J U LY 27 - AU G U S T 2 , 2018 | TH R E E D O LL A R S
FLOR IDA’S NE WSPAPER FOR T HE C - SUI T E
Real estate | Hospitality entrepreneurs squeeze coffee shop into tiny spot. PG.10 PASCO • H ILL SBOROUG H • PIN ELL AS • P OLK • M A N ATEE • SA R ASOTA • C H A R LOT TE • LEE • COLLIER
Glory
DAYS
A financial collapse nearly crushed one of Florida’s most famous restaurant companies. Its recipe to survive begins with courage. PAGE 12
Richard Gonzmart | PRESIDENT, COLUMBIA RESTAURANT GROUP ECONOMY
COMMERCIAL REAL ESTATE
COMMERCIAL REAL ESTATE
Room for More
Motown Calls
Up and Up
COMMERCIAL REAL ESTATE
HEALTH CARE
LEADERSHIP
This Big
Combo Care
Trust Doesn’t Rust
Florida, in making the Top 10 of a best-state-for-business list, a lso discovers some weaknesses. PAGE 6
Behind a fishing metaphor, James Ramos has quickly built a successful Tampa development firm. PAGE 7
T he ca ncer t reat ment t rend to collaborate on services and treatment is growing in the region. PAGE 14
Major industry players, with cash and access to more capital, keep the multifamily cycle running high. PAGE 16
A toxic corporate culture can ruin a business. One way out of the mess: over-communicate. PAGE 18
Naples firm doubles land holdings in Estero project for $4.2 million. 16 Retail expert buys Plant City shopping plaza for $29 million. 16 Sarasota complex trades hands for $54 million. 17
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6 Coffee company jumps for Joe with big retail victory. industry insights SOCIAL MEDIA DRIVES FOOT TRAFFIC 281537
DON’T MISS
Already one of the largest builders in the region, DeAngelis Diamond motors up to Detroit for expansion. PAGE 8
REAL ESTATE
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BUSINESS OBSERVER | JULY 27 – AUGUST 2, 2018
BusinessObserverFL.com
Vol. XXII, No. 26
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SOCIAL MEDIA DRIVES FOOT TRAFFIC
Founded in 1997, the Business Observer is Southwest and Central Florida’s newspaper for business leaders. With offices in Hillsborough, Pinellas, Polk, Pasco, Manatee, Sarasota, Charlotte, Lee and Collier counties, the Business Observer is the only weekly business newspaper that provides business leaders with a regional perspective. The Business Observer’s mission is to deliver relevant news and information on Southwest and Central Florida’s leading and growing companies, up-and-coming entrepreneurs and economic, industry and government trends affecting business. The Business Observer is also the leading publisher of public notices on the Gulf Coast of Florida.
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HOW TO REACH US Hillsborough County
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Recently, I spent a couple days at a conference in Miami. After hours, a group of us were looking for restaurants and trendy hangout spots. None of us were local, though, and we did not know where to start our search. Google is okay, and Yelp can be helpful but often misleading. We turned to social media. The traditional “Word of Mouth” is beginning to turn into that often hated “food pic”, which your friend posted on social media. Ultimately, we rifled through the social media accounts of some popular Miami based eateries: examined the number of followers, viewed photos posted by friends, and cross examined them with a few photos posted by the restaurant’s main account. VOILA, we chose the most promising looking restaurant. The process took the duration of a 15-minute Uber ride and it ended up being great. We were very pleased. This experience provides a few key takeaways for retailers, developers and business owners. For retailers, it is important to utilize social media, post frequently, and view the opportunity similarly to additional store frontage. Boutique retailers should post their fresh merchandise. Restaurants should post their seasonal specials. And, service tenants, like hair and nail salons, should post unique offerings, specials and differentiation points. It might seem minimal at first, but it will cause your product or offer-
PO Box 3169 Sarasota, FL 34230 1970 Main St., Suite 400, Sarasota, FL 34236 Phone: 941-362-4848 Phone: 941-906-9386 (Legal Notices) Fax: 941-954-8530
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ing to be top of mind for your current customer. Also, the fresh content will be helpful in attracting new customers searching the market. The best part is it’s free or relatively cheap in the grand scheme of marketing expenses. At this point, there is very little correlating data on social media driving foot traffic, but it is due to the difficulties of tracking the correlation. Colleagues and business professionals agree that social media is a key traffic driver for millennials and generation Z demographics, and it will continue to grow as the user base of Facebook, Instagram and Snapchat grow. FourSquare performed a recent study focused on which tenants boost mall traffic. One example of increased foot traffic was at Tysons Corner Center in Washington, D.C., which experienced roughly a 20% boost in foot traffic year-over-year. The traffic increases correlated with a renovation project that included openings of a Jinsei Organic Juice, a Kung Fu Tea and a Sweetgreen restaurant. The combined food establishments have nearly 190,000 Instagram followers, which caused the center to become more relevant to younger demographics and appear more frequently in their social media feeds. As a developer and leasing professional, it is important to take advantage of current trends to increase foot traffic and sales volume.
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“The road is cleared,” said Galt. “We are going back to the world.” He raised his hand and over the desolate earth he traced in space the sign of the dollar. Ayn Rand, Atlas Shrugged 254956
Business Observer's Industry Insights allows brands and businesses to connect directly with the Business Observer's readership--and participate in the conversation—by creating engaging content on the Business Observer's digital publishing platform. To learn more email us directly at industryinsights@businessobserverfl.com.
JULY 27 – AUGUST 2, 2018 | BUSINESS OBSERVER
CoffeeTalk Live and learn Always learn. That’s a key aspect of the culture at Sarasota-based S-One Holdings Corp., according to Michael Clementi, the company’s director of learning and development. S-One, with about 140 employees and $138 million in sales in 2017, is a leader in the inkjet printing sector, overseeing multiple brands and products. And S-One, of late, has done even more with its continuing education program for employees, known as S1U. Employees now have access to more than 3,000 courses through the online platform Udemy. The company pays for licenses for employees as a way to encourage constant learning. S-One also hosts in-person classes at its Sarasota office. The classes are available to workers in its Barcelona office, too, through video streaming. Clementi tells Coffee Talk the classes tackle a wide range of topics. That includes sales, time management, marketing, social media, foreign languages and cooking. “We’re already seeing better sales or blogs out of it,” he says. “We’re getting a lot of positive
feedback from employees.” So far, 115 people are using the program. Since it started in April, S-One employees have completed 162 courses totaling 26,761 minutes of video watched. There’s even a leader board to track the top learners, so they can be rewarded with half-days of work spent with company leaders. To promote more learning, S-One also introduced a Drop Everything And Learn — or DEAL — hour for employees. It gives employees the chance to take an hour out of their workday to dedicate to learning. DEAL started as a once-a-month program, but because of demand, Clementi says it’s increased to every two weeks. S-One created its continuing education program in part as a way to help employees chart their own path within the company. “We want to create a culture of learning here,” Clementi says. “We always have pictured ourselves as the Google of Sarasota. We want to make things fun for people. We’ve always put our people first, and this is one of those things that makes people happy.”
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ON NOT GETTING AROUND The Beach Boys’ “I Get Around” could be the anti-theme song of commuters in the Tampa Bay region, whose patchy, inadequate public transit and clogged highways and interstates make getting to and from work the subject that everyone loves to hate — and talk about, ad nauseum. There are signs that talk is beginning to turn into action, however. Last week’s Tampa Bay Transit Forum SHEVLIN at the Tampa Airport Marriott gathered some of the region’s top business leaders, elected officials and transit authorities to discuss plans that aim to solve some of the area’s most pressing transportation woes. Vology CEO Barry Shevlin was part of a panel discussion that focused on how public transit, or lack thereof, affects disabled people as well as young workers, who increasingly opt for quality of life over career when choosing where they want to live. Shevlin tells Coffee Talk that lack
of cohesion on transportation hurts his company’s ability to recruit and retain workers. “It’s pretty clear to me that the entire region needs to be working together to try to solve some of these problems,” he says. Vology, based near St. Pete-Clearwater International Airport, had $151 million in 2017 sales and employs more than 300, but Shevlin says less than half — 40%, by his estimation — live in Pinellas County. He says 45% “live in Hillsborough, and maybe 15% live in the other counties, so when a decision is being made in Hillsborough, it affects me just as much as a decision being made in Pinellas.” Shevlin expresses cautious optimism a proposed 41-mile bus rapid transit system that connects downtown St. Petersburg to Wesley Chapel could be the “catalyst” project that spurs development of a true regional approach to transit. “I’ve heard alignment around support for that,” he says. “People today choose where they’re going to live first, and then they find a job based on that, so the more options we have to get people to where our headquarters are, the better off we’ll be.”
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Among all 87 employees, the average length of service is 5.5 years. Thirty-four employees have been with the bank five or more years; 20 for 10 or more years; and eight since the bank was founded in 2003. “People are our biggest investment,” says Sanibel Captiva President and CEO Craig Albert in the release. “I can’t emphasize enough how important our people are to our success. They are a big reason why we’ve experienced such tremendous growth over the past 15 years, and we took advantage of an opportunity to reward them accordingly.” Sanibel Captiva Community Bank has two locations on Sanibel Island and five in Fort Myers, with $415 million in total assets. It is nationally ranked in the Top 20 as a best-performing community bank by S&P Global Market Intelligence from among 4,500 banks with assets under $1 billion.
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Whether the 2018 Trump tax reform resulted in a handful of crumbs or a full meal is subject to debate that continues to rage on both ends of the political spectrum. But for more than 80 Southwest Florida employees, the stimulation has resulted in something they can take to the bank. And they won’t have to go far to do it. Although a few months later than other companies gave employee bonuses attributed directly to the tax reform bill, Sanibel Captiva Community Bank recently announced employee bonuses, or the dollar equivalent in paid time off. The bonus was extended to all rankand-file employees, but not to the executive management team, according to a statement. Citing savings realized under the new tax law, the bank’s board of directors awarded employees with the bank prior to Jan. 1 a $1,000 bonus. Those hired after Jan. 1 received bonuses ranging from $250 to $750 on a sliding scale.
4 topstories from BusinessObserverFL.com
BUSINESS OBSERVER | JULY 27 – AUGUST 2, 2018
BusinessObserverFL.com
TAMPA BAY
Bank doubles profits in quarter First Citrus Bancorporation Inc., parent bank holding company for First Citrus Bank, released its financial results for the second quarter, with earnings of $1,089,000, or 56 cents per share. Also, the Tampa-based bank’s net earnings increased by 100% over the same period in 2017, according to a press release. “With profits doubling quarter-over-quarter and demand deposit growth strong, our bankers are doing a terrific job capitalizing on market conditions,” states John Barrett, the bank’s president and CEO, in the release.
Safety firm lures startup gurus
quote of theweek You can’t sit back and wait for the phone to ring.
SARASOTA-MANATEE
Group acquires packaging business
James Ramos | Ramos Cos., Tampa SEE PAGE 7
Former Tribridge leaders Tony DiBenedetto and Jeff Lynn recently joined the leadership team of Global Safety Management, a Tampa company that has developed software designed to reduce injuries in the chemical manufacturing industry and ease the burden of regulatory compliance.
what do you think?
DiBenedetto, who grew Tribridge into a $175 million tech company with more than 750 employees before selling it in 2017, will be a member of the GSM board of directors. Lynn will become COO, the release states. DiBenedetto was the founder and CEO of Tribridge, while Lynn was president.
Intertape Polymer Group Inc. announced it will acquire Polyair Inter Pack Inc. for approximately $146 million. Polyair is a private company in protective packaging with seven manufacturing facilities and a distribution center in North America, according to a statement. Products include bubble cushioning, foam, mailers and air pillow systems. Intertape, with dual headquarters in Sarasota and Montreal, says in the statement that the acquisition will strengthen the firm’s product bundle and “bring immediate and additional scale of protective packaging solutions.” Polyair has about 600 employees. Intertape has about
2,850 employees and operations in 20 locations.
Entrepreneurs unveil new concept Bradenton area restaurateurs Hugh Miller and Greg Campbell announced plans to open a new restaurant concept in Lakewood Ranch called Grove. According to a press release, the duo finalized a long-term lease agreement with LWR Main Street LLC for 10670 Boardwalk Loop, where Polo Grill and Bar was previously located, on Main Street in Lakewood Ranch. The restaurant is expected to open in late fall. CHARLOTTE-LEE-COLLIER
Builder names senior superintendent Gates Construction named Steve Davis a senior superintendent. With more than 30 years of construction experience in an array of development types, Davis is responsible for daily onsite supervision of Gates’ projects, including quality control, safety, security and transition planning, accord-
Will Trump’s criticism of the Fed be good or bad for the economy? Vote at BusinessObserverFL.com
ing to a statement. With experience in highsecurity, government and federal projects, Davis’ background includes multifamily, hospitality, health care construction and more. He will be based at the company’s headquarters in Bonita Springs, the release adds.
Firm finds president from within Luxury homebuilder BCB Homes promoted Greg Brisson to president, assuming the position from President and founder Joe Smallwood, who will continue as CEO. “Greg’s commitment, leadership and experience are an asset to the organization,” says Smallwood in a press release. “He is an integral part of our growth strategy and plays a key role in helping position the company for future success.” A 24-plus year industry veteran, Brisson joined Naplesbased BCB Homes in 2006 as a project manager. He was previously vice president of the renovations division of the company.
Last week’s question:
Should taxpayers help fund the Tampa Bay Rays’ proposed $892 million stadium?
11% Yes 89% No
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JULY 27 – AUGUST 2, 2018 | BUSINESS OBSERVER
CoffeeTalk
Focus On Business Growth With A Growing Bank
FROM PAGE 3
Sell the sizzle No matter how they slice it, many industries and businesses are cooking up ways to attract young workers not bound for traditional secondary education. Take Bonita Bay Club in Bonita Springs. It’s got a proven recipe for cultivating the next generation of chefs, with its Culinary Boot Camp. Now in its third year, Estero High School culinary program students are guided by Chef Richard Brumm, the club’s director of culinary operations. Students Freddy Figueroa, Amy Hallifax, Kaitlyn Jacobson and Angel Jimenez were selected to participate in the intensive experience designed to capture the flavor of the life of a professional chef. During four six-hour days, Brumm and his team of sous chefs introduced the students to practical kitchen management skills such as ordering, receiving and sanitation before progressing through sauce work, vegetable fabrication, garde manger and platter creation. Students also learned the basics of seafood, poultry and beef preparation. “They can see firsthand what working in the field is like and learn what to expect in terms of career progression,” says Brumm in a release about the program. The program benefits Bonita Bay Club as a means to identify and develop new entry-level talent. Three students who participated in the camp’s inaugural year were offered full-time positions, for example, and have been part of the club’s culinary team for two
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BusinessObserverFL.com
Students work in the Bonita Bay Club kitchen under the direction of Chef RICHARD BRUMM. years. Culinary Boot Camp culminated with the club’s traditional Friday night buffet. After helping prepare a Creolethemed dinner for club members, the students received a certificate of completion and a professional chef’s knife to start their personal collection. Brumm offers continuing guidance to students following their boot camp experience. This year, he helped coordinate an internship with a certified master chef for a boot camp graduate currently enrolled at Keiser University Center for Culinary Arts in Sarasota. “It’s amazing to see young students discover their passion for the profession,” says Brumm. “We’re so happy to be able to help cultivate that talent at Bonita Bay Club.”
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BUSINESS OBSERVER | JULY 27 – AUGUST 2, 2018
BusinessObserverFL.com
CoffeeTalk
datasnapshot
FROM PAGE 5
0
Bean streak FLORIDA’S RANKING
10
25
A
A
B+
Access to Capital, 4
ATechnology Infrastructure, 8 Economy, 9 & Innovation, 7
B-
Workforce, 27
Overall
B-
Business Friendliness, 16
C-
C
Quality of Life, 23
Cost of Living, 26
C+
Cost of Doing Business, 31
40
D+
Education, 36
50 SOURCE: CNBC
Florida cool Kahwa Coffee is on a roll. In March, the St. Petersburg-based roaster opened its first café in Miami, and then this month it made frontpage, above-the-fold news when it announced a major new deal with Publix that will see Kahwa’s java, both freshly poured and packaged, featured in cafes at 130 Publix stores around the Southeast, starting in Winter Park and Bradenton. That follows on the heels of a highly successful 2017 — a year in which Kahwa opened three new locations and partnered with marquee brand names like the Tampa Bay Rays and MercedesBenz of Tampa. The company, to wash that down, had $8.5 million in sales last year, up 21.4% from $7 million in 2016. Since founding Kahwa in 2006, the husband-and-wife team of Raphael and Sarah Perrier has grown the company to include 15 cafes while also develop-
ing an 800-strong hospitality client network for the brand. The partnership with Publix delivers a double-shot jolt of espresso to that network. “We are absolutely over the moon that Publix is working with a local Florida roaster,” Raphael Perrier states in a press release. In the past, the Perriers have made no secret of their desire to challenge Starbucks for global coffee supremacy. Of course, the idea that an upstart coffee roaster from the sunny Southeast could present a credible alternative to the behemoth of the Pacific northwest — and everywhere else — seems, at the minimum, a lot of extra foam. But maybe, with Kahwa’s recent string of big business wins and the recent hits at Starbucks, the Perriers are on to something. After all, once upon a time Starbucks was — just like Kahwa — a local coffee shop with just a single location.
For the No. 10 best state to do business in nationwide, Florida sure has some work to do. The Sunshine State earned that score in a recent 10-category survey compiled by CNBC Global, the CFO Council and the Young Presidents Organization. While Florida earned “A”s in access to capital (a surprise in mostly venture capital-starved Florida) and technology and innovation, it also got a “D+” in education and a “C-” in quality of life. Then there was the “C+” in cost of doing business: Florida’s national rank there, No. 31, was two spots lower than even Illinois, which normally embraces taxes and regulations like a snow plow in February. The survey, in total, scores all 50 states on 64 metrics across 10 categories of competitiveness, according to the CNBC report. The report assigns a weight to each of
the 10 categories by analyzing every state’s economic development marketing materials. The more a state cites a particular category as a selling point, the more weight it carries in the report. So workforce and infrastructure, for example, are worth significantly more in the report in most states than, say, access to capital and business friendliness. In addition to education, quality of life and cost of doing business, Florida was also subpar in cost of living, with a “C”. On the flip side, its “A” grade in technology and innovation includes a jump from No. 28 last year to No. 7 in 2018. No surprise, Texas, the standardbearer for most national best-of business-related surveys, scored the No. 1 spot on the CNCB report. Georgia and North Carolina, business-friendly states that Florida often competes with for corporate relocations, also made the Top 10, at No. 7 and No. 9, respectively.
Count on Quality Count on EHC EHC delivers the highest quality site solutions in the business. Founded by native Southwest Floridians over 25 years ago, EHC began with a single project. In the time since, we’ve handled hundreds of projects worth hundreds of millions of dollars for a variety of clients in multiple industries including municipalities, developers, builders, owners and general contractors.
Helping You Commute After completing 33 miles of I-75 widening, EHC started three critical widening projects in Southwest Florida. EHC has begun widening the final 12 miles of two-lane SR 80 in Hendry County, creating a completely new four-lane highway. Also in Hendry County, EHC is expanding the new Helms Road connecting SR 29 and SR 80 for 2.67 miles from two to four lanes. In Lee County, EHC is widening 4.5 miles of SR 82 between Colonial Blvd. and the Daniels/Gunnery Road intersection, transforming it from two lanes into six auto lanes, with bike and pedestrian paths. Our roadwork and earthwork crews have the ability to handle it.
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JULY 27 – AUGUST 2, 2018 | BUSINESS OBSERVER
infocus | commercial real estate |
BusinessObserverFL.com
BY BRIAN HARTZ | TAMPA BAY EDITOR
MARK WEMPLE
In less than a decade, JAMES RAMOS has created a multifaceted property development company, as well as a portfolio of boutique investment funds that provide financial backing for his projects.
Fisher King
James Ramos brings a forward-thinking approach to property development, from a custom home to a real estate office posing as a coffee bar.
W
ith his background in corporate America, playing catcher for the University of Florida baseball team, a podcast and a side gig as a motivational speaker, James Ramos has the type of resume that could launch a political career. Instead, the 48-year-old, of late, has focused on cultivating a successful second act in property development and investment. The third-generation Tampa resident hails from a family of entrepreneurs, and even though he found success at multinational giants like General Mills and PepsiCo, building a business was always his endgame. Now, behind a trio of multimillion-dollar investment funds providing resources for ambitious commercial and residential projects in South Tampa, Ramos is well positioned to weather whatever highs and lows might come. He’s getting
You can’t sit back and wait for the phone to ring. James Ramos | CEO, Ramos Cos.
there by combining an alwayshustling style with an ability to find opportunities and revenue streams in nearly every nook and cranny. The entities are all under Ramos Cos. “You can’t sit back and wait for the phone to ring,” he says. Thanks to his multifaceted business, Ramos rarely waits for anyone. Ramos Development is the acquisition arm, buying six sites in June alone, while Ramos Design Build is the construction company. RE/MAX Bay to Bay, which Ramos founded in 2011 after his exit from corporate America, markets the developed properties. “I look at it as a fishing boat — having a bunch of lines in the water,” Ramos says. “We grab a lot of opportunity, whether it’s newly on the market or just coming on the market through our network. But it’s one thing to buy a parcel. It’s quite another to have the ability to put together the right package, the right design and actually put a price on it and a date for when it can be completed.” The SS Ramos is catching a lot of fish. Revenues, for example, are up 152% since 2015, from $4.69 million to $11.81 million last year. Ramos also now has 30 full-time employees to complement the 130-plus real estate agents and other contractors affiliated with his companies. Ramos has been particularly
aggressive in South Tampa because of the area’s high-rated schools but low inventory of premium home sites. Ramos Investment Growth Fund I and II have backed $5 million and $15 million, respectively, worth of projects in the area. Most of the funds comes from Ramos, including profits from the business he re-invests. He also has a few local investors. Ramos’ core commercial real estate model is to assemble build-ready parcels of land — his current inventory includes a five-acre parcel in Westchase and a one-acre parcel in Indian Rocks Beach, both zoned for multifamily development — and create what he calls unique, “plug and play” projects. He then seeks to generate high returns from long-term tenants in spaces that utilize hospitality to generate foot traffic. To test the concept, in 2016 Ramos acquired a local coffee company, Indigo, and proceeded to build a combined RE/MAX Bay to Bay office and Indigo café at 514 N. Franklin St. in downtown Tampa. The 1,100-squarefoot location, which opened last year, has space for 30-40 patrons. “We get 3,500 walk-ins per month,” he says. “The agents are super-excited — they get a tremendous amount of leads.” Ramos a lso ow ns a 30,000-square-foot warehouse
AT A GLANCE Ramos Cos. Year Revenue Growth 2015 $4.69 million — 2016 $8.79 million 87.4% 2017 $11.81 million 34.3% SOURCE: RAMOS COS.
in Ybor City that’s a staging area for parts and materials required for his construction projects. But his company uses only about 5,000 square feet of the space, so he plans to activate the empty part for another commercial real estate project that will make sections of the warehouse available to lease to entrepreneurs and startups, as well as members of Dakota Design Build Cooperative — another Ramos endeavor that serves as a co-working and events space and showcase for his building projects. Ramos expects the warehouse space to open for business in January and says it will help local businesses, especially those just starting out, save money by being able to shop around for suppliers. “This will offer space for storing a shipment of product,” he says. “You won’t be tied to buying from a certain distributor because they have a space to store” materials until they’re needed.
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BUSINESS OBSERVER | JULY 27 – AUGUST 2, 2018
BusinessObserverFL.com
infocus | commercial real estate |
BY ANDREW WARFIELD | LEE-COLLIER EDITOR
JIM JETT
DAVID DIAMOND co-founded DeAngelis Diamond 22 years ago. The company has grown to 200 employees with 2017 gross revenues of $366.4 million, and has recently expanded to Detroit.
Northern Exposure DeAngelis Diamond co-founder believes construction company has found a gem in Detroit’s re-emergence as a millennial magnet.
S
ince it was founded 22 years ago, Naples-based commercial construction firm DeAngelis Diamond has based its expansion model on organic growth. Whether geographic or product type expansion, the company has minimized risk in moving into new markets. The result has been steady grow th: founding partners John DeAngelis and David Diamond have built the firm into a 200-employee company with 2017 revenues of $366.4 million. That’s up 36.6% over $268.3 million in 2016 revenues. When the firm wasn’t expanding in Florida and the Southeast, with offices in Fort Myers, Sarasota, Birmingham, Ala., and Nashville, it was broadening its portfolio into upwards of 20 project categories, such as health care, office, institutional, faith-based, hospitality, multifamily, manufacturing and more. On the surface, the firm’s latest growth move — opening an office in Detroit — may appear to be unusually risky, and out of geographical character. In reality, it’s as sensible as anything else DeAngelis Diamond has done. “No matter if it’s geographic growth or product type, there are three things we have to have,” says Diamond while sit-
ting in a conference room aptly named “The Orange Room” in the company’s contemporarydesign Naples headquarters. “We have to have existing client relationships; existing talent that has success in that market; and it has to be a strong, growing market.” Despite being more than 1,300 miles from the company’s headquarters and 550 miles north of its closest office, Detroit checked all three boxes. David Kovalik, who started with DeAngelis Diamond as an intern 13 years ago, is a Michigan native with existing relationships in the development community in Detroit. Having quickly risen through the ranks to vice president of project management, he is now vice president and Detroit division manager, poised to take advantage of what he says is $3.4 billion worth of current construction in the re-emerging market, with another $5.1 billion in projects working through the pipeline. “He said he’d like to go back, and we said, ‘Gee we’d like to go with you. Let’s do this together,’” says Diamond. “He probably would have gone up there with or without us. He said he’d much rather do it with us.” And while still in the process of setting up the office and hiring personnel, Kovalik already has a project to work on. “We
AT A GLANCE
have a medical office building client here in South Florida that also has a project up there,” says DeAngelis Diamond Diamond. Year Revenue Growth Another plus: the Detroit area, despite some negative press, is 2015 $226 million — poised for explosive growth. 2016 $268.3 million 18.7% “We look for markets that 2017 $366.4 million 36.6% have been in a long downturn trend, they’ve reached the botSOURCE: DEANGELIS DIAMOND tom and are recovering,” says Diamond. “We want to be in the beginning of what we see as a “There are a lot very long-term growing market, of opportuniand we see that in the Detroit ties in Detroit area. Other contractors will r i g h t n o w,” come, but we will have already says Kovalik. been there and established “The Cit y of relationships.” Detroit is on Rather than manufacturing, boa rd w it h which fueled Detroit’s boom ever ything during the golden age of the that’s going on. automotive industry, Diamond KOVALIK In the metro says the city is investing incenarea, the GDP tive dollars into small to mid- is $250 million annually, so it’s a size tech and entrepreneurial very large market, and with the companies, drawing millenni- strengthening economy, there als in an effort to repopulate the is a lot of opportunity.” city with a youthful workforce. Diamond says he expects Kovalik says investment is the Detroit office to employ as being led by Quicken Loans many as a dozen people. founder and owner of the NBA’s “We’re looking forward to Cleveland Cavaliers Dan Gil- being part of the Detroit area,” bert and Mike Ilich, founder says Diamond. “We don’t want and owner of Little Caesars to be thought of as a company Pizza and former owner of the that just parachuted in. We’re NHL’s Detroit Red Wings and there to stay. We’re intentionthe Detroit Tigers of Major ally not sending a dozen people League Baseball. form Florida up there. We have He says Detroit is a right- a home-grown boy there to run place-right-time proposition. it, and we’re hiring from there.”
JULY 27 – AUGUST 2, 2018 | BUSINESS OBSERVER
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BUSINESS OBSERVER | JULY 27 – AUGUST 2, 2018
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BY GRIER FERGUSON | STAFF WRITER
A
s a child growing up in Pennsylvania, Ann Michelle Stoltzfus visited Sarasota when her parents brought her grandparents there every winter. That’s when she first became familiar with the post office in Pinecraft, an Amish and Mennonite community. “I remember using the mailbox to mail postcards,” she says. Until 2016, the building was used as a U.S. Post Office. When it closed, the family thought someone should put a coffee shop in the space. Then they decided to do it themselves. Stoltzfus and her family now have big plans for the tiny building — it’s 540 square feet. They’re turning it into Postal 98 Café, a sandwich and coffee shop. The café will have a post office theme complete with mailboxes built by her father to store coffee cups and a logo that looks like a postage stamp. The tight space will present challenges, but Stoltzfus is prepared to tackle them creatively. She’d like the café to open in October, but she’s waiting for construction permits and hasn’t been able to set an opening date yet. Postal 98 will be a family affair. Stoltzfus’s parents, along with her husband, Jason Stoltzfus, will be involved in the business. And the Stoltzfus family is no stranger to the food business. Ann Michelle Stoltzfus’s grandfather started Esh Foods, a wholesale food distributor based in Lancaster County, Pa. Ann Michelle Stoltzfus now runs Esh Foods, and her husband and sister run Hatville Deli at Reading Terminal Market in Philadelphia. “We thought about franchising Hatville,” says Barbie Esh, Stoltzfus’s mother. “But we thought a new concept was the way to go. The only thing we’re unfamiliar with is the coffee end.” For that, they’re getting help from Sarasota-based Latitude 23.5° Coffee & Tea. Latitude is working on a blend with beans from Guatemala for Postal 98. “We have a few adopted kids from Guatemala,” Stoltzfus says. The Guatemalan coffee is a way to honor them, she adds. The menu will include iced and sweet drinks, and fresh fruit smoothies. They will serve paninis, breakfast wraps and a corned beef sandwich that’s a signature item at Hatville Deli. Harry E. Robbins Associates agent Phil Graber, the listing and selling agent for the property, says it was on the market for about 120 days, and there was a lot of curiosity surrounding what the old post office would become. A big selling point was the location, in the heart of Pinecraft. The Stoltzfus family paid $175,000 for the building, Sarasota property records show. It was important, Stoltzfus says, to own a building rather than lease one. “This is more effective long-term.” The biggest challenge ahead for Postal 98? The small space. To maximize the space, the restaurant will have a walk-up window, a canopy on one side of the building and a counter on the other side where people can sit. For many customers, there will be no need to go inside. Stoltzfus is planning 10 seats inside and 20 outside. “The good thing about Florida is that we can be outside more of the year,” she says. There will be six parking spaces plus bike racks for members of the Amish and Mennonite community who ride around Pinecraft on three-wheeled bicycles. Postal 98 won’t have frontage on Bahia Vista Street, the main thoroughfare of Pinecraft, which could also present challenges, Stoltzfus says. She’ll combat that in a few ways. She wants to put a sign on the roof so people can see it from the road. She’s also working on the business’s web presence. And Stoltzfus will rely on customers to spread awareness. “Word-of-mouth…that’s huge,” she says. Nearby competition ranges from an ice cream shop to Yoder’s, a popular restaurant known for its Amish food. But
LORI SAX
ANN MICHELLE STOLTZFUS with her mother, BARBIE ESH, and daughter TANISHA STOLTZFUS at the former Pinecraft post office building where they will open Postal 98 Cafe.
Small Package
A small building in the heart of a Mennonite community provides challenges — and opportunities — for a new café. Esh thinks it won’t feel like a competitive atmosphere. “I’m thinking it will be a good mix,” she says, with businesses complementing each other and driving more traffic to the area. During the startup period, Esh will manage the cafe. When it’s up and running, they plan to hire a manager. Stoltzfus will move to Sarasota for a few months and then go back and forth be-
tween Sarasota and Pennsylvania. “If it weren’t for my parents, this dream wouldn’t come true,” she says. Stoltzfus says they did on-the-ground market research, asking locals whether they thought the concept would do well. The responses were positive, she says. “It’s always been a dream of mine to open a coffee shop — a place for the community to hang out.”
JULY 27 – AUGUST 2, 2018 | BUSINESS OBSERVER
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BUSINESS OBSERVER | JULY 27 – AUGUST 2, 2018
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LEADERSHIP
BY MARK GORDON | MANAGING EDITOR
MARK WEMPLE
RICHARD GONZMART, 65, leads the fourth generation of his family at the helm of the family restaurant business, Columbia.
Never Quit
The Gonzmart family has persevered, through calamities and recessions, to power past 100 years in business. ‘Any obstacle,’ says the patriarch, ‘can be overcome.’
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on g b e f or e R ic h a r d Gonzmart was an iconic figure in the Tampa restaurant scene, he was a stud high school football running back in town. Gon zma r t was on Jesuit High’s 1968 state championship team. He considers longtime Tigers coach “Wild” Bill Minahan, a U.S. Marine, Korean War Veteran and an old-school, gruff, straight-out-of-central-casting high school coach, a third life mentor, behind his father and grandfather. But like many star athletes, decades later, it’s losses and misses that stand out, not just victories and touchdowns. Like the time, Gonzmart recalls, he took the handoff from the quarterback, scattered away from tacklers and rumbled toward the end zone. Then: he fumbled the ball. No touchdown. Sitting in his cluttered, memorabilia-filled Ybor City office on a recent morning, Gonzmart tells the dropped ball story as one many life lessons. “When you fumble the ball,” he says, “you have to pick yourself up
and the next time you have to hold on to it and run even harder.” Running hard personifies a smorgasbord of success for Gonzmart, 65. His most famous gig: he’s the fourth generation of his family to run Columbia, the oldest restaurant in Florida. In addition to the flagship Ybor City spot, which opened in 1905, there are six other Columbia Restaurant locations, from Sarasota to St. Augustine, and even one inside Tampa International Airport. Other concepts in the family include Cha Cha Coconuts, Ulele, Goody Goody and Café Con Leche Ybor City. The company has opened five restaurants and three new brands in the last three years, and is working on at least two more concepts. It has some 1,400 employees. A host of other titles also fit snugly into Gonzmart’s life résumé, including: prostate cancer survivor; marathoner and triathlete; collector of dozens of eclectic, and electric, guitars, from a Bruce Springsteen model to a John Mayer; dedicated family historian; two-time runner with the bulls in Spain; philan-
thropist, particularly in college scholarships, cancer treatment and research and dogs and animal causes; and overcomer of several personal life obstacles, including being dyslexic and being diagnosed with ADD as an adult. Gonzmart’s accolades also include more than 100 community and industry awards and induction into five business hall of fames. Another big one, what he calls the biggest honor outside of his family: Pope Francis recognized Gonzmart with the highest recognition of the Catholic Church, the Pro Ecclesia et Pontifice. Patsy Sánchez, an official with the University of South Florida, has known Gonzmart for some 20 years through a family scholarship program. Both Gonzmart and before him his mother, Adela Hernandez Gonzmart, have provided scholarship funds for hundreds of USF students. Gonzmart, says Sánchez, not only gives money but he’s also a been-there, done-that life and career mentor. “Richard never says no,” Sánchez says. “He’s such a good role model for the students to follow. He’s so genuine, and his family
SIX PRINCIPLES When the Columbia Restaurant hit financial hardship in 1995, owner Richard Gonzmart hired several turnaround specialists. One of those was area businessman Leigh Sanders, who organized the company and set a structure, among many other tasks. The work at Columbia led Sanders to create his list of six business principles, which includes: n Assist or resist an outcome n Control cost and revenue n Encourage employees through rewards n Introduce managers to enforce standards and coordinate operations (many Columbia locations were previously run by chefs, from the kitchen.) n Manage debt n Manage facilities SOURCE: THE COLUMBIA RESTAURANT: CELEBRATING A CENTURY OF HISTORY, CULTURE AND CUISINE
is always giving and giving.” The core lesson Gonzmart has learned in a lifetime of the restaurant industry revolves around a key philosophy: Never quit. That’s gotten him through many down periods, including a financial crisis that nearly crip-
EXECUTIVE SUMMARY Executive. Richard Gonzmart Industry. Hospitality Key. The fourth generation leader of a prominent restaurant company has a lifetime of lessons learned.
JULY 27 – AUGUST 2, 2018 | BUSINESS OBSERVER
pled the business. “With courage and faith,” says Gonzmart, “any obstacle can be overcome.” Gonzmart, in a recent interview, talked about the obstacles he’s overcome in business, and the lessons he learned: n Gonzmart’s great-grandfather, Cuban immigrant Casimiro Hernandez, opened Saloon Columbia in 1905, serving workers of cigar factories in Ybor City. His son, Casimiro Hernandez Jr. — Gonzmart’s grandfather — was the second generation. Gonzmart learned t he sig nif ica nce of g iv ing back from Hernandez Jr. Says Gonzmart: “My grandfather told me, you do good, good will come back to you.’” n The second-generation Hernandez embraced a bigrisk/big reward strategy. Like the time, during the Great Depression, he paid $35,000 to retrofit Columbia’s dining room with air conditioning — then unheard of, even in swampy Florida. Hernandez, recalls Richard Gonzmart, got a loan for the AC on a handshake with his banker. But even Hernandez had his doubts. “He told his wife,” says Gonzmart, “If this doesn’t work out, I will have to blow my brains out.” n Another key lesson from Hernandez? Be true to yourself. “My integrity is the most important thing in my life,” Gonzmart says. “I learned that from my grandfather. No one can take that away from you.”
n The younger Hernandez and his wife, Carmen, had a daughter, Adela. Adela Hernandez married Cesar Gonzmart — who led the third generation of the restaurant company, and is Richard Gonzmart’s father. Cesar Gonzmart set an example Richard Gonzmart would later come to follow: Be bold in expanding, take calculated risks and most importantly, don’t be afraid to fail. That’s how and why the family opened its second location, with another Columbia restaurant in Sarasota, on St. Armands Circle, in 1959. “If you don’t ask for it, if you don’t go for it,” says Gonzmart, “you’ll never know.” n Cesar Gonzmart, who led the company from 1956-1979, also believed in giving his risks the time to work. “Short-term to my dad was 10 years,” says Richard Gonzmart. “In Spain, things are generational. They look past the right now.” n Richard Gonzmart handled overall operations, and his brother, Casey Gonzmart, focused on growing the Sarasota location, adding menu items and expanding. Like his brother, Casey Gonzmart learned taking risks was the only way to win. “We didn’t always ask (Cesar) for permission,” says Casey Gonzmart in the 2009 book “The Columbia Restaurant: Celebrating a Century of History, Culture and Cuisine,” by USF librarian Andrew Huse. “It was almost, you ask for forgiveness sometimes because
BusinessObserverFL.com
We were upside down. We were sunk. We were at the bottom of the sea. Richard Gonzmart| Columbia
we weren’t doing that great everywhere. From your intuition and your heart, you knew it was worth it to roll the dice.” n Before Richard Gonzmart dove into the family business, he studied hotel and restaurant management at the Fritz Knoebel School of Hospitality Management at the University of Denver. One key lesson he learned there either be passionate about your field or leave it. “Never count how many hours you work,” Gonzmart says. A second lesson: It’s OK to make mistakes, he says “as long as you learn from it.” One more lesson is what Gonzmart calls BCG: beer clean glasses. While it’s a metaphor for one item, cleanliness in every aspect of the company remains a key driver today. n The company hit a crisis in 1995 under Richard Gonzmart’s
watch: it owed more than $1 million to a handful of vendors, in addition to an unpaid $278,000 Florida tax bill. The debt to one vendor, Gonzmart says, was $768,000. The issues stemmed mostly from a CFO who mismanaged accounts, but the responsibility fell to Gonzmart. “We were upside down,” he says. “We were sunk. We were at the bottom of the sea.”
WISE WORDS
n Gonzmart hired business turnaround specialists. Thinking like his father, he made a move to grow among the turmoil by opening a Columbia in Celebration, signing a deal with Disney World. After multiple banks rejected Gonzmart for loans, including institutions his family did business with for decades, Gonzmart finally found a financial lifeline in Gay Culverhouse, daughter of then-Tampa Bay Buccaneers owner Hugh Culverhouse. Gay Culverhouse, president of the Bucs from 1991 to 1994, loaned Gonzmart money to keep the business afloat.
He says he knows, for example, when the mustard is on the bottom of a Cuban sandwich. (It’s supposed to be on the top, for the best flavor profile.) From the bar to front door, everything should be done with a smile, he adds. Says Gonzmart: “You’re only as good as your last meal.”
n Beyond taking risks and overcoming financial challenges, Gonzmart says his father and grandfather taught him that without quality service, and people to serve the customers, the business will be toast. The company, with that in mind, invests heavily in employee retention, with a 401 (k) match, health benefits and more. On training, Gonzmart practices a “no shortcuts rule.”
Richard Gonzmart offers a lot of advice for work, and life — even at the end of an email. His email signature offers this nugget: “Embrace each day with gratitude, love, kindness, humility, gentleness, patience, passion, compassion, integrity, faith and purpose.”
n The fifth generation, which includes Gonzmart’s daughter, Andrea Gonzmart Williams and his nephew, Casey Gonzmart Jr., is coming up on Gonzmart. The succession plan calls for Gonzmart to hand over operations when he turns 72 — in seven years. In preparation, the company has begun to hold what Gonzmart terms 2025 meetings, where plan the finer points of the succession. In the meantime, Gonzmart is working on a slew of projects, from a culinary school to a waterfront restaurant on Longboat Key, not far from the St. Armands location. And being busy, to Gonzmart, is oxygen. “When will I slow down?” he asks. “When the lord tells me to.”
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BUSINESS OBSERVER | JULY 27 – AUGUST 2, 2018
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HEALTH CARE
BY ANDREW WARFIELD | LEE-COLLIER EDITOR
JIMJETT.COM
DENNIS BRUENS leads the cancer care collaboration that is the Lee Health Regional Cancer Center in Fort Myers. A healing garden separates the two buildings at the expanded Lee Health Regional Cancer Center.
Better Together The demand for cancer treatment services in the region is on the rise. Medical organizations are shifting — and creating partnerships — to meet the need.
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ennis Bruens calls it a journey, the challeng i ng nav igat ion from cancer diagnosis through happy or heartbreaking conclusion. That journey is personal, but one not made in solitude as teams of professionals assist in guiding patients through the complex network of treatments. That journey is being taken by more victims of cancer as a greater number are diagnosed. Meanwhile, survival rates have risen, as have costs of treatment, forcing local care providers to develop strategies to meet the increasing need and compete with larger cancer centers balanced against rising costs of care. Care provider collaborations and regional cancer centers are the trending solution, providing a one-stop shop of sorts in providing a comprehensive menu of services in a more spalike environment. The recently completed 24,000-square-foot expansion of the Lee Health Regional Cancer Center in Fort Myers is among the latest ex-
amples of the effort to streamline fragmented care while providing a more comfortable patient experience. “What you see in the design here is a focus on life,” says Bruens, vice president of oncology services at Lee Health Regional Cancer Center. “When you walk in you see through glass into the rehabilitation area, and the intent is to show people getting better. The pictures here are colorful and connecting with nature, and it’s all about creating hope and a healing enviroment. “That is what this is all about: life and surviving.” Lee Heath is joined in this trend on Florida’s west coast by Sarasota Memorial Hospital, which recently announced plans for a $220 million cancer treatment facility. Likewise, the H. Lee Moffitt Cancer Center & Research Institute in Tampa has grown its campus and research facility significantly over the last decade. The increase in demand for services is in part the result of the region’s demographics and in part unprecedented survival rates, which can keep more pa-
tients in cancer treatment for longer periods. “Even though cancer can affect people of all ages and backgrounds, in general it’s an older person’s disease,” says Bruens. “The population here is growing and it’s aging at the same time, so that is the formula that will continue to result in growth.” Bruens estimates a potential growth of 40% in the number of people who will need treatment in the area over the next five to 10 years. FROM TREATMENT TO HEALING According t he Centers for Disease Control and Prevention and the National Cancer Institute, Florida is second only to California in the most cancer diagnoses, with age demographics as the primary contributing factor. The projected number of new cancer cases in Florida by the end of 2018 is 135,170, or 7.8% of the anticipated national total of 1.7 million. “In 1975, about one-third of cancer patients survived 10 years or more,” Bruens says.
“For patients diagnosed in 2005, which is the last data we have of patients who have survived 10 years or more, that number is two-thirds, so in that intervening period we have doubled the survival rates for cancer. A lot of that has to do to with early diagnosis and better treatment, so our mindset has gone from just treating the patients to healing them.” With Lee Health’s recent expansion, the center is now a 90,000-square-foot facility. It includes palliative care, physician practices, a multidisciplinary clinic, oncology rehabilitation services, a healing garden and speech pathology services. It is the fourth largest community cancer treatment center in Florida, with more than 15,000 patient visits each year and growing prior to expansion. The expanded Regional Cancer Center allows Lee Health and its collaborative partners to consolidate nearly all nonsurgical oncology services in one location. The facility is the latest example of a national trend toward health care systems broadening cancer treat-
EXECUTIVE SUMMARY Leader. Dennis Bruens Organization. Lee Health Regional Cancer Center Key. Centralization of services and patient comfort lead to more positive outcomes.
JULY 27 – AUGUST 2, 2018 | BUSINESS OBSERVER
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ment options in an effort to offer locally the same level of care as nationally known centers. The mission of Lee Health’s RCC — a collaboration between Lee Health, 21st Century Oncology, Florida Cancer Specialists and Florida Gynecologic Oncology — is more for the benefit of the patient rather than the bottom line, says Medical Director Dr. James Orr of 21st Century Oncology. The partnership, in terms of branding, at least, comes with a risk in that both 21st Century and FCS have faced some non-treatment-centric difficulties. A global company, 21st Century, for example, recently emerged from Chapter 11 proceedings. It and Florida Cancer Specialists, with offices throughout Florida, have been named in a federal class action lawsuit accusing them of colluding to monopolize cancer treatment in Southwest Florida and inflating prices. Both Fort Myers-based companies, which are among the nation’s largest cancer care providers, have dismissed the claims as baseless. 21st Century Oncology also faces a lawsuit related to a breach of 2.2 million patient records in 2015. Lee Health President and CEO Dr. Larry Antonucci says the focus of the partnership, pragmatically, is based on results. “We have the same great outcomes as many of more prominent cancer centers in the country,” he says. “This is possible due to the strong collaborative effort of Lee Health, 21st Century Oncology and Florida Cancer Specialists. It is one of the most significant and impactful health care collaborations in our community.” Also officials note collaboration for the RCC occurred prior to the two companies’ legal issues, and it developed organically, says Orr, when disparate cancer providers in the community recognized the fragmented nature of care and the inefficiencies that resulted. It goes back two decades, to 1998, when cancer care industry veteran Sharon McDonald joined Lee Health after developing cancer programs on the East Coast and in the Northeast. McDonald is now chief administrative officer of oncology and home health services for Lee Health. “Lee’s intent was to develop a program here,” says Orr. “There was no program at all, so as part of 21st Century Oncology, I teamed up with Sharon and started thinking about how to develop a programmatic approach to cancer care.” The impetus for the program that would become the Regional Cancer Center was gynecological oncology treatment, in which surgeons are also trained and certified in chemotherapy and radiation therapy. Lee Memorial had committed $5 million to develop six chemotherapy chairs on the sixth
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COURTESY
DR. JAMES ORR
COURTESY
DR. LARRY ANTONUCCI
One of the things that resounded the loudest was a need to at least house various providers in close proximity. Dr. James Orr | Medical director, 21st Century Oncology floor of the old hospital, the foundation of the comprehensive cancer care model there. “Over the next two to three years, everyone came to the table because we had excellent services in the community and had good surgical care, and over the years providers got together to ask what we could do to improve the quality of care for cancer patients in the community,” says Orr. “One of the things that resounded the loudest was a need to at least house various providers in close proximity.” When the first cancer building opened in 2008, Lee Health owned it and Century 21st Century took some space, adds Orr. Eventually Florida Cancer Specialists wanted in, too. Next the center, says Orr, began to add services, including surgical oncology, neurologic oncology and more. Bruens says the Regional Cancer Center has seen double-digit growth since it opened in 2008. Orr says in 2013, all parties recognized the need to expand the center as additional services were added. “Our multidisciplinary team offers a comprehensive approach to care, and having these services provided all under the same roof makes a world of difference,” says Bruens. Dr. Arie Dosoretz, radiation oncologist and RCC director of clinical operations and quality, says practitioners have embraced the regional cancer center model. “Cancer care is changing. Unfortunately the need has gone up, and here we continue to see a tremendous need for our services,” says Dosoretz. “Over the last few decades, the patient has begun to demand a multidisciplinary model where you are not just seeing a doctor by himself or herself making
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TREND CONTINUES The Regional Cancer Center’s holistic approach to cancer care is not alone in Southwest Florida. Sarasota Memorial Hospital recently announced a $220 million cancer treatment facility it plans to build at its midtown campus by 2020. The hospital cited a 20% increase in cancer patients between 2014 and 2016 and its effort to respond to the need. “People are living longer, with their cancer either cured completely or managed like other chronic diseases,” James Fiorica, the hospital’s chief medical officer, previously told the Business Observer about the expansion. The initial phases of the SMH project include a new cancer inpatient and surgical tower on SMH’s main campus, expected to be completed in 2021, and an outpatient radiation treatment center on its University Parkway campus, expected to be finished in 2020. The third phase involves building a new cancer pavilion with outpatient services across from the main hospital. Data suggest that such “high-volume” focal points on cancer care benefit outcomes for patients, leading to the trend of concentrating care in centralized locations. “Annually, more than 7,000 men and women in Southwest Florida are given a cancer diagnosis,” says Orr. “All science suggests that the best clinical outcome and survival occurs when high-volume physicians care for their patients in a high-volume clinical setting.”
AUG. 17
SMALL BUT MIGHTY: The Manatee Chamber of Commerce will host the 2018 Manatee Small Business of the Year Awards. The breakfast event will include presenting awards that celebrate small businesses and nonprofits for customer service, employees, growth and community support. The event is from 7:30 to 9:30 a.m. at the Manatee Performing Arts Center, 502 Third Ave. W., Bradenton. Tickets are $40. To register, visit manateechamber.com. For more information, call Erica Massey at 941748-4842, Ext. 123.
AUG. 25
THE HEIGHTS: The Greater Fort Myers Chamber of Commerce will host the 13th annual APEX Awards. The event is an annual tribute to a woman or an individual for professional excellence, community service and for assisting others in attaining professional goals and leadership skills. The event is from 6:30 to 10 p.m. at Hyatt Regency Coconut Point Resort and Spa, 5001 Coconut Road, Bonita Springs. Tickets are $150. To register, visit fortmyers.org. For more information, call Stephanie Davis at 239-332-2930, Ext. 213.
Jeff Button | 941-313-1193
Jeff@SarasotaWarehouses.com | www.SarasotaWarehouses.com
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decisions, but rather all the oncology disciplines. And physicians want to be a part of being involved in the beginning so as a team they can plan and coordinate care.”
RUB SHOULDERS: The Greater Tampa Chamber of Commerce is hosting its 2018 Political Hob Nob. At the event, guests can mingle with candidates who are vying to represent the Tampa Bay area. Attendees can also participate in a Hob Nob Straw Poll. The event is from 4:30 to 7 p.m. at the Tampa Convention Center, 333 S. Franklin St., Tampa. Tickets are $40 for members, $50 for non-members and $60 at the door. To register, visit tampachamber.com. For more information, call 813-228-7777.
commercial real estate
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BUSINESS OBSERVER | JULY 27 – AUGUST 2, 2018
BusinessObserverFL.com
South Real Estate adds to Estero holdings Naples-based South Real Estate Group has purchased a 6.4-acre site in Estero for $4.2 million, nearly K.L. doubling its MCQUAID land holdings in the planned University Highlands project. The acquisition from an affiliate of NM Development Group LLC, also of Naples, brings to 14 acres the total acreage South now owns just north of the Miromar Outlets in Lee County. The company purchased a 7.6acre tract in the planned development in January. “We’re really excited about the area,” says John Conroy, a South Real Estate principal. “There’s been a tremendous amount of residential growth all around there, which we believe will bode well for the kind of mixeduse commercial development we’re planning. “The site itself also has a lot of flexibility, allowing us to do retail, restaurants, office, medical office and a hotel on the southern portion of the site, and we’re exploring a number of options at present for the northern portion of it,” adds Conroy. To date, Starbucks, Chase Bank and Tide Dry Cleaners have signed on to be part of the new development there, according to Conroy and the company’s website. Investment Properties Corp. Principal David Stevens and Rob Carroll negotiated on behalf of South Real Estate, while Land Solutions Inc. agents William Rollins, Doug Meschko and CEO Randy Thibaut represented NM Development in the transaction. South Real Estate is no stranger to the Estero and Naples submarkets. In addition to University Highlands, the company also is developing the Shoppes at Estero Grande and the Coconut Crossings center there, along with the Courthouse Shadows in Naples and a tract on Naples Boulevard.
Plant City retail center trades for $29 million A Hollywood-based company that specializes in retail centers has purchased a Plant City shopping hub for $29 million. JBL Asset Management’s acquisition of the Lake Walden Square becomes the latest in a series of Florida projects the company has invested in, together with assets in Orlando, Pembroke Pines and Miami Beach. In all, JBL owns nearly two dozen retail centers in seven states, with a focus on Florida, Texas, New York and Georgia. See COLUMN page 17
KAYLEIGH OMANG
The 228-unit Arcos Apartments, nearing completion in Sarasota, is being developed by Framework Group and Forge Capital Partners, both of Tampa.
The A-Train
ROLLS ON
Gulf Coast apartment complexes continue to fetch high sales prices from investors, the result of population and job growth.
T
he A-Train just keeps rolling on along the Gulf Coast. “A” being for apartments, that is. Despite an abundance of new product, interest rate hikes and heightened competition, investors’ collective appetite for buying multifamily rental projects regionwide appears to be undiminished. In the past two months alone, a half-dozen projects throughout the region have traded for in excess of $200,000 per door, or at figures exceeding $50 million — a sign that interest generated by the area’s population in-migration and job growth continues unabated. At least part of the trend can be attributed to the availability of capital. Experts say debt financing remains abundant, years into a growth cycle that has defied economic gravity. But part of the continued investor interest stems from Florida’s population influx. By some estimates, the number of residents grows by 1,000 daily. “Florida is a very high-growth market,” says Peter Collins, co-founder and managing partner of Forge Capital Partners, a Tampa-based investment firm that owns or has financed several multifamily rental projects throughout the region, including the new 228-unit Arcos Apartments in downtown Sarasota — a joint venture with the Framework Group. “Investors look at the rents being achieved today and those that are forecast out and they like the returns,” he adds. “Added to that, buyers ranging from pension funds to private equity to REITs, high net
worth individuals to those with 1031funds, they’re all looking to tangible assets like apartments to place capital into. “Florida is astounding because of all its population growth, and those people coming here all need a place to live,” Collins says. That need has pushed occupancy and rent rates upward over the past five years. In the metropolitan area that comprises Tampa, St. Petersburg and Clearwater, effective rent rates edged upward by 0.6%, to $1,156 monthly at the end of the first quarter, according to statistics from AxioMetrics Inc. That increase pushed rents upward by 3.4% on an annual basis, the company states. At the same time, occupancy increased to 95.2% at the end of the quarter, up from 94.8% during the same period a year ago. Going forward, AxioMetrics expects rental rates next year to rise by 2.9%, with occupancy climbing to 95.3% by the end of 2019. By the close of 2022, annual rent growth is projected to grow by another 2.6% — even as occupancy averages 94.8%. Job growth projections are expected to follow suit, with a projected 2.1% bump in 2019, resulting in 28,020 new jobs created in the Tampa-St. Petersburg-Clearwater region, according to the U.S. Bureau of Labor Statistics. Between 2020 and 2022, growth is anticipated to be 1.1%, the bureau estimates. As of May, job growth in the area was 2.3%, a figure equal to 30,400
new jobs being added on a 12-month basis. Those figures have prompted industry veterans like Greystar, Passco Cos., Gamma Real Estate, Lantower Residential, Investcorp and others to double down on their multifamily rental purchases and add to their portfolios. Most recently, Ontario, Canadabased Starlight Investments last month spent nearly $117 million to acquire the Tuscany Bay Apartments and Preserve at Westchase apartments, both in Tampa. The acquisitions, from IMT Residential of California, brings to 35 the number of apartments valued at $2.7 billion in Starlight’s U.S. multifamily portfolio. Passco officials say the company is eager to add to its Florida holdings, in part, because unlike many pockets of the country, the Sunshine State remains relatively affordable for apartment buyers. “We were able to buy at below replacement cost, which is not the case in some markets we look in, where there isn’t as much ability to generate income long term,” says Colin Gillis, Passco’s vice president of acquisitions in the Southeast U.S., following the company’s May purchase of the 360-unit Longitude 82 complex in Sarasota County. Passco, like many buyers including Lantower, was drawn to the community because of its relative new age: Longitude 82, for instance, was completed in 2017, while Anson at Palmer Ranch — purchased by investment firm Australian Super and Sentinel Real Estate of New York for $54.7 mil-
JULY 27 – AUGUST 2, 2018 | BUSINESS OBSERVER
Many investors continue to look to Tampa and Orlando because they know they can generate better returns than in many other areas. Craig Brown | Colliers International lion in June — didn’t begin its lease-up until January. Gillis says Passco specifically targets new construction because it often means the company can minimize its own capital expenditures initially. “Because they’re new, they’re low maintenance,” Gillis says. “It’s good-looking architecture, and the amenity package is as good as it gets.” But multifamily brokers say in-migration and job growth are by far the most important factors that buyers look for when approaching a market, followed by replacement costs. “For apartments, Central Florida is one of the highest growth markets in the entire country,” says Craig Brown, a senior associate and market leader for multifamily properties with commercial real
estate brokerage firm Colliers International in the Tampa and Central Florida areas. “And that’s because of net migration and job growth. Many investors continue to look to Tampa and Orlando because they know they can generate better returns than in many other areas. The tremendous demand has pushed (capitalization) rates to historic lows.” Forge Capital’s Collins notes that many purchases of new apartment complexes stem from a dearth of new development. Sarasota, for instance, hadn’t had a new apartment community developed in the city in 25 years before a city overlay district boosted density allowances and spurred more than 1,500 new multifamily rental units. T h at , i n t u r n, prompt s pu rcha ses by longer-ter m investors. “I’m not so sure I would want to deliver new apartment units in downtown Cleveland, say, but I am very comfortable br ing ing new (apa r t ment) units to downtown Sarasota,” says Collins. “It’s just a matter of looking at the growth and the forecasts to see what the real need for a community is.” And with job and population growth projections for the Gulf Coast continuing to surge for at least the next three to four years, Brown and others maintain that apartment sales will remain steady. “Looking a year or more out, I expect nothing less than the current performance in regards to these assets to continue,” Brown says. — K.L. McQuaid
transactions | DEEDS/MORTGAGES The following real estate transactions more than $1 million were filed in Charlotte, Collier, Hillsborough, Lee, Manatee, Pasco, Pinellas, Polk and Sarasota county courthouses. The information lists the seller, buyer, amount of sale, previous price and date, mortgage and lender, if available, address and book and page of the document. CHARLOTTE NONE COLLIER Buyer: New Market – Neapolitan LLC Seller: CH Realty VI/R Naples Neapolitan LLC Address: 866 Neapolitan Way, Naples Property Type: Community shopping center Price: $37,780,000 Previous Price: $30,500,000, September 2014 Buyer: SD ICP LLC Seller: Minto Sabal Bay LLC Address: Naples Property Type: Vacant land Price: $1,750,000 HILLSBOROUGH Buyer: Tuscany Bay Acquisition LP Seller: IMT Capital III Tuscany Bay LLC Address: 12065 Tuscany Bay Drive, Tampa Property Type: Apartment units Price: $66,034,000 Previous Price: $44,554,000, January 2014 Buyer: Westchase Acquisition LP Seller: IMT Capital III Preserve at Waterchase LLC Address: 12349 W. Linebaugh Ave., Tampa Property Type: Apartment units Price: $50,866,000 Previous Price: $33,727,000, January 2014
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COLUMN from page 16
COURTESY PHOTO
JBL Asset Management bought the Lake Walden Square property in Plant City in keeping with its strategy. “We like to target assets in areas just outside strong metro areas,” says Alicia Hugh, JBL’s director of leasing and strategic planning. “And we love the Plant City market for that reason. It’s connected to both Tampa and Lakeland.” The 244,529-square-foot center is anchored by a Winn-Dixie supermarket, along with merchants Ross Dress for Less, Marshalls, Michaels Stores Inc., PetSmart, Ulta and Five Below, among others. The property, at 105 W. Alexander St., was more than 93% leased at the time of the sale. It was developed some three decades ago on nearly 27 acres. JBL acquired Lake Walden from Retail Value Inc., a publicly traded firm that owns more than 45 shopping centers in the U.S. and Puerto Rico. Holliday Fenoglio Fowler L.P. Director Eric Williams, along with Senior Managing Director and retail practice co-leader Daniel Finkle and Managing Director Luis Castillo, represented Retail Value in the JBL transaction. “The property really fits our investment criteria,” Hugh says. “The WinnDixie performs really well there, and the center has a real small-town feel to it, even though almost all of the tenants there are national in scope.” She adds that the company is formulating a capital improvement plan for the property but that no final decisions
17
have been made as yet. Lake Walden becomes JBL’s third major Florida purchase in the past two years. In late 2016, the company acquired Orlando Gateway Village, a retail center on 62 acres, and followed that deal up with the $33.2 million purchase of the Flamingo Pines Plaza, in Pembroke Pines, last December. In all, the 13-year-old company today controls more than 2 million square feet.
Australian fund buys Palmer Ranch apartments In one of the largest multifamily rental transactions in Sarasota County in recent years, a Melbourne, Australia-based investment fund has acquired the Anson at Palmer Ranch apartments for $54.72 million, according to county property and other records. Australian Super bought the property in conjunction with Sentinel Real Estate Corp. of New York, records show. The duo acquired the 239-unit apartment complex, at 6201 Sawyer Loop Road in the Palmer Ranch section of the county, as AS Anson LLC from an affiliate of AG Spanos Corp., a Stockton, California-based developer. Anson at Palmer Ranch, which was completed late last year, rents units from $1,325 per month to $2,125 per month, according to online apartment rental websites. Australian Super officials could not be reached for comment, and officials from Sentinel Real Estate and AG Spanos did not return telephone calls regarding the transaction. Since 2015, there have only been two multifamily rental transactions that have exceeded the price for Anson at Palmer Ranch. The 318-unit Advenir at Gateway Lakes was acquired by Advenir Inc. for $60 million last year, while TGM Associates of New York paid $70.55 million in 2016 for the 386-unit Tuscany Apartments, on University Parkway.
BY STEVEN BENNA | CONTRIBUTING WRITER
Buyer: Walk at Highwoods Preserve 18 LLC Seller: DDR Walks at Highwood Preserve I LLC Address: 18001 Highwoods Preserve Parkway, Tampa Property Type: Shopping center Price: $25,025,000 LEE Buyer: SG Group Owner 2 LLC Seller: WS Bonita Hotel North LLC Address: 8901 Highland Woods Blvd., Bonita Springs Property Type: Hotel Price: $17,788,600 Previous Price: $11,500,000, August 2015 Buyer: SG Group Owner 1 LLC Seller: WS Bonita Hotel South LLC Address: 27900 Crown Lake Blvd., Bonita Springs Property Type: Hotel Price: $15,461,400 Previous Price: $6,000,000, August 2015 Buyer: Laxmi Lodging Florida LLC Seller: Back Bay Resorts SWF LLC Address: Main St., Fort Myers Property Type: Hotel Price: $9,325,000 MANATEE Buyer: MLB Palmetto LLC Seller: Oakleaf Village Palmetto LLC Address: 900 21st St. E., Palmetto Property Type: Apartment units Price: $5,175,000 Buyer: Team Pentecost LLC Seller: Ridge Ranch LLC Address: Myakka City Property Type: Vacant agricultural land Price: $5,134,669.50
Buyer: Neal Signature Homes LLC Seller: Border & Jacaranda Holdings LLC Address: Bradenton Property Type: Vacant land Price: $5,000,500 PASCO Buyer: Pasco County Seller: Ted & Barbara Williams Family Partnership LLLP, Robert and Shirley Larson, Robert Rescigno, and Kathleen Arlington Address: 5505 Land O Lakes Blvd., Land O Lakes Property Type: Commercial land Price: $1,425,000 PINELLAS Buyer: NNN Clearwater FL Owner LP Seller: H&R REIT US Holdings Inc. Address: 2495 Gulf to Bay Blvd., Clearwater Property Type: Supermarket Price: $17,912,900 Previous Price: $15,956,600, September 2003 Buyer: NNN Dunedin FL Owner LP Seller: H&R REIT US Holdings Inc. Address: 1495 Main St., Dunedin Property Type: Neighborhood shopping center Price: $14,950,000 Previous Price: $10,775,000, December 2012 Buyer: Clearwater Pharma LLC Seller: Joy Pollack and Sara Golding Scher Address: 1899 N. Highland Ave., Clearwater Property Type: Retail store Price: $5,700,000 Previous Price: $795,000, October 1979 POLK Buyer: G Rack Fields LLC Seller: Natmi National Truck Terminals II LLC
Address: Providence Road, Lakeland Property Type: Office building Price: $8,600,000 Previous Price: $3,275,800, May 2011 Buyer: Cap 1 Sweat LLC Seller: Shirlea Alber Address: 290 Lakeland Park Blvd., Lakeland Property Type: Convenience store Price: $4,500,000 Buyer: 1851 Longleaf LLC Seller: Joseph F Miranda Inc. Address: Longleaf Blvd., Lake Wales Property Type: Vacant land Price: $1,400,000 Previous Price: $117,300, January 2005 SARASOTA Buyer: Tarzan3652 LLC Seller: Sarasota FL-W LLC Address: 3901 S. Tamiami Trail, Sarasota Property Type: Retail store Price: $8,150,000 Buyer: The Meadows Community Association Inc. Seller: The Meadows Country Club Inc. Address: 3101 Londmeadow, Sarasota Property Type: Golf course Price: $6,000,000 Buyer: Basil Castrovinci Associates of Florida LLC Seller: Invenio Pearl LLC Address: 7990 Manasota Key Road, Englewood Property Type: Hotel condo units Price: $2,100,000
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BUSINESS OBSERVER | JULY 27 – AUGUST 2, 2018
BusinessObserverFL.com
bottom-line behavior
BY DENISE FEDERER | CONTRIBUTING COLUMNIST
Is your culture toxic? The 10 telltale signs of a toxic corporate culture, and what you can do to fix it. In my work as a performance coach, I have extensive experience with toxic company cultures. I can recognize a toxic culture quickly, for the warning signs tend to be similar across a variety of industries and businesses. Many leaders I work with, however, fail to recognize the culture decay in their own companies until it’s too late. And in my experience, those leaders are often part of the reason the culture has become toxic in the first place. WHAT IS A TOXIC WORKPLACE? A toxic workplace is one that is marked by significant drama and infighting, where personal battles often harm productivity. Similarly, a toxic work environment is one that negatively impacts the viability of an organization. Employees are often the first to notice these issues — and leaders often the last. In my experience, people come to work for a company that they respect and end up leaving because of their supervisors. The following are signs your company culture might be toxic: 1.) Palpable tension You can feel this type of environment the minute you walk in the door. Employees often feel as if they’re
wearing an emotional suit of armor. There is little laughing or smiling, little interaction between employees, unless it is negative. Just quiet work. 2.) Behavior motivated by fear In toxic environments, employees aren’t motivated by the desire to succeed for the team or for themselves. Instead, they are motivated by the desire to avoid punishment or retribution. 3.) Poor communication There is little, if any direct communication when it comes to solving issues, which leads to our next sign … 4.) Rumors Rumors and hearsay thrive where communication is absent — and tend to grow quickly, often putting everyone on edge. 5.) Poor leadership Toxic cultures start at the top. Weak leaders who act defensively, are constantly blaming others and would rather pass the buck than solve the problem are often the biggest driver of poor work environments. 6.) Lack of trust For employees, one of the most important parts of a job is knowing that your boss has your back. When that trust falters, so does the culture. 7.) Lack of Respect Whether it’s a leader not respecting his or her employees or employees not respecting each other, cultures can turn toxic quickly if there are those in
the company who don’t believe others are “up to the job.” 8.) Differing values Shared values are incredibly important to organizational culture. When leaders and employees place different priorities on different values, conflict soon arises. 9.) Lack of commitment As in every human relationship, lack of commitment creates a lack of unity, a lack of respect and, ultimately, a lack of viability. 10.) Employees have no voice When employees feel as if they have no outlet to voice their concerns, and that leadership isn’t listening to them, they are less likely to stay engaged in their work. HOW TO AVOID (OR FIX) A TOXIC CULTURE A solid company culture can turn sour quickly if you’re not consistently nurturing it. The best thing company leaders can do to avoid a toxic company culture — or reverse one — is to start by opening all lines of communication to determine the root cause or causes of the emotional strife. Facilitate conversations around these topics with employees and come up with solutions that both employees and leadership can implement together. Using a performance coach as a moderator can help “even the playing field” to ensure that employees don’t
Denise P. Federer, Ph.D. is founder and principal of Federer Performance Management Group. She has 27 years of experience working with key executives, business leaders and Fortune 500 companies as a behavioral psychologist, consultant, coach and trainer. Contact her at: dfederer@ fpmg.info
assume the game is rigged. Above all, building a positive and productive company culture requires three major factors: Predictability: Employees desire of a level of comfort that comes with predictability. They want to know what’s expected of them and that they will be valued and awarded if they play by a set of clearly defined rules. Consistency: When leadership operates in a consistent manner and espouses the same values as the company the employee signed up to work for, culture stays on track. Accountability: As a leader, do what you say and say what you’ll do. A culture in which both employees and leadership feel comfortable owning up to mistakes is a culture that can easily move past problems and grow stronger as a result. Building a positive and productive company culture takes focus, time and continuous nurturing. Simply laying out a vision and putting it on the shelf won’t do. Leaders who want to avoid toxicity in the workplace should be aware of what is going on with their management and employees at all times and rectify any communication issues before they metastasize.
Court Appointed Receiver, Property Management and Specialty Oversight Kenneth P. Saundry, Jr. brings 39+ years of business and real estate management experience to each Court Appointed Receiver assignment. Assignments involving: Estates Divorces or Family Disputes Guardianships Bankruptcy Property Oversight and Supervision Foreclosure, or ‘Workouts’ Litigation Support Excellent Experience working with Lenders, Attorneys and Court Supervised Assignments.
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