Daily Record Financial News &
THURSDAY, SEPTEMBER 8, 2016
Vol. 103, No. 214 • oNe SectioN
35¢ www.jaxdailyrecord.com
Clements to retire from EverBank CEO will step down once TIAA acquires Jacksonville bank
By Mark Basch Contributing Writer EverBank Financial Corp. said Wednesday that Chairman and CEO Robert Clements will retire once financial services company TIAA completes its acquisition of the Jacksonville-based banking company. TIAA announced its $2.5 billion agreement to buy EverBank last month.
Clements
Forge to finish Palazzo condos
The companies plan to merge TIAA’s banking subsidiary into EverBank, with the headquarters of the combined bank remaining in Jacksonville. EverBank President Blake Wilson will become president and CEO of the merged bank, the two companies said Wednesday. He has been with EverBank for 15 years. Kathie Andrade will become chairman of the bank while con-
tinuing her role as CEO of TIAA’s retail financial services division. Clements joined Everbank in 1994 and has served as chairman and CEO since 1997. He will continue to serve on the bank’s board of directors after his retirement. The two companies hope to complete the merger in the first half of 2017. The companies have not chosen a name for the merged bank
and have not said if the merger will impact EverBank’s naming rights deal with the Jacksonville Jaguars for the city’s football stadium, EverBank Field. EverBank currently employs 1,624 people in Jacksonville and 1,339 in other locations. Clements’ retirement is the first personnel change announced since the merger agreement. mbasch@baileypub.com
Forge Capital Partners wants to complete the partially constructed second phase of The Palazzo on St. Johns, which would finish a condominium project that languished for years before its 2013 acquisition and rejuvenation. Prospect Cove Development LLC, whose managing member is Forge Capital Partners, applied to the city to complete the third and fourth buildings of the project at 3958 Baymeadows Road. Those plans show a $6 million second phase. No construction timeline has been set. Peter Collins, co-founder and managing principal of Tampa-based Forge Capital Partners, said Wednesday more details will be announced as permits are approved. The entire project will be 66 units. It is designed as a luxury waterfront community on Goodbys Creek near Baymeadows Road and San Jose Boulevard. The condos are two- and three-bedroom units from 1,900 to 2,500 square feet and are priced to start in the low to mid-$400,000s. The first phase comprises 38 units among two buildings. Forge Capital Partners said 26 of the units are sold. The second phase comprises 28 units. Pricing, design, architectural style and the three available floorplans are the same as the first phase. Building 4 will be 16 units. The groundfloor garage will be topped by four residential floors. Units have been released for sale. Building 3 will be 12 units. The ground floor will be the resident garage and the top three floors will house the residences. It also will include the fitness center and community room. Units in that building have not been released for sale. Prospect Cove Development will complete the partially constructed buildings with the original design and configuration. The Condo Group, based in Jacksonville, is the sales and marketing broker for The Palazzo. The architect is Wakefield Beasley & PALAZZO
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File photos by Bobby King
By Karen Brune Mathis Managing Editor
Jacksonville Suns owner Ken Babby reads “A Day on Safari” to the fans during the July 3 home game. It was an unexpected moment for the first-year owner, but one of his better memories.
Busy first season for Babby Community outreach big focus for Suns new owner
By David Chapman Staff Writer
Babby signs autographs for fans at the Baseball Ground of Jacksonville.
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A microphone in one hand, a copy of “A Day on Safari” in the other, Ken Babby straddled the wall near the home team’s dugout. From there on that particular sunny July afternoon, the Jacksonville Suns owner started reading to a crowd that quickly surpassed 10,000. Normally, Suns players are the ones who do the honor of Sunday readings as part of family day promotions. They huddle up with kids on the grassy field while other children run the bases or play a game of catch with their family. On this day, though, the players were going through extended
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stretching exercises. They weren’t an option. Babby just happened to be on the field when Andrea Williams, the Suns community relations director, asked the owner for an assist. It was Babby’s turn in the big time after years of one-on-one reading to his young son, Josh. “Sometimes the best moments aren’t always planned,” Babby said Wednesday afternoon as he was on his way to Altoona, Pa. That’s where Babby’s other minor league team, the Akron RubberDucks of the Eastern League, began playoff baseball. The Suns didn’t make the playoffs in the Southern League, but Babby’s first year owning the Suns was a success in many ways. BABBY CONTINUED ON PAGE A-3
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