General Excellence 2

GULF COAST

OCTOBER 19 - OCTOBER 25, 2012

Business Review

THREE DOLLARS

SPECIAL ISSUE:

WHAT’S AHEAD FOR 2013?

Gulf Coast business leaders make forecasts for business, industry and the region.

Companies • Trends • Entrepreneurs • CEOs

COFFEE TALK GULF COAST BUSINESS BUZZ

+ Bloggers attack Arthur Allen Chief executives who tell employees why their presidential vote matters are getting grilled by bloggers.

Consider the latest victim: Arthur Allen, the founder and chief executive of the Naples technology firm ASG Software Solutions.

A motley assortment of selfappointed bloggers blasted Allen for suggesting in an email to his employees that a vote for Barack Obama threatens the future of the privately held company and its independence.

But Allen wasn’t telling employees how to vote. He told them their vote has a consequence. Big difference.

economic

FORECAST Regional overview..... 6 Tampa Bay ............... 8

Sarasota-Manatee .. 10 Lee-Collier .............. 12

The Weekly Newspaper for Gulf Coast Business Leaders

is it...

Time to

Grow?

+ JetBlue service is up in the air Ted Soliday is working hard to get JetBlue to start nonstop service to Naples Municipal Airport.

But Soliday, the airport’s executive director, has plenty of hurdles to overcome, not the least of which are vocal residents near the airport who don’t want noisy jetliners flying over their homes.

Delta Connection was the last carrier to operate scheduled airline service to Naples from Atlanta, but it discontinued the service in 2007.

Apparently, JetBlue doesn’t want to get involved in local Naples squabbles. The airline suspended discussions with Naples airport officials until everyone can agree that commercial air service is worth having.

Besides, JetBlue offers regular service from nearby Southwest Florida International Airport.

+ Governor shares lessons from office At a recent event held by the CEO Council of Tampa Bay and the Gulf Coast CEO Forum, Gov.

From the election to the housing recovery, uncertainty continues to weigh on business.

PAGE 6

See COFFEE TALK page 3

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Lori Sax

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GULF COAST BUSINESS REVIEW OCTOBER 19 – OCTOBER 25, 2012

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GULF COAST

Business Review A DIVISION OF THE OBSERVER GROUP INC.

Instinctive and responsive.

Professional and executive banking.

www.review.net The Gulf Coast Business Review is Southwest Florida’s newspaper for business leaders. With offices in Hillsborough, Pinellas, Pasco, Manatee, Sarasota, Lee and Collier counties, the Review is the only weekly business newspaper that provides business leaders, entrepreneurs, CEOs and investors with a regional perspective. The Review’s mission is to deliver relevant news and information on Southwest Florida’s leading and growing companies, up-and-coming entrepreneurs and the important economic, industry and government trends affecting business. The Business Review is also the leading publisher of public notices on the Gulf Coast of Florida.

Editor and Publisher / Matt Walsh, mwalsh@review.net

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76:;(3 05-694(;065 The Gulf Coast Business Review (ISSN#1539-9184) is published weekly on Fridays by the Gulf Coast Review Inc., 1970 Main St., Sarasota, FL, 34236; 412 E. Madison St., Tampa, FL 33602; 14004 Roosevelt Blvd., Clearwater, FL 33762; 3030 Starkey Blvd., New Port Richey, FL 34655; 5570 Gulf of Mexico Dr., Longboat Key, FL 34228; 949 Tamiami Trail, Suite 202, Port Charlotte, FL 33953; 5237 Summerlin Commons Blvd., Suite 324, Fort Myers, FL 33907; and The French Quarter, 501 Goodlette Road N., #D-100, Naples, FL 34102. Periodicals Postage Paid at Sarasota, FL, and at additional mailing offices. The Gulf Coast Business Review is circulated in Charlotte, Collier, Hillsborough, Lee, Manatee, Pasco, Pinellas, Polk and Sarasota counties.

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POSTMASTER: Please send changes of address to The Gulf Coast Business Review, P.O. Box 3169, Sarasota, FL 34230.

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â&#x20AC;&#x153;The road is cleared,â&#x20AC;? said Galt. â&#x20AC;&#x153;We are going back to the world.â&#x20AC;?

He raised his hand and over the desolate earth he traced in space the sign of the dollar.

Ayn Rand, Atlas Shrugged

$$

GULF COAST BUSINESS REVIEW OCTOBER 19 â&#x20AC;&#x201C; OCTOBER 25, 2012

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3

COFFEE TALK

CONTINUED FROM PAGE 1

PIZZA CHIEF BIG ON FLORIDA

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Â&#x2021; 6LWH ,QVSHFWLRQV When Joseph â&#x20AC;&#x153;Joeyâ&#x20AC;? Ciolli decided to expand Grimaldiâ&#x20AC;&#x2122;s Pizzeria to Florida, he picked Fort Myers for the first location.

Some questioned Ciolliâ&#x20AC;&#x2122;s decision because when the restaurant opened in Fort Myers two years ago, the area was in the depths of the real estate and consumer spending had fallen. â&#x20AC;&#x153;Everybody kept saying how bad the recession was down there,â&#x20AC;? Ciolli recalls.

But Ciolli reasoned that if the Fort Myers restaurant performed as well as he thought it would, he could be successful in other Florida locations. â&#x20AC;&#x153;I like to challenge our brand,â&#x20AC;? says the president and CEO of the Scottsdale, Ariz.,-based pizza restaurant company.

Turned out Ciolli was right. Grimaldiâ&#x20AC;&#x2122;s has since opened five locations in Florida and itâ&#x20AC;&#x2122;s planning to open a sixth location at the Westshore Mall in Tampa. (The company now has 28 locations in six states.)

Of course, it helped that shoppingcenter rents fell dramatically during the downturn and Ciolli seized the opportunity where others feared to expand. â&#x20AC;&#x153;Three or four years ago you could get great deals,â&#x20AC;? Ciolli says.

Ciolliâ&#x20AC;&#x2122;s says his strategy is to forge relationships with major landlords, with whom he negotiates a master lease. Then, he tweaks the lease for each new location depending on the demographics. â&#x20AC;&#x153;We look for lifestyle center where they put restaurants in the front; thatâ&#x20AC;&#x2122;s really important for us,â&#x20AC;? Ciolli says. â&#x20AC;&#x153;We want to be accessible when the mall is closed.â&#x20AC;?

+ Reach for the sky, and your wallet A big-time marketing opportunity on the Gulf Coast is up for grabs for a boldthinking â&#x20AC;&#x201D; and deep-pocketed â&#x20AC;&#x201D; business.

The opportunity is so way up, in fact, it revolves around landing naming rights on the tallest building in downtown St. Petersburg. The asking price for the rights, to get on top of the 386-foot, 28-story One Progress Plaza building, is

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Rick Scott continued to tout that running a state really is not that different from running a business â&#x20AC;&#x201D; that is, aside from the ruthless media scrutiny.

Following this theme, as Scott talked about his priorities for the state (education, jobs, etc.,) he also threw out tips that have translated from his previous life as an executive to his life in public office. The following are some takeaways he gave to the 200 or so CEOs in attendance: â&#x20AC;˘ Meet someoneâ&#x20AC;&#x2122;s needs. Whether itâ&#x20AC;&#x2122;s students in the classroom or customers for your business, the singular goal behind every action should be providing something your customers need, Scott says. â&#x20AC;˘ Use metrics. In his tenure leading Columbia Hospital Corp., Scott was infamous for his diligence to metrics. He says this approach is one heâ&#x20AC;&#x2122;s also trying to bring to government, particularly in education. â&#x20AC;&#x153;Set a goal, and measure the living daylight out of it,â&#x20AC;? he says. â&#x20AC;˘ Get good advice. The key to implementing something new successfully, Scott says, is talking to anyone who has done what youâ&#x20AC;&#x2122;re trying to do. â&#x20AC;&#x153;Talk to as many people as you can,â&#x20AC;? Scott says. â&#x20AC;˘ Be specific. During his time as governor, Scott has asked several groups to put in writing specific things he can do to help them. â&#x20AC;&#x153;I told them, I canâ&#x20AC;&#x2122;t fix anything if you donâ&#x20AC;&#x2122;t give me lists.â&#x20AC;? The same can help business owners identify problems and prioritize solutions. â&#x20AC;˘ Manage the message. Scott says during his campaign, he didnâ&#x20AC;&#x2122;t read anything with his name on it and stuck to the sports channels to avoid distracting political noise. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s important to stay on your message,â&#x20AC;? he says. â&#x20AC;&#x153;What has made it easier for me is I actually believe what Iâ&#x20AC;&#x2122;m saying.â&#x20AC;?

*R IRU LW :HÂśYH JRW \RXU EDFN At Roetzel, our attorneys view the world the way our clients do â&#x20AC;&#x201C; with an innovative and results-oriented mindset.

See COFFEE TALK on page 5

ECONOMIC SNAPSHOT

BUILDING INVESTMENT What the data show: Taxable sales in the building investment category include those from building contractors, well drillers, lumber suppliers, roofers, air-conditioning and electric contractors. Services provided by these businesses are generally not taxable. The latest data is for July.

JULY BUILDING INVESTMENT ($ in millions)

Area Sarasota-Bradenton Naples Tampa-St. Petersburg Cape Coral-Fort Myers Punta Gorda

What it means: With the exception of Punta Gorda, building investment is growing on the Gulf Coast, albeit from low levels.

More affluent areas such as Sarasota and Naples are reporting bigger jumps in building investment than other areas of the Gulf Coast, and the state as a whole is up on an annual percentagechange basis (up 10.8% in July). In July, Fort Pierce and Vero Beach reported the biggest gains in the state, up 20.2% and 17.3% respectively.

Investment $53.8 $30.7 $194.3 $49.8 $12.8

Annual Change 14.6% 13.9% 8.5% 6.7% -3.9%

Source: Florida Legislature Office of Economic and Demographic Research

has been rising, particularly in secondhome markets such as Collier County.

Meanwhile, commercial construction is expected to follow suit as population migration to Florida rebounds. Low levels of construction from the bust means annual percentage-change comparisons will easily remain in the double digits for the months ahead.

Our commercial real estate attorneys focus on maximizing opportunities and NJOJNJ[JOH SJTLT TP ZPV DBO GPDVT PO ZPVS CVTJOFTT 5FBN NFNCFST JODMVEJOH Mark Price Paul Heuerman and Stephen Thompson, have your back.

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GULF COAST BUSINESS REVIEW OCTOBER 19 – OCTOBER 25, 2012

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GULF COAST WEEK REGIONAL BUSINESS NEWS AT A GLANCE

TAMPA BAY Homeowners goes to NYSE

Homeowners Choice Inc. will transfer the listing of its common stock from the NASDAQ to the New York Stock Exchange this month.

Homeowners Choice Chairman and CEO Paresh Patel says moving to the NYSE is a milestone marking the firm’s fiscal health. “It’s where the big boys play in our industry,” Patel told the Business Review.

“It tells everyone we met the highest, most stringent financial criteria.”

The company, one of the largest providers of property and casualty insurance in Florida, says it expects its shares to

EXECUTIVE

DECISION What’s your forecast for the economy in the upcoming year?

To vote in this week’s poll, visit: review.net/decision Results from last week’s poll:

Are you in favor of affirmative action hiring practices?

9% Yes

91% No

begin trading on the NYSE Oct. 25 under the new symbol HCI.

IT firm expands again

ConnectWise Inc., an IT software vendor, has leased 35,000 square feet at Fountain Square II in the Westshore area of Tampa.

ConnectWise will occupy the entire fourth floor of the 134,000-square-foot Class A office building.

The firm was listed No. 2680 on the Inc. 5000, a ranking of the fastest-growing companies. In July, ConnectWise opened a new location to house its corporate headquarters, subsidiary LabTech Software, and software development firm Quosal Inc.

Burger chain eyes N.C.

Burger 21, a Tampa quickcasual eatery from the owners of The Melting Pot Restaurants Inc., are eyeing Charlotte and Raleigh-Durham, N.C., for expansion.

The company says it believes the two metro areas could potentially support 12 to 15 locations of the gourmet burger restaurant. Since February, Burger 21 has signed four agreements to develop six franchised restaurants in Atlanta, Orlando and Voorhees, N.J. The company was founded in 2010 and now has 10 total franchised and company-owned units, including four in Tampa Bay.

SARASOTA-MANATEE Homebuilder’s sales surge

Lakewood Ranch-based homebuilder Neal Communities reported 442 sales in 2012 through September — which beats its 403 sales in 2011.

In September, the firm sold 62 homes, up 59% from the 39 sales it had in September 2011.

The company says a key community in its sales surge is Central Park in Lakewood Ranch, just east of Intestate 75. Neal sold 17 homes there in September, and has sold 314 homes there in two years. River’s Reach, a newcommunity in Parrish, has also contributed to the sales growth, with 19 sales since June 1.

County approves incentives

The Sarasota County Commission approved $200,000 in relocation and expansion subsidies for a local technology company that plans 50 new jobs over five years.

Thomas Frost of Datum Corp., an IT services firm, put up a personal guaranty to secure the incentives. Founded in 2002, Datum specializes in working with retail and restaurant chains.

Datum recently bought an 11,365-square-foot building in the Lakewood Ranch Corporate Park, which will be the firm’s headquarters. Datum paid $975,000 for the building, formerly the corporate office for Lee Wetherington Homes.

Airport starts expansion Construction has started on a $39 million expansion of the area around the passenger terminal at Southwest Florida International Airport in Fort Myers that will eventually link it to a future second runway.

The Lee County Port Authority says the expansion of the apron and taxiway around the terminal will provide space for more aircraft to move or park.

The estimated

Board hires superintendent

The Manatee County School Board named David Gayler, who ran Charlotte County schools for a decade, its new interim superintendent.

Gayler replaces Tim McGonegal, who resigned in September. McGonegal had a sometimes tumultuous relationship with the school board, which culminated in the findings last month that the district overspent $8 million in the 2011-2012 school year.

Gayler says his first priority will be to restore public trust in the school district.

CHARLOTTE-LEE-COLLIER MetJet starts flights

MetJet started a weekly flight between Fort Myers and Green Bay, Wis., the first nonstop flight between the two cities.

MetJet is an airline startup that began flights on Oct. 7 with a Boeing 737 aircraft.

The company is based in De

completion date for this project is December 2013.

The taxiway and apron expansion paves the way for an eventual link to a second runway.

The airport has commissioned the design of a second 9,100foot runway and the relocation of the control tower to handle the expected future growth.

That project is estimated to cost $432 million.

Pere, Wis., and was started by investors there to provide air service from Green Bay to key markets such as Fort Myers and Orlando.

MetJet will fly on Wednesdays from Southwest Florida International Airport to Green Bay’s Austin Straubel International Airport through April.

Collier Bar president

The Collier County Bar Association named Jeanne Seewald president of the county’s association of lawyers.

Seewald is managing partner of the Southwest Florida offices of Hahn Loeser & Parks.

As co-chair of Hahn Loeser’s corporate transactions group, Seewald focuses her legal practice in the areas of general business and corporate transactions, mergers and acquisitions and intellectual property.

She is board certified by the Florida Bar as a specialist in intellectual property law.

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GULF COAST BUSINESS REVIEW OCTOBER 19 â&#x20AC;&#x201C; OCTOBER 25, 2012

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Are you ready to

COFFEE TALK

CONTINUED FROM PAGE 3

Companyâ&#x20AC;&#x2122;s photo sets Guinness record

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certainly steep: $5 million for 10 years.

Bank of America, which at one point leased more than 7,000 square feet in the building, pulled its name off the top last year.

Built in 1990, One Progress Plaza is in the heart of downtown St. Petersburg.

Darin Kucera, managing partner of Kucera Properties, a family-run firm that owns the 300,000-square-foot building, says naming rights will allow a company to â&#x20AC;&#x153;instantly increase or create name recognition.â&#x20AC;?

From at least one perspective, moreover, $500,000 a year for the name on top of the St. Petersburg skyline is a bargain. Tropicana, for instance, pays roughly $1.5 million a year for the naming rights at Tropicana Field, home of the Tampa Bay Rays.

Still, the asking price scared off at least a few potential naming rights clients.

Bank of Tampa and Raymond James, for example, current One Progress Plaza tenants, negotiated with Kucera but failed to reach a deal. Regarding Bank of Tampa, Kucera tells Coffee Talk the sides â&#x20AC;&#x153;couldnâ&#x20AC;&#x2122;t come to an agreement on the final economics.â&#x20AC;?

Kucera hired The Clear Agency, a St. Petersburg-based advertising firm, to help find a naming rights partner. The goal is to land a company with a local presence, but Jenn Greacen, executive director with the agency, says they will also market the opportunity outside the region.

The naming rights prospect marks the second time this year a tall Gulf Coast building seeks a replacement name for Bank of America. The other one is on Main Street in downtown Sarasota, where BofA plans to leave its space in the Ellis Building, a Benderson Development property. The bank is building a new branch a few blocks away, while Benderson has been marketing the ground floor and naming rights since February.

+ Sunny report on Floridaâ&#x20AC;&#x2122;s tax climate Florida has something in common with Alaska, South Dakota and Wyoming, a trio of states more accustomed to a cowboy way of life than sunshine.

It turns out all those states, plus Nevada, make up the top five states for business tax climate, according to a new report from the Tax Foundation. The Washington, D.C.-based foundation is a nonprofit and nonpartisan research organization.

Now in its ninth year, the foundationâ&#x20AC;&#x2122;s survey collects data on more than 100 tax provisions for each state. The states are then compared against each other. â&#x20AC;&#x153;Even in our global economy, a stateâ&#x20AC;&#x2122;s strongest and most immediate competition often comes from other states,â&#x20AC;? Tax Foundation economist Scott Drenkard says in a release. â&#x20AC;&#x153;State lawmakers need to be aware of how their statesâ&#x20AC;&#x2122; business climates match up to their immediate neighbors and to other states in their region.â&#x20AC;?

Florida was one a few states the survey noted for not having an individual income tax. Wyoming, South Dakota and Nevada collect neither personal nor corporate income taxes.

The poor performers, meanwhile, are the usual suspects from the Northeast, and, no surprise, California. The bottom five states on the survey are Rhode Island, at 46, followed, in order, by Vermont, California, New Jersey and New York.

TAX FOUNDATION SURVEY TOP 10 STATES 1) Wyoming 2) South Dakota 3) Nevada 4) Alaska 5) Florida

6) Washington 7)New Hampshire 8) Montana 9) Texas 10) Utah Source: Tax Foundation

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had vision problems. â&#x20AC;&#x153;We are proud to have set the new Guinness World Records title for the â&#x20AC;&#x2DC;Worldâ&#x20AC;&#x2122;s Largest Photo Mosaic,â&#x20AC;&#x2122;â&#x20AC;? Transitions Marketing Manager Dan McLean says in a release. â&#x20AC;&#x153;Throughout our Sightseeing City Tour, weâ&#x20AC;&#x2122;ve raised awareness among tens of thousands about the importance of healthy, enhanced vision and the role it plays in â&#x20AC;&#x2DC;sightseeing.â&#x20AC;&#x2122;â&#x20AC;?

Some other facts about the record mosaic include: â&#x20AC;˘ It spread 21,645 square feet; â&#x20AC;˘ It used 15 miles of tape; â&#x20AC;˘ It had 350 rows by 505 columns of pictures; â&#x20AC;˘ It took 34 hours to lay photos; â&#x20AC;˘ A team of about 50 people worked on the project.

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Who says the Gulf Coast construction industry is dead?

Transitions Optical, a Pinellas Parkbased adaptive eyeglass lenses company, clearly doesnâ&#x20AC;&#x2122;t see it that way. Indeed, the company recently built the largest photo mosaic in the world â&#x20AC;&#x201D; as judged

by Guinness World Records.

The record-setting photo mosaic, consisting of 176,750 individual photographs that make one recognizable image, was assembled Oct. 11 at the Florida State Fairgrounds in Tampa.

The project, according to the company, commemorates World Sight Day. The idea behind the mosaic began when Transitions asked customers to submit photos of their favorite sites, the ones they would miss the most if they

Rich Pierro

t #FODINBSLJOH

Transitions Optical created the worldâ&#x20AC;&#x2122;s largest photo mosaic Oct. 11.

6

GULF COAST BUSINESS REVIEW OCTOBER 19 – OCTOBER 25, 2012

www.review.net

economic

FORECAST

FOR THE GULF COAST

Nancy DeNike

Grand openings are happening with increasing frequency as the regional economy recovers. Brett Diamond recently held a grand-opening party for Venture X, co-working space in Naples that will be a hub for entrepreneurs.

The Elephant in the Room Can executives get past the election? Some say they won’t make any plans for 2013 until they have more certainty about taxes, health care and other critical business issues.

A

lmost any conversation about forecasting 2013 with a Gulf Coast business owner or executive invariably brings up the national election.

And everyone agrees on this point: We need to get past Nov. 6 so we can go on with the economic recovery.

Consider entrepreneurs such as Steve Marino, the founder and president of Home-Tech in Fort Myers, an appliancerepair company. He doesn’t plan any major moves until he knows who will be in power in Washington, D.C. “If we don’t have a change in administration … I see 2013 as a pretty dismal year,” says Marino, who is scouting locations to expand but is reluctant to move ahead. “There really are two ways to go.”

Restaurateur Craig Peden, president of Rib City chain of 29 barbecue restaurants, says he’s holding off on opening another four restaurants until he’s satisfied with the results of the election.

Health care could turn into a greater expense next year than in 2012, he says.

Commercial real estate broker Barry

“

“

by Jean Gruss | Editor/Lee-Collier

Ron Wheeler, CEO,The Sembler Co.:

“Our pipeline of new deals in Florida is more vibrant than it’s been in the last four years.”

Seidel in Sarasota says entrepreneurs are anxious about the outcome of the election. “The election will be a big decider,” he says. Seidel says business has picked up, but there’s anxiety, too. “We’re getting a lot of calls and we’re busy, but no one’s happy,” he says.

“A lot of business owners don’t want to expand until they know what their taxes are going to be or what their health care costs,” says Ron Wheeler, CEO of The Sembler Co. in St. Petersburg. “What’s holding everything back is that we don’t

have strong employment growth.”

To be sure, a lot of the Gulf Coast companies that survived the recession now have the means to expand even if the will isn’t there.

“A lot of it is us psyching ourselves out,” says Joe Gammons, president of Office Furniture & Design Concepts, who supplies furniture, flooring and handyman services to commercial customers. “All the business people I’m talking to say their businesses are healthy and in a position to expand,” he says.

“For me, I don’t think it matters who wins,” says Joe Buckheit, president of MediaBrains and AgingCare.com in Naples. “We need to get past it and people need to start operating their businesses.

People are understaffed and waiting to hire.”

Some say high-profile global crises are part of the operating landscape today. “I don’t know how you plan for this global uncertainty,” says Lee Arnold, chairman and CEO of Colliers International Tampa Bay, Central & Southwest Florida. “This is the world in which we will operate.

That’s just how we’re going to do business going forward and we’ll become accustomed to it.”

Most agree that the Gulf Coast seems to be on the cusp of broader recovery in 2013. “We’ve received more inquiries in the last three months than the last three years,” says Tony Ceresoli II, president of advertising agency Ad Partners in Tampa. He’s planning to add another three to four employees to his company’s 18-person staff next year because he says his clients’ advertising budgets are back to pre-recession levels.

GULF COAST BUSINESS REVIEW OCTOBER 19 â&#x20AC;&#x201C; OCTOBER 25, 2012

www.review.net

Brian Tietz

7

Brian Tietz

Steve Marino, the president and founder of Home-Tech, says heâ&#x20AC;&#x2122;s putting off major business decisions until after the election in November.

Joe Gammons, president of Office Furniture & Design Concepts, says his customers are ready to expand.

REAL ESTATE DRIVER

In addition to grocery centers, Wheeler says the company continues to develop sites for retailers such as Walgreens and Wawa convenience stores. â&#x20AC;&#x153;What we will probably not do is mixed-use or lifestyle deals or high-priced urban infill deals,â&#x20AC;? he says.

In anticipation of increased business activity, Arnold says his company has hired 20 brokers this year. â&#x20AC;&#x153;Thereâ&#x20AC;&#x2122;s a lot of private equity groups that have been put together to buy property in Florida,â&#x20AC;? he says. â&#x20AC;&#x153;There is more demand than there is product.â&#x20AC;?

Investors are seeking out opportunities because they believe they can lease empty buildings with new tenants and boost rental rates, says Arnold. â&#x20AC;&#x153;Thereâ&#x20AC;&#x2122;s plenty of upside,â&#x20AC;? he says.

The strongest property type right now

Real estate is the economic engine of the Gulf Coast, and itâ&#x20AC;&#x2122;s a leading indicator of things to come.

Homebuilder Taylor Morrison plans to nearly double the number of communities in which it builds in 2013. The company currently builds in 17 communities from Tampa to Naples. Steve Kempton, president of Taylor Morrison West Florida, says heâ&#x20AC;&#x2122;s expecting about 20% growth in new-home sales next year. â&#x20AC;&#x153;Collier County is doing very well right now from a sales standpoint,â&#x20AC;? says Kempton. â&#x20AC;&#x153;Up in Tampa, weâ&#x20AC;&#x2122;re seeing move-up families starting to buy again.â&#x20AC;?

The availability of new and existing homes has shrunk from Tampa to Naples and demand is rising. â&#x20AC;&#x153;The big talk among Realtors is that inventory is really

down and theyâ&#x20AC;&#x2122;re concerned,â&#x20AC;? says Anthony Solomon, executive vice president and owner of Ronto Group, a Naplesbased residential real estate development company.

An increase in residential construction will spur job growth. â&#x20AC;&#x153;Everybody Iâ&#x20AC;&#x2122;m talking to, from builders to contractors and trades, are all running at maximum now with the crews they have,â&#x20AC;? says Solomon. â&#x20AC;&#x153;People want to just see another few months of activity before they make a commitment to hire.â&#x20AC;?

On the commercial real estate development side, Sembler says new groceryanchored developments are on the drawing boards. â&#x20AC;&#x153;Our pipeline of new deals in Florida is more vibrant than itâ&#x20AC;&#x2122;s been in the last four years,â&#x20AC;? says Semblerâ&#x20AC;&#x2122;s Wheeler.

7R 7KH 1H[W /HYHO

is retail, and Arnold says his top broker operates in that field. â&#x20AC;&#x153;Who would think retail is as strong as it is?â&#x20AC;? he says.

In Sarasota, Maurice Opstal, president and managing partner of Stellar Development, says heâ&#x20AC;&#x2122;s building a 35,000-squarefoot shopping center in Lakewood Ranch that already has a dozen tenants signed. â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;ve seen clients dusting off ideas and blueprints that they may have had on the shelf for a while,â&#x20AC;? he says.

Still, Opstal says the most opportunities now are in Miami, where investors from Latin America are eager to buy commercial real estate for safety. â&#x20AC;&#x153;Folks arenâ&#x20AC;&#x2122;t waiting to be 100% leased anymore,â&#x20AC;? Opstal says. â&#x20AC;&#x153;We havenâ&#x20AC;&#x2122;t seen that for a long time.â&#x20AC;?

See OVERVIEW on page 17

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8

GULF COAST BUSINESS REVIEW OCTOBER 19 – OCTOBER 25, 2012

www.review.net

economic

FORECAST

Tonya Elmore President Tampa Bay Innovation Center

TAMPA BAY

Largo | Technology BUSINESS: Through the motto “mind to market,” the nonprofit has been recognized statewide and nationally for its development work with early stage companies. Founded in 2003, when it was the STAR Technology Enterprise Center, Elmore says the key metric for the center is how many high-tech jobs are created from client-companies. On that front, the news is good, with nearly 100 jobs in 2012 that pay at least $60,000 a year.

“Our activity has increased,” says Elmore.

So much so that the center plans to expand in 2013. It hopes to open a second Pinellas County office, and the center also recently launched the Entrepreneur’s Hub, an online portal for the local technology community.

INDUSTRY: Elmore, who is a certified incubator manager, a designation from the National Business Incubator Association, says three technology sectors are worth watching in 2013: energy companies, especially ones with solar or other alternative methods; medical technology software companies; and data-mining firms. On data, Elmore says businesses constantly crave more information in the digital age. “People want to tap into data,” Elmore says. “That’s the trend right now.”

REGION: Elmore, who sits on several local technology and academic boards, echoes what many others think: Uncertainty will linger through the presidential election. Past that, Elmore says one hitch in any recovery is the fact that many small businesses, especially in technology, struggle to obtain bank-based financing. “Even the banks that are lending,” says Elmore, have rates that make it difficult. Adds Elmore: “Banks are still tight.”

Gregg Nicklaus President | Sirata Beach Resort & Conference Center Mark Wemple

Technology executive Tonya Elmore is a founder and president of the Largo-based Tampa Bay Innovation Center. The center aids startup and early stage technology companies.

St. Pete Beach | Hospitality BUSINESS: The comeback from the 2009-2010 dead zone, marked by the BP oil spill and a cold snap, is in full effect in 2012, says Nicklaus. Indeed, the Sirata, a 382-room resort spread on 13 acres, is up 10% year-over-year in both occupancy and average room rates. Nicklaus projects 2013 will still be a growth year at the resort, though the rate might slow somewhat to a more average pace, in the single digits. The good news, he says, is the stream of in-state vacationers has returned. “We’ve come from what was an abyss,” says Nicklaus, “and gotten back to the norm.”

INDUSTRY: A property makeover is almost the only way to survive, much less prosper, in hospitality and resorts, says Nicklaus. “You see it in almost every property that’s performing well,” he says.

Sirata, for instance, recently underwent a $3 million upgrade that touches everything from TVs in the guest rooms to the fire alarm system. Nicklaus, however, says a major challenge the industry faces is the threat of high gas prices. That could have both a psychological and a literal impact on occupancy rates.

Mark Wemple

Gregg Nicklaus has run Sirata Beach Resort on St. Pete Beach since 1980. The 382room resort is spread across 13 acres.

REGION: Nicklaus, who has helped run Sirata since 1980, says one key positive nugget in the local economy is housing prices, at least in several St. Pete Beach communities, are back to 2007 levels. Moreover, inventory levels, says Nicklaus, are down. Nicklaus also believes the economy will get a boost from sheer numbers in that 200-300 people are moving to Florida every day. That’s a positive migration trend that would end several years of slow, or zero, population growth. Those new people, Nick-

laus projects, will leave their recession thoughts in their previous home. “There is a new normal,” says Nicklaus. “People feel the likelihood of another recession is small.”

Jamie Harden President and CEO Creative Sign Designs Tampa | Manufacturing, signs BUSINESS: The firm, which manufacturers and assembles interior, exterior and digital signs for clients on the Gulf Coast and nationwide, is on a three-year growth spurt. It has grown from $5.2 million in sales in 2008 to more than $10 million this year. Harden, who bought the business in 2005, projects 2013 will be another year of at least 25% annual sales growth. He also expects to hire at least 10 people next year, which would bring the payroll to 90 employees, up from 45 in 2008. “We’re as busy as we’ve ever been,” says Harden, who says restaurant activity and banking consolidations are some of the growth spots.

INDUSTRY: One of the more significant challenges in manufacturing, says Harden, is finding employees and managing their benefits. On the benefit side, Harden says the uncertainty of the federal health care overhaul is a sore spot — a frustration he shares with some peers.

“Health care is a real concern,” Harden says. “It’s a crazy thing that a piece of legislation was passed two years ago, and still no one knows what it means.”

REGION: Harden is confident the economy is improving, though he sees signs of potential stalls in tighter margins, potential inflation and cost-of-living increases.

“It does fell like there is a positive vibe out there,” says Harden — who adds he has been wrong the last few times he thought things were on the upswing.

Frank Ferreri Founder, Managing Partner Ferreri Search Tampa | Staffing, recruitment BUSINESS: Ferreri says the firm, with a niche in recruitment for IT, accounting and finance jobs, suffered heavily under the weight of the recession in 2009 and 2010. That’s when clients stopped seeking new employees. “Things got ugly,” says Ferreri, who founded the firm in 2007. “We almost went out of business,” he adds. “I was living off my line of credit.” But the firm began to rebound in 2011, when revenues were up 50% over 2010. Revenues are up about 25% this year, says Ferreri, and he expects at least that kind of growth in 2013. The firm, down to five employees in 2009, is up to 14 now, including two new recent hires.

Says Ferreri: “We have started to grow again.”

INDUSTRY: The recruitment and staffing industry is essentially in hurry-upand-wait mode. That’s because the good firms, says Ferreri, need to have staffing in place to meet demand when the employment market does come back. “We’re coming out of a period when a lot of companies have done zero or little hiring,” Ferreri says. “But our business is such that we can’t wait to hire people until we are busy.”

REGION: Ferreri sees some positive signs in the local economy, though lingering worry over the election and other uncertainties erase any momentum. Ferreri, in fact, says nine out of 10 conversations he has with people lately have something to do with the election. “The overall economy is very fragile,” says Ferreri.

“People are very concerned about where we are and where we are going. I’m concerned.”

GULF COAST BUSINESS REVIEW OCTOBER 19 â&#x20AC;&#x201C; OCTOBER 25, 2012

www.review.net

Jamie Harden, a former loan executive at Bank of America, bought Tampa-based Creative Sign Designs in 2005.

Bryn Wesch COO/Deputy CFO Novus Medical Detox Center New Port Richey | Health care BUSINESS: The centerâ&#x20AC;&#x2122;s niche, says Wesch, is to go further than standard drug or alcohol detox rehab programs at hospitals and medical centers. â&#x20AC;&#x153;We want to do it better than anyone else,â&#x20AC;? Wesch says. â&#x20AC;&#x153;We want to create a positive first step environment.â&#x20AC;? The 12-bed, for-profit center opened in 2007, and the past year has been its biggest to date, with 50% growth in occupancy over 2011. Wesch

File

projects 2013 will also be a growth year: The center, with a staff of 36 doctors and clinicians, is finalizing plans to expand to 31 beds and surpass 50 employees. Novus will handle any substance abuse situation, though the focus lately is on opiates and painkillers, given the recent wave of prescription drug abuse in Florida and nationwide. â&#x20AC;&#x153;Unfortunately,â&#x20AC;? says Wesch, â&#x20AC;&#x153;itâ&#x20AC;&#x2122;s an epidemic thatâ&#x20AC;&#x2122;s completely out of control.â&#x20AC;?

INDUSTRY: The No. 1 challenge for-profit, niche-driven medical facilities face is the battle with health insurance providers, says Wesch. Providers regularly decline to pay for the Novus program, which means Novus employees have to

9

Mark Wemple

Bryn Wesch is the chief operating officer/deputy CFO of Novus Medical Detox Center, a substance abuse rehab facility with a focus on opiates and painkillers. cajole to get payment. â&#x20AC;&#x153;We have to fight a lot,â&#x20AC;? Wesch says. One good sign, at least, is more patients have begun to pay out of pocket, Wesch says. She takes that to mean more people realize the severity of the addiction.

REGION: Like many other Gulf Coast business leaders, Wesch says the weight of the presidential election looms large over which way the economy will shift. â&#x20AC;&#x153;We are all anxious to see how the election turns out,â&#x20AC;? says Wesch. In general, though, Wesch thinks things are on the mend. â&#x20AC;&#x153;We have all seen a nice little increase in the economy,â&#x20AC;? says Wesch. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s not what we would all like it to be, but it feels like it has stopped declining.â&#x20AC;?

Mark Wemple

Frank Ferreri founded Ferreri Search in 2007, focusing on IT, accounting and finance jobs.

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10

GULF COAST BUSINESS REVIEW OCTOBER 19 – OCTOBER 25, 2012

www.review.net

economic

FORECAST

SARASOTA-MANATEE

Kim Martinez says her firm, Bonitas International, which makes and sells fashion-forward lanyards, is in “profitable growth mode.”

Kim Martinez CEO | Bonitas International Sarasota | Retail, fashion

File

Angela Massaro-Fain and John Fain run Lakewood Ranch-based Grapevine Communications, a $10.1 million marketing and branding firm. The couple projects revenues will be up at least 40% in 2013.

BUSINESS: Bonitas International is the parent company behind BooJee Beads, a fashion-forward lanyard for holding an ID badge or eyeglasses the company calls “decadently affordable.” Martinez says business at the $2.5 million company, after a few rough recession years, has been great in 2012 — a trend she expects to continue well in 2013. The company, which sells products online, wholesale and in big-box stores, was up 30% this year in sales, and will likely be up at least that much next year. Says Martinez: “We are in profitable growth mode.”

INDUSTRY: The fashion accessories sector has a lurking enemy: rising overseas manufacturing costs. Martinez says the costs, which include raised tariffs, means she has had to raise her prices, what she calls “stressful and concerning.” Martinez, however, will take a counterintuitive approach to the challenge: She plans to spend more money on marketing in 2013. Her efforts include a heavy emphasis on social media.

“I’m plowing as much cash as we can into marketing,” Martinez says.

Mark Wemple

Lisa and Josh Leuchter run Snackworks, a Bradenton-based vending machine and coffee service business. Sales at the company have been flat in recent years, due partially to high local unemployment numbers.

REGION: Martinez, who co-founded Bonitas in 2003 with her sister-in-law, believes the middling economy might be around for a while. So she is directing her thinking in that way, toward what many call the new normal, on everything from housing appreciation to profit margins. In doing that, Martinez says one of her goals next year will be to avoid “chattering monkeys” who talk down positive economic news. “It’s not as easy as it was before,” says Martinez.

“Success requires more innovation than it has in the past.”

Angela Massaro-Fain and John Fain Owners Grapevine Communications Lakewood Ranch | Advertising, marketing, public relations

Lori Sax

Jack Brown runs Sarasota-based Gulf Coast Collection Bureau. Most of the firm’s clients are in the health care and medical industry.

BUSINESS: A marketing, branding and public relations firm, Grapevine survived the recession in part from adherence to an old business rule: Maintain a diversified customer base. Grapevine’s clients range from nonprofits to health care companies to construction businesses. John Fain, who runs the 11-employee firm with his wife, Angela Massaro-Fain, says revenues are up

File

35% this year, and will likely be up at least 40% next year. The company had $10.1 million in revenues in 2011. One positive sign for 2013, says Angela Massaro-Fain, is Grapevine is responding to more requests for proposals than in previous years.

INDUSTRY: Certainly more clients, or potential clients, is good for the entire advertising and marketing industry. Still, those clients seek more services and attention than ever before — at the lowest possible price. It’s a do-more-with-less mantra found in many other sectors. Says John Fain: “People are looking to get a lot of return on investment and creativity.” Another trend in the industry, say the Grapevine executives, is a continued interest in trying to improve social media outreach efforts.

REGION: The spouses, prominent networkers in the Sarasota-Bradenton community, hear one word more than any other in terms of the economy: uncertainty.

“I still think a lot of people are waiting to see that happens in November,” says Angela Massaro-Fain. John Fain adds that the certainty of any president would be an improvement from the current limbo. John Fain also says that despite the surge in business in Grapevine, the local economy is tough to project. Says Fain: “I’m still very cautious and certainly not very optimistic that the market is back.”

Jack Brown President and CEO Gulf Coast Collection Bureau Sarasota | Debt collection BUSINESS: The firm, which focuses on personal debt collection in the medical and health care industry on the Gulf Coast, was founded in 1978. Clients include some major hospitals in the region. Brown’s father bought it in 1998, and the younger Brown, an attorney, took over ownership earlier this year. Brown projects the 33-employee company, at $2.5 million in sales, will grow revenues at least 20% in 2013. He attributes the projection partially to an economic rebound, where more people are able to pay off old bills. “Business,” says Brown, “is going great.” Also significant: Brown expects new contracts to lead to a hiring surge, with at least 20 new employees in 2013. The company recently expanded to the Panhandle, and might reach out for clients in Georgia and Alabama next year, too.

INDUSTRY: The debt collection industry is essentially under siege from regulators, Brown says, both the state and federal variety. New rules and regulations, many in response to the 2008 financial crisis, moni-

GULF COAST BUSINESS REVIEW OCTOBER 19 â&#x20AC;&#x201C; OCTOBER 25, 2012

tor how and when debt collection agencies operate. Says Brown: â&#x20AC;&#x153;A lot of (the industryâ&#x20AC;&#x2122;s future) will depend on regulation. We want there to be a balance.â&#x20AC;? Brown says the industry deserves recognition for its integral role in helping companies survive the recession through recovering lost accounts receivables. â&#x20AC;&#x153;Debt collection is essential for business,â&#x20AC;? says Brown. â&#x20AC;&#x153;No two ways about it.â&#x20AC;?

REGION: Brown says he sees one good sign within the local housing market rebound, in that houses are starting to sell with equity. â&#x20AC;&#x153;That hasnâ&#x20AC;&#x2122;t happened in the past four of five years,â&#x20AC;? Brown says. Thatâ&#x20AC;&#x2122;s not only good for the debt collection industry.

Itâ&#x20AC;&#x2122;s also a positive development for general consumer spending. Brown also says the logjam of business-to-business debt has begun to loosen, which could mean companies have more to spend on reinvestment and growth.

Lisa and Josh Leuchter Owners | Snackworks Bradenton | Office vending machines, coffee and water BUSINESS: Snackworks is one of the largest office vending machine and coffee/ water service companies in the SarasotaBradenton region, with 18 employees and clients in five counties. Clients include any facility with a high employee count, from hospitals to factories, in addition to workplaces open a lot of hours. No surprise, then, that high unemployment levels have taken a toll on Snackworksâ&#x20AC;&#x2122; sales. Josh Leuchter, who runs the business with his wife, Lisa, says revenues will be flat in 2012, just like in 2011. Ditto for 2013. Still, the company is combating the sluggishness with an aggressive strategy.

It recently took on clients in Punta Gorda,

www.review.net

11

and is growing in Pinellas and Hillsborough counties. The firm is also re-doing its website, and its social media approach. â&#x20AC;&#x153;We have to be much stronger and effective marketers,â&#x20AC;? says Lisa Leuchter. â&#x20AC;&#x153;We have to get our story out there.â&#x20AC;?

INDUSTRY: The vending machine industry is yet another one in regulatorsâ&#x20AC;&#x2122; crosshairs. The reason: A trend towards healthier eating, the Leuchters say, will eventually target all the goodies inside a machine. The challenge, of course, is customers canâ&#x20AC;&#x2122;t see the backs of packages in a vending machine. So that means a whole host of changes are forthcoming, from new packages to digital screens that display calorie totals. â&#x20AC;&#x153;The health movement has always been huge in our industry,â&#x20AC;? says Lisa Leuchter. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s a not a new conversation, just a louder conversation.â&#x20AC;?

Still, those changes can curb Snackworksâ&#x20AC;&#x2122; margins.

REGION: The Leuchtersâ&#x20AC;&#x2122; view of the economy going into 2013 is decidedly hohum. The economy is clearly better than it was, says Josh Leuchter, â&#x20AC;&#x153;but getting off the floor with any great momentum is a problem.â&#x20AC;? Adds Leuchter: â&#x20AC;&#x153;The recovery is very uneven and choppy. We see that continuing in the short term.â&#x20AC;? Lisa Leuchterâ&#x20AC;&#x2122;s perspective is similar. â&#x20AC;&#x153;The deep fear and anger seems to have subsided,â&#x20AC;? she says. â&#x20AC;&#x153;But I donâ&#x20AC;&#x2122;t hear any wows.â&#x20AC;?

Tom Oâ&#x20AC;&#x2122;Brien President | Oâ&#x20AC;&#x2122;Brien Family Farms Bradenton | Agriculture, retail and wholesale produce BUSINESS: The farm, a wholesale agricultural operation with a family-friendly retail component, covers more than 500 acres in east Manatee County. Produce,

Lori Sax

Tom Oâ&#x20AC;&#x2122;Brien, who has been in the agricultural business for more than 35 years, runs Bradenton-based Oâ&#x20AC;&#x2122;Brien Family Farms. The farm and a retail center are in Manatee County, about six miles east of Interstate 75. sold through the Oâ&#x20AC;&#x2122;Brien family-run C & D Fruit and Vegetable Co., include cucumbers, onions, peppers, strawberries, squash, and zucchini. Clients range from Sysco to independent restaurants up and down the East Coast. The crops side of the business has struggled somewhat in recent years, Tom Oâ&#x20AC;&#x2122;Brien says. But the retail side, with a U-Pick patch and an educational center, is thriving. The family launched the retail side in the fall of 2010, and Oâ&#x20AC;&#x2122;Brien says â&#x20AC;&#x153;business has picked up every year.â&#x20AC;?

INDUSTRY: Competition, mostly from Mexico, is a significant challenge to farming in Florida. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s getting tougher,â&#x20AC;? says Oâ&#x20AC;&#x2122;Brien, who adds that low wages Mexico growers pay workers is a major issue. Even China has become a competi-

tive force against Florida farming, says Oâ&#x20AC;&#x2122;Brien, mostly because of its labor cost structure. Oâ&#x20AC;&#x2122;Brien Family Farms has up to 400 employees during busy growing and picking seasons, so wages are a constant competitive issue, much like it is for many tomato growers statewide. â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;re driving costs out of our system,â&#x20AC;? Oâ&#x20AC;&#x2122;Brien says. â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;re working hard to be more efficient.â&#x20AC;?

REGION: Oâ&#x20AC;&#x2122;Brien says he began to notice a slight improvement in the local economy last winter, when the farm was busy every weekend. Many customers, he adds, were snowbirds. Seeing that kind of disposable income return, says Oâ&#x20AC;&#x2122;Brien, was a good sign he hopes to see again this year. Says Oâ&#x20AC;&#x2122;Brien: â&#x20AC;&#x153;It seems like we are on a little bit of an upswing.â&#x20AC;?

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12

GULF COAST BUSINESS REVIEW OCTOBER 19 – OCTOBER 25, 2012

www.review.net

economic

FORECAST

LEE-COLLIER

Deanna Renda

Jim Henderson

President Naples Soap Co.

President William C. Huff Companies

Naples | Retail

Naples | Moving and storage

BUSINESS: Deanna Renda operates four retail stores that sell luxury soaps, including one that recently opened in Lakewood Ranch near Sarasota. Naples Soap also plans to expand it manufacturing facility near its Naples headquarters to 5,000 square feet. The company’s Key West store on Duval Street will open in January. “We’re confident in the feedback that we get back from our customers,” says Renda. “Our growth rates have been significant enough to warrant the expansion.” Renda says some customers drive from as far as Boca Raton to buy her natural soaps that sell for $8 a bar.

In addition, Naples Soap has a distribution agreement in Japan, and it’s working with hotels such as Ritz-Carlton to supply guests.

BUSINESS: Jim Henderson says his moving and storage company, which caters to affluent customers, has seen a 25% jump in business so far this year, and he expects that to rise at a similar clip next year as baby boomers start moving en masse to Florida. “We’ve had our busiest September we’ve had since the boom in 2006,” Henderson says.

Many older customers have decided to sell their homes up north and are moving to Florida after delaying those plans during the recession. “It’s going to pick up,” Henderson says. “If you look at the census bureau numbers, it has to.”

INDUSTRY: Renda says other retailers she’s spoken to have seen an increase in business and expectations are good for this winter tourism season once the national election is decided. Renda says she’s had an easier time selling soaps than her colleagues who sell higherpriced goods like jewelry and art, but even the high-end stores are seeing positive trends. “High-end luxury is starting to pick up,” Renda says.

Nancy DeNike

Deanna Renda is expanding her company’s soap-manufacturing facility in Naples to handle additional growth in retail sales.

REGION: “The outlook from our perspective and our neighbors is very positive,” Renda says. “Most of the retailers I’ve talked to are expecting a stronger season,” Renda says. That’ll be the case especially since the uncertainty of the elections will be over. The steady drumbeat of bad economic news will fade after the election because the debating will be over, Renda believes. “We’ll see people start to settle in with their spending,” she forecasts.

Ted Todd President Ted Todd Insurance

INDUSTRY: Most people moving today are affluent baby boomers. Middle-class professionals stopped moving during the recession for financial reasons, hurting many moving companies that had built their business around them. Henderson says those companies that focus on highend moves that offer secure storage, such as William C. Huff Cos., will benefit from the mass migration of boomers moving south. “I think you’re going to see a record number of people moving in over the next three years,” Henderson says.

Many will need storage because they’ll be moving from large homes to smaller ones. “Eighty percent of the people that I have seen this summer are downsizing,” Henderson says.

REGION: “This economy has everything to do with age and health,” Henderson says. He says his moving company has seen a 700% increase in the number of one-way moves from the Northeast to Florida this year and he expects that to continue, translating into real estate sales along the Gulf Coast. That’s good news for anyone who caters to the boomer population, from health care to furnishings. However, Henderson says most boomers will seek homes that don’t require major maintenance and are smaller in size from their family homes up north.

Bonita Springs | Insurance BUSINESS: Ted Todd’s insurance company has acquired six agencies in recent years and in 2013 he’ll focus on improving those operations. That includes growing the company’s customer call center so agents can focus on prospects for growth. Ted Todd Insurance has seven offices from Sarasota to Naples and on the east coast in Delray and Viera. “Right now we’re trying to focus on finding the formula so it’s repeatable,” says Todd. He expects single-digit percentage growth next year.

INDUSTRY: Better economic conditions have brought new challenges. “I do see challenges from competition of all sorts,” says Todd. “Whenever there’s opportunity there’s competition that comes in.”

During the downturn, Todd was aggressively growing. “Some of the old competitors went away and that was a good thing for us; they didn’t survive the hard times.” But now that the recovery is under way, the competitive landscape is growing. “There’s been a ton of new small competitors pop up and some of those are getting more organized,” says Todd.

Ted Todd says competition is increasing as the region’s economy recovers.

Brian Tietz

REGION: “We’re starting to see some new business, but it’s not crazy like it used to be,” says Todd. There are areas of growth, such as north Naples and the Lakewood Ranch area of Sarasota. “There are these pockets that continue to do pretty well,” says Todd. “I’ve noticed some of the shopping centers that were empty on U.S. 41 are starting to fill in,” he says.

“There are definitely people who want to move to Florida, but they’re being selective and particular.”

Craig Peden President | Rib City Fort Myers | Restaurants BUSINESS: Craig Peden says any major business decisions he takes will be delayed until after the national elections in November. “I’m not doing anything until after the election,” Peden says. “That’s going to steer me for where we’re going to go.” Peden won’t say which candidate he’s backing, but he’s holding off on plans to open four more Rib City barbecue restaurants from Tampa to Fort Myers until the election is resolved. That includes plans for two restaurants in Sarasota, one in Port Charlotte and another in Fort Myers. “I need to make sure that we’re heading in the right direction economically,” he says. “It’ll make me feel a little better.” Peden hopes to increase sales in 2013 after a flat year in 2012, but he says consumers remain cautious about spending. Rib City currently operates 13 corporate-owned restaurants and 16 franchises.

INDUSTRY: The restaurant industry is in a state of confusion over the requirements of Obamacare, which could dramatically increase the health care costs for employers. Peden points to the recent news that Darden Restaurants, the Orlando-based chain that owns such restaurants as Olive Garden and Red Lobster, is considering changing the status of full-time employees to part-time status to avoid that cost. “Darden is a huge

GULF COAST BUSINESS REVIEW OCTOBER 19 â&#x20AC;&#x201C; OCTOBER 25, 2012

13

www.review.net

Nancy DeNike

Brian Tietz

Nancy DeNike

Jim Henderson says he is counting on more affluent baby boomers moving to Florida.

Craig Peden says heâ&#x20AC;&#x2122;s waiting until the election is over before he decides to open new Rib City restaurants in the region.

Larry Norris says increased residential sales will benefit furniture retailers in the region.

corporation and they can pay people to figure out what that means,â&#x20AC;? says Peden, who says heâ&#x20AC;&#x2122;ll be watching closely.

Larry Norris

aggressive in that area.â&#x20AC;?

REGION: Pedenâ&#x20AC;&#x2122;s discussions with other business owners from Tampa to Fort Myers indicate that the recovery is uneven.

He says that cuts across all major industries, from construction to hospitality. â&#x20AC;&#x153;I hear good and I hear bad,â&#x20AC;? says Peden.

Consumers remain very cautious. â&#x20AC;&#x153;You could have great service and product, but people donâ&#x20AC;&#x2122;t have money,â&#x20AC;? he says.

The biggest impediment to growth is the lack of available financing. â&#x20AC;&#x153;Right now, if you try to get a loan itâ&#x20AC;&#x2122;s near impossible.â&#x20AC;?

FEATURED PROPERTIES

a tough economy, donâ&#x20AC;&#x2122;t get me wrong,â&#x20AC;?

Norris cautions. Customers are furnishing one room at a time instead of an entire house. â&#x20AC;&#x153;Theyâ&#x20AC;&#x2122;re very conscious of the value theyâ&#x20AC;&#x2122;re getting,â&#x20AC;? Norris says.

President Norris Home Furnishings Fort Myers | Furniture retail BUSINESS: â&#x20AC;&#x153;Iâ&#x20AC;&#x2122;m expecting a great year next year,â&#x20AC;? says Larry Norris, who owns three retail furniture stores in Fort Myers, Naples and Sanibel. â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;re up to 83 employees now and by the end of next year weâ&#x20AC;&#x2122;ll have 100 employees.â&#x20AC;? Norris says heâ&#x20AC;&#x2122;s expecting sales increases ranging from 20% to 25% in 2013. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s still

INDUSTRY: â&#x20AC;&#x153;I think most companies are seeing some modest growth,â&#x20AC;? says Norris.

Competition is increasing as consumers spend more on big-ticket items such as furniture. â&#x20AC;&#x153;Competition doesnâ&#x20AC;&#x2122;t bother me,â&#x20AC;? Norris says. â&#x20AC;&#x153;You just have to be on top of your game.â&#x20AC;? New-home construction is fueling some of the growth in furniture sales. â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;re talking to builders and developers,â&#x20AC;? Norris says. â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;re very

REGION: â&#x20AC;&#x153;I think Southwest Florida is a very unique, special place,â&#x20AC;? says Norris. â&#x20AC;&#x153;I think weâ&#x20AC;&#x2122;re off the bottom.â&#x20AC;? Norris says manufacturersâ&#x20AC;&#x2122; representatives tell him that Southwest Florida is the best region in the state for furniture sales. If winter forecasts of heavy snow in northern states this season turn out to be true, the regionâ&#x20AC;&#x2122;s economy could experience a significant boost. Norris says excessive government regulation is a burden. â&#x20AC;&#x153;Thereâ&#x20AC;&#x2122;s so much regulation on banking it makes it tough,â&#x20AC;?

Norris says. â&#x20AC;&#x153;Our government is so big and bureaucracy holds business back.â&#x20AC;?

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GULF COAST BUSINESS REVIEW OCTOBER 19 â&#x20AC;&#x201C; OCTOBER 25, 2012

www.review.net

economic

BY THE NUMBERS

FORECAST

FLORIDA JOBS PROJECTIONS BY INDUSTRY The two charts show estimates of jobs produced by industry. Nearly every industry was predicted to gain new jobs except for the mining and agriculture, forestry, fishing and hunting industries. In the sole exception, Hillsborough County was predicted to lose jobs in the information industry through a decline in clerk jobs. Region-wide, the education and health services industries are expected to have the largest gains.

CHARLOTTE, COLLIER, GLADES, HENDRY AND LEE COUNTIES Industry Total, All Industries Agriculture, Forestry, Fishing and Hunting Mining Construction Manufacturing Trade, Transportation, and Utilities Information Financial Activities Professional and Business Services Education and Health Services Leisure and Hospitality Other Services (Except Government) Government Self-Employed and Unpaid Family Workers

Employment 2011 2019 406,868 476,634 10,122 10,083 150 134 26,885 35,883 7,591 8,330 74,983 86,060 4,787 5,310 19,637 22,712 41,044 50,276 50,481 62,018 58,204 68,210 16,374 18,398 58,425 66,463 38,185 42,757

Annual Change Total Percent 8,721 2.14 -5 -0.05 -2 -1.33 1,125 4.18 92 1.22 1,385 1.85 65 1.37 384 1.96 1,154 2.81 1,442 2.86 1,251 2.15 253 1.55 1,005 1.72 572 1.5

Employment 2011 2019 147,195 176,327 815 996 116 127 7,709 10,984 3,986 4,234 30,684 35,049 954 995 5,138 6,121 12,725 17,571 27,391 34,108 17,148 19,347 5,906 6,951 24,150 27,595 10,473 12,249

Annual Change Total Percent 3,642 2.47 23 2.78 1 1.19 409 5.31 31 0.78 546 1.78 5 0.54 123 2.39 606 4.76 840 3.07 275 1.6 131 2.21 431 1.78 222 2.12

Annual Change Total Percent 2,180 1.81 -26 -0.53 220 3.73 10 0.12 360 1.85 13 1.32 73 1.64 506 2.8 415 2.6 275 2 74 1.61 160 1.32 101 0.8

Industry Total, All Industries Agriculture, Forestry, Fishing and Hunting Mining Construction Manufacturing Trade, Transportation, and Utilities Information Financial Activities Professional and Business Services Education and Health Services Leisure and Hospitality Other Services (Except Government) Government Self-Employed and Unpaid Family Workers

Employment 2011 2019 433,724 482,431 99 101 30 17 17,375 19,826 30,521 29,843 68,434 71,662 6,939 6,716 28,614 30,967 72,552 94,487 71,656 82,318 45,439 47,860 15,889 16,898 46,005 49,186 30,171 32,550

Annual Change Total Percent 6,088 1.4 0 0.25 -2 -5.42 306 1.76 -85 -0.28 404 0.59 -28 -0.4 294 1.03 2,742 3.78 1,333 1.86 303 0.67 126 0.79 398 0.86 297 0.99

Employment 2011 2019 151,858 174,458 329 324 47 40 8,508 11,075 4,926 5,236 24,904 28,042 2,221 2,382 9,054 10,034 18,488 22,194 28,802 34,165 20,243 23,115 7,172 7,913 14,509 15,836 12,655 14,102

Annual Change Total Percent 2,825 1.86 -1 -0.19 -1 -1.86 321 3.77 39 0.79 392 1.58 20 0.91 122 1.35 463 2.51 670 2.33 359 1.77 93 1.29 166 1.14 181 1.43

SARASOTA COUNTY

HILLSBOROUGH COUNTY Industry Total, All Industries Agriculture, Forestry, Fishing and Hunting Mining Construction Manufacturing Trade, Transportation, and Utilities Information Financial Activities Professional and Business Services Education and Health Services Leisure and Hospitality Other Services (Except Government) Government Self-Employed and Unpaid Family Workers

Employment 2011 2019 120,764 138,208 4,999 4,789 5,914 7,678 7,719 7,796 19,455 22,331 977 1,080 4,469 5,056 18,078 22,129 15,943 19,264 13,741 15,939 4,559 5,147 12,157 13,439 12,731 13,541

Industry Total, All Industries Agriculture, Forestry, Fishing and Hunting Construction Manufacturing Trade, Transportation, and Utilities Information Financial Activities Professional and Business Services Education and Health Services Leisure and Hospitality Other Services (Except Government) Government Self-Employed and Unpaid Family Workers

PINELLAS COUNTY

HERNANDO AND PASCO COUNTIES Industry Total, All Industries Agriculture, Forestry, Fishing and Hunting Mining Construction Manufacturing Trade, Transportation, and Utilities Information Financial Activities Professional and Business Services Education and Health Services Leisure and Hospitality Other Services (Except Government) Government Self-Employed and Unpaid Family Workers

MANATEE COUNTY

Employment 2011 2019 647,937 746,289 10,599 11,389 286 306 25,619 32,520 22,710 23,030 110,625 120,631 17,095 16,870 52,998 59,184 113,192 150,264 79,864 95,541 59,594 64,035 20,095 22,383 82,350 92,290 52,910 57,846

Annual Change Total Percent 12,294 1.9 99 0.93 2 0.87 863 3.37 40 0.18 1,251 1.13 -28 -0.16 773 1.46 4,634 4.09 1,960 2.45 555 0.93 286 1.4 1,242 1.51 617 1.17

Industry Total, All Industries Agriculture, Forestry, Fishing and Hunting Mining Construction Manufacturing Trade, Transportation, and Utilities Information Financial Activities Professional and Business Services Education and Health Services Leisure and Hospitality Other Services (Except Government) Government Self-Employed and Unpaid Family Workers

Source: Florida Department of Economic Opportunity

INDUSTRIES GAINING THE MOST NEW JOBS CHARLOTTE, COLLIER, GLADES, HENDRY AND LEE COUNTIES Industry Education and Health Services Trade, Transportation, and Utilities Health Care and Social Assistance Leisure and Hospitality Professional and Business Services Construction Retail Trade Local Government Government Ambulatory Health Care Services

Employment Annual Change 2011 2019 Total Percent 50,481 62,018 1,442 2.86 74,983 86,060 1,385 1.85 45,902 56,265 1,295 2.82 58,204 68,210 1,251 2.15 41,044 50,276 1,154 2.81 26,885 35,883 1,125 4.18 59,422 67,693 1,034 1.74 48,383 56,460 1,010 2.09 58,425 66,463 1,005 1.72 22,300 29,650 919 4.12

MANATEE COUNTY Industry Professional and Business Services Education and Health Services Health Care and Social Assistance Trade, Transportation, and Utilities Leisure and Hospitality Administrative and Support and Waste Management Administrative and Support Services Ambulatory Health Care Services Retail Trade Construction

HERNANDO AND PASCO COUNTIES

PINELLAS COUNTY

Employment Annual Change Industry 2011 2019 Total Percent Education and Health Services 27,391 34,108 840 3.07 Health Care and Social Assistance 24,582 30,680 762 3.1 Professional and Business Services 12,725 17,571 606 4.76 Trade, Transportation, and Utilities 30,684 35,049 546 1.78 Ambulatory Health Care Services 10,282 14,033 469 4.56 Administrative and Support and Waste Management 7,365 10,834 434 5.89 Retail Trade 24,612 28,061 431 1.75 Government 24,150 27,595 431 1.78 Administrative and Support Services 6,540 9,850 414 6.33 Local Government 20,659 23,942 410 1.99

Industry Professional and Business Services Administrative and Support and Waste Management Administrative and Support Services Education and Health Services Health Care and Social Assistance Ambulatory Health Care Services Professional, Scientific, and Technical Services Trade, Transportation, and Utilities Government Construction

HILLSBOROUGH COUNTY

SARASOTA COUNTY

Employment Annual Change Industry 2011 2019 Total Percent Professional and Business Services 113,192 150,264 4,634 4.09 Administrative and Support and Waste Management 54,039 78,724 3,086 5.71 Administrative and Support Services 52,475 76,929 3,057 5.83 Education and Health Services 79,864 95,541 1,960 2.45 Health Care and Social Assistance 69,086 82,845 1,720 2.49 Professional, Scientific, and Technical Services 50,901 62,450 1,444 2.84 Trade, Transportation, and Utilities 110,625 120,631 1,251 1.13 Government 82,350 92,290 1,242 1.51 Ambulatory Health Care Services 28,547 37,307 1,095 3.84 Construction 25,619 32,520 863 3.37

Industry Education and Health Services Health Care and Social Assistance Professional and Business Services Ambulatory Health Care Services Trade, Transportation, and Utilities Leisure and Hospitality Construction Retail Trade Professional, Scientific, and Technical Services Accommodation and Food Services

Employment Annual Change 2011 2019 Total Percent 18,078 22,129 506 2.8 15,943 19,264 415 2.6 13,994 16,928 367 2.62 19,455 22,331 360 1.85 13,741 15,939 275 2 11,620 13,637 252 2.17 11,522 13,540 252 2.19 6,263 8,270 251 4.01 14,703 16,640 242 1.65 5,914 7,678 220 3.73

Employment Annual Change 2011 2019 Total Percent 72,552 94,487 2,742 3.78 36,691 51,893 1,900 5.18 36,073 51,192 1,890 5.24 71,656 82,318 1,333 1.86 64,187 73,613 1,178 1.84 27,202 34,587 923 3.39 26,040 31,749 714 2.74 68,434 71,662 404 0.59 46,005 49,186 398 0.86 17,375 19,826 306 1.76

Employment 2011 2019 28,802 34,165 26,186 30,967 18,488 22,194 10,628 13,861 24,904 28,042 20,243 23,115 8,508 11,075 19,468 21,684 9,038 11,249 15,203 17,258

Annual Change Total Percent 670 2.33 598 2.28 463 2.51 404 3.8 392 1.58 359 1.77 321 3.77 277 1.42 276 3.06 257 1.69

Source: Florida Department of Economic Opportunity

GULF COAST BUSINESS REVIEW OCTOBER 19 – OCTOBER 25, 2012

economic

FORECAST

www.review.net

15

BY THE NUMBERS

HOUSING Single-family construction is on the upswing with almost all regions seeing growth from 2010 to 2011.The sole outlier, Pasco County, reported a 52-permit dip in single-family construction in 2011 compared with the previous year.The multifamily permit numbers were more mixed, likely reflecting both increased demand for apartments and the sluggish condominium market.

ANNUAL NEW PRIVATELY OWNED RESIDENTIAL BUILDING PERMITS 2011 2010 2009 Charlotte 302 293 286 Collier 872 674 630 Hillsborough 3,075 2,903 2,470 Lee 1,262 1,175 891 Manatee 1,196 1,144 931 Pasco 960 1,012 999 Pinellas 340 297 259 Sarasota 638 560 386

2008 312 652 3,110 1,185 1,012 1,182 416 571

2007 932 1,068 4,472 4,356 1,086 2,052 620 1,129

2006 3,052 2,829 8,639 14,700 2,564 5,007 1,786 3,418

2005 2,479 4,052 12,386 21,593 4,497 8,097 2,771 6,886

2004 2,331 4,202 11,066 14,834 4,659 6,820 2,250 6,321

2003 1,953 3,376 10,256 9,668 3,267 5,981 1,669 4,630

NEW PRIVATE HOUSING UNITS AUTHORIZED BY BUILDING PERMITS IN FIVE OR MORE FAMILY BULIDINGS 2011 2010 2009 2008 2007 2006 Charlotte 31 232 852 Collier 259 371 202 185 829 1,023 Hillsborough 1,046 981 1,246 2,993 2,733 2,414 Lee 263 85 14 313 1,473 3,819 Manatee 386 52 250 155 300 897 Pasco 360 532 752 1,045 504 657 Pinellas 14 394 958 230 461 383 Sarasota 90 125 144 205 58 609

2005 1,166 1,919 2,937 6,843 1,091 1,416 1,062 1,233

2004 1,111 2,001 2,039 3,781 1,556 1,791 1,281 1,298

2003 266 1,907 5,367 3,951 47 549 1,803 679

Source: U.S. Census Bureau

NEW COMPANIES Based on new business entity filings, 2011 was the most active year since the start of the housing decline. Last year, a total of 378,512 entity filings were created, the highest level since 2007, which had 414,134. The most popular business entity filings covered limited liability companies, domestic profit and factious names.

ENTITY FILINGS STATEWIDE 2011 Domestic Profit 109,022 Domestic Nonprofit 11,777 Foreign Profit and Nonprofit 5,212 Limited Liability Co. 152,275 Trademark 1,251 Partnerships 1,254 Miscellaneous Entities 23 Designation of Agent 79 Fictitious Names 97,619

2010 103,868 11,836 5,694 138,287 1,310 1,991 120 118 94,105

2009 103,113 12,227 5,264 128,548 1,359 2,135 22 82 98,159

2008 111,449 11,549 5,460 123,592 1,417 3,673 35 90 107,054

2007 135,240 12,249 6,334 135,851 1,775 3,047 2,806 57 116,775

2006 157,310 13,058 7,924 130,251 1,631 3,559 1,675 52 112,972

2005 168,182 12,918 7,516 130,558 1,270 5,377 188 57 111,355

2004 170,207 11,912 7,283 100,070 1,325 4,806 248 78 105,435

2003 161,559 11,170 6,521 62,406 1,540 3,925 248 91 99,786

Source: Florida Department of State Division of Corporations

EMPLOYMENT AVERAGE NUMBER OF PRIVATE NON-AGRICULTURAL JOBS, IN THOUSANDS 2011 2010 2009 Cape Coral-Fort Myers 166.3 160.8 164.0 Naples-Marco Island 100.6 97.2 97.2 North Port-Bradenton-Sarasota-Venice 213.3 211.0 214.7 Punta Gorda 35.7 35.1 34.4 Tampa-St. Petersburg-Clearwater 977.7 957.1 968.6 Florida (not seasonally adjusted) 6,176.0 6,082.7 6,139.2

2008 179.3 107.2 233.4 36.5 1,039.9 6,608.8

2007 194.3 115.6 245.9 38.5 1,082.8 6,895.9

2006 198.4 119.2 253.2 38.6 1,086.3 6,903.2

2005 188.7 112.9 247.8 36.4 1,062.1 6,718.8

Source: Florida Department of Economic Opportunity (rounded to the nearest hundred)

POPULATION

Charlotte Collier Hillsborough Lee Manatee Pasco Pinellas Sarasota

2011 Estimated 160,463 323,785 1,238,951 625,310 325,905 466,533 918,496 381,319

2010 166,746 331,405 1,203,245 613,546 319,293 440,628 927,994 388,268

2009 165,455 333,032 1,196,892 615,124 318,404 439,786 931,113 389,320

2008 165,781 332,854 1,200,541 623,725 317,699 438,668 938,461 393,608

2007 164,584 333,858 1,192,861 615,741 315,890 434,425 944,199 387,461

2006 160,315 326,658 1,164,425 585,608 308,325 424,355 948,102 379,386

2005 154,030 317,788 1,131,546 549,442 304,364 406,898 947,744 367,867

2004 156,985 306,186 1,108,435 521,253 295,242 389,776 943,640 358,307

Source: Florida Office of Economic and Demographic Research

WAGES Average annual wages grew year over year in all Gulf Coast counties in 2011 and most of the areas — with the exception of Charlotte and Lee counties — saw similar gains in 2010. The biggest year-over-year wage inflation in 2011 occurred in Pinellas County, which has experienced $1,000-plus wage gains year over year six out of the last seven years.

AVERAGE ANNUAL WAGE County Charlotte Collier Hillsborough Lee Manatee Pasco Pinellas Sarasota

2011 $32,831 $40,975 $46,086 $38,188 $36,953 $33,344 $42,379 $39,169

2010 $32,382 $40,807 $45,111 $37,605 $35,965 $32,975 $41,098 $38,660

2009 $32,580 $39,813 $44,722 $37,638 $35,743 $32,349 $39,957 $38,456

2008 $32,935 $40,186 $43,334 $37,881 $34,930 $32,625 $39,264 $38,255

2007 $32,848 $41,280 $41,762 $37,677 $34,812 $31,862 $38,007 $37,762

2006 $32,387 $39,338 $40,392 $37,093 $33,801 $31,075 $36,981 $37,376

2005 $31,907 $38,175 $38,486 $35,647 $31,918 $29,434 $35,581 $35,453

2004 $30,025 $34,874 $37,501 $33,969 $30,565 $28,726 $34,315 $33,338

Source: Florida Department of Economic Opportunity

16

GULF COAST BUSINESS REVIEW OCTOBER 19 – OCTOBER 25, 2012

www.review.net

economic

FORECAST

BY THE NUMBERS

TAXABLE SALES

Taxable sales have been on the upswing since 2010. Sales were higher year over year in nearly every category in 2011 and early figures suggest little if any change in that growth in 2012. The sole laggard was business investment in Punta Gorda, which declined slightly in 2011 compared with 2010.

TAXABLE SALES BY MAJOR CATEGORY ($ Million) CAPE CORAL-FORT MYERS Total Autos & Accessories Consumer Durables Tourism & Recreation Consumer Non-durables Construction Business Investment

2012 (Jan.-July) 6,119 1,047 399 1,485 2,027 371 790

2011 9,647 1,564 681 2,175 3,327 600 1,301

2010 9,131 1,463 632 2,033 3,164 577 1,262

2009 8,947 1,339 621 2,002 3,155 541 1,289

2008 9,806 1,490 725 2,088 3,241 677 1,587

2007 11,434 1,929 917 2,214 3,437 955 1,981

NAPLES-MARCO ISLAND Total Autos & Accessories Consumer Durables Tourism & Recreation Consumer Non-durables Construction Business Investment

3,707 471 272 1,101 1,197 216 452

5,906 790 488 1,539 1,826 391 792

5,572 751 434 1,523 1,814 326 724

5,385 671 433 1,457 1,762 314 748

5,838 678 497 1,550 1,843 414 856

6,514 842 620 1,580 1,956 533 983

PUNTA GORDA Total Autos & Accessories Consumer Durables Tourism & Recreation Consumer Non-durables Construction Business Investment

1,190 203 88 236 431 102 132

1,898 309 149 353 707 164 216

1,860 296 146 342 696 160 220

1,776 222 135 341 695 139 245

1,917 251 170 338 707 160 291

2,286 321 232 356 737 338 301

BRADENTON-SARASOTA-VENICE Total Autos & Accessories Consumer Durables Tourism & Recreation Consumer Non-durables Construction Business Investment

6,053 991 403 1,382 1,980 376 922

9,701 1,556 676 2,037 3,266 587 1,579

9,237 1,471 647 1,895 3,152 558 1,515

9,049 1,392 632 1,871 3,129 506 1,518

9,824 1,510 715 1,952 3,225 631 1,971

10,982 1,878 928 2,043 3,396 756 1,979

22,595 4,035 1,368 4,653 7,372 1,295 3,872

36,985 6,284 2,315 7,242 12,553 2,099 6,492

35,507 5,890 2,192 6,833 12,312 2,063 6,216

35,038 5,524 2,030 6,810 12,339 2,035 6,300

38,075 6,200 2,415 7,343 12,563 2,365 7,188

41,752 7,725 2,981 7,494 12,921 2,614 8,016

TAMPA-ST. PETERSBURG-CLEARWATER Total Autos & Accessories Consumer Durables Tourism & Recreation Consumer Non-durables Construction Business Investment

Source: Office of Economic & Demographic Research

UPCOMING

CALENDAR OF EVENTS OCTOBER 23

ARTS BUSINESS: Randy Cohen, vice president of research and policy for Americans for the Arts, will share results from a study of the economic impact of art. The event will run from 11:30 a.m. to 1:30 p.m. at the Van Wezel Performing Arts Hall at 777 N. Tamiami Trail, Sarasota. Cost is $45 per person. For more information visit edcsarasotacounty.com.

OCTOBER 25

LIFETIME ACHIEVEMENT: The Argus Foundation will honor Bill Getzen of Williams Parker Harrison Dietz and Getzen and posthumously honor Rick Martin of Purmort & Martin Insurance Agency with its lifetime achievement awards. The reception will be held at 6 p.m. at the Hyatt Regency Sarasota at 1000 Boulevard of the Arts, Sarasota.

For more information visit argusfoundation. org.

SUB LESSONS: L. David Marquet, a retired U.S. Navy officer who commanded the nuclear submarine USS Santa Fe and is author of “Turn the Ship Around: How to Create Leadership at Every Level,” will discuss leadership at a Lead With Giants event. There is no cost.

The meeting will start at 8 a.m. at Keiser University Auditorium, 6151 Lake Osprey Drive, Sarasota. For more information call Dan Forbes at 941-779-8825.

OCTOBER 30

HALL OF FAME: Junior Achievement of Southwest Florida will induct Richard Akin and Phil McCabe to the Collier County Business Hall of Fame. The event will be held at the Waldorf Astoria Naples, 475 Seagate Drive, Naples. Akin is president and CEO of the Healthcare Network of Southwest Florida Inc., a non-profit primary health care provider in Collier County. McCabe owns and operates the Inn on Fifth, McCabe’s Irish Pub & Grill and four other restaurants. For more information visit jaswfl.org, contact Anne Frazier at 239-225-2590 or email info@jaswfl.org.

NOVEMBER 1

BLUE CHIP: The 18th Annual Southwest Florida Blue Chip Community Business Awards program will recognize successful small business owners in Charlotte, Collier or Lee County who have overcome adversity to achieve success. The event will run from 11:30 a.m. to 1 p.m. at the Harborside Event Center, 1375 Monroe St., Fort Myers. For more information contact Stacey Mercado of BB&T-Oswald Trippe and Co. at 239-433-7189 or SMercado@ BBandT.com.

OBAMACARE PRIMER: Allen Weiss, president and CEO of NCH Healthcare Systems Inc., will discuss the impact on the region of the Patient Protection and Affordable Care Act at a Leadership Collier Foundation leadership luncheon. The event will run from 11:30 a.m. to 1 p.m. at the Profes-

sional Development Center, 615 3rd Ave. S., Naples. Cost is $15. For more information visit napleschamber.org.

ECONOMIC JUMPSTART: Ray Leach, CEO of JumpStart Inc., will discuss JumpStart’s efforts to promote entrepreneurial ventures in Northeast Ohio at a Gulf Coast Venture Forum and Florida Venture Forum meeting. The event runs from 5:15 p.m. to 8 p.m. at the Trianon Bonita Bay, 3401 Bay Commons Drive, Bonita Springs. Cost is $25 for members and $45 for others. For more information visit floridaventureforum.org.

NOVEMBER 7

will be the feature presenter at the Charlotte County Economic Development Office’s entrepreneur award luncheon. The event will run from 11:30 a.m. to 1 p.m. at the Charlotte Re- Britton gional Medical Plaza, 713 E. Marion Ave., Fourth Floor Conference Room, Suite 149, Punta Gorda. Cost is $10. For more information call the Charlotte County Economic Development Office at 941-764-4941.

THE ROSS SHOW: The Collier Building Industry Association will host its annual residential-market presentation featuring land broker Ross McIntosh. The event, dubbed the Ross Show, will run from 5:30 p.m. to 7:30 p.m. at St. John the Evangelist Life Center, 675 111th Ave., Naples. Cost is $25 for members, $35 for others. For more information call 239-436-6100, visit cbia. net or email amelia@cbia.net.

NOVEMBER 15

NOVEMBER 9

NOVEMBER 16

EMERGING TRENDS: Charles DiRocco, director of real estate research for PricewaterhouseCoopers, will discuss emerging trends in real estate. The meeting, which will also feature a panel of Southwest Florida developers, will run from 8 a.m. to 10 a.m. at the Grey Oaks Country Club, 2400 Grey Oaks Drive N., Everglades Room, Naples.

Cost is $45 per person. For more information visit swflorida.uli.org.

NOVEMBER 14

ENTREPRENEUR AWARD: Brent Britton, prominent Tampa technology and intellectual property attorney and founding partner of the Britton, Silberman & Cervantez law firm,

MEET THE CEO: Margaret Callihan, chairman, president and CEO of SunTrust Bank will be the honoree at the American Jewish Committee West Coast Florida’s 2012 Civic Achievement Award Dinner. The event will start at 6 p.m. at Michael’s On East, Sarasota. For more information contact AJC Regional Director Brian Lipton at 941-3654955 or email liptonb@ajc.org.

TECH AWARDS: The Tampa Bay Technology Forum will hold an awards gala to recognize technology entrepreneurs from 6 p.m. to midnight at the Hilton Bayfront, 333 First St. S., St. Petersburg. For more information visit tbtf.org.

DECEMBER 4

COMMERCIAL REAL ESTATE AWARDS: CREW Tampa Bay will hold its 2012 Excellence Awards black tie gala dinner from 6 p.m. to 10 p.m. at the Vinoy Renaissance St. Petersburg Resort, 501 Fifth Ave. N. E., St. Petersburg. For more information visit crewtampabay.org of call Executive Director Sue Fern at 727-943-8280.

GULF COAST BUSINESS REVIEW OCTOBER 19 â&#x20AC;&#x201C; OCTOBER 25, 2012

OVERVIEW from page 7 Jerry Wallace, president of J.L. Wallace, a residential and commercial contractor in Fort Myers, says heâ&#x20AC;&#x2122;s expecting 5% to 15% growth in commercial construction in 2013. â&#x20AC;&#x153;It will primarily be because of the private sector,â&#x20AC;? he says, noting publicsector spending is falling as tax revenues shrink. Value-oriented dollar stores, gas stations and bank branches are among the new buildings he expects to build next year.

Gammons, whose company supplies office furniture and flooring to businesses on the Gulf Coast, says finance, real estate and insurance companies are expanding. Heâ&#x20AC;&#x2122;s budgeting for a 10% increase in sales in 2013. â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;re fairly cautious in how weâ&#x20AC;&#x2122;re budgeting, but we think thereâ&#x20AC;&#x2122;s pent-up demand out there,â&#x20AC;? he says.

For example, Gammons supplied the furniture to father-son entrepreneurs David and Brett Diamond for their Venture X in Naples, a co-working space they recently opened for entrepreneurs.

The 8,000-square-foot space in the upscale Mercato shopping center has open desks with fast, secure Internet access with amenities such as gourmet coffee.

Venture X could turn into the hub that helps launch successful startups.

PLANNING FOR GROWTH

Regardless of their political views, most executives have taken recent growth in their firms as evidence that business is likely to improve next year.

One clue that conditions are improving: increases in trash collection. Larry Berg, senior district manager for trash hauler Waste Management in Naples, says residential bulk waste rose 9% for the first nine months of 2012 compared with the same period in 2011.

Residential bulk waste includes sofas, refrigerators and other large household

www.review.net

appliances. Berg says the increase in this kind of trash indicates more people are renovating their homes, and itâ&#x20AC;&#x2122;s a sign of improving consumer confidence and an increase in real estate transactions. Berg says his colleagues in the Tampa Bay region have reported gains also.

Consumers are spending more on items ranging from massages to travel.

Gordon Kaufman, the managing partner of Massage Envy, recently opened a fourth location in Cape Coral, one of the hardest-hit areas of the coast for home foreclosures. Kaufman says he and his partners are spending $500,000 to build the new location. â&#x20AC;&#x153;We have two more locations in mind, but I donâ&#x20AC;&#x2122;t want to let the cat out of the bag because we have competitors,â&#x20AC;? he says.

Darla Oâ&#x20AC;&#x2122;Brien, the owner of Designer Fitness in Sarasota, has designed an iPad application that costs $13.99 to reach more customers and help existing ones maintain their fitness. â&#x20AC;&#x153;My personal goal is that I want to spend more time on the broader market,â&#x20AC;? she says. â&#x20AC;&#x153;I want to reach more people.â&#x20AC;?

Oâ&#x20AC;&#x2122;Brien tripled the size of her fitness studio during the downturn, a counterintuitive move that paid off. â&#x20AC;&#x153;It was the best thing I ever did,â&#x20AC;? she says.

Wilma Boyd, president and CEO of Preferred Travel in Naples, says she expects 15% to 20% growth in sales because of larger corporate and leisure travel budgets. â&#x20AC;&#x153;Our corporate sales have really picked up,â&#x20AC;? says Boyd.

Boyd says many companies decided to handle their own travel arrangements during the downturn, but theyâ&#x20AC;&#x2122;re now turning to Preferred Travel because theyâ&#x20AC;&#x2122;re getting too busy to manage travel arrangements themselves. â&#x20AC;&#x153;Theyâ&#x20AC;&#x2122;re returning to the travel counselor,â&#x20AC;? she says.

To get a more complete picture of what the coming year may hold for different industries, the Business Review asked 15 business leaders about their forecasts for their business. Read their responses on pages 8-13.

17

Lee Arnold, Colliers International Tampa Bay, Central & Southwest Florida

Nancy DeNike

Joe Buckheit, president of Media Brains and AgingCare.com, says many companies are understaffed and waiting to hire.

Ed Clement

Gordon Kaufman, the managing partner of Massage Envy, recently opened a fourth location in Cape Coral.

Ron Wheeler, CEO of The Sembler Co. in St. Petersburg

Nancy DeNike

Anthony Solomon, executive vice president with Ronto Group, says many residential contractors are ready to hire.

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18

GULF COAST BUSINESS REVIEW OCTOBER 19 – OCTOBER 25, 2012

www.review.net

CORPORATE REPORT

by Sean Roth | Real Estate Editor

Coastal Capital Acquisition pursues Lowe’s distribution

sion and resulting oil spill in the Gulf of Mexico. Spicola currently runs his own legal practice at the Law Offices of Guy Spicola in Tampa.

The case is currently the largest classaction suit ever. More than 53,000 claims from Louisiana, Texas, Mississippi, Alabama and Florida have been filed covering billions of dollars.

Valpak says the system should make it easier for retailers to track mobile redemption and return on investment and gather consumer data.

“By offering our advertisers this safety blanket, they can now feel protected, and take the program full circle, closing the loop on information that was previously very difficult to track,” Michael Vivio, president of Cox of Valpak and Cox Target Media, says in a press release. “It provides simplified reporting to monitor their business, and gives them peace of mind.”

The new system not only tracks redemptions, but it also captures purchase data, shows how much the customer spent using the coupon and demonstrates the total value of the customer and transaction.

The new system can be accessed through computers and Android and iPhone mobile apps.

Sembler Co. hires Heard to head Southeast development

Earth Surfaces of America Inc., a subsidiary of Coastal Capital is working to distribute its terrazzo products to Lowe’s.

Earth Surfaces of America Inc. of Naples, a wholly owned subsidiary of Coastal Capital Acquisition Corp., has submitted an application to distribute its terrazzo concrete products, including countertops and pavers through Lowe’s Home Improvement stores.

Earth Surfaces currently distributes a number of its terrazzo concrete products through Home Depot Online. It is also pursuing in-store sales with Home Depot.

“We have already expanded our sales force throughout Florida to develop a strong network of licensed contractors, architects, designers and dealers to market our products to their clients and customers,” Tony DiNorcia, CEO of Coastal Capital and Earth Surfaces, says in a press release. “Merchandising our products through the major home improvement chains provides us additional product awareness and distribution.”

tion and direct sales group. He has extensive experience in organizing and structuring franchise and other distribution programs. He also represents franchisors on technology-related issues, including website development, e-commerce, cybersquatting and channel conflict.

“The firm is thrilled to have David in this position,” John Daniels Jr., chairman of Quarles & Brady, says in a press release. “David has been with the Tampa office since the beginning, and he’s very well established in the community, so he will keep the office running smoothly and growing steadily.”

Quarles & Brady LLP is a law firm with more than 400 attorneys practicing from offices in Phoenix and Tucson, Ariz.; Naples and Tampa; Chicago; Madison and Milwaukee, Wis.; Washington, D.C.; and Shanghai, China.

Innovative Software Technologies hires Mazzapica for marketing

Guy Spicola, a 17year Hillsborough circuit judge and two-term chief judge, has been appointed by the United States District Judge in Louisiana to serve on the class-action appeals panel for claims related to the BP Deep Water Horizon oil rig explo- Guy Spicola

Innovative Software Technologies Inc.’s marketing division, INTech Ventures Inc. has hired Paul Mazzapica as president.

He was previously chief operating officer for GPS Branding. Mazzapica was also previously CEO and co-founder of Touchpoint Technologies.

“With more than 25 years of sales, marketing and operations experience, Mr. Mazzapica brings the ideal background to drive sales for INTech’s wholly owned subsidiary Opt-In SMART,” Peter Peterson, president and CEO for Innovative Software Technologies Inc. says in a press release.

INTech Ventures Inc. specializes in various forms of digital and social media marketing through Opt-In SMART. The company has a proprietary software technology for managing and executing all social media, sales and marketing and e-marketing.

Quarles & Brady promotes Beyer to Tampa office managing partner The national law firm of Quarles & Brady LLP has named David Beyer managing partner of the firm’s Tampa office. Beyer succeeds Kimberly Leach Johnson, a senior partner practicing in the firm’s Naples office and a member of the firm’s executive committee, who managed David Beyer the Tampa office since it opened in 2010.

Beyer practices law primarily as a member of the firm’s franchise, distribu-

Tampa attorney, former judge chosen for oil spill appeals panel

Bayshore Solutions wins W3s for three website designs

Tampa-based Bayshore Solutions was recognized by the International Academy of the Visual Arts with three W3 Awards for its website designs for Benefit Crossroads, Cushease and The Melting Pot Restaurants.

The W3 Awards recognize the creative and marketing teams behind websites, marketing programs and video work created for the Web. Bayshore Solutions’ custom website design for Benefits Crossroads won a Gold 2012 W3 Award in the insurance category.

Bayshore Solutions received Silver 2012 W3 Awards for The Melting Pot Restaurants website in the restaurant category and the Cushease site in the shopping category.

Valpak debuts business center to track digital coupons

Largo-based Valpak has introduced a new online Valpak Business Center (VBC) for retailers. The new system is designed to allow merchants a way to track every digital Valpak coupon and ecommerce voucher.

The new system is a move by the coupon company to ease business concerns over mobile couponing, including the issue of fraudulent coupon redemption.

Blue Sky Solar Group completes navy base solar array Venice-based Blue Sky Solar Group has recently completed installing a 2 million-watt solar project on the Norfolk Naval Base in Norfolk, Va. Blue Sky worked with Bay Electric Co. to complete the work started this spring.

The system consists of more than 8,000 solar panels and will power a significant portion of housing on the base.

Blue Sky Solar Group has also recently secured another contract with the Navy to inspect and maintain solar facilities in Corpus Christi, Texas; Patuxent, Md.; and Anacostia in the District of Columbia.

Started five years ago, the company built two of Florida Power & Light Co.’s largest solar systems before expanding into other states, where the incentives were more generous.

“In the last six months, solar module and balance of system costs have come down dramatically,” David Schroeders, president and founder of Blue Sky Solar Group, says in a news release.

“We no longer need rebates to make the financials work. One of the biggest

St. Petersburg-based The Sembler Co. named Charlie Heard its vice president of development and southeast market leader. He will operate from Atlanta.

Heard’s duties consist of pursuing new shopping center development opportunities in Georgia, South Carolina, North Carolina, Tennessee and Virginia.

He has more than 25 years of real estate experience throughout the Southeastern United States working with dozens of development projects for retailers such as Publix, Kroger, Target, Home Depot, Best Buy, CVS and Walgreen’s and has worked with top-tier retailers on site selection across industry sectors.

“I was initially drawn to Sembler by their reputation in the shopping center industry, spanning 50 years,” Heard says in a press release. “Then I realized how well matched my experience was with their strategic plan for the Southeast region, which is to re-focus on developing traditional neighborhood grocery stores and well-anchored power centers.”

Sembler manages and leases more than 12.5 million square feet of retail center space, including 3.5 million square feet in the greater Atlanta area.

European health care firm opens new Bradenton operations

C4U Technologies, a European IT health communications company, has now launched its United States operations in Bradenton.

Founded in 2001 and headquartered in England, C4U focuses on Web-based electronic communication systems for doctors and patients. It handles 1.2 million patient subscribers and transmits more than 500,000 messages per month.

C4U plans to introduce a patient-only health care portal in the coming months.

Lee County’s Yippy Inc. hires former Lycos exec as CEO

advantages of solar is that it is scalable.

Whether their bill is $300 per month or $30,000, the payback and returns are the same.”

Blue Sky Solar Group, a consulting, engineering, procurement and construction provider, and its residential arm QwikSolar have managed solar energy projects in 16 states including 2 megawatt ground-mounted systems, large tracking arrays, solar carports at apartment complexes and numerous commercial rooftops.

Fort Myers-based Yippy Inc. has appointed Edward Noel as the company’s new CEO. Richard Granville, the company’s previous CEO, has been appointed as the executive chairman of the company’s board of directors.

Prior to joining Yippy, Noel served as a director on the board.

Noel has more than 15 years of business experience working with Internet companies. He was previEdward Noel ously the chief revenue officer of social and Web video advertising company Alphabird Inc. From early 1999 to November 2011, Noel served as chief revenue officer/chief strategy officer for the search engine and web portal Lycos Inc. He was also the lead negotiator for the subsequent sale of Lycos to Ybrant Digital in 2010.

GULF COAST BUSINESS REVIEW OCTOBER 19 â&#x20AC;&#x201C; OCTOBER 25, 2012

www.review.net

19

COMMERCIAL REAL ESTATE TAMPA BAY by Sean Roth | Real Estate Editor

Tampa business owners starting new restaurant within a 45-day marketing period,â&#x20AC;? Meoli says in a press release. â&#x20AC;&#x153;Ultimately, the buyer was an all-cash investor who closed within 25 days of an executed purchase agreement. This sale reinforces the demand for well-located B-class assets in the Tampa Bay area.â&#x20AC;?

The purchase entity Aquafinz Management LLC mortgaged the property to Lutz American LLC of Chicago for $1.2 million.

Robb Sercu of Prudential Commercial Real Estate FL handled the transaction.

Prospect Property Group buys majority of Raintree Townhomes BUYER: Prospect Tampa Townhomes LLC,

BUYER: Aquafinz Management LLC (principals:

Howard Cohen and Angela Madonia), Tampa SELLER: Lutz American LLC PROPERTY: 16553 Pointe Village Drive, Lutz PRICE: $1.3 million PREVIOUS PRICE: $1 million, December 2006 LAW FIRM ON DEED: Trow & Dobbins PA, Ocala

PLANS, DESCRIPTION: Howard Cohen of Lutz and Angela Madonia of Tampa purchased the 6,200-square-foot former Up The Creek restaurant building in Pointe Village for $1.3 million.

The price equated to $210 per square foot.

The two business partners plan to reopen the Lutz building as a new 200-seat seafood restaurant called Aquafinz. â&#x20AC;&#x153;We just saw it as an opportunity in a growing area,â&#x20AC;? Cohen says. â&#x20AC;&#x153;The demographics were perfect for what we were looking to do. It was previously used for a seafood restaurant so thereâ&#x20AC;&#x2122;s already a seafood restaurant [feel] inside, which makes it cost effective.â&#x20AC;?

The new owners plan to renovate the building with the goal of opening the new business in December.

Cohen says he and his partner have experience in the restaurant business, including working for high-volume chain restaurants.

Longwood SELLER: Taipan Raintree LLC PROPERTY: 6073 Gibson Ave., Tampa PRICE: $2.08 million LAW FIRM ON DEED: Anthony & Partners LLC, Tampa

PLANS, DESCRIPTION: Longwood-based Prospect Property Group purchased 77 of the 81 units in Raintree Townhomes for $2.08 million.

The price equated to $26,948 per unit.

Prospect Property Group acquired the remaining unsold units in the 5-year-old development after a bank foreclosure.

Twenty-one of the 77 units will require additional construction. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s a nice property and we just plan to finish those units and lease it up,â&#x20AC;? says Frank Tetel, vice president of underwriting and acquisitions for Prospect Property Group. â&#x20AC;&#x153;We also plan to improve the grounds and landscaping. Those townhomes are great; theyâ&#x20AC;&#x2122;re spacious and have garages.â&#x20AC;?

The new ownership plans to rename the community the Casa Del Toro.

Prospect Property Group already owns 214 of the 312 units in the Mandalay on Fourth in St. Petersburg and 912 units in the Waterside at Coquina Key in St. Petersburg. The real estate firm also owns a number of other properties in Florida and Atlanta.

Father, son investors buy Seminole Village

BUYER: Seminole Village Apartments LLC (principals: William and John Niejadlik), Sarasota SELLER: Property SV LLC PROPERTY: 7770 Starkey Road, Seminole PRICE: $2.65 million PREVIOUS PRICE: $1.1 million, September 1995 LAW FIRM ON DEED: Robert D. Barcley PA, St. Petersburg

PLANS, DESCRIPTION: An investment entity, led by William Niejadlik of Sarasota and his son John Niejadlik Jr. of Boca Raton, purchased the 56-unit Seminole Village apartment complex for $2.65 million.

The price equated to $47,321 per unit.

Built in 1984, the 55,920-square-foot apartment complex features four twostory buildings. The development contains only two-bedroom/one-bathroom units ranging in size from 950 to 1,120 rentable square feet. The development occupies 3.08 acres of land.

Seminole Village was 95% occupied at the time of the sale.

Nicholas Meoli, Michael Regan and Francesco Carriera of Marcus & Millichapâ&#x20AC;&#x2122;s Tampa office handled the sale. â&#x20AC;&#x153;We generated several written offers

Etcâ&#x20AC;Ś

â&#x20AC;˘ Nancy Surak at Eshenbaugh Land Co. in Tampa closed a $250,000 sale on an 18,000-square-foot industrial building at 7398 W. Industrial Lane, Homosassa. â&#x20AC;˘ Investor W.A Widell purchased a 14,120-square-foot office and industrial facility at 6738 and 6740 Commerce Ave., Port Richey from Waterfall Victoria Mortgage Trust for $390,000. Renee Dyer and Matt Kim of Prudential Commercial Real Estate FL handled the transaction. â&#x20AC;˘ Early Learning LLC purchased a 6,000-square-foot building on two acres at Livingston Road and Collier Boulevard in Collier County from Encore Bank for $225,000. Dewey Mitchell, Renee Dyer and Jill Carbonelli of Prudential Commercial Real Estate FL represented the seller. â&#x20AC;˘ WW Real Estate Investment LLC purchased a 3,780-square-foot retail property at 13575 Linden Drive, Spring Hill from SunTrust Bank for $252,000. Robb Sercu and Gus Jadoun of Prudential Commercial Real Estate FL handled the transaction. â&#x20AC;˘ Old Time Pottery has opened a new 65,000-square-foot store in New Port Richey. The new location creates 75 jobs and is the retailerâ&#x20AC;&#x2122;s second location in the Tampa Bay area. The new store is located at 5217 U.S. 19, New Port Richey.

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20

GULF COAST BUSINESS REVIEW OCTOBER 19 – OCTOBER 25, 2012

www.review.net

COMMERCIAL REAL ESTATE SARASOTA-MANATEE

by Sean Roth | Real Estate Editor

Ask-Gary founder buys Enterprise building

BUYER: Bethkom Holdings LLC (principal: Vincent Payne), Sarasota SELLER: H&P Realty Group LLC PROPERTY: 1517 State St., Sarasota PRICE: $1.15 million PREVIOUS PRICE: $750,000, June 2002 LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Lakewood Ranch PLANS, DESCRIPTION: Dr. Gary Kompothecras, the namesake founder of the 1-800-ASK-GARY medical/lawyer referral service and president of the accident clinics chain 1st Health Inc., purchased the 14,940-square-foot Enterprise Building on State Street for $1.15 million.

The purchase price equated to $77 per square foot or $98 per leasable square foot. However, Kompothecras agreed to pay the building’s past-due taxes, all commissions and all closing costs, which added roughly another $160,000.

Less than 3,000 square feet of the three-story building’s 11,700 square feet

of leasable space was occupied at the time of the sale.

Kompothecras plans to locate an insurance business he owns into the 4,500-square-foot top floor of the building. He also plans to house his IT department in roughly 800 square feet on the first floor. The remaining 2,000 square feet will be leased out.

Aside from the obvious benefits to his two businesses, Kompothecras says the building was a quality investment and that he feels that downtown Sarasota real estate is cheap right now.

“One of the main reasons I decided to buy it was the free parking across the street,” he says. “I’ve heard the city plans to build a three-story parking garage there.

If there hadn’t been parking there, there would have been no purchase. There’s almost no one with cash right now. I was able to find financing. This is the prime time to buy real estate.”

Kompothecras says he is considering remodeling the building to offer more side views of downtown.

The transaction was done as a short sale.

Lee DeLieto Sr. and Lee DeLieto Jr. of DeLieto & Associates of Michael Saunders & Co. represented the seller and Michael Bush of Re/Max Alliance Group represented the buyer.

DeLieto Sr. says the price, particularly on per square-foot basis, was very attractive.

“That downtown core zoning has been averaging $140 a square foot the past three years,” he says.

The purchase entity Bethkom Holdings LLC mortgaged the property to Hancock Bank for $950,000.

• Faith Community Christian Fellowship Inc. leased 2,190 square feet at 1000 N. Tamiami Trail, Nokomis from 2 Bal Bay Properties LLC. Debbie Anglin of Ian Black Real Estate handled the transaction.

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• Windward Design Group leased 41,250 square feet at 1130 Commerce Blvd., Sarasota, from The Carlin Family Partnership. Michele Fuller and Jag Grewal of Ian Black Real Estate and Bob Kolton of Michael Saunders & Co. handled the transaction.

• EDIF Holdings LLC purchased 5,250 square feet at 1945 17th St., Sarasota, from T. J. Richardson and Susan H. Richardson for $260,000. Ian Black and Steve Horn of Ian Black Real Estate handled the transaction.

• Nepsis Advisor Services Inc. leased 2,157 square feet at 6320 University Parkway, Suite 304, Sarasota from TCA12 LLC. Debbie Anglin of Ian Black Real Estate and Julia Decastro of Lakewood Ranch Commercial handled the transaction.

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• Samuel Holdings II LP purchased 12,000 square feet of space at 3103 East 81st Court, Bradenton from Brazos XIV LLC for $400,000. Debbie Anglin of Ian Black Real Estate handled the transaction.

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PLANS, DESCRIPTION: All Saints Catholic Cemetery, an affiliated entity of the Catholic Diocese of Venice in Florida, purchased 102.1 acres a mile east of the Bee Ridge Extension for $2.9 million.

The price equated to $28,371 per acre.

As the purchase entity name suggests, the diocese acquired the vacant residential land to develop a Catholic cemetery with a mausoleum complex, grave and columbarium sites, crypts and an office, maintenance area and chapel.

“The land for All Saints Catholic Cemetery was purchased in response to a growing desire of Catholics in the Sarasota area to be buried in a Catholic cemetery,” says Billy Atwell, director of communications for the diocese. “Combined with this growing desire is a shift in demographics in which an increasing number of people are looking to stay in Florida permanently.”

The Diocese of Venice, which comprises 10 counties from Manatee County south to Collier County, does not currently operate a Catholic cemetery.

Atwell says the site was chosen because of its location in the region and its proximity to Sarasota Catholic parishes.

A committee of the diocese is still formulating the development plan for the property.

• Raymond James Financial Services Inc. recently moved its Lakewood Ranch branch office to 11009 Gatewood Drive, Suite 101, Lakewood Ranch. Jim and Jeff Zientara are the co-branch managers.

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Catholic church entity buys land for Sarasota cemetery

• Khalea Limited Partnership purchased 3,804 square feet at 7313 Merchant Court, Sarasota from the Diocese of Southwest Florida Inc. for $425,000.

Debbie Anglin of Ian Black Real Estate and Lee DeLieto Sr. of Michael Saunders & Co. handled the transaction.

Longboat Key investor buys Hillview Garden Apartments BUYER: My Hillview LLC (principal: Robert

Lesser), Longboat Key SELLER: Brazos XV LLC PROPERTY: 2060 and 2066 Hillview St. and

2059 and 2067 Hyde Park St., Sarasota PRICE: $715,000 PREVIOUS PRICE: $1.7 million, December 2004

and $500,100, January 2006 LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Sarasota PLANS, DESCRIPTION: Robert Lesser of Longboat Key purchased the 17-unit Hillview Garden Apartments for $715,000.

The price equated to $42,059 per unit or $65 per square foot.

The 52-year-old multifamily features a total of 10,965 rentable square feet. The property contains 10-unit and four-unit multifamily buildings, a duplex and single-family home.

The seller, an affiliate of American Momentum Bank in Tampa, took the property through foreclosure on October 2011.

Greg Owens of Keller Williams on the Water represented the seller and Sue Orton of H3 Management Services represented the buyer.

“The buyer bought it because of the location,” Orton says. “The value is in the land not, in the existing buildings. It’s so close to the hospital and a good employment base. [The buyer] just plans to continue to run it as a multifamily property.”

Orton says based on its current zoning, the property could be redeveloped with up to 35 units.

The purchase entity My Hillview LLC mortgaged the property to American Momentum Bank for $500,000.

• Walter R. Tracy II and Eleni Kantas-Tracy purchased a restaurant building and drive-thru at 6850 15th St. E., Sarasota from Dreams Three LLC for $185,000. Rico Boeras and Carl Wise of Preferred Commercial Inc. handled the transaction.

• Triple Sea Investments LLC purchased a 27,920-square-foot vacant office parcel at 5135 4th Ave. Circle E., Bradenton from Bailey Land Holdings LLC for $150,000. Ken Clanton of Wagner Realty represented the seller and Angela Varga of the Sperry Van Ness Commercial Advisory Group represented the buyer.

• Bach and Sitha Thach leased a 2,281-square-foot auto repair facility at 2336 Fruitville Road, Sarasota from Canlan Development Corp. Linda Emery and Mike Migone of the Sperry Van Ness Commercial Advisory Group handled the transaction.

• Garland & Padelford, Attorneys LLC leased 3,206 square feet of professional office space at 2424 Manatee Ave. W., Suite 201, Bradenton from HJB Properties. Debra Cooper of Sperry Van Ness Commercial Advisory Group’s Bradenton office handled the transaction.

• Airborne Engineering Dynamics LLC purchased a 1,911-square-foot office condominium at 2341 Porter Lake Drive, Suite 109, Sarasota from Stearns Bank for $85,000. Dyrk Dahl of Coldwell Banker represented the buyer and Mike Migone of the Sperry Van Ness Commercial Advisory Group represented the seller.

• Crescendo Audio LLC leased a 5,850-square-foot industrial unit at 7117 24th Court E., Sarasota from Properties No Ink LLC. Rico Boeras of Preferred Commercial Inc. represented the tenant and Carl Wise of Preferred Commercial Inc. represented the landlord.

GULF COAST BUSINESS REVIEW OCTOBER 19 â&#x20AC;&#x201C; OCTOBER 25, 2012

www.review.net

21

COMMERCIAL REAL ESTATE LEE-COLLIER-CHARLOTTE by Sean Roth | Real Estate Editor

Family Revocable Living Trust, Aptos, Calif.

SELLER: Gleason I LLC PROPERTY: 3123 Chiquita Blvd. S., Cape Coral PRICE: $2 million PREVIOUS PRICE: $655,800, May 2003 LAW FIRM ON DEED: Henderson Franklin

Starnes & Holt PA, Fort Myers

PLANS, DESCRIPTION: Two family trusts associated with SAR Asset Management in California purchased an 11,600-squarefoot Dollar General store for $2 million.

The price equated to $172 per square foot.

The store was built earlier this year. The parent company, Dollar General Corp., signed a 15-year double net lease on the property that obligates it to maintain a portion of the building and pay for all associated taxes and insurance. The landlord is still responsible for the roof and structure of the building.

David Wells, senior investment advisor and head of the Wells Net Lease Division of Sperry Van Nessâ&#x20AC;&#x2122; Miami office, handled the transaction. â&#x20AC;&#x153;This year we have seen a 30% rise in both private and institutional capital coming back into the market and theyâ&#x20AC;&#x2122;re placing their bets in Florida,â&#x20AC;? Wells says in a press release. â&#x20AC;&#x153;I sell net lease retail properties across the country. I would say 90% of the transactions in Florida this year were from investors from outside of the state or U.S. In other states itâ&#x20AC;&#x2122;s much more oriented toward local or regional investors.â&#x20AC;?

The two trusts, the Jack Baskin Trust and 2006 Millburn-Keith Family Revocable Living Trust, mortgaged the property to Stanford Federal Credit Union for $1.4 million.

FMI Hansa Medical Products buys industrial building, land Costar

Cape Coral Dollar General sold as investment to two trusts

BUYER: Jack Baskin, trustee of the Jack Baskin

Trust (50% interest) and Eugene Millburn and Janice Keith, trustee of the 2006 Millburn-Keith

BUYER: Production Avenue Properties LLC,

Madison, Ala. SELLER: Larus Properties LLC PROPERTY: 3511 Plover Avenue, Naples PRICE: $1.08 million PREVIOUS PRICE: $431,500, October 2002

â&#x20AC;˘ Fitness Divas Inc. leased 2,000 square feet of space at 1426 Cape Coral Parkway E., Cape Coral from Tuncay and Serife Ozer. Joshlyn Steele, Carlos Acosta, Chuck Smith and Richard Clarke of Lee & Associatesâ&#x20AC;&#x2122; Naples- Fort Myers office handled the transaction. â&#x20AC;˘ Vincent P. Cardinale DDS P.A. leased 3,412 square feet of office space at 1019 Crosspointe Drive, Unit 2, Naples from Caries LLC. Craig Timmins and Clint Sherwood of Investment Properties Corp. handled the transaction. â&#x20AC;˘ HVAC Supply Inc. leased 5,903 square feet of industrial space at 28731 S. Cargo Court, Units 2, 7, 9 and 10, Bonita Springs from Collier District LLC. William Gonnering of Investment Properties Corp. handled the transaction. â&#x20AC;˘ T.G.B.T.G. - Pizzerias LLC leased 2,112 square feet of retail space in the Collier Plaza at 11935-11985 Collier Blvd., Naples, from Collier Plaza LLC. Bill Young of CRE Consultants handled the transaction. â&#x20AC;˘ Sheeley Architects Inc. completed the designs for the new Montessoriinspired preschool Estero Childrenâ&#x20AC;&#x2122;s Academy. It features an infant area, toddler classrooms, preschool area and a classroom, along with an outdoor playground. Estero Childrenâ&#x20AC;&#x2122;s Academy is PROPERTY: 3493 Shearwater St., Naples PRICE: $283,369 PREVIOUS PRICE: $278,100, March 2002 TITLE FIRM ON DEED: Florida Universal Title

LLC, Naples

PLANS, DESCRIPTION: FMI Hansa Medical Products LLC purchased a 15,500-squarefoot industrial building and an adjacent 1.06-acre lot in White Lake Corporate Park for $1.36 million. The price for just the building equated to $69 per square foot.

Originally constructed in 2001, the building features seven separate tenant spaces.

FMI Hansa Medical Products LLC was

located at 9410 Corkscrew Palms Circle and is scheduled to open this fall. â&#x20AC;˘ Hayden & Associates Community Association & Commercial Management Services has been appointed to provide management and accounting services for the Tamiami Square Commercial Condominium Association Inc., which oversees the Tamiami Square retail center in North Naples. Hayden will also provide property management services for the Tamiami Square buildings, comprising 52,400 square feet of retail space at 14700 N. Tamiami Trail, for CS Tamiami LLC. â&#x20AC;˘ Sovran Management Co. LLC leased 5,878 square feet of office space at 5692 Strand Court, Naples from Blueprint Sarasota LLC. Craig Timmins of Investment Properties Corp. handled the transaction. â&#x20AC;˘ Molinaâ&#x20AC;&#x2122;s Ristorante leased 3,615 square feet in The Promenade shopping center at 26975-26911 South Bay Drive, Bonita Springs from US Bank NA Karen Johnson-Crowther of Colliers International Southwest Florida represented the landlord. â&#x20AC;˘ A. G. Reeves LLC purchased a 12,960-square-foot industrial building at 16170 Old U.S. 41, Fort Myers from Preferred Community Bank for $400,000. Jim Boback of Boback Commercial Group handled the transaction. formed when Hansa Medical Products LLC in Naples merged with Huntsville, Ala.-based FMI Medical Products LLC. FMI Hansa Medical Products has since maintained an office in Naples at 11430 Tamiami Trail E. Calls to FMI for comment were not returned prior to deadline.

William Gonnering of Investment Properties Corp. handled the transaction.

FMI Hansa Medical Products is a contract medical manufacturer. Itâ&#x20AC;&#x2122;s website describes it as having 70,000 square feet of manufacturing space.

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89933

West Palm Beach-based real estate investment company/homebuilder The Kolter Group has completed its purchase of the Verandah community in Fort Myers from Bonita Bay Group. The purchase includes Verandah Club and all unsold developer-owned real estate. Kolter will serve as master developer for the community.

Verandah, located on 1,456 acres along a 1.75-mile stretch of the Orange River, is a gated community with a private club, 36hole championship golf course, river house and golf pro shop. The property also features a fitness and tennis center, community pool, dog park and nine miles of fitness paths and trails. Of the 1,700 total residences planned for the community, nearly half of the home sites were never built on. â&#x20AC;&#x153;We couldnâ&#x20AC;&#x2122;t have been more impressed with the level of amenities and the overall quality of the community development at Verandah,â&#x20AC;? Jim Harvey, president of Kolter Land Partners, says in a press release. â&#x20AC;&#x153;The community is active and vibrant, the club and HOA are strong and the remaining land is a great fit for our homebuilding division and a local custom-builder program. We look forward to continuing the high level of development detail that Bonita Bay Group has brought to this community.â&#x20AC;?

Kolter says it will support ongoing sales by other builders who already own home sites or neighborhoods in the community and Kolter plans to introduce its own homes by the end of the year.

Etcâ&#x20AC;Ś

89932

The Kolter Group buys Bonita Bayâ&#x20AC;&#x2122;s Verandah

BUYER: Gulf Coast Plaza LLC (principal:

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had a single 1,668-square-foot vacancy.

Mark Shellabarger and Scott Palmer of CBRE Inc. represented the seller. â&#x20AC;&#x153;It was an attractive center well located on U.S. 41,â&#x20AC;? says Shellabarger. â&#x20AC;&#x153;With its three tenants, the property will be relatively easy to manage.â&#x20AC;?

The purchase price equated to a payoff ratio based on current income (capitalization rate) of 9%.

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PLANS, DESCRIPTION: A private Naples investment group led by Kenneth Ullman of Orlando purchased the 15,618-squarefoot Woodsedge Plaza retail strip center for $1.15 million.

The price equated to $74 per square foot.

The center features three tenants and is anchored by the exotic car dealership Gulf Coast Motorworks. Built in 2003, it was 89% leased at the time of the sale and

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Rates in the Low to High 4% Rage Up to 20 Year Terms

BRAD A. COX, CCIM, CPM, SVP

Thomas D. Wood and Company | 941-552-9731 www.bradacox.com | Email: bcox@tdwood.com

90592

Kenneth Ullman), Orlando SELLER: Woodsedge Plaza 163 LLC PROPERTY: 28701 Trails Edge Blvd., Bonita

22

GULF COAST BUSINESS REVIEW OCTOBER 19 – OCTOBER 25, 2012

www.review.net

MARKET WATCH

We need an un-consolidation of power How the Fed came to exist, and why its power is one of the most dangerous forces in our economy today.

Creation of the Federal Reserve System: December 1913, President Wilson issued an executive order creating the Fed. Congress did not authorize the Federal Reserve System. The stated intention of the Fed was to “take away control” from the big banks who were dominating the smaller banks. The aftermath of the creation of the Fed was the opposite.

It has helped big banks to consolidate their power. As pointed out above, the five largest banks hold 57% of the country’s deposits. That is an enormous amount of power, which has been used to help the banks at the expense of the taxpayers. Remember, these banks are too big to fail. Banks that are too big to fail

16th Amendment

The Constitution specifically prohibits taxes on income (Section 9, fourth paragraph). The result of the taxation on income is obvious — it is terribly unfair, and it encroaches upon our individual liberties. It is socialism, and it’s the best way to build a large central government. The result of the 16th Amendment passed in 1913, and providing for an unlimited tax on income, is exactly what the writers of our Constitution wanted to avoid. By having graduated incometax rates for different people, the government sets up classes. What has happened to our “classes” of people? We are fighting among ourselves.

Direct election of U.S. senators

Amendment 17 destroyed one of the great separations of power in the Constitution, the separation of powers between state and federal government. The Senate has two primary responsibilities, 1) It votes upon presidential appointments and 2) It is responsible for treaties (war).

By having U.S. senators elected by the populace, rather than appointed by each state legislature, each senator becomes beholding to his contributors and not to the state legislatures who previously appointed him to the U.S. Senate. The reason each state legislature appointed the senators was so that the senators’ primary attention could be devoted to legislation affecting their state. Prior to Amendment 17 in 1913, it was difficult to get the Senate to vote favorably on going to war. Senators are now not accountable to their state legislatures. They are accountable to their political contributors, the bulk of which comes from big banks and big businesses that profit from war: World War I, World War II, Korea, Viet-

nam, Gulf states, Iraq and Pakistan, all since 1913. So now, the Senate is answerable to political contributors rather than to the state legislature. This is exactly what the founders wanted to avoid.

Examination of the chart below is telling. The U.S. got into World War I in 1917 and got out 11 months later at the end of the war in 1918. Notice that from the initiation of this legislation in 1913 to only 1920, government revenue as a percentage of total annual spending increased to 12.8% of our GDP from 8.3%. By 2011, those expenditures were 23.2% of our GDP. Continually borrowing more than $1 trillion a year to supplement government spending is unsustainable. There will be an acute currency collapse, much like that occurring in Iran right now, which is really just a devaluation of Iran’s currency. Or, there will be the chronic currency collapse we’ve experienced for years, called inflation. Commonsense dictates it is ruinous to borrow as much as 8% of the country’s GDP every year, just to sustain federal government expenditures.

Solution

Consolidation of power has created our problems. Disbursement of powers was at the heart of the Constitution. They fooled us in 1913. They will not fool us again if we are smart enough to break up the banks and big businesses that are choosing our presidents and senators for us.

Change the income tax amendment (No. 16) to specify a limit on individual

INCREASE IN FEDERAL GOVERNMENT SPENDING (SINCE 1913) Year 1912 1920 2011

GDP $37.4 billion 88.4 billion 15.49 trillion

Federal government spending $3.1 billion 11.3 billion 3.6 trillion (**)

% of GDP 8.3% 12.8% 23.2%

(**) 30% of the $3.6 trillion ($1.3 trillion, or 8.4%, of our GDP) is created by the Fed with a printing press and then “borrowed”by the government to supplement “insufficient” tax revenues.

and corporate income taxes not to exceed 17%. That is the amount of money our economy can bear to contribute economically to a central government and still remain a competitive economy. That amounts to $2.6 trillion for the federal government this year, which is enough to run our government, and then some!

Withdraw the 17th Amendment. Have U.S. senators appointed by each state legislature, as was originally intended. That will also keep big bank and big corporate money out of states where they have no business and where campaign contributors just want to control the state’s senate vote.

Putting U.S. senators’ appointments back in the hands of state legislatures will return a power to the states, which will make it more difficult for the federal government to go to war. War is the road to dominant central government and financial ruin. Phasing out the Federal Reserve System will keep us out of debt and retard inflation. A cap on income tax rates of 17% would provide for everything required of the federal government by the Constitution. These actions are constitutionally reasonable solutions that would reverse the damaging effects of 1913.

Summary

Conservative investors should remain in high-quality, dividend-paying stocks whose record shows strong dividend increases over the years. Cash is still king, especially now with so many financial problems in our economy. Investors should not expect dramatic, positive increases in corporate earnings, or in stock values, for several years until structural problems in our country are faced and resolved. Until then, continued stagnation will probably be the order of the day.

Caveat Emptor.

George Rauch, Longboat Key, is chief executive officer of Bradenton-based General Propeller and a former Wall Street investment banker.

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1913 legislation

are too big to exist.

They should be broken up so that no bank has such a dominant position that they can influence the outcome of a political election. All treasury secretaries and Federal Reserve chairmen over the last 40 years have come from the above referred-to institutions, either directly or indirectly.

81010

The saying “big is bad” certainly is prophetic as it relates to the current status of the economy, particularly the consolidation of power in our federal government and the consolidation of power in our banking system.

Both the federal government and the banking system operate in as much secrecy with which they can get away. Every time the public demands a secret be revealed, it uncovers government misdeeds that never should have been concealed from GEORGE the public in the first RAUCH place. Ditto for the banking system with only five banks accounting for 57% of the deposits in this country, and the bank’s ally, the Federal Reserve System, a secret organization for creating and making money out of nowhere, which has bankrupted this country with government loans and inflation.

Throughout history, large central governments have, without fail, caused disintegration of every great society. Today in America, we have both the dominant central government and the secret banking system called the Federal Reserve.

The Founding Fathers were born, raised and educated 230 years ago in the Age of Reason and wrote into the Constitution several clauses that resulted in a separation of powers: hence, prohibitions against common, known, historical government sins that ruin civilizations, such as the destruction of the country’s purchasing power with debt, war and the consolidation of too much power in the central government. A hundred years ago those powers were destroyed in this country with three pieces of legislation:

GULF COAST BUSINESS REVIEW OCTOBER 19 â&#x20AC;&#x201C; OCTOBER 25, 2012

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INDUSTRY UPDATE

by Jim Jett | Contributor

The Greater Naples Chamber of Commerce celebrated Industry Appreciation Week Sept. 20 with the Excellence in Industry Awards at the Naples Hilton.

Jeanette Gates, Venice City Council; Teri Hansen, Gulf Coast Community Foundation; Ben Hanan, Shumaker Loop & Kendrick; David Sessions, Willis A. Smith Construction; C.J. Fishman, Fishman & Associates.

AWARDS LUNCHEON Courtesy of Sarasota County EDC

The Economic Development Corp. of Sarasota County held its annual luncheon Sept. 21 at the Hyatt Regency Sarasota.

James Tollerton, owner and president of

Professional Benefits in Sarasota, received the Clyde Nixon Business Leadership Award. More than 325 business and civic leaders attended the lunch.

Jim Tollerton, Professional Benefits, and Clyde Nixon Business Leadership Award winner; Allen Carlson, Sun Hydraulics.

Jamie Purmort, Purmort & Martin Insurance Agency; Dale Brill, President Florida Chamber Foundation.

Maureen Christensen, director of resource development, and Cotrenia Hood, director of business development, both with The Greater Naples Chamber of Commerce.

Thomas White, managing partner at Hawthorn Suites, and Anne Frazier, president of Junior Achievement of Southwest Florida.

Mike Valdes, account manager, and Brian Hamman, manager of market development, both with CenturyLink.

David Daly, HuB Studios; Assunta Swier, HuB Studios; Jim Shirley, Sarasota County Arts and Cultural Alliance; Rich Swier, HuB Studios.

Daniel Lavender, president, and Timothy Buist, chief financial officer, both of Moorings Park Institute.

Caroline Kissel, national accounts executive at Hilton Naples, and Cathy Christopher, director of sales and marketing at The Inn on Fifth.

Mike Bauer, president, and Karen Bauer, chief financial officer, both with Pineridge Coach Works.

Robin Woods, accounting director at Physician Regional Healthcare System, and James Warnken, executive vice president at United Way of Collier County.

Bradley Freeman, Clyde Nixon Family; Philomene Staffeld, Sun Hydraulics; Beth Kellett, Sun Hydraulics; Lisa Smith, Clyde Nixon Family.

GULF COAST BUSINESS REVIEW OCTOBER 19 – OCTOBER 25, 2012

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