated at $63.3 billion, up from $58.6 billion in 2017. The additional value could result in an increase of about $53 million in revenue for the city. A major contributor to the increase are homes and commercial structures that weren’t on the 2017 tax roll, Holland said. The taxable value of new construction is almost $1.4 billion, up from $939.6 million in 2017, an increase of about 45 percent. It’s the largest increase in new construction value since 2010 and the total taxable value is the most since 2008, Holland said. As it prepares the 2018-19 general fund budget by Sept. 30, City Council will have the option to allow the increased value to be taxed, or roll back the millage rate to keep total property taxes at the 2017 level, yielding flat revenue for the city year-to-year. That probably won’t be the council’s decision, Holland said,
General assessment total
$63,307,100,194
General assessment $57,036,343,392 (excluding Beaches and Baldwin) General assessment Beaches
$6,223,407,055
General assessment Baldwin
$47,349,747
General assessment urban
$6,929,878,968
TAXABLE NEW CONSTRUCTION 2018 Total
$1,358,617,765
Excluding Beaches and Baldwin
$1,266,872,474
DEVELOPMENT TODAY
REAL ESTATE
Page 12 • Thursday, June 7, 2018
Type: 24 single-family lots Size: 4.3 acres Buyer: Toll Southeast LP Co. Inc. Seller: Hydry Co. LLC
These are the largest commercial building permits by price issued Tuesday by the city of Jacksonville. AMUSEMENT RECREATION City of Jacksonville, 1755 Edgewood Ave. W., contractor is Warden Contracting Corp., ADA renovation to Bradham Brooks Library, $35,342. Royal Winner Arcade, 12405 N. Main St., No. 2, contractor is Prism Design & Construction Inc., tenant build-out, $22,500. CONDOMINIUMS Old San Jose on the River Master Association Inc., 5000 San Jose Blvd., contractor is Bent Construction LLC, retaining wall repair, $75,000.
Beaches
$91,282,564
OFFICE, BANK, PROFESSIONAL
Baldwin
$462,727
FRAPAG Powers Bay LLC, 14193 Philips Highway, contractor is Moducom Development Inc., 11,981 square feet, tenant buildout, $1.09 million.
Urban
$60,259,896
Source: Duval County Property Appraiser
because of a proposed state constitutional amendment that will be on the Nov. 6 ballot. The Legislature approved a referendum for Amendment 1, the “Homestead Exemption Increase Amendment.” If supported by at least 60 percent of voters, it would add an additional $25,000 exemption on homestead property for assessed value between $100,000 to $125,000, increasing the total possible exemption from the current $50,000 to $75,000. With voters likely to favor the increased tax reduction that could go into effect Jan. 1, Holland said he doesn’t anticipate council will roll back the millage rate. “It would be about a $24 million hit for the city,” he said. MMARBUT@JAXDAILYRECORD.COM
ROOFING
Holland
O’Neal Steel Inc., 147 Dennard Ave., contractor is Centimark Corp., roof replacement, $699,350. JM Tull Industries Inc., 5336 Highway Ave., contractor is Centimark Corp., roof over existing, $313,729. Five S.T.A.R. Veterans Center Inc., 40 Acme St., contractor is Advanced Commercial Roofing Systems Inc., roof replacement, $144,848. HCI Spectrum LLC, 8081 Philips Highway, contractor is Barber & Associates Inc., roof replacement, $108,500. Shanri Holdings Corp., 10950 San Jose Blvd., contractor is Barber & Associates Inc., roof replacement, $45,000.
Type: Vacant residential and commercial Size: Unavailable Buyer: Vintage Amelia Owner LLC Seller: TDK Land LLC
$2,0600,000 716 Ocean Palm Way, St. Augustine, St. Johns County Type: Single-family Size: 0.21 acres Buyer: Steven M. and Jane E. Collar Seller: Fraser Family Trust
Fulfillment Shipping and Handling Inc., 2950 Powers Ave., contractor is Equity Builders of Florida LLC, roof replacement, $33,000. Faith Temple Assembly of God of Jacksonville Inc., 6561 Firestone Road, contractor is Benton Integrity Roofing Systems Inc., roof over existing, $32,350. Peppertree lane Apartments, 2800 University Blvd. S., contractor is Reliable Roofing of Florida Inc., roof replacement, $16,663. Genesis Health Inc., 3599 University Blvd. S., contractor is Barber & Associates Inc., roof repair, $12,265. SIGNS AT&T, 9039 Southside Blvd., contractor is Interstate Sign & Lighting Corp., four permits for wall signs, $17,800. AT&T, 9508 Crosshill Blvd., contractor is Interstate Sign & Lighting Corp., two permits for wall signs, $7,800. Bonchon, 4972 Town Center Parkway, No. 309, contractor is Fudin Construction LLC, wall sign, $3,000. Night Lite Pediatrics Urgent Care, 11140 Beach Blvd., contractor is Interstate Sign & Lighting Corp., wall sign, $2,180. TIAA Bank, 104 New Berlin Road, contractor is Brown Enterprises USA, wall sign, $2,000. UTILITIES AT&T, 901 Bulls Bay Highway, contractor is Ericsson Inc, cell tower upgrade, $65,000. T-Mobile, 901 Bulls Bay Highway, contractor is L&K Electric Inc., cell tower upgrade, $65,000. Compiled by Scott Sailer
Jacksonville Daily Record/Jacksonville Record & Observer
Thursday, June 7, 2018 • Page 13
Building and roofing work surges in Duval
Building and roofing permits +14.17%
+4.52% $5,728,604
+19.61% 34,787
+13.74%
$6,837,074
29,083
$5,988,017
25,568
BY SCOTT SAILER • EDITORIAL RESEARCH DIRECTOR
The number of building and roofing permits is increasing in Duval County. The number of permits issued in the 12 months of AprilMarch 2017-18 is up 36.05 percent over the 2015-16 period.
2015-16
Building and roofing permit fees April
May
June
July
August
Sept.
Oct.
2016-17
Nov.
2015-16
2017-18
Dec.
Jan.
Feb.
2015-16 $540,485 $548,601 $669,941
$498,693 $480,656 $477,764 $428,507 $39,3112 $370,848 $387427 $467,341
2016-17 $401,006 $415,729 $428,667
$461,744
$541,122
2016-17
March
$465,229 $5,728,604
$468242 $432,919 $459,240 $524,794 $637751 $609,218 $607,585
2017-18 $446,390 $607,330 $650,684 $539,658 $536,254 $410,888 $617,814
Total
2017-18
% Change —
$5,988,017
4.52%
$577,255 $575,336 $529,931 $690,102 $655,432
$6,837,074
14.17%
Building and roofing permits April
May
June
July
August
Sept.
Oct.
Nov.
Dec.
Jan.
Feb
March
Total
% Change
2015-16 2,270
2,101
2,534
2,141
1,937
2,100
2,247
1,967
1,861
1,878
2,146
2,386
25,568
—
2016-17 2,188
2,308
2,396
2,096
2,178
1,976
2,093
2,585
2,553
2,790
2,570
3,350
29,083
13.74%
2017-18 2,690
2,821
2,853
2,539
2,782
1,975
3,031
3,205
2,904
3,263
3,155
3,569
34,787
19.61%
Source: City of Jacksonville Building Inspection Division
LET A BOARD CERTIFIED CIVIL TRIAL LAWYER
MEDIATE YOUR NEXT CASE Personal Injury
Construction
Probate
Collections
Foreclosure
Insurance
Commercial
Online Scheduling Calendar
Civil Trial
Other
jacksonvillemediator.com
904.391.0091
MISSING • $10,000 REWARD If you have any information, please call Jacksonville Sheriff ’s Office 904-630-0500 or Crime Stoppers 1-866-845-TIPS. MARK ANTHONY DEGNER
Photo age progressed to 22 yrs
DOB: 7/13/92 Hair: Dark Blonde Eyes: Hazel
Last seen Feb. 10, 2005 at Paxon Middle School on westside of Jacksonville, FL
BRIAN ANDREW HAYES
Photo age progressed to 18 yrs
DOB: 12/18/91 Hair: Red Eyes: Green
THE DATA PAGE
Building and roofing permit fees
YOUR SHOULD KNOW
Page 14 • Thursday, June 7, 2018
Jacksonville Daily Record/Jacksonville Record & Observer
MEGHA PAREKH BY KAREN BRUNE MATHIS • EDITOR
Megha Parekh’s first job at a New York law firm included working on Shad Khan’s attempt to buy the St. Louis Rams and his acquisition of the Jacksonville Jaguars. Now a five-year veteran of the Jaguars, Parekh is senior vice president and chief legal officer. Her job includes negotiating with The Cordish Companies and its plans to help develop Lot J next to TIAA Bank Field. She recently shared her story with the CREW Jacksonville group. I’d grown up loving baseball and football mostly, but all sports because it was a great way for my older brother and me, children of immigrants, to relate to the people around us. When it came time to pick a law firm, I picked a firm with a sports group.
at it but playing it. I bought a travel guitar and I brought my guitar with me to the owners’ meeting in Orlando. I was sitting outside and, naturally too timid to talk to any of the billionaires that were sitting there, playing guitar. I had owners of other teams coming over and requesting songs and I ended up making connections with people that I probably ought to have the confidence to speak to in those settings.
It was the recession. I worked on absolutely everything. I was so fearful of losing my job and I wanted to work very hard. About 18 months in was when the sports deals started coming out and I really wanted to take advantage of those.
One of the great things about working with Shad is that his vision is for Jacksonville to stop thinking of itself as a second- or third-tier market and, appropriately and prudently but really with vision, develop itself as being more of a premier destination. Special to the Daily Record
In January of 2013 in New York, 4 o’clock, I was sitting in my office. It was getting dark. I had just interviewed for and didn’t get the job with the Cleveland Browns. I got a text message from a former client who was now working at the Jaguars and he said, would you be interested in coming to Jacksonville? And I thought, well, I don’t know exactly where it is. Let’s go and see what this is opportunity is like. The more challenging predominantly male environment is a New York City law firm. I was just 27 when I started here. I find that working with Shad (Khan) and Mark (Lamping) and Tom (Coughlin) and Doug (Marrone) and Dave (Caldwell), they’re wonderful to me. I work with more women in different levels of the organization now than I did when I was in New York. Thanks to the power of social media, women finally are finding their voices and speaking up. We’re talking about holistic notions of changing the way that people think about gender and what that means in the workplace. What really helps is having men in positions of power as an ally. I’ve been playing guitar since I was 12 years old. I’m terrible
We’re trying to focus on bringing huge marquee events into the stadium that will help elevate the profile of Downtown and Jacksonville as a market. Daily’s Place opened last Memorial Day (in 2017). There is tremendous opportunity to develop around it. One of the things that we think will really help Downtown is to give it a more dense, walkable district. We will be looking at hotels, which I think Jacksonville absolutely needs if you’re going to attract a large event, offices, residential, park space and walkable space all around it so this becomes a place where people want to live, work and play – and it helps attract jobs as a result.
ABOUT PAREKH Title: Senior vice president and chief legal officer Organization: Jacksonville Jaguars and Bold Events Age: 33 Education: A.B., Social Studies, Harvard University; J.D., Harvard Law School Family: Parents Hermant and Mina Parekh; brother and sister-in-law Mitesh and Lauren Parekh; I’m the fun aunt to three kids — Logan, 5, Sara 3, and Dylan, 1 Hometown: Manalapan, New Jersey Hobbies: Playing guitar, and anything on the beach
We’d like to make sure there’s something in place by the end of the year. Shad wants to move as quickly as possible, but we’re also trying to be thoughtful about the job. KMATHIS@JAXDAILYRECORD.COM @MATHISKB (904) 356-2466
Your Life. Your Home.
Introducing FREEDOM HOMES Your Lifestyle Destination
Gated Communities • Low Maintenance Great Amenities • Lifestyle Director
New
55+
Communities!
ARBOR MILL
at OakLeaf Plantation From The Low $200’s*
OakLeaf Plantation Pkwy, north of Plantation Oaks Blvd in Duval County (904) 300-3003
AZALEA RIDGE
Model Homes Open Daily!
From The Low $200’s*
Blanding Blvd just south of Branan Field Rd in Clay County (904) 214-3726
SAN SALITO From The Mid $200’s*
Woodlawn Rd just north of SR-16 in St. Augustine (904) 814-8287
3 communities featuring active-adult living from . D R.Horton at an attractive value. Call or visit us today! *Home and community information, including pricing, included features, terms, availability and amenities, are subject to change and prior sale at any time without notice or obligation. Pictures, photographs, floor plans, elevations, features, colors and sizes are approximate for illustration purposes only and will vary from the homes as built. **Total commission paid is subject to limitations, if any, on total broker compensation imposed by homebuyer’s lender. Real estate agent must be present on first visit. Total commission earned and paid at closing. See a sales representative for a complete listing of qualifying homes. CBC058997 ©2018 Express Homes, Inc. All rights reserved. JUN 2018
www.drhorton.com/nfl
Jacksonville Daily Record/Jacksonville Record & Observer
Daily Record Record & Observer Daily Record Record Observer Daily&Record JACKSONVILLE
JACKSONVILLE
JACKSONVILLE
JACKSONVILLE
JACKSONVILLE
Daily&Record Record Observer JACKSONVILLE
JACKSONVILLE
JACKSONVILLE
Record & Observer
Thursday, June 7, 2018 • Page 15
Page 16 • Thursday, June 7, 2018
Jacksonville Daily Record/Jacksonville Record & Observer
BE THE FIRST TO KNOW: BASCH REPORT Columnist Mark Basch tracks the growth and changes at the region’s public companies.
CAWTON REPORT Staff Writer David Cawton uncovers how government impacts business.
Introducing
MATHIS REPORT Editor Karen Brune Mathis is always first to report new projects changing Jacksonville’s economy and landscape.
A FREE WEEKLY BUSINESS NEWSPAPER
THE DATA PAGE Research Director Scott Sailer shows in snapshot graphs the economic data business leaders need to know.
YOU SHOULD KNOW Profiles of business leaders making a difference at work and in the community.
TOP 10 REAL ESTATE SALES The biggest real estate transactions over the past week in Duval County.
Every Thursday, you’ll find an all-new edition — new name, new look and expanded news, trends and analysis for your business to thrive in NE Florida. The Jacksonville Record & Observer will be distributed in Downtown Jacksonville and in key businesses throughout Jacksonville.
BUSINESS CALENDAR Key upcoming events you won’t want to miss.
PEOPLE ON THE MOVE Top-level promotions and new hires at the region’s companies.
NEW NAME. DESIGN NEW DESIGN.
More news you need to know.
ACCURATE. RELIABLE. FAST. ACCURATE Since 1912, the Financial News & Daily Record has delivered the news and information business leaders rely on in Jacksonville’s fast-changing economy.
LIMITED TIME OFFER
SAVE 50%
Now, with a new, easy-to-read design, the Jacksonville Daily Record will continue to deliver five days a week breaking business news, public notices and valuable court records.
OFF
ON DELIVERY!
877 - 231 - 8834 or jaxdailyrecord.com/secureorder Promo code: R806JCC
//
//