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November 7-13, 2019
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JACKSONVILLE
Record & Observer FINANCIAL TECHNOLOGY
Qualifications set for bidders on The Ford on Bay site
BUILDING THE FUTURE Record & Observer OF BANKING JACKSONVILLE
BY MIKE MENDENHALL STAFF WRITER
JACKSONVILLE
Record & Observer JACKSONVILLE
D ow n tow n I n ve s t m e n t Authority officials and real estate firm CBRE Jacksonville issued qualifications Monday for developers who want to bid on The Ford on Bay, three parcels comprising the cleared Duval County Courthouse and City Hall sites and submerged riverfront land. n Firms with an active judgment lien of more than $10 million will not be considered. n Bids from companies with unpaid taxes in excess of $1 million will be disqualified. n Developers bidding on one land parcel must have completed a $50 million, 300,000-squarefoot project. n Those bidding on one land parcel and the water parcel must have developed a $60 million, 300,000-square-foot project. n Those bidding on both land parcels must have completed a $100 million, 600,000-squarefoot development. n Developers interested in the entire site must have completed a single $120 million, at least 650,000-square-foot project. The benchmarks come six months after a deal fell through on the unfinished Berkman II. Barrington Development sought $36 million in city incentives for the project. Property owner 500 East Bay LLC failed to pay $58,600 in 2018 property taxes on time, according to county tax records. The Florida Times-Union reported investors faced $11 million in judgments and had ties to a Louisiana condominium that owed more than $200,000 in delinquent property taxes and $79,000 in unpaid debts to contractors.
Record & Observer Special to the Daily Record
Finxact CEO Frank Sanchez co-founded the company with his brother, Michael. Finxact, which has about 65 employees, has offices on the 25th floor of Riverplace Tower on the Downtown Southbank and in Philadelphia.
Founded two years ago with $42 million in startup capital, Finxact is working on products to provide technology solutions and innovation to smaller regional and community banks.
BY MARK BASCH CONTRIBUTING WRITER
I
f you’re visiting the 25th-floor office of financial technology firm Finxact in Riverplace Tower, you might find yourself sitting at a unique conference table. The glass-topped table was built upon the base of a 747 jet turbofan, which CEO Frank Sanchez found on eBay. The table fits into a midcentury-modern design reminiscent of the old TWA lounge at JFK airport, Sanchez said. “I wanted to create an optimistic engineeringbased style here,” he said. “It has to be nice enough that when bankers come in, they don’t get scared and run away, but not opulent in any way.” Sanchez hopes the table symbolizes his company’s capabilities. “It all comes down to the product and solid
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engineering,” he said. Sanchez, 62, co-founded Jacksonville-based Finxact with his brother, Michael, two years ago to provide technology for smaller regional and community banks that are not getting the solutions they need from larger companies. The brothers have four decades of experience in banking technology since starting a company in Philadelphia in 1979 called Sanchez Computer Associates. That company, which became public in 1996, was sold to Jacksonville-based Fidelity National Financial Inc. in 2004 and became part of the title insurance company’s financial technology business. The subsidiary, Fidelity National Information Services, or FIS, was spun off from Fidelity National Financial as a separate company in 2006. SEE FINXACT, PAGE 10
MMENDENHALL@ JAXDAILYRECORD.COM (904) 356-2466
THE BASCH REPORT
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