Palm Beach County Business | Winter 2020

Quarterly Economic Development Magazine | Winter 2020

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contents

Palm Beach County Business Quarterly | Winter 2020

F E AT U R E S 4

Biggest Deals of the Decade

8

Women Leaders in Health Care

DEPARTMENTS

7 13 14 16

10

Palm Beach International Airport

Supporting Entrepreneurship Guest Contributor: Greenberg Traurig County Corner News and Events

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from the

CEO Leading the Way!

InTheKnow

Success in business is all about leadership. We are fortunate to have great leaders throughout Palm Beach County’s private, public and nonprofit sectors who share a dynamic vision for the future. They recognize that our county must continually look ahead by strengthening our educational system, responding to our stakeholders, and building a robust, diversified and sustainable economy.

In this issue of Palm Beach County Business, we are highlighting four women leaders at major medical centers. Collectively, they are responsible for thousands of jobs in the health care sector while delivering services that contribute to our region’s outstanding quality of life.

We are also highlighting several of the biggest economic development deals of the past decade, including both expansion and relocation success stories. We know that these companies have a major impact on our county’s prosperity that goes beyond the actual number of jobs they create.

The new decade of the 2020s is already off to a great start. We are continuing to attract new investment from across the country and around the world with a deep focus on the Northeast U.S. Our ability to offer an inviting, low-tax climate with a year-round high quality of life resonates with many professional firms and businesses, especially in the cold, snowy winter months!

Our county’s transportation assets, including Palm Beach International Airport, are another plus for businesses considering relocating to our sunny region. We have convenient air service to dozens of national and international destinations, and it’s only two hours by air to New York!

As we look ahead to 2020, we believe Palm Beach County will once again be a leader in creating new jobs, and fostering economic development that strengthens our communities from the Glades to the Atlantic. Thank you for your continued support.

Kelly Smallridge President and CEO

Palm Beach County, Florida is Home to 39 Cities and Towns, including: City of Atlantis City of Belle Glade City of Boca Raton City of Boynton Beach Town of Briny Breezes Town of Cloud Lake City of Delray Beach Town of Glen Ridge Village of Golf City of Greenacres Town of Gulf Stream Town of Haverhill Town of Highland Beach

Town of Hypoluxo Town of Juno Beach Town of Jupiter Town of Jupiter Inlet Colony Town of Lake Clarke Shores Town of Lake Park City of Lake Worth Beach Town of Lantana Town of Loxahatchee Groves Town of Manalapan Town of Mangonia Park Village of North Palm Beach Town of Ocean Ridge

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City of Pahokee Town of Palm Beach City of Palm Beach Gardens Town of Palm Beach Shores Village of Palm Springs City of Riviera Beach Village of Royal Palm Beach City of South Bay Town of South Palm Beach Village of Tequesta Village of Wellington City of Westlake City of West Palm Beach

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 Kristen Boyd Vice President – Marketing & Media Relations 561.835.1008 Ext. 4106 kboyd@bdb.org Shereena Coleman Vice President - Business Facilitation & The Glades Region 561.835.1008 Ext. 4125 scoleman@bdb.org Tim Dougher Vice President – Business Recruitment, Retention and Expansion 561.835.1008 Ext. 4131 tdougher@bdb.org Sarah Marcadis Vice President - Member Events 561.835.1008 Ext. 4101 smarcadis@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

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. © 2020 Passport Publications & Media Corporation

From ever yday care c to o

life-changingg ca are.

At Cleveland Clinic, we have a simplee goal: to care for ever yone in South Florida. As the #1 Hospital in South Florida, we are committed to you and your care, from f the ever yday to the extraordinar y. Ourr team of exxperts is standing by for ever y care in the world d.

Make an appointment att 954.228.8791 ClevelandClinicFlorida.o ClevelandClinicFlorida.org/ForEveryCare U.S. News U.S. News & W Wo World orrld orl ld R Report, eporr t, 2 ep 2019-20 019 9-20

DEOFATHLE S E D A C E D

NYU Langone Florida In 2019, NYU Langone Florida, a world-class academic medical center, chose Boynton Beach for its new state-of-the-art contact center, creating up to 500 new jobs. The new facility offers a personalized, world-class experience to patients as a centralized point of access for providers and services across the growing NYU Langone network, where contact center representatives act as the gateway for patients on behalf of physician practices.

“We’re thrilled to expand our growing footprint in Florida through this new location in Boynton Beach,” said Andrew Rubin, vice president for clinical affairs and ambulatory care at NYU Langone. “Access to our providers and services is imperative to offering world-class care, and we are confident this new patient access contact center will assist in doing so.”

Since 2011, NYU Langone has grown its ambulatory care network to more than 350 locations across Manhattan, Brooklyn, Queens, Staten Island, Long Island, and Florida.

Companies That Created 2,000+ Jobs

In the past decade, the Business Development Board has facilitated hundreds of relocations and expansions. Here is an update on several of the biggest deals – those creating about 500 jobs at the time.

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ADT ADT has been headquartered in Boca Raton for a full decade.

Since its growth in 2010, it now employs nearly 600 people between its corporate headquarters in Boca Raton and its service office located in West Palm Beach. The headquarters itself gives the vibe of a “Google Workplace” with many activities for employees to enjoy as added benefits to working there. This year, the company launched a new Command and Control alarm panel which has been well received by customers.

Modernizing Medicine After years of steady growth, Modernizing Medicine now has a total head count of nearly 800 employees with about 580 people working at its corporate headquarters in the Boca Raton Innovation Campus (BRiC), where the first personal computer was created by IBM. “The ability to build and grow Modernizing Medicine in the community in which I grew up and now being located in such a historic facility at BRiC is an entrepreneur’s dream,” said CEO Dan Cane. “I look forward to expanding our footprint in our community and continuing to make a positive and real impact for our clients across the country and health care as a whole.” Modernizing Medicine has been ranked on the Deloitte Fast 500 and Inc. 5000 both for the fifth consecutive years.

BDB Deals Since October 2019 That Have Created nearly 1,500 Jobs in Palm Beach County: n n n n n

ADMA Biologics BioCurity Pharmaceuticals FloraScentials Life Science Incubator Misfits Gaming

n n n n n

Niagara Bottling NYU Langone Parametric Solutions Precision Esthetics ReachLink

New Incubator Coming to Palm Beach County

SBA Communications Back in 2013, SBA Communications announced the addition of 438 jobs at its 168,000-square-foot facility in Boca Raton. SBA now employs approximately 500 people at its headquarters in Boca Raton and 1,500 worldwide – an increase of 250 people in the last two years. “We currently have a $27 billion market capitalization, making us Florida’s fifth largest public company by value and Palm Beach County’s second largest,” said Jeffrey A. Stoops, President and CEO. “We ended the year with more than 32,000 owned sites in 14 countries.”

Zimmer-Biomet Zimmer-Biomet, a major biomedical device manufacturer, announced the creation of 651 jobs in 2014. The company has remained consistent in retaining the large number of employees in its 189,000square-foot headquarters facility in Palm Beach Gardens. Zimmer-Biomet won the “2019 Medtech Company of the Year” by MD+DI, an annual ranking that takes a look at medical device companies that have risen above the rest.

Ray Graziotto, president and CEO of Seven Kings Holdings, Inc., announced at the BDB’s Life Science Advisory Council meeting that the firm has acquired the rights to create a life sciences incubator in the Institute for Healthy Living building in Jupiter.

WHAT YOU NEED TO KNOW: n New life science incubator is on the horizon n Nearly 25,000 sq. ft. of space currently being transformed n Accommodates approximately 50 researchers, in addition to anchor companies n Filling a critical step in the ecosystem per BDB’s Life Science Industry Action Plan n Offers flexible lease terms for early-stage life science companies n Walking-distance access to FAU’s Jupiter Campus n More lab space coming to the bioscience community n More research-specific space to attract research, biotech and life science tenants n Life science entrepreneurs will have space, capital, support services, talent, and academic partners n Deluge Biotechnologies will be a future tenant, along with a handful of others that have expressed intent to commit

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U.S. #1 IN ORTHOPEDICS. 10 STRAIGHT YEARS. At Hospital for Special Surgery, we’re uniquely focused on the way you move. 3;Aì;-8,ì 8,)ì34)2-2+ì3*ì ì 036-(%ì-2ì8,)ì,)%68ì3*ì!)78ì %01ì )%',Aì%2(ì%2ì3**-')ì-2ì!)00-2+832Aì8,)ì 2%8-32T7ì&)78ì368,34)(-'ì'%6)ì-7ì136)ì'32:)2-)28.

HSS Florida offers outpatient orthopedic care, diagnostic services (MRI and X-ray), same-day surgery, rehabilitation and sports performance programs. All to help keep you you.

Hundreds of thousands of successful outcomes help explain why we’ve stayed #1 this long.

Learn more about why we’ve been top ranked in orthopedics and rheumatology for 28 straight years at HSS.edu

HSS Florida 300 Palm Beach Lakes Blvd.

West Palm Beach, FL 33401 561.657.4600

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Legacy

A & An Ecosystem

Levatas now has 80 employees and does digital work for clients such as IBM, Intel, Dell,

Reflecting on the BDB's support of entrepreneurship - the words of Jeff Perlman, Partner at LMK Partners, a private equity firm.

Eight years ago, while serving on the board of the Business Development Board of Palm Beach County, I had the opportunity to co-chair a brand-new task force focused on entrepreneurship in our community.

While the BDB is well-known and highly respected for its economic development efforts and its ability to recruit, retain and help businesses expand, we felt there was a gap when it came to helping and celebrating local entrepreneurs. So we created a task force and held a successful event that filled the vast ballroom at the Kravis Center in West Palm Beach. We clearly had tapped into something.

The task force continued on, and eventually my

Office Depot and Nasdaq.

Mr. Berman came from the cold of Michigan to West Palm Beach and started a company on a couch that has twice made the Inc. 500 list as one of America’s fastest growing companies. He has stayed true to his adopted hometown, growing his company while remaining in downtown West Palm. He started the company with $5,000 and a dream. Today, at age 27, he is growing by leaps and bounds.

At the luncheon, my friend Connor, his brother Brendan (another super-smart businessman) and their dad Tom, a former Delray mayor (among the very best, in my opinion) were recognized for Plastridge’s 100th anniversary—an astounding achievement in today’s complex and fast-changing world.

All three Lynches are devoted to Palm Beach County, making significant marks in business, entrepreneurship, government, education, philanthropy and economic development. They are writing an amazing legacy. I’ve been fortunate to watch them and occasionally work alongside them.

Brendan and I serve on the board of a company we’ve both invested in, and 30 years since meeting Tom, I still find myself seeking out his advice and counsel.

Connor and I have served on several nonprofit boards together, and he’s always brought good ideas and insight to the table.

good friend Connor Lynch, the talented and super-smart CEO of Plastridge Insurance, became chair. I’m proud to report that Connor, the task force and the BDB have taken the effort to a whole new level.

The recent “Entrepreneurship Luncheon” presented

by JP Morgan Chase & Co. attracted a large crowd, included a hallway full of booths featuring new companies and was graphic evidence that something special is happening here. And that’s a good thing.

The entrepreneurs are here. They see Palm Beach County as fertile ground to grow their companies, and they are impressed with the talent that is available in the local job market.

For sure, we aren’t Silicon Valley, Boston, New York or Austin. But we don’t have to be. We can grow something special here. Something unique. Something sustainable.

Groups like Palm Beach Tech, 1909 and, yes, the BDB are playing a critical role, as are our universities and the FAU Research Park.

The luncheon’s two keynote speakers were two young entrepreneurs who are proving that companies can start here, grow here and thrive here using local talent and attracting talent from other markets.

Ryan Gay, CEO of Levatas, an AI solutions firm, and Shay Berman, founder and president of Digital Resource, were beyond impressive to listen to—they were downright inspiring.

Mr. Gay started out in 2006 with a small team: a visionary, an operator (himself) and someone with a big brain. They paid their first employee with Taco Bell meals— he was joking (I think). But from those humble beginnings,

The original Plastridge Insurance office

Kelly Smallridge, President and CEO of the BDB, noted that she if ever wrote a book about the history of economic development in Palm Beach County, Tom Lynch would be at the top of the list of contributors. It was heartening to me to hear that, because I believe that Kelly is right and that Tom is immensely responsible for so much of the good we see in Delray and also in Boca, where he was also very active as a past chamber chair and School Board chair. To see his sons run with that legacy of civic achievement makes my heart sing with gratitude.

In order to build a better community — one that will support entrepreneurs and everyone else, frankly—we need civic leaders. We need champions and long-term thinkers who focus on the horizon and then do their best to make things happen.

It’s called leaving a legacy.

The job is never done. Success is never final. We will never arrive at the destination, but we still need to commit ourselves to the journey.

Check out www.bdb.org and make sure you get tickets to next year’s entrepreneurial event. Better yet, let’s commit to helping grow entrepreneurs— whether it’s trying out a new product, spreading the word, becoming an angel or seed investor, starting your own company or encouraging someone who has, so we all have a meaningful role to play.

Jeff Perlman is a partner at LMK Partners, a private equity firm.

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Women LEADERS in Health Care

Women are strong leaders in many aspects of Palm Beach County’s diverse economy. Here are brief profiles of four outstanding hospital executives.

Tara McCoy

CEO, Good Samaritan Medical Center Tara McCoy is proud to be Good Samaritan Medical Center’s CEO as the West Palm Beach institution celebrates its 100th anniversary. “We have a long history of serving our diverse community,” she said. “I hope to be here the rest of my career. It’s exciting to see how this hospital has transformed over the years and design where we will head in our future.”

A New Jersey native, McCoy studied math and science, and wanted to become a physician. She volunteered at a local hospital emergency room, where she saw patients and families become frustrated with long wait times. After earning a bachelor’s degree at Tulane University, she started working for an IQ testing company, but found she didn’t want to sit at a desk all day just looking at data.

So, McCoy went back to school, earned a master’s degree in industrial engineering at the University of South Florida, and interned at Moffitt Cancer Center. She then worked for HCA and Cleveland Clinic Florida before joining Tenet Healthcare in 2012 and becoming CEO at Good Samaritan in 2017.

Recent accomplishments include opening a new offcampus emergency center on Okeechobee Boulevard and remodeling the hospital’s outpatient surgery center to accommodate growing demand. “Our community has many different neighborhoods, cultures and perspectives,” she said.

“We serve business and civic leaders who appreciate our high quality care and advanced technology, as well as residents who do not have the same health care resources and turn to us for primary and emergency care. We are here for the entire community.”

As a CEO, McCoy says she loves “thinking big” and setting a vision, and then engineering the processes to make it happen. “Health care is a team sport, and there are plenty of opportunities for women,” she said. “You can be a nurse, a physician or an engineer, but it all starts with your personal passion. Then you can choose your own path to leadership.”

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Gina Melby

CEO, JFK Medical Center For the past 15 years, Gina Melby has led the leadership team at JFK Medical Center, helping it grow into an academic medical center. Today, the Atlantis hospital trains internal medicine, surgical, and podiatry residents as well as cardiology and hospice/palliative care fellow students, while serving the community. In addition, JFK has more than 100 medical students and 700 nursing, pharmacy and radiology students.

Growing up in Broward County, Melby worked in food services in a local hospital in high school. She then became a rehabilitation technician, completed her degree at the University of Miami and became a licensed physical therapist, and moved into a management track, learning how different departments impact patient care, and was soon elevated to Chief Operations Officer and Chief Executive Officer leadership roles. She joined HCA 35 years ago and led hospitals in Broward before joining JFK. Recent accomplishments at JFK include adding 72 more beds for neuroscience patients, opening an Advanced Heart Care Center in the Heart & Vascular Institute, offering new programs in skull-based brain tumor surgery and performing the first 3-D total hip replacement surgeries in the U.S. “My leadership style is very inclusive,” Melby said. “If you want to improve operations in an organization, you have to be sure people feel safe to share their opinions, voice their concerns, and collaborate on the big issues. That’s how you develop trust to work together toward a common goal.”

Along with fostering relationships at JFK, Melby has been an active leader in the community, serving as Chair of the Business Development Board, Chair of the Heart Walk, and taking on other professional roles.

She and her husband Larry, who is CEO at Select Specialty Hospital in Palm Beach, have three children and enjoy golf, boating, fishing and other outdoor activities.

“My advice for young women, if you are interested in health care, expose yourself at an early age, such as volunteering at a hospital, working in areas like the laboratory as a phlebotomist, patient care assistant in nursing or as a rehabilitation technician,” Melby said. “Be sure this is the right field for you, and learn as much as you can in the classroom or hospital setting. Then follow your passion wherever it takes you.”

Mindy Shikiar

COO, Boca Raton Regional Hospital Growing up in New York, Mindy Sloane Shikiar aimed for a career in nursing. “In high school, I enjoyed my science classes and volunteered at Coney Island Hospital,” she said. After graduating from Boston University’s School of Nursing, she joined a medical-surgical nursing team and later worked in critical care. She became a charge nurse and wanted to advance in management.

In 1987, she moved to South Florida and completed a dual MBA and a Masters in Nursing at the University of Miami. She then became nurse director at Cedars Medical Center in Miami, a clinical nurse specialist and a Director of Case Management at Broward General, and CEO and COO of Kindred, a long-term acute-care facility in Fort Lauderdale, before moving to Boca Raton Regional Hospital in 2003.

At Boca Regional, she has held many leadership roles. She led the expansion of the hospital’s outpatient services including Christine E. Lynn Women’s Health and Wellness Institute and the Gloria Drummond Rehabilitation Institute. She also oversees the Lynn Cancer Institute and the Marcus Neuroscience Institute along with many of the inpatient departments.

“I’m a participative leader, making decisions after input from our management team,” Shikiar said. “I follow through once decisions are made, and I believe it is important to lead by example.” A top priority for the past year has been integrating Boca Regional into the Baptist Health South Florida system. “It’s been a very positive transition for our hospital and our community,” she added. “We share similar cultures, and the resources that Baptist Health brings to our community will ensure our hospital will continue to expand. We have plans for a complete Master Facility Plan which we could not have completed as a stand-alone hospital.”

Reflecting on her career, Shikiar says nursing can be a launching pad for many career paths. “People will always need health care, and those services can be delivered in many different settings,” she said. “Nursing is never boring. The key to success is to stay focused on the patient regardless of your role in health care.”

Other BDB member hospitals: n Baptist Health South Florida n Joe DiMaggio Children's Hospital n Bethesda Hospital East and West n Cleveland Clinic Florida n Hospital for Special Surgery Florida n Jupiter Medical Center

Companies that the BDB recruited since 2018 to join Palm Beach County’s life science / health care industry: n Algafeed

n Expansion Therapeutics

n ADMA Biologics

n Fetch My Vet

n Beacon Center for Life

n FloraScentials

Science + Research in Jupiter

n Gift of Life

n Beacon of Hope CRO

n Life Science Incubator

n BioCurity Pharmaceuticals

n NYU Langone

n Capzer Pharmaceuticals

n Precision Esthetics

n CSL Plasma

n ReachLink

n Cytonics

n Secret Sequence

n Detraxi

n Strides Pharma

Pamela Tahan

CEO, Wellington Regional Medical Center Lessons in life often come early. For Pamela Tahan that was the case when she learned about the mix of health care and business from watching her father at an early age. “My father was a pharmacist who had to leave his profession to run the family business when my grandfather passed away,” she said. Tahan always knew that she wanted to work in health care. Originally the plan was medical school, but she decided to head in a different direction while studying at Cornell University. “I wanted to be a doctor and a mother but was concerned about the time it would take to go through medical school and residency. So, I went down a different path.”

After completing a master’s degree in health care administration in 2001, Tahan joined a hospital management company and worked at hospitals in Key West and near Orlando. At age 29, she was asked to be CEO of a small hospital in Van Buren, Arkansas. “It was a turnaround situation and an exciting time for me,” she said. From Arkansas, she moved to a larger hospital in Pennsylvania, to be closer to her family, before going to Wellington Regional Medical Center as chief operating officer in 2015. She served in that role for four years, until being named CEO in January 2019.

“Wellington Regional has grown from a small community hospital into a full-service, high-acuity medical center that continues to grow and expand our services each year,” she said. Examples include a designated comprehensive stroke center, level III advanced neonatal intensive care unit (NICU) and a new freestanding emergency room located in Westlake where the hospital has also purchased an additional 35 acres for future expansion.

“When I started as CEO just over a year ago, I said our top priorities will always be patient safety and delivering quality care, and I’m proud that our indicators keep improving,” she said. “As CEO, I spend time listening to patients and members of the hospital staff every day and am proud of the advances we have made at Wellington Regional. We have a great leadership team, and I think it is important for them to be the true leaders of our organization.”

A single mother of two, Tahan advises young women to follow their dreams, whether that goal is to be a CEO of a hospital, an accountant, teacher or a stay-home mother. “Envision your plan and then go after it. Your dreams, whatever they are, can be your reality.”

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Palm Beach County’s

Airports

Support Business Success

“Aviation continues to represent a major economic engine in Palm Beach County,” said Laura Beebe, director of the Palm Beach County Department of Airports. “In addition to supporting travel and tourism, our county’s airports provide a significant contribution to overall economic health by creating jobs and generating income that flows back into our community.”

A recent report by the Florida Department of Transportation (FDOT) found that Palm Beach International Airport (PBI) alone generates more than $5.6 billion to the South Florida economy. PBI’s total employment topped 48,600 jobs, and the visitor spending contributions exceeded $2.3 billion to the region.

When three general aviation airports—Palm Beach County Park (LNA), North Palm Beach County General Aviation (F45) and Palm Beach County Glades (PHK)—are included, the combined economic impact exceeds $5.78 billion. “Most people are probably not aware that our county’s three general aviation airports contribute more than

By offering convenient connections to major U.S. and international destinations, providing thousands of vital jobs and supporting

$141 million to the local economy and support more than 1,000 jobs in our community,” said Gary M. Sypek, director of airport planning.

“In addition, general aviation business represents a significant portion of PBI’s operations and revenue stream.”

A runway expansion project at North Palm Beach (F45) is now

commercial development, Palm Beach County’s

in the planning stage to allow aircraft with larger wingspans and

airports play a key role in supporting the

higher approach speeds to utilize the airfield. The changes are not

region’s business community.

expected to result in a significant increase in airport operations or airspace routes.

Recent Awards

KEY TAKEAWAYS:

PBI has been recognized with three highly respected awards and rankings: n 5th Best Medium Airport in the 2019 J.D. Power North America Airport Satisfaction Study (September, 2019) n 8th Best Airport in the U.S. in Conde Nast Traveler’s 2019 Readers’ Choice Awards (October, 2019) n 8th Best Domestic Airport in Travel + Leisure magazine’s 2019 World’s Best Awards (July, 2019)

n n n n n n n

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PBI generates $5.6 billion to the South Florida economy PBI employs over 48,600 jobs Visitor spending exceeds $2.3 billion to the region PBI serves over 6.7 million passengers 160,000 square feet of additional aviation facilities are coming to PBI More routes are in the pipeline to accommodate business executives $141 million is contributed to the local economy from the county’s three general aviation airports, (LNA), (F45), and (PHK) n The three general aviation airports employ 1,000 people in the community n Airport Logistics Park, LLC will lease 40 acres of unimproved ground west of PBI to develop 540,000 square feet of industrial warehouse Photo by: Robert Sadler Clark space, with a capital investment of $32 million

New Passenger Service Conveniently located off I-95 in West Palm Beach, Palm Beach International Airport serves over 6.8 million passengers and continues to experience strong growth. “Allegiant Air recently began six new year-round routes to airports in demand for business and leisure travelers,” said Cody Benkelman, Director, Air Service Development.

Starting in February, United Airlines is launching year-round service to Washington Dulles (IAD), while offering global connectivity to more than 30 international and nearly 270 domestic flights.

“Thanks to the support of the business community, we had vital

operated by Gulfstream and a storage hangar, customer support facilities and a fuel farm for Jet Aviation. When the project is complete, estimated in mid-2020, the entire facility will add more than 160,000 square feet of additional aviation facilities at PBI, while bringing additional jobs to Palm Beach County.

“We want to give travelers what they want as well as what they need.”

— Laura Beebe, Director of the Palm Beach County Department of Airports

information that defined travel patterns, which strengthened our

New commercial developments on PBI’s non-aviation property

business case with United,” added Benkelman. “PBI is confident in

include a 120-room Home2 Suites by Hilton, a Drive Shack golf and

the bright future of this route.”

entertainment venue with 400 new jobs, and a Toyota dealership. “It

In keeping with the PBI Master Plan, a number of terminal

is worth noting that the FDOT Economic Impact Study did not include

improvement projects are planned or underway, including the opening

the impacts of these non-aviation developments,” said Sypek.

In addition, Airport Logistics Park, LLC is leasing 40 acres of unimproved ground west of PBI to develop 540,000 square feet of industrial warehouse space with an anticipated capital investment of $32 million.

Meanwhile, signage and landscaping are being enhanced at PBI’s primary entrance point on Australian Avenue, reflecting the PBI logo and theme. “Our ongoing improvements are designed to carry PBI well into the future without losing our focus of being South Florida’s easy-to-use, customer-friendly airport,” said Beebe. “We want to give travelers what they want as well as what they need.”

of the Primeclass lounge to all ticketed passengers and a major expansion of Concourse B in 2021-2023. As the projects progress, passengers can enjoy an improved ticketing and check-in experience, a lighter and brighter baggage claim and a refreshed atmosphere throughout the concourses and terminal.

New Developments Construction is underway on a joint development project between Gulfstream Aerospace Corp. and Jet Aviation on the west side of PBI, consisting of a maintenance, repair and overhaul (MRO) facility Photos by Robert Sadler Clark

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WE are healthca are that cares.

At Boca Raton Regional g Hospital, we are a committed to provid ding our community with compassionate e, high-quality care. Tog ogether, with Baptist Hea alth South Florida,

healthcare organization that has been helping people for more than 75 years.

To learn more, visit BRRH.com.

FINANCIAL SERVICE FIRMS AND FUNDS FLOCK TO PALM BEACH COUNTY

By Bruce C. Rosetto, Greenberg Traurig In the last five years, more than 70 financial service firms and funds have moved to Palm Beach County, according to the Business Development Board of Palm Beach County. As a legal practitioner advising family offices, funds, and businesses throughout the nation, I am often asked how the county is managing to attract so much wealth. The answer is multifaceted: n

Favorable Tax Climate that Provides Value for Money. No state or local income tax are bonuses, but the dollars go further: Real property, local, and county government taxes are lower here than in most northern communities. Tax savings are huge, especially considering the 2017 Tax Reform Act that does not allow deduction of state taxes from federal income tax. Yet despite the much smaller tax bite, Palm Beach County has well maintained communities, strong infrastructure, parks, beaches, and other amenities that are clean and family-friendly.

n

Diverse and Healthy Business Environment. We have a wide array of industries, and businesses range from Fortune 500 companies to entrepreneurs.

They successfully drive our robust economy, which consistently ranks as one of the strongest in the country.

n

Lower Operating Costs and Costs of Living. Home prices are much lower than in most northern communities. Office rent is significantly lower. Labor is less expensive. Tuition at private schools is dramatically lower, and we have bestin-class public magnet school programs and excellent universities. The cost of a hamburger is half of what you might pay in Manhattan.

n

World Class Research Community. Palm Beach County is home to global research centers, such as Scripps and Max Planck, that provide exceptional opportunities for educators and researchers. The startup businesses in our Research Park, which operates in conjunction with our local universities, are attracting international attention and raise capital from investors who used to look outside Florida for opportunities.

While there are many more reasons why Palm Beach County is so attractive to

financial firms and funds, these factors alone will likely keep people and companies heading south – and not just for the winter.

Bruce C. Rosetto is a shareholder in the Boca Raton office of Greenberg Traurig, P.A. He represents private and public companies, private equity funds, and investment banks. He has broad experience in public company securities work, private placement financings, corporate governance, and alternate assets. His practice focuses on entrepreneurs and small to middle market public companies throughout the United States in a variety of industries.

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COUNTY CORNER

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

Economic Development and Business Investment Support for Life Sciences in Palm Beach County

Through economic development programs and business investments implemented by the Department of Housing and Economic Sustainability, the Palm Beach County Board of County Commissioners consistently supports the county’s life sciences industry. Broadly defined, life sciences includes businesses focused on biotechnology, pharmaceuticals, medical devices, and health care.

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The County’s Business Loan Program increases economic activity and creates jobs by stimulating business development and investment. The program secures financing for businesses that are otherwise unable to access traditional lenders or receive favorable terms. The Business Loan Program has provided more than $2 million in low-interest loans to life sciences businesses in Palm Beach County. These loans were complemented by $2.49 million in financing from commercial lenders and Small Business Administration Certified Development Companies as well as more than $530,000 in borrower cash or equity. Circle S Pharmacy is a health care-related business that secured financing through the County’s Business Loan Program. The nearly $380,000 project included financing through the Business Loan Program as well as a commercial lender and focused on acquiring and renovating an existing building in Pahokee, Fla. to facilitate greater access to pharmacy services in the county’s rural community.

The Palm Beach County Board of County Commissioners’ strategic implementation of economic development incentives and business investments has positively contributed to the establishment and growth of life sciences in Palm Beach County. To learn more about other target industries, the Department of Housing & Economic Sustainability, or any of the County’s economic development and business investment programs, please contact me at 561-233-3600 or showard@pbcgov.org.

Robert Sadler Clark

Fifteen years ago, the Scripps Florida biomedical institute opened in Jupiter, Fla., supported by a variety of State of Florida and Palm Beach County incentives. According to Scripps Florida, the institute has generated an estimated $3 billion economic impact in the county. Soon thereafter, the Max Planck Florida Institute for Neuroscience and other life science companies such as Expansion Therapeutics, Xcovery, and Beacon Pharmaceuticals established their presence in Palm Beach County’s life sciences community.

The County’s Economic Development Incentive Program encourages the growth of higher-wage jobs and a diverse economic base by providing incentives to qualified target industry businesses to relocate to or expand in Palm Beach County. Since 1997, the County has approved more than $3.5 million in Economic Development Incentives to life sciences businesses. As condition to receive their incentives, these businesses are required to make a capital investment of more than $179 million, create 2,656 new jobs, and retain 1,973 existing jobs. Incentivized life sciences businesses include: Zimmer Biomet, a leading global manufacturer of musculoskeletal technology to alleviate pain and improve quality of life; Tecomet, manufacturing advanced surgical and orthopedic medical devices in Riviera Beach, Fla.; and Modernizing Medicine, a software company headquartered in Boca Raton, Fla. and focused on improving efficiency and treatment outcomes through electronic medical record systems.

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NEWS Reaching CEOs in the Northeast Through Creative Strategies

Chairman’s Council The Business Development Board would like to thank its newest Chairman’s Council member, Stiles-Nicholson Foundation. Please check out its website at www.stiles-nicholson.org. BDB Chairman's Council level members invest in economic development at the highest level and include:

The BDB used a three-step process that included: 1. National ad campaign targeting CEOs in New York and Connecticut through print and digital ads.

2. Email outreach including Class A, turn-key ready office spaces 3. National Outreach Campaign mailing magazines directly to CEOs highlighting Palm Beach County's business climate.

WORD IS GETTING OUT: Palm Beach County is the new “Wall Street South”

Economic Development

Six Initiatives Enhancing Workforce Talent Through the BDB’s Nonprofit Foundation

in the Glades Region

Over the past few years, nearly 400 jobs have been brought to Belle Glade, Pahokee, and South Bay through the Business Development Board’s economic development efforts, in partnership with the Lake Okeechobee Regional Economic Alliance of Palm Beach County, and Palm Beach County.

In fact, Palm Beach State College hosted the first-ever “Glades Economic Development Forum” in Belle Glade, which discussed business and education throughout the Glades Region. Moderated

by Shereena Coleman of the BDB, panelists included Janet Moreland of Lakeside Medical Center, Charles Duval of CareerSource Palm Beach County, Angela-Avery Moore of School District of Palm Beach County, Steven Cornette of the Boys & Girls Club of Palm Beach County, and Terry Burroughs of Florida Heartland Economic Region of Opportunity.

Facts About the Glades Region: n 500,000 acres of agricultural production harvested annually n The launch pad to Lake Okeechobee – a vital freshwater resource n 38 miles from the Florida East Coast; 90 miles from Florida’s West Coast and the Gulf of Mexico; and 90 miles north of Miami

1. The Claim Your Future Showcase shows high school students the possible career paths available in the county. On February 11, 2020, the event hit a record year, bringing in 1,200 students.

2. The Palm Beach County Internship Expo connects college students with internships.

3. The Summer Intern Series convenes students interning in Palm Beach County for the summer to recruit them back to the County to start a career after graduation.

4. The Workforce Analysis Study has resulted in hundreds of thousands of dollars rewarded to local colleges and universities.

In fact, the BDB facilitated a $250,000 grant rewarded to Palm Beach State College from JPMorgan Chase & Co. 5. The Academic Leaders Council ensures curriculum alignment between industry and academia. On the Council includes each president of Palm Beach County’s colleges and universities and the Superintendent of the Palm Beach County School District.

6. NEWEST INITIATIVE: The BDB took Dr. Fennoy, Superintendent of the School District of Palm Beach County, along with his top leaders and principals from across the County, on a bus tour to see innovative companies.

A Hidden Gem in Palm Beach County - USPA Global Licensing Inc. Did you know that USPA Global Licensing Inc. is headquartered in West Palm Beach? The company is the fourth largest global sports licensor, which makes it larger than NASCAR, NHL, and MLS, and at the top of the list with MLB, NFL, and NBA. The BDB Holiday Reception was hosted at the USPA Global Licensing Creative Center, where BDB members met both the Chairman and CEO.

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PALM BEACH PARK OF COMMERCE

Pratt & Whitney

WHAT’S NEXT IN INDUSTRIAL Jupiter

Pratt Whitney Rd.

Indiantown 15 miles

AT THE CENTER OF

Indiantown Rd.

Indiantown Rd.

PALM BEACH Park of Commerce

Abacoa FAU

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North County Airport

P.G.A. Blvd.

Mirasol

PGA National

Turnpike Interchange

Indian Trail

IBIS Community

Ballen Isles

Palm Beach Gardens Northlake Blvd.

Be eli ne Hw CS y.

X

N Callery Judge

Gardens Mall

P.G.A. Blvd.

Northlake Blvd.

Planned Residential

Donald Ross Rd.

Scrip

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Turnpike Interchange

P.B.I.A. 9 miles

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

At Palm Beach Park of Commerce, you’ll enjoy easy access to the region’s extensive transportation network, including major highways and airports. Palm Beach Park of Commerce is also one of the few premier business locations that offers rail service, foreign trade zone, heavy industrial options, plus a direct link to the Port of Palm Beach.

• Total Park Size: 945 acres • 363 acres of commercial and industrial land available for sale • Sites available from 5-100 acres • Fully entitled/fully-served business park • Rail access directly to Port of Palm Beach • 200,000 SF warehouse designed & pad ready • Foreign trade zone • Home to over 50 businesses including: Walgreens, CSX, McLane, Niagara and Mountain Productions • Infrastructure and utilities in place

Christopher Thomson, SIOR Cushman & Wakefield +1 561 227 2019 christopher.thomson@cushwake.com Cushman & Wakefield of Florida, LLC. 303 Banyan Blvd., Suite 301 West Palm Beach, FL 33401 www.cushwakesouthfl.com

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Florida: 777 S. Flagler Drive, Suite 225 East, West Palm Beach, FL 33401 Office: 561-567-7900 New York: 1475 Franklin Avenue, Garden City, NY 11530 Office: 516-874-8800