Palm Beach County BUSINESS | Fall 2018

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:55 AM Page C1

Quarterly Economic Development Magazine | Fall 2018

Focusing Future on the

A Magnet for Millennials Florida Crystals Ramps Up Residential Development

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:55 AM Page C2

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/26/18 8:56 AM Page 1

contents Palm Beach County Business Quarterly | Fall 2018

News and Events – 4

6 – Millennial Profiles

Florida Crystals – 8

11 – Grey Value Company

Entrepreneur Ecosystem – 12

14 – Rob Hamman

Palm Beach County Schools – 15

16 – County Corner

fall 2018 pbc business |

1

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:56 AM Page 2

InTheKnow from the

CEO

Attracting Young Talent, Sparking Innovation, Building the Future Young professionals

are flocking to Palm Beach County for many reasons, including the high quality of life, low-stress commutes, and an almost endless variety of dining, entertainment, culture and recreational options. But high on the list of reasons are the career opportunities in our vibrant and diverse business community.

From financial services and technology to real estate, aviation, life sciences and the creative fields, young professionals can build rewarding careers in Palm Beach County, while raising families and pursuing their personal passions. In this issue of Palm Beach County Business, you can hear how seven talented millennials are fulfilling their dreams right here.

Palm Beach County also has a strong entrepreneurial ecosystem that supports startups and early-stage businesses, turning fresh ideas into action, and building new models for success. As a matter of fact, in a recent study by Verizon of 300 cities in the U.S., Delray Beach was ranked No. 5 as a top location for startups. In this issue, you can read about Squeeze—one of the many companies that have the potential to make a powerful impact on their chosen markets. And if you’d like more information about local support organizations, please visit the BDB’s entrepreneurship site, www.pbceship.org.

We also understand the importance of education to our county’s future. In that regard, it is very rewarding to see the School District of Palm Beach County be recognized as the top-performing large urban school district in the state. Together with our colleges, universities and vocational programs, Palm Beach County is proud to offer a seamless 21st-century K-20 experience designed to meet the needs of students, families and employers.

With only a few weeks to go in our fiscal year, the Business Development Board can celebrate great results in its mission to strengthen Palm Beach County’s diverse and vibrant economy. From the western Glades to Jupiter, Boca Raton and everywhere in between, our team has been working hard to recruit new companies and professional service firms, while supporting our solid base of existing businesses. We know that adding and retaining highpaying jobs has a ripple effect throughout our community, benefiting many sectors of our economy.

We deeply appreciate our partners in economic development, including the Palm Beach County Board of County Commissioners, our local municipalities and chambers, Enterprise Florida, CareerSource, FPL, LRP and 300 private businesses.

Thank you all for your support!

Kelly Smallridge President and CEO

2 | pbc business fall 2018

MANAGEMENT TEAM Kelly Smallridge President & CEO 561.835.1008 Ext. 4121 ksmallridge@bdb.org Gary Hines Senior Vice President – Administration 561.835.1008 Ext. 4111 ghines@bdb.org Lisa Anderson Vice President – Private Funding 561.835.1008 Ext. 4110 landerson@bdb.org Elizabeth Arevalo Vice President – Marketing & Media Relations 561.835.1008 Ext. 4121 earevalo@bdb.org Brian Cartland Vice President – Business Recruitment, Retention and Facilitation & The Glades Region 561.835.1008 Ext. 4131 bcartland@bdb.org Shereena Coleman Vice President – Business Retention Facilitation & The Glades Region 561.835.1008 Ext. 4125 scoleman@bdb.org Robert P. Mino Vice President, Life Sciences 561.835.1008 Ext. 4109 rmino@bdb.org Shawn Rowan Vice President – Business Recruitment, Retention and Expansion 561.835.1008 Ext. 4108, srowan@bdb.org Tim Tracy Vice President – Member Events 561.835.1008 Ext. 4117 ttracy@bdb.org

PUBLISHED BY Passport Publications & Media Corporation 1555 Palm Beach Lakes Blvd., Suite 1550 West Palm Beach, FL 33401 561.472.8778 • PassportPublications.com Palm Beach County Business Quarterly is published by Passport Publications & Media Corporation, on behalf of the Business Development Board of Palm Beach County, Inc. All rights reserved. No part of this publication may be reproduced without the expressed written consent of the Business Development Board of Palm Beach County and the publisher. © 2018 Passport Publications & Media Corporation

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 10:23 AM Page 3

Chamber Appointees for 2018 – 2019 are as follows: Rachel Docekal* Lyrae Group, Palm Beach North Chamber of Commerce Earnie Ellison Ellison Consulting Group, Black Chamber of Commerce Jesse Flowers* CenterState Bank, Greater Delray Beach Chamber of Commerce Francisco Gonzalez Gonzalez, Shenkman & Buckstein, P.L., Central Palm Beach County Chamber of Commerce James Nugent Seacoast National Bank & Trust, Boynton Beach Chamber of Commerce Harvey Oyer Shutts & Bowen LLP, Chamber of Commerce of the Palm Beaches Bob Tucker ADT, Greater Boca Raton Chamber of Commerce

2018 – 2019 Slate of Directors

Proposed by the Nominating Committee Mark Bellissimo Equestrian Sport Productions Bill Berger Greenspoon Marder, P.A. Richard Bernstein Richard Bernstein Insurance Group, Inc. Ben Boynton Boynton Financial Group Fabiola Brumley Bank of America Merrill Lynch Marty Cass BDO

The Economic Council Appointed Seats for 2018- 2019:

Bobby D’Angelo Compson Associates

Frank Compiani RSM US LLP

Gary Lesser Lesser, Lesser, Landy & Smith

George Elmore Hardrives, Chair Emeritus

Maziar Keshavarz Keshavarz Associates

Neil Merin NAI Merin Hunter Codman

Matthew Enochs* Pratt & Whitney

Port of Palm Beach Representative

Walker Duvall Wells Fargo

Pepe Fanjul, Jr. Florida Crystals

is as follows:

Jake Geleerd* Tortoise Properties

Dr. Jean Enright Port Commissioner, Port of Palm Beach

Dave Jacobs* Wexford Capital

Business Representatives appointed by the Palm Beach County Board of County Commissioners are as follows: Andy Amoroso City Commissioner of Lake Worth, Representing Commissioner Dave Kerner Sandie Foland Baron Sign Manufacturing, Representing Commissioner Hal Valeche Mayor Melissa McKinlay Representing the Palm Beach County Board of County Commissioners

Lee Waring Seaside National Bank & Trust, Representing Commissioner Mary Lou Berger Richard Ryles Rosenthal, Levy, Simon and Ryles, Representing Commissioner Mack Bernard Constance Scott Florida Atlantic University, Representing Commissioner Steven L. Abrams District 2 - TBD

Don Kiselewski FPL Brendan Lynch Plastridge Insurance Jim Maus Aerojet Rocketdyne Gina Melby HCA Palm Beach Hospitals Carey O’Donnell* O’Donnell Agency Richard Rendina Rendina Real Estate Development Donia Roberts* Donia Roberts, Attorney at Law, LORE

Ex-Officio Board

Brian Seymour Gunster

Members are as follows: Steve Craig CareerSource Palm Beach County

Wendy Link Economic Council, Past Chair

Dr. Donald E. Fennoy The School District of Palm Beach County

Ava Parker Palm Beach State College

Dr. John Kelly Florida Atlantic University

Ken Kahn LRP Publications

Juan Tagle JP Morgan Chase

*New Directors for 2018 - 2019

fall 2018 pbc business |

3

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:56 AM Page 4

NEWS Financing Secured for New Luxury Hotel in Downtown West Palm Beach Concord Hospitality Enterprises Co. recently secured $42 million in construction financing for a new luxury hotel in downtown West Palm Beach.

Development is already underway on the Marriott Autograph Collection Hotel, which will be located at 201 N. Flagler Drive. It is expected to open in fall 2019.

The 208-room hotel will include meeting space, a full-service restaurant, fitness center, surface-structured parking and a rooftop swimming pool and lounge. It will be situated in a 435,000-square-foot, mixed-use project being developed on the former City Hall site by Navarro Lowrey Properties. The overall development will include 250 residential units, more than 30,000 square feet of retail and restaurant space, outdoor recreational space and a multilevel parking structure.

NIH Awards $3.68 Million Grant to Scientists at Scripps Research The National Institute on Drug Abuse, part of the National Institutes of Health, has awarded a five-year, $3.68 million grant to two Scripps Research scientists, Laura Bohn, Ph.D., and Thomas Bannister, Ph.D., to advance their work developing safer pain medications.

Previously, Bohn and Bannister, based in Jupiter, had developed new compounds that separate the powerful pain-relieving benefit of opioids from the life-threatening side effect of decreased breathing rate and lower blood-oxygen levels. The new round of funding enables the team to further improve these compounds while also evaluating the extent to which other common opioid side effects, including constipation, drug tolerance and especially addiction risk, are inherently altered in these new compounds, with an eye toward further widening the safety margins.

Education Foundation Earns Four-Star Rating Charity Navigator recently gave the Education Foundation of Palm Beach County a four-star rating, its highest category for charities and nonprofit organizations. Charities are rated on their efficient use of funds, and their transparency. On both scores, The Education Foundation rated superior. The foundation facilitates student achievement by supporting high-quality public education through partnerships, grants, events and public awareness.

Boca Raton Airport Authority Nears Completion of Control Tower Renovation The second phase of the Boca Raton Airport Authority’s renovations to the Air Traffic Control Tower is nearing completion. The renovations are aimed at extending the useful life of the facility and creating an enhanced work environment for the controllers.

“Since the tower began operations in 2000, it has played a vital part in the airport’s role as a premier general aviation facility,” said BRAA Executive Director Clara Bennett. “Phase II will ensure that it remains a cornerstone of our operations.”

This final phase of improvement is expected to be completed this fall. The Boca Raton Airport serves the corporate, recreational and flight training needs of the community, averaging more than 60,000 operations annually.

4 | pbc business fall 2018

Scripps Research Named Top Scientific Institute Scripps Research is the top stand-alone scientific institute in the United States for producing high-quality research, according to a recently released Nature Index ranking based on discoveries published in leading scientific journals. Scripps Research was also ranked first in its class in the United States in both life sciences and chemistry research. Globally, Scripps Research ranked third in life sciences research and fourth in chemistry.

“These rankings speak to the culture of scientific excellence at Scripps Research and the commitment of our talented scientists to making seminal discoveries that simultaneously advance human knowledge and human health,” said Jamie Williamson, Scripps Research’s executive vice president of research and academic affairs.

“We at Scripps know what a special place this is for discovery, but it’s nice to have external validation.”

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 3:21 PM Page 5

Mueller Industries Moving its International Division to West Palm Beach Mueller Industries, Inc., a 100-year-old Fortune 1000 company, is moving its international division to West Palm Beach this fall. The Memphis-based manufacturer is leasing in CityPlace Tower.

“We are very excited about this opportunity to be in the right spot to expand our global sales,” said Nadiem Umar, president, International Business. “About half of our 10-person staff moved here this summer, and the rest will soon follow. I will be going back and forth to Memphis, before relocating with my family next spring.”

Mueller is a global leader in the manufacturing and distribution of copper tubes and fittings, brass and copper alloys, aluminum and brass fixtures and other products. Its operations are located throughout the United States, Canada, Mexico, China and Great Britain.

“Our division headquarters will support export sales of our high-quality, U.S.-made product lines,” Umar said. “It also supports our plans to grow our international business in Central and South America and the Caribbean. Along with convenient access to those markets, we can connect with the many multinationals in South Florida now doing business in the region.”

West Palm Beach is also an ideal location because it is easily accessible for international customers, Umar added. “We bring a lot of overseas businesspeople to the U.S to visit our facilities and introduce them to our products. Now, they can take a business

NEWS

trip to South Florida and enjoy golfing, as well as cruising or fishing on our company boat.”

Mueller’s customer base includes original equipment manufacturers (OEMs) who use its products as a component, as well as large construction companies and wholesalers. “Air conditioning equipment, for example, requires copper tubing and connections,” Umar said. “We also supply plumbing, piping and fittings to contractors around the world. Even though we sell a commodity product, we focus on quality and delivering value to the customer.”

Mueller Industries was founded in Michigan in 1917. Mueller is a multibillion-dollar revenue company traded on the New York Stock Exchange (MLI). The Business Development Board provided information, facilitated meetings and expedited permitting for the company’s new office.

Since October 1, 2017, the Business Development Board has facilitated the creation and retention of 1,960 new jobs from the following companies: AlphaZyme Amrit Wellness Resort & Spa Atlas Sign Industries Bandwave Systems Cresset Wealth Partners Devoucoux Dos Primos Supermarket Fieldpoint Private Wealth Fowler Sheet Metal Glades Formulating Corporation KN Machine & Tools, Inc. Matrix Private Capital MSD Capital Mueller Industries PCE Americas, Inc. Pieri Architects Pratt & Whitney Project Cane Project Mercury Project Pertner Project Silver Rockwell Collins Setomatic Systems, Inc. Shanker Industries Skill - Metric Machine & Tool Tellus Products UTC Building & Industrial Systems

Welcometo our

New Members

BankUnited bankunited.com BBX Capital BXCapital.com CenterState Bank, NA centerstatebank.com Cleveland Clinic Florida clevelandclinic.org/florida Frankel, Loughran, Starr & Vallone LLP flsv.com Ideabar ideabar.agency Joe DiMaggio Children’s Hospital jdch.com Midwest Financial - M&A mfsib.com Sharp Communications sharpthink.com Sotheby’s International Realty Christine Gibbons sothebyshomes.com/palmbeach Sotheby’s International Realty - Todd Peters francesandtodd.com

fall 2018 pbc business |

5

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:56 AM Page 6

Mil ennials

Making Their Marks on Palm Beach County

For young professionals, Palm Beach County offers attractive career opportunities in many economic sectors. Here are the stories of seven millennials—told in their own words—who are contributing to the region’s future.

Bradley Seigfreid

Director, Marketing – Loyalty Office Depot

I started working at OfficeMax right out of Syracuse University after being an intern the prior year. My roles in communications and community relations evolved to include workforce diversity and inclusion. From there I joined the corporate strategy team and the marketing team, where I am responsible for Office Depot’s Rewards program as well as our private label credit card.

OfficeMax and Office Depot merged in 2013, and I was offered an opportunity to relocate here in 2014. When I received the offer it was minus-14 degrees in Chicago and 85 degrees in Boca Raton, so we decided to move down to Florida.

My wife, kids and I love the ability to be at the beach every weekend—it feels like a vacation every week! We also love taking weekend family vacations because there are so many nearby places to go. There are a ton of great things for our kids to do, and they can be outside all year round.

Leslie Muehlheuser

AVP, Financial Center Manager Bank of America in Jupiter Square I started with Bank of America in 2005 as a college student at the University of Central Florida in Orlando. I’ve been here 13 years now, doing every role in the financial center in terms of helping clients.

This is my career, and I’m now in a market leader program to prepare for my next role in Palm Beach County.

I grew up in Palm Beach County, came back here with my husband, and we’re now raising a family here. I like to go running on Juno Beach on Saturday morning, and there are lots of other people who are into health, fitness and wellness. I think Palm Beach County gives you work-life balance, along with an exciting professional career.

6 | pbc business fall 2018

Daniel Perla

Assistant Cash Manager Florida Crystals My role involves preparing and initiating our high-value and international transactions, accounting for those transactions and all other cash activity, and maintaining our various banking relationships. Also, I assist with cash flow forecasting and institutional investment decisions.

After graduating from the University of Florida, I began working at Ana I. Blanchard CPA, a small accounting firm in downtown West Palm Beach. After about a year there, I accepted this job at Florida Crystals.

I was born and raised here in West Palm Beach, going to elementary school just a few blocks from my office at Florida Crystals. What I like about living here is that I never have to travel far to do something interesting. The beaches and boating are great, but there are also fascinating pockets of nature and culture.

In Palm Beach County it is easy to see the impact your work has on the community. It is like a small town in that way. There is no distance between the work you put in and the benefit others receive from it.

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:56 AM Page 7

Anne Marie Van Casteren

Public Relations Specialist City of Boca Raton

Andrew Massie

Commercial Lines Property & Casualty Insurance Agent Plastridge Insurance Agency I grew up in Palm Beach Gardens, where my mother owned a personal lines insurance agency. By the time I was 13, I was in her office scanning paperwork and building an insurance foundation. After graduating from Florida State University, I joined Plastridge in the Palm Beach Gardens office, learning from some exceptional producers with decades of experience.

On the personal side, Palm Beach County has a tremendous amount to offer. I love to golf and play tennis, and the phenomenal South Florida weather is a huge plus for that.

Through the years, I have seen the substantial improvements in the area, such as Brightline, for example. That’s because Palm Beach County is a community that is constantly looking at the future, creating new opportunities for professionals.

Marissa Kosiec Special Events and Sponsorship Coordinator Chamber of Commerce of the Palm Beaches

I plan and execute more than 80 corporate events a year for the chamber, and manage Young Professionals of the Palm Beaches.

I grew up in Lake Worth/ West Boynton Beach, and after earning a degree in public relations from the University of South Florida, I got my start with the Greater Boynton Beach Chamber of Commerce before I took my current position.

When I got this job, I decided to move to downtown West Palm Beach to experience the live, work, play concept. Personally, I love how the city feels like a community. You can walk down Clematis Street on your lunch break and see someone you know. We’re all here to support the many businesses and nonprofits that call Palm Beach County their home.

My role within the city is definitely fun and exciting. Every day is different as I help inform the public about all the exciting events, projects and initiatives taking place in Boca Raton.

I started my career at the Buzz Agency in Delray Beach, where I found my passion for the public relations industry. I worked for my alma mater, Lynn University, in the Career Development Center and for Polen Capital Management firm before taking the job I absolutely love for the City of Boca Raton.

I moved down from Long Island when I was about 12 years old. I earned my degree in communications with a minor in PR, and later completed my MBA in Marketing and Media Management.

Palm Beach County has given me an amazing foundation for my personal and social life, as well as my career. Many of the people I have met along the way have become some of my closest friends and greatest mentors. Along with the beautiful beaches and communities, I feel like there’s always something to do: going to a concert, having a night out on the town with friends, visiting local green markets or taking a stroll through one of our gorgeous parks.

Erin Brodsky

Project Manager/Estimator Hedrick Brothers I was hired by Hedrick Brothers Construction in 2011 after graduating from the University of Florida with a bachelor’s degree in construction management. I started as a project administrator doing estimating in the commercial division. After a series of promotions, I now manage the luxury residential division's preconstruction and estimating department.

When I moved to Palm Beach County, I was single but had a longtime girlfriend. I enjoyed being outside, playing golf, fishing, visiting waterfront restaurants. After we married, we moved to Jupiter to buy a house and raise our family with an easy commute to work in West Palm Beach.

We all work, live and play where many people want to vacation. Palm Beach County is vibrant and growing, with many opportunities for a professional job experience.

fall 2018 pbc business |

7

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:57 AM Page 8

Florida Crystals Ramps Up

residential development

l

ong known as a national leader in sugarcane production, Florida

Crystals is diversifying into the multi-family residential development sector in urban infill areas. “Our family has always believed in the future of Florida,” said Pepe Fanjul, Jr., executive vice president of Florida Crystals Corporation and president of its subsidiary, FCI Residential Corporation.

“Now, we are moving to meet the demand for luxury rental communities from people moving to Florida, millennials entering the workforce and baby boomers downsizing from their current homes.”

In a recent interview for the Business Development Board, Fanjul outlined how Florida Crystals, which is based in West Palm Beach, purchased land in 2012 to participate in the economic and population growth of the Sunshine State.

“What began as 510 units in 2013 has blossomed into more than 4,500 units across Southern Florida and Tampa,” Fanjul said. “By developing, constructing and managing quality apartment homes and communities, FCI Residential is creating spaces for better living. It is a true pleasure to visit our communities and see residents enjoying the health club, pool and walking paths, or taking their pets to the dog parks or kids to the playgrounds.”

To date, FCI Residential has completed and

8 | pbc business fall 2018

stabilized nine communities, including Atlantico at Tuscany and Siena at Tuscany off Atlantic Avenue in Delray Beach. FCI’s multifamily rental products complement the new single-family home residential developments in southern Palm Beach County west of the U.S. 1 corridor, Fanjul added.

FCI is now constructing Atlantico at Alton, a 353-unit community in Palm Beach Gardens on Donald Ross Road, adjacent to UTC’s new Center for Intelligent Buildings. “We will continue to grow our presence in Palm Beach County, and now have three other properties under contract,” Fanjul said. Those projects are in Royal Palm Beach, Lake Worth and Boca Raton, where Camino Square, a 350-unit luxury apartment development, is now in the final stages of review by the city.

Juan Porro, managing director of FCI Residential, recently noted that Camino Square will be a major redevelopment of an under-utilized property in the city’s

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:57 AM Page 9

Atlántico at Tuscany in Delray Beach

Community Reinvestment Act (CRA) neighborhood. The development will include two eight-story buildings, two parking garages and a public dog park.

While FCI Residential is only five years old, it already has more than 1,300 employees in its offices and multifamily communities. “We have hired very effective managers, and built a cohesive culture here,” Fanjul said. “My management style is to hire good people and help them be the best they can be.”

The Fanjul family members have long been supporters of the BDB. “The Business Development Board has been very successful in bringing the local business and government community together, as well as recruiting new businesses for Palm Beach County,” said Fanjul. “When I travel around the state, I always hear good things about the BDB.” Fanjul is also active in the “Do the Write Thing Challenge,” which gives middle school students an

opportunity to reflect on the impact of youth violence on their lives, and the Palm Beach Civic Association. “I also love the outdoors and traveling, as well as spending time with my wife and our two children,” he added.

Fanjul is also a founding partner and senior advisor of BlueGate Atlantic Creek Management Advisor Partners, a boutique real estate investment banking firm, and general partner of the company-sponsored Atlantic Creek Real Estate Funds. He holds a B.A. and an MBA from the University of Miami.

Looking ahead, Fanjul is optimistic about the region’s future. “I grew up in Palm Beach County, and every year this has become a better and better place to live,” he said. “There are many types of jobs and career opportunities, as well as a new urban lifestyle. We have gotten a terrific response to our FCI Residential communities and will continue to invest in the great State of Florida.” PBCB

fall 2018 pbc business |

9

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:57 AM Page 10

L LAND OPP PORTUNITIES AVAILA ABLE. At Palm Beach Park of Com A mmerce, you’ll enjoy easy access to the region’s exten nsive ttransportation network, inc d airports. Palm Beach Park of cluding major highways and C Commerce is also one of th he few premier business loc cations that offers rail service, foreign ttrade zone,, heavy y industrial options, p , plus p a direct link k to the Port of Palm Beach h.

• Total Park Size: 945 ac cres • 389 acres of commerc cial and industrial land available for sale • Sites available from 5 - 100 acres ved business • Fully entitled/fully-serv park • Rail access directly to Port of Palm Beach

Ju upiter Pratt Whitney Rd.

o own le es

esigned & • 220,000 SF warehouse de pad ready • Fo oreign trade zone • Ho ome to over 50 business ses cluding: Walgreens, CSX inc X, McLane, Nia agara and Mountain Productions • Inffrastructure and utilities in place

Indiantown Rd.

Ind diantown Rd.

PALM BEACH Park of Commerce

Abacoa FAU

Be

e

1

s

ke

North County Airport

P.G.A. Blvd.

Mi l Mirasol

PGA National

Turnpike Interchange

Trail T

Planned Residential

Callery Judge

G Gardens Mall

P.G.A. Blvd.

Ballen Isles

Palm Beach Gardens Northlake Blvd.

Northlake Blvd.

IBIS Community

Donald Ross Rd.

p Scrip

0m (4 lin -La e Caloosa ile ne H st Hi igh oT gh w ur wa a np y) y i

Be

eli ne Hw CS y.

X Turnpike Interchange

P.B.I.A. 9 miles

Port of P.B. 5 miles Blue Heron Blvd.

Christopher Thomson, T SIOR Cushman & Wakefield W 561 227 2019 christopher.thomson@cushwake.com Cushman & Wakefield W of Florida, LLC..

303 Banyan Blvd., B Suite 301 West Palm Be each, FL 33401 www.cushwak kesouthfl.com

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:57 AM Page 11

Management

Taking a Traditional Investment Approach

I

n a financial world filled with complex investment strategies, Steven Grey believes in the traditional search for value.

“We are a throwback to a simpler time, “ said Grey, who is CEO and chief investment officer, Grey Value Management, LLC in Singer Island. “We place a premium on independent thinking, doing our own research in order to select a handful of promising opportunities for our value-oriented fund.”

Value investing is the purchase of a financial asset at a discount to its calculated intrinsic worth, Grey said. “For an investment to be truly attractive in risk/reward terms, it has to be priced at a significant discount to its intrinsic value today, not what that value may or may not be tomorrow.

In that sense, rather than attempting to forecast the future, our approach is more akin to predicting the past.”

Since launching the fund approximately four years ago, Grey has taken a go-slow approach to growth, reaching out to experienced individual investors who share the firm’s philosophy. “We emphasize transparency and accessibility,” he said.

“Now that we have a multi-year track record, endowments, pension funds and foundations are starting to look at us as well.”

Grey said there are several advantages to having a financial services firm based in Palm Beach County. “First of all, we are away from all the noise of the financial sector in New York City,” he said. “That’s helpful in maintaining an independent mindset – the same argument Warren Buffett has made about being in Omaha.”

Grey began investing at the age of 13, and earned degrees in business and law before entering the financial sector. He was the chief investment officer of Freedom Capital Partners, in Alexandria, Virginia, managing in excess of $200 million of private capital, and managing director of risk at Albright Capital Management, an investment advisory firm chaired by Madeleine K. Albright, the former U.S. Secretary of State.

“My family started coming to Palm Beach County in the late 1970s, and bought a residence on Singer Island in the early 1990s,” he said. “I was working in Washington, D.C., and relocated here about six years ago to be closer to my parents.”

While the move was “an unplanned reboot” to Grey’s career, it gave him an opportunity to team with Ryan Kuyawa, portfolio manager, and create a new fund committed to his value investment philosophy. He also joined the United States Coast Guard Auxiliary, Flotilla 51, and is involved in other community activities.

Grey Value Management recently had a summer intern from Palm Beach Atlantic University, and is now looking to hire new professionals. “We just moved into bigger office space across the street from the beach for a fraction of what we would pay in Manhattan,” he said. “The living expenses here, along with the cost of doing business, is so much less than in the Northeast. We have access to a great airport, our clients enjoy coming here, and the PBC Business Development Board continues to go out of its way to support our development. What’s not to love about Palm Beach County?”

pbc business |

11

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:57 AM Page 12

Entrepreneurial Ecosystem

Supports Business Success

For Elias Janetis, founder of Squeeze LLC, Palm Beach County has provided a solid platform for entrepreneurial success. “This is a great place to grow a tech company,” he said. “There is a planet of talent, the taxes are favorable for entrepreneurs, and everyone loves the weather.”

12 | pbc business fall 2018

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:57 AM Page 13

Top seven winning members of FAU Tech Runway’s “Venture Class 6” at the 2018 Launch Competition and Demo Day on May 10. Each received a $15,000 check, totaling $105,000 in cash investments.

“I also love the weather, as well as the great restaurants, Drawing on the resources of Florida Atlantic University’s FAU Tech Runway, Janetis is determined to cultural activities and other things to do here.” build Squeeze into a leading consumer services company.

Since envisioning Squeeze in 2015, Janetis has been “By aggregating various comparison tools, we help busy building his new company. “I went through the consumers get the best deals on their recurring bills, entrepreneurial boot camp at FAU Tech Runway and learned such as loans, mortgages, insurance premiums and some new things, while also mentoring some of the younger telecommunications charges,” said Janetis, an experienced Boca Raton entrepreneur who founded Squeeze entrepreneurs,” he said. Now a “graduate” of the program, last year. “We want to be the Expedia of the consumer Squeeze currently has 10 employees and is based at Research Park at FAU. finance sector.”

Since its inception in 2014, FAU Tech Runway® has FAU Tech Runway is one of Palm Beach County’s many launched and served 52 startup resources for business startups and early-stage companies, which collectively companies. Entrepreneurs seeking capital, workers, have raised more than $46 knowledge or advice can turn to organizations like million in capital, created nearly CareerSource Palm Beach County, Adams Center 300 jobs and generated more for Entrepreneurship, Jim Moran Institute for Global than $23 million in sales Entrepreneurship and Palm Beach SCORE, as well revenue. “In four short years, as entrepreneurship programs at four colleges and FAU Tech Runway has grown universities. into a vibrant public-private For example, Palm Beach Tech Association is a partnership that mobilizes West Palm Beach-based nonprofit dedicated to essential resources for South turning the region into a technology hub, according Florida’s next generation of to Joe Russo, executive director. “We are working global entrepreneurs,” said with Fortune 500 companies, startups and Rhys Williams, managing educational institutions to drive that momentum director, FAU Tech Runway and forward.” associate vice president, Russo believes Palm Beach County has the Marc Ganzi, CEO and co-founder of Digital Bridge Division of Research. financial and human resources to help smaller “Visionary community members, students and faculty companies grow their teams and scale up their operations.

“We also want businesses here to hire local contractors and seeking to launch or accelerate their ventures now have a hub through which to office, train, finance, launch and scale service providers and support their neighbors,” he added. their new tech-based businesses,” added Williams.

“That’s all part of building our ecosystem here.”

“We could not be prouder of the FAU Tech Runway After moving his prior company, Mobile Talk, to Boca entrepreneurs’ accomplishments and the mentors, advisers, from Pennsylvania 12 years ago, Janetis has enjoyed both staff, financial supporters, allied professionals and student the business climate and quality of life available in Palm interns who have selflessly contributed to their successes.”

Beach County. “Taxes are favorable for entrepreneurs, and For more about Palm Beach County’s entrepreneurial there is plenty of talent in the market, without the hyperecosystem, visit pbceship.org. PBCB competitiveness of New York or San Francisco,” he said.

fall 2018 pbc business |

13

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 10:39 AM Page 14

BROKER PROFILE

Rob Hamman Rob Hamman has been helping business tenants find suitable leases for more than a decade. As senior advisor for SVN Florida, Inc., he and his commercial brokerage team represented Cresset Wealth Advisors in a recent 8,000-square-foot office lease at CityPlace Tower—the latest example of financial services firms attracted to the Flagler Financial District in downtown West Palm Beach.

“Having a financial firm like Chicago-based Cresset open here is a coup for West Palm Beach and our entire community,” Hamman said. “The Business Development Board did a great job with assisting their team.”

Hamman also represents and advises investors looking to acquire commercial properties, as well as sellers looking to divest their current holdings. “We work with buyers, sellers, family offices and other investors and focus on the area from West Palm Beach to Stuart, rather than a specific type of property,” Hamman said. His experience includes the sale and leasing of office, retail, industrial, vacant land and investment space, and triple-net sales of single-tenant properties.

However, Hamman notes that it’s challenging to find investment properties in Palm Beach County’s tight commercial market. “Lack of product is a big issue right now, so we go out, knock on doors and talk with owners who might be considering selling their properties,” he said.

Hamman adds that investors may find more opportunities in lower-profile retail, industrial and multifamily properties than in the Class A office market. “One strategy to consider is buying an older property and adding value by renovating and repositioning the asset,” he said.

Hamman, who served in the U.S. Marine Corps, came to Palm Beach County in the early 1980s from Indiana. “I came here for vacation and never went home,” he said. He started a successful limousine company when he was 21 years old and sold it to Carey International, the world’s largest limousine company, before getting into real estate in 2008. “My hobbies include boating, motorcycles, surfboarding and tactical shooting and training, drawing on my background in the military,” he said.

“

One strategy to consider is buying an

older property

and adding value by renovating and repositioning the asset.

SVN, a commercial real estate brokerage firm headquartered in Boston, is one of the industry’s most recognized and powerful brands based on the annual Lipsey Top Brand Survey and Commercial Property Executive magazine. With more than 190 locations in 500 markets, SVN commercial real estate advisers provide sales, leasing and property management services to more than 5,550 clients worldwide. The Florida team consists of more than 100 advisers serving locations across the state. All SVN offices are independently owned and operated. PBCB

14 | pbc business fall 2018

”

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:57 AM Page 15

s l o o h c S y t n u o C h c a

Palm Be

Earn

‘A’

s g n i t a R

it has ed district, nty an A-rat u o C icts. h ac is e school d tr f Palm B rge urban l District o la o r o e ch th of S o e s n e a’ th Florid epartm t Not only is e Florida D schools than th ” y “A b d d e e te n ts ear d ict-opera des releas ber of poin more distr school gra m y u n ar l in ta lim to to pre s highest lorida on According ict also wa ighest in F tr h is d ks n e ra h T t icts. arning , the distric urban distr nt, math le Education ther large achieveme o ce h n it ie w sc d t, pare men when com ath achieve d rate. istricts in m d r e e p raduation d 36 earne s g it l among igh schoo the state, an h m d o an fr , a s ts A s, n earned l stude B rating gains for al ted schools oast A and b ra e n p o ca tls ic o distr d scho Overall, 71 ict-operate l year. of all distr t n e . Two rc 017 schoo e p 6 e tter grade the 201 -2 m o Bs. Sixty-fiv fr e ast one le as e le cr t a in t y two b in o g b ge-p proved y their ratin 4-percenta entary—im improved m le ls E o ra o h ra iv ie sc West R ie West Riv Thirty-one an A, while ntary and to e m C le a E m g d fro ine Jo ry improve schools—P g Elementa Jo e in P m Beach s. e ation of Pal to a B. letter grad ic D d a e d m d o fr an work ndent. improved to the hard II, superinte Elementary E. Fennoy ting is due d ra al n A o le in s D t’ ic r. e y a larg ro ,” said D “Our distr munity pla d students m an f co af d ity st , an u rs ache d comm n ur parents County’s te r families an pport of o u o su f e o t th n e at ow th volvem ol district.” ciate the in “We also kn large scho truly appre g e in w d rm o vides the an rf , e ts (FSA) pro highest p n our success s e a’ m d ri ss e lo F ss y the dards A making us adopted b lorida Stan partners in ing system ce on the F d ra an g l rm ased o o b o rf h e ” ugh “F on a sc Student p d “A” thro des, based te ra ra g e of te ar a ls e st for 95 perc nt d schoo foundation st at least Districts an te . t n o o n ti ca id u d ls that d of Ed ed. Schoo State Boar points earn f o e g ta n on a perce “I.” PBCB ceived an students re

fall 2018 pbc business |

15

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:57 AM Page 16

COUNTYCORNER

By Sherry Howard, Deputy Director Palm Beach County Department of Housing and Economic Sustainability

E

conomic development is more than creating jobs. As a result, the Palm Beach County Department of Housing & Economic Sustainability (HES) is tasked with working towards a high quality of life for Palm Beach County residents through economic development, housing, public services and infrastructure improvements—all vital in creating a sustainable community.

Through the Palm Beach County business and economic development strategies, assistance is available for businesses in all stages of development and growth. These efforts, facilitated through HES, are implemented in partnership with private lending organizations, nonprofit economic development organizations and business incubators, and are complemented with a $35 million business loan pool funded through our federal partner agencies. This wide range of resources maximizes the County’s investment, leverages resources, and stimulates economic growth within Palm Beach County. Over the past 10-plus years, Palm Beach County has approved more than $2.75 billion to address the needs of 118 businesses. This investment leveraged an additional $113 billion in federal, state and private funding as well as more than $804 billion in capital investment throughout Palm Beach County.

LOANS: Businesses both large and small can benefit through HES’s administration of a variety of federally funded loan programs. Eligible applicants are able to tap into these resources for purposes of construction, working capital, machinery and equipment, lines of credit, and brownfield cleanup. We work closely with our Small Business Administration partners and bond underwriters to provide a capital stack that is advantageous to the borrower. These programs are particularly beneficial to small businesses, which make up 85 percent of all businesses in Palm Beach County.

ECONOMIC DEVELOPMENT INCENTIVES (EDIS): EDIs encourage the creation of higher-wage jobs and the growth of a diverse economic base by providing incentives to qualified businesses to relocate or expand in Palm Beach County. EDIs typically serve as a local match to incentives provided by the State of Florida Department of Economic Opportunity.

Incentives provided by the County are in the form of a cash grant or an ad valorem tax exemption, often provided in coordination with our municipal partners. These incentives are provided to specific industries targeted for growth by the County.

INDUSTRIAL DEVELOPMENT REVENUE BONDS (IDBS): HES administers IDBs issued by the County to support capital projects contributing to the development of a strong and stable local economy and the provision of a better quality of life for Palm Beach County residents. IDBs encourage economic development, as the borrower receives long-term financing with lower interest rates to support projects that create jobs and grow businesses in Palm Beach County. Projects totaling $10 million or more achieve the greatest benefit from the use of IDBs.

16 | pbc business fall 2018

MARKETING AND BUSINESS INCUBATORS: Through contracts or MOUs, Palm Beach County funds key partners in the County to provide economic development services to a wide range of businesses—from Fortune 500 accompanies to new business ventures. The Business Development Board is tasked with marketing the County as an ideal place for businesses and for providing business recruitment, expansion and retention services. The Florida Atlantic Research and Development Authority incubates emerging technology-based businesses in Palm Beach County. The Film and Television Commission develops the film and TV industry in the County, with an emphasis on creating an industry workforce in partnership with the Palm Beach County School District. The Black Business Investment Corporation connects small minority businesses to financial resources and fosters increased employment and social stability, and the Center for Technology, Enterprise and Development offers technical assistance that supports the successful development of entrepreneurs.

If you would like more information regarding these programs, please contact our Business and Economic Development Team at 561.233.3600.

Over the past 10-plus years, Palm Beach County has approved more than $2.75 billion to address the needs of 118 businesses.

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:57 AM Page C3

STAY connected

PALM BEACH COUNTY

PBCB Quarterly_2018 V6-1 Fall_RK_3-ROBERT.qxp_Layout 1 9/25/18 9:57 AM Page C4

Easy.

Convenient.

Less Stress.

PBI FREE H I

SPE E D WI - F I

CHA RG I NG S T A T I O N S P R I V A T E N U R S I N G SUITES SHOPP I NG E C O N OM Y P A R K I N G $ 7/DA Y PE T PARKS PUT T I NG GRE E N

less stress.

fly PBI.

pbia.org

#flyPBI