Quarterly Economic Development Magazine | Fall 2020
Supporting
STEM EDUCATION with David J.S. Nicholson
Making Plans FOR THE FALL PALM BEACH COUNTY: A Magnet for CEOs Helping Businesses
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Coping With COVID
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Fall 2020
Robert Sadler Clark
Stiles-Nicholson Foundation page 4
D E PA R T M E N T S Relocations/Expansions & Projects in the Pipeline page 3
Education Leaders Look Ahead to the Academic Year
Entrepreneurs: Incubators
page 8
page 16
Coping with COVID
News and Events
page 12
page 17
The Future of OfďŹ ce Space
Corporate Spotlight: Fun Sweets
page 14
Palm Beach County a Magnet for CEOs page 15
CONTENTS
Robert Sadler Clark
F E AT U R E S
page 18
Job Training: CareerSource page 19
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CEO
from the
InTheKnow
Palm Beach County – Stronger Together The power of partnerships in Palm Beach County has proven resiliency, and together, leaders are joining forces to help the business community in many ways. One example is our “Invest Local” campaign developed with our many partners in the public and private sector to support the local economy, designed by BDB Chair Carey O’Donnell. The message to “Invest Local” is not only about supporting small business, but also supporting our citizens. The Business Development Board has decided to use its platform to bring awareness and make positive change as the community comes together. No one is perfect, but together, we can make Palm Beach County perfect. In this issue of Palm Beach County Business, you’ll quickly learn that the future of Palm Beach County is full of partnerships, innovation, and change. We look at our educational institutions' plans for the upcoming academic year, as well as their visions for the year 2025. We are also pleased to include a spotlight on the Stiles-Nicholson Foundation, whose behind-the-scenes support has empowered students, teachers, and schools throughout Palm Beach County. To provide quarterly workforce updates, we are introducing a new feature from CareerSource Palm Beach County. We know that employers are continually seeking qualified applicants for open positions, as well as skill-building programs for their current workforces. We interview Scripps Research Institute on creating a vaccine for COVID-19, local leaders about the future of office space, and several incubators on the horizon. At a time when “work from anywhere” is a global trend, Palm Beach County is an attractive destination for corporate executives, entrepreneurs, creative professionals, and families. In recent months, we have seen a renewed surge of interest in our community from CEOs who realize we offer an inviting alternative to living in a crowded city in a high-tax location. Our residential and commercial real estate professionals believe that Palm Beach County will continue to benefit from the remote workforce trend, as you can see from their interviews in this issue of Palm Beach County Business. As we prepare for the 2021 fiscal year, I am confident that our community will emerge from this unprecedented challenge stronger than ever. In the meantime, stay healthy and keep working together!
Kelly Smallridge President and CEO
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
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
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
Corporate Relocations and Expansions 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21.
ADMA Biologics Amazon Logistics - Boca Raton Aventusoft Bergen Asset Management BioCurity Pharmaceuticals Eagle Security Services Fun Sweets FloraScentials Integrity Implants Jupiter Center for Discovery Merchant Lynx Services Misfits Gaming MPLT Healthcare Nano Dimension NaturEner Niagara Bottling The North West Company NYU Langone Parametric Solutions Precision Esthetics ReachLink
By the numbers: n 21 companies n 2,187 jobs n 590,390 sq. ft. n $61.31 million capital investment
Š Robert Sadler Clark
In the pipeline with announcements planned by end of 2020: n About 10 companies n Nearly 500 jobs n $101.9 million capital investment In the past five years, the BDB has assisted companies that created: n 12,822 direct jobs n Average salaries greater than $69,062 n More than $777 million in capital investment n $6.87 billion economic impact
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The Stiles-Nicholson Foundation Educating Palm Beach County’s Students in Finance, Science and Business David J.S. Nicholson wants to inspire more Palm Beach County businesses, individuals and foundations to invest in K-12 education. “Children are only 25 percent of our population but represent 100 percent of our future,” said Nicholson, chairman and founder of The StilesNicholson Foundation in Jupiter. “We need meaningful support for education from our local community leaders, foundations and businesses. After all, businesses are the biggest beneficiaries of workforce-ready local K-12 graduates. To me, this is the No. 1 priority item for Palm Beach County.” For the past 28 years, Nicholson has been a driving force in advancing financial literacy, business skills and STEM (science, technology, engineering and math) programs. His degrees and credentials—BSc, CFA, P.Eng, and an LLD honorary doctorate from Northwood University-Florida—reflect Nicholson’s distinguished professional career in engineering,
© Robert Sadler Clark
computer science and financial services. A former hedge fund pioneer with a passion for entrepreneurship and small business, Nicholson is dedicated to preparing students from all backgrounds for success in the real world. “The foundation evolved from my personal story, and with the help of many partners, has had a significant impact on Palm Beach County over the past 28 years,” he said. The region’s educational leaders agree. “Public education, STEM education and financial literacy have no greater advocate in Palm Beach County than David Nicholson,” said James Gavrilos, president and CEO of the Education Foundation of Palm Beach County. “He has a brilliant analytical mind combined with a deep sense of compassion for those who are struggling and need extra support to succeed.”
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Awards and Recognition n National Gold Leadership Award – Junior Achievement, USA n National Silver Leadership Award – Junior Achievement, USA n National Bronze Leadership Award – Junior Achievement, USA n Philanthropic Partner of the Year 2019 – Junior Achievement n STEM Innovation Lifetime Achievement Award – South Florida Science Center n Honorary Doctor of Laws LLD – Entrepreneurship & Free Enterprise Education – Northwood University – Florida
Honoring Two Fathers
© Robert Sadler Clark
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Nicholson was born in England in 1940, during one of the darkest hours of World War II. His father, Sgt. Will Stiles of the Royal Air Force, was killed in action in 1943 on a bombing raid to disrupt Germany’s Vrocket program. His widowed mother Elizabeth Stiles remarried Flt. Lt. William Nicholson of the Royal Canadian Air Force, who was shot down in 1944 and held as a German prisoner of war for 15 months. After war’s end, Nicholson and his mother rejoined his stepfather in Ontario, Canada, where he grew up enjoying hockey and golf. After graduating in 1962 with a degree in electrical engineering, he joined IBM as a systems engineer developing computer applications to optimize production for Canadian manufacturers. “Even though I was well educated, I did not really understand the proper functions of government or taxes or free enterprise,” Nicholson recalled. “I was interested in those financial facts of life, but had to learn from experience and random tidbits from my parents. I knew early on that we should do better in our schools in basic financial literacy and explaining how the most successful economic model in the history of mankind really works. That model is democratic free enterprise and entrepreneurship.” During the 1960s, Nicholson was a leader in operations research for IBM, heading an international team that automated the world’s largest cement plant. He then joined Weyerhaeuser, developing models to optimize corrugated box manufacturing. “Every inch of waste that could be saved was worth $1 million to the company,” he recalled. Next, Nicholson moved to New Jersey, helping to bring institutional investment advisor MacKay Shields Financial Company into the computer age. “Over the years, I developed portfolio models to optimize results, manage risk and select undervalued securities,” he said. “Harvard University agreed with my approach, and selected me as an investment advisor and portfolio manager for part of their endowment.” In 1978, Nicholson branched out on his own and launched York Management & Research as an independent investment advisor. He formed three hedge funds in the 1980s, and ran them successfully for 20 years, before creating a family office and focusing on philanthropy. Nicholson relocated his firm and hedge funds from New York City to Jupiter in 1990 to enjoy the low-tax climate and relaxed quality of life. He formed the Stiles-Nicholson Foundation in 1992 in honor of his father and stepfather. Today, Nicholson’s wife Lynn and daughter LeeAnne LaBanz are also trustees of the foundation. David and Lynn have five daughters and 11 grandchildren in Canada and the U.S.
William Nicholson shot down over
Father Sgt. Will Stiles
Germany in 1944;
killed in action on
POW for 15 months
R.A.F. Peenemunde
until end of war.
Raid 8/17/1943.
Making an Impact Through the foundation, Nicholson has helped hundreds of thousands of children discover their personal passions in the fields of science, technology, finance and business. “As an engineer and computer scientist, I have long recognized the importance of STEM as the key driver of advances in our quality of life ever since the Stone Age. Sadly, the U.S. is currently ranked No. 28 in the world in math and science. We can do better,” he said. Nicholson is one of the two primary funders of “Journey Through the Human Brain,” an interactive exhibit at the South Florida Science Center. That has helped boost attendance, and interest young minds in the field of neuroscience. “Under Lew Crampton and Kate Arrizza, the center has become an exciting innovative STEM education hub for the whole county,” Nicholson said. Through the foundation, Nicholson originated the M.A.D. Scientist Awards (Making A Difference), recognizing and rewarding more than 400 young scientists and their projects at the South Florida Regional Science Fair. In collaboration with the Brain Institute on the Jupiter campus of
Building Relationships Nicholson has built strong relationships with thought leaders throughout his professional and philanthropic careers. For instance, he is collaborating with former Gov. Jeb Bush at Florida’s Excellence in Education Foundation to increase school district flexibility for the advancement of personalized learning. On the national level, Nicholson is working with Sal Khan, founder of Khan Academy, to advance the vision of free online education for all. “He has 100 million monthly users, and is crafting new tools and aids to help teachers during the COVID-19 pandemic and beyond,” Nicholson said. “Distance learning is here to stay, and will be blended with classroom learning to produce better education outcomes.”
“Public education, STEM education and financial literacy have no greater advocate in Palm Beach County than David Nicholson,” said James Gavrilos, president and CEO of the Education Foundation of Palm Beach County. “He has a brilliant analytical mind combined with a deep sense of compassion for those who are struggling.”
Florida Atlantic University, Nicholson sponsored the ASCEND Program (Advancing STEM Community Engagement Through Neuroscience Discovery). “This inspires middle schoolers, parents and community members to learn more about how the brain works through podcasts, online lessons, seminars and classes,” he said. As the largest private funder of Junior Achievement of the Palm Beaches over the past 26 years, Nicholson has touched the lives of 500,000 students, who have benefited from K-12 financial literacy classes and BizTown hands-on experience to run a town for a day. “Teaching is all about creating learning moments, and I’ve seen that happen many times in the BizTown interactions. They are learning that fourth R, Reality,” he said. Nicholson has also collaborated with the Pew Public Education Trust to sponsor a financial literacy program through the School District of Palm Beach County. In the four years since its creation, more than 53,000 students have been schooled in financial literacy, better preparing them to survive in the real world. Last year, Nicholson was instrumental in launching an exciting 3DE Schools pilot program for ninth graders at Lake Worth High School. “It’s a school within a school that includes case studies from local businesses facing real-life challenges,” Nicholson said. “Students who take part in this national program are enthusiastically engaged, have increased attendance and graduation rates, as well as increased proficiency in reading and math.”
In Palm Beach County, Superintendent Donald Fennoy II and his predecessor, Robert Avossa, have welcomed new ideas to improve student outcomes, said Nicholson, who also commended FAU President John Kelly and Randy Blakely, head of FAU’s Brain Institute, for integrating K-12 with higher education. “We have many hardworking educational leaders here who are making a difference in our community.”
Looking Ahead Nicholson hopes to double or triple the school district’s financial literacy program, as well as its STEM and business learning initiatives. He is also actively engaged with the Tax Foundation in developing a new “Tax Basics 101” program to highlight good tax policy on a national level. “COVID has accelerated permanent changes in education and has created a golden opportunity for improving those K-12 education outcomes. Every student and teacher will need a computer and tech skills as they embrace new exciting learning tools and methods. I encourage everyone in our business community to help engage, guide and support local K-12 education,” Nicholson said. “That’s vital for building the best workforce to grow Palm Beach County.”
To learn more about the Stiles-Nicholson Foundation, visit stiles-nicholson.org, or email djsn@stiles-nicholson.org fall 2020 pbc business |
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EDUCATION LEADERS Look Ahead to the
Academic Year Throughout Palm Beach County, educational institutions are making adjustments for the 2020-2021 academic year. Members of the Business Development Board’s Academic Leaders Council, a group comprised of presidents of all colleges and universities in Palm Beach County and the School District’s superintendent, were asked to respond to the following three questions:
1. What adjustments are you making for the start of the new academic year? 2. How do you envision your school in 2025? 3. What do you personally enjoy most about living in South Florida?
Dr. Donald Fennoy II Superintendent, The School District of Palm Beach County Q-1—All decisions regarding the 2020-21 school year must be based on a variety of critical factors including health and safety, equity, capacity, financial feasibility, legal compliance and much more. School as normal is not an option for the 2020-21 school year. What I mean by that is our campuses will look different in the new school year. Guidelines will be implemented based on safety, sanitation and social distancing. Distance learning will remain with us moving forward through this pandemic and beyond. The District distributed more than 65,000 computers to students when we made the switch to distance learning in March. The District ordered another 80,000 computers for students. Our goal is to achieve a 1:1 ratio. Q-2—We must maintain our commitment to making equity central to all of the District’s decision making. In 2025 we may still be working through the fallout from COVID-19. We need a real emphasis on all of our under-represented groups that have fallen behind. We need a clear sense of who these children are, and we must provide all of the accommodations that we can to help them accelerate their learning so they are equally qualified and competitive in the future workforce. In 2025 we must be able to adapt to what our economy demands of its workforce. To achieve this, we look forward to a more robust collaboration with the business community to assist in training our students through internships, jobs, and other business-based opportunities. Q-3—We live in paradise. My family and I love having the ability to enjoy outdoor activities such as boating, swimming and fishing year-round. I appreciate South Florida’s great cultural diversity, the friendliness of the people and the rich history of the state.
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George E. Dungee, MBA Campus Director, Palm Beach Campus, Nova Southeastern University (NSU) Q-1—The overall health and safety of faculty, staff, and students are a priority at NSU as we return to campus. During the ongoing COVID-19 pandemic, face coverings will be mandatory on campus. NSU will require physical distancing on our campuses and all other NSU locations. Q-2—NSU will incorporate a BlendFlex model for most of our course offerings, and more than 700 of our classrooms will be outfitted with this educational technological enhancement that allows for face-to-face and online experiences — both capable of running simultaneously. BlendFlex allows for smaller class sizes, which will promote physical distancing, and gives students the option of moving back and forth between in-person and online formats as needed. Q-3—South Florida has allowed me to work, play and raise a family in a culturally diverse and dynamic environment that is now my slice of paradise.
Dr. John Kelly President, Florida Atlantic University Q-1—For the fall semester, our academic instruction
follow strict physical distancing protocols in all
is planned as a combination of remote learning and
classrooms and labs, with face coverings required. All
on-campus classes. FAU will continue to provide a
classes will transition to 100 percent remote instruction
high-quality learning environment for our students,
following the Thanksgiving break.
with all needed resources available virtually, and
It is important to note this plan was formalized
eventually in person if physical distancing can be
with the health and safety of students, faculty and staff
maintained.
as our highest priority. All decisions were governed
Much of the instruction will be fully remote,
by the latest health recommendations from the state
including any classes with more than 50 students and
of Florida and the Centers for Disease Control and Pre-
all graduate-level coursework, unless specially
vention (CDC).
approved. Most on-campus instruction will also rely on
Q-2—My vision is that FAU will be internationally
classrooms that are equipped to stream or record
recognized as a leader in artificial intelligence and
content for students who cannot attend class meetings
big data analytics, and ranked among the nation’s
in person. Classrooms will operate at no more than 25
Top 100 public universities by U.S. News and
percent capacity. Faculty members and students will
World Report.
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EDUCATION LEADERS Look Ahead to the Academic Year
Ava Parker, J.D. President, Palm Beach State College Q-1—The health, safety and well-being of our students, faculty, staff and visitors is at the forefront of our actions, which includes providing complete service and support for the academic experience of our students. We decided to push the start date for the fall semester back one week to August 31. We also have planned for a blended instruction model with some classes fully online and some hybrid courses with an opportunity for in-person labs and some face-to-face interaction, because many of our workforce programs do not translate to remote instruction. We will require masks for everyone who comes onto campus, and campus spaces have been reconfigured to support social distancing. Q-2—In 2025, I envision Palm Beach State College to be an even greater leader of workforce development and economic stimulus in Palm Beach County. I see a greater infusion of technology in every program and a shift to new opportunities that have evolved post-pandemic. Not every profession/career will survive COVID-19, so we will continue to work with our community and industry leaders to ensure we’re providing training and instruction in areas that are in demand. Q-3—I personally enjoy the diversity of the people who live here and the beauty of Palm Beach County, especially our beaches and parks. There are incredible opportunities for community engagement that are provided in our county that cannot be found anywhere else.
Dr. Kevin Ross President, Lynn University Q-1—Our reopening emphasizes health and well-being with newly created lowdensity working, learning and living environments and new health protocols; provides flexibility for students with both remote and on-campus learning options; and enhances campus safety by adjusting operations and facilities. This fall we are following a block schedule, which gives students flexibility and limits the number of people they come into contact with each term. By using block scheduling, we can also quickly switch to 100-percent remote learning if necessary. We’re proud to be among only a few universities around the country that are capable of implementing this learning model. Q-2—We are currently working toward our Lynn 2025 strategic plan. It includes three strategic priorities: engage our constituents to further foster a culture of pride, loyalty and support; elevate the Lynn experience, building on our strong foundations to continually improve and adapt; and expand our programs, services, opportunities and capabilities. We look forward to celebrating our successes and embarking on our next chapter in 2025.
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Dr. Debra A. Schwinn President, Palm Beach Atlantic University Q-1—Teaching, learning and campus life this fall will look a little different as the university adjusts its operations to keep all members of the campus community healthy. Palm Beach Atlantic will employ a multi-pronged approach that includes communicating, training, tracking, testing and tracing. With the opening of new campus housing this fall, Palm Beach Atlantic has surplus residential space to use as isolation should students become exposed to the virus. Q-2—Palm Beach Atlantic envisions developing innovative partnerships between the University and business, city and arts organizations. Our popular Discover Internships as Vocational Exploration, or D.I.V.E., program will expand opportunities for students to polish their soft skills and gain valuable work experience. We will collaborate with emerging industries to develop leading-edge degree programs to prepare our graduates for the workplace of the future. Our 29-acre, reimagined campus will be a community hub for residents to participate in cultural, intellectual and enrichment programs. Q-3—There is so much talent, energy and diversity in West Palm Beach. I love living in the city’s Flamingo neighborhood. I am a particular fan of El Cid Fitness (aka CrossFit El Cid). The metro area has great restaurants and museums, where I meet interesting people from all over the world. The blue Intracoastal waters and year-round blooming plants and flowers never fail to lift my spirits.
Dr. Gary B. Vonk President and Associate Vice Chancellor Keiser University’s Flagship Campus Q-1—We are working hard to provide a safe environment for students and our employees. We have created socially distanced study areas so students who are participating in hybrid courses have a safe area to engage online. In addition, we have significantly reduced our class sizes to about 10 students in a classroom. We have reduced the library study area capacity and are monitoring cleanliness, on an hourly basis, throughout the campus. Our in-campus housing has also undergone a significant change as we opened a new residential housing complex. In addition to the existing housing areas, the housing staff has significantly increased its efforts to develop and maintain a “cleanliness standard”, that includes both university staff and the residential students. We also have a fully trained staff ready to implement safe guidelines for all sports. Q-2—I imagine that school in 2025 will be similar to what we are experiencing this year, as we transition to hybrid classes. Students really enjoy the interaction with faculty and fellow students, and there is no better opportunity to do this than in a classroom. There is also inherent flexibility in being able to join class online. This allows for our student athletes to continue to learn in the class environment, and simultaneously participate in a wide variety of sports. We will continue to be a leader in student graduation rates and the placement of graduates in a multitude of great professions. Q-3—Having lived many places, I find that Florida has some of the greatest weather and outside environment of any state. That being said, it is also a melting pot of many cultures, which provides a terrific variety of activities, food and events in which we all can participate. It is a great place for kids and grandkids to grow up.
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Scripps Researchers Take Aim at The Coronavirus
At Scripps Research in Florida
, scientific teams are working around the clock on discoveries that will help contain the coronavirus, lead to vaccines and medicines, and prepare for future pandemics. “Our Scripps Research scientists in Palm Beach County are making an extraordinary impact on the global scientific effort to fight the coronavirus pandemic,” said Douglas Bingham, executive vice president and site head of Scripps Research, Florida. “In less than six months we have identified a vaccine candidate and several potential drugs for treating the infection, discovered how a mutation has made the virus more infectious, and learned about how and when people with COVID-19 develop immunity.” For instance, virologists Michael Farzan, PhD, and Hyeryun Choe, PhD, a husbandand-wife team who have been studying coronaviruses for more than 20 years, discovered how a tiny genetic mutation in a coronavirus variant circulating throughout Europe and the United States significantly increases the virus’ ability to infect cells. The mutation provides greater flexibility to the spike’s “backbone,” said Farzan, co-chairman of the Scripps Research Department of Immunology and Microbiology. In Palm Beach County, eight different laboratories have COVID-related research underway, including the following studies:
County Administrator
Looks Ahead
© Robert Sadler Clark
Palm Beach County is facing the challenges of the public health threat of
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COVID-19 and its impact on the economy. However, county government has the financial resources needed to continue providing a high level of services, according to Verdenia Baker, county administrator. “We received funds from the federal CARES Act, approved by Congress, to help offset the impact of the virus,” said Baker in a July 12 WPTV interview. “We are getting more personal protective equipment (PPE) for our first responders and health care providers, and plan to send masks to every household in Palm Beach County.” Baker asked Palm Beach County businesses to follow the county’s mandatory mask requirement, while providing an alternative for residents who cannot wear masks for medical reasons. “That might mean allowing them to place orders over the phone or online and have someone from the business bring those purchases to their vehicle,” she said. Baker noted that the Palm Beach County Board of County Commissioners approved
n Development of an optimized vaccine candidate. n Research on immune boosters to make vaccines more effective. n Research on blood serum from people who have had COVID-19 to establish markers of a successfully neutralizing immune response. n Identification and development of engineered antibodies to provide a potential protection and treatment option. n Studies of the molecular structure of the novel coronavirus to enable therapies with reduced risk of side effects. n Studies of what makes some cells more vulnerable to infection than others, with an eye toward variable factors like dietary cholesterol. n Robotic high-throughput screening studies of one of the world’s most extensive drug repurposing collections. Already safety-tested in humans, this proprietary Scripps Research collection of medicines, called ReFRAME, has identified an asthma drug that could be useful against COVID-19 with some refinement in the lab. n Development of medicines to enable cells to stop production of coronavirus RNA. n Development of multiple critical research tools to speed up the work. Reflecting on the work, Bingham said, “Florida and Palm Beach County’s investment in Scripps Research is making a critical contribution to the fight against COVID-19.”
Hyeryun Choe and Michael Farzan, PhD
the CARES Restart Business Grants Program to accelerate the reopening of businesses hardest hit by COVID-19. This $60 million program uses a portion of the county's $261 million allocation from the CARES Act. That allocation includes $50 million for businesses with 25 or fewer employees and $10 million for businesses with greater than 25 employees. Looking ahead to the 2021 fiscal year, which starts in October, Baker said the county anticipates no change in the property tax millage rate, which has not increased in the past decade. “We will be able to balance the budget without a major impact to our critical services. However, we expect to see more of an impact in fiscal 2022 as other revenue sources, such as gas and sales taxes, will be reduced from the national economic slowdown.” Baker added that it’s vital for Palm Beach County to have difficult discussions about racism locally, nationally and in the world. “As a community, we have started to address these issues, but we have much farther to go,” she said. “Businesses want to be located in a community with fair and equitable opportunities for everyone.”
Top: Background photos by Matthew Sturgess, 4th Avenue Photo and Video of Delray Beach, on behalf of Scripps Research. Bottom: Background photo by Robert Sadler Clark
Verdenia Baker, Palm Beach County Administrator
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The Future of
Office Space
Robert Sadler Clark
Palm Beach County’s office market may wind up benefiting from the changing national work-from-anywhere landscape. “I believe our market will be more attractive to companies from the crowded Northeast seeking to relocate here,” said Jeffrey M. Kelly, executive vice president, CBRE in Boca Raton. “But in the shortterm, availabilities will increase. I believe this is a hiccup and am optimistic that we will recover.” Neil Merin, chairman, NAI/Merin Hunter Codman in West Palm Beach, says the work-from-home trend due to the COVID-19 health threat has shown that people don’t have to be in a large office to stay connected. “Owners and executives with small offices in Palm Beach County are finding they can spend more time here,” Merin said. “That portends more movement away from the big Northeast cities to offices here.” Meanwhile, the need for social distancing at work may change the size and configuration of office spaces, added Merin. While some businesses may downsize and try to sublet their current space, others will retain their current footprints, even if there are fewer employees on the premises at any one time. “There will be lower demand for co-working spaces until the pandemic has receded,” Merin said. Another trend will be the need to provide healthy office workspaces, including stepped-up sanitation and ventilation systems.
“When employees are spending eight or 10 hours a day in an office, they want to feel safe,” he added. Common areas like kitchens and lounges may also need to be reconfigured for employees taking a break during the day. Jeff Kelly expects a lower employee headcount in office spaces to drive down the need for on-site parking. “That’s a positive because land in Palm Beach County is so valuable,” he said. “It may lead to some creative uses of that extra space.” As for new construction, Jeff Kelly said some buildings under construction, like 360 Rosemary in West Palm Beach, are likely to be completed on schedule, while others may be delayed until preleasing commitments support the financial investment. “Fortunately, Palm Beach County is not a big office market, and a few major leases could move the vacancy rate downward significantly.”
Palm Beach County’s Office Market n n n n
Total inventory: 22.9 million sf Total vacancy: 12.0% Net absorption: 64,909 sf (year to date) Under construction: 836,566 sf Source: CBRE, Q2 market report
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PALM BEACH COUNTY A MAGNET FOR CEOS
Top business leaders
and their families are drawn to Palm Beach County from throughout the country, according to luxury residential real estate professionals. “Since late April we have seen very strong demand for homes that you would expect CEOs and leaders of substantial organizations to purchase,” said Arthur Martens, partner/broker associate, Martens Group Keller Williams Luxury International, Palm Beaches. “In some instances, more than in prior years, there are groups of people looking together, such as friends deciding at the same time to have second homes they can operate out of, away from large cities like New York, should another crisis create another lockdown. At the same time, we are not seeing buyers overpaying for properties. These are wise, astute home buyers, with a track record of making intelligent purchasing decisions.” Ethan Shapiro, head of school, Saint Andrew’s School in Boca Raton, agrees with that assessment. “Our data shows that families from New York/Northeast and California are increasingly looking to relocate to our area,” he said. “What we hear from them is that they are looking for a school that mirrors the strength of education they can find at
home. Compared to just four years ago, we have seen a 75 percent increase in inquiries from families in New York/New Jersey and a 243 percent increase in inquiries from families in California. Our phones are ringing off the hook.” Initially, the COVID-19 lockdown halted new sales, said Martens. “However, the real estate community in PBC quickly found ways to connect buyers and sellers together successfully leveraging virtual solutions, much like other industries,” he added.
Town of Palm Beach Real Estate Activity (Second Quarter) n n n n n
Large in increase in under contract (pending) homes in Palm Beach. Homes sold was up 45% - 49% from 2019. Sales volume up from $367.13M to $485.03M Highest sale was $36.45M Average sale price on in-town condos up 14% to $1.792M
Source: Tina Fanjul Associates / Palm Beach Board of Realtors.
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ncubators ncubating nnovation
I
FAU CMBB lab
Palm Beach County is home to incubators and accelerators that support business success. Here is a closer look at several valued programs on the horizon.
Beacon Accelerator
35 Mules
An innovation hub powered by FPL, a NextEra Energy company, to help entrepreneurs develop game-changing ideas in energy, water and energy-adjacent industries. Companies will have access to subject matter experts in solar, renewables, innovation and smart grid, and free coaching from executives, along with a grant toward their ventures. The program’s name comes from 1925, when an unlikely patchwork of enterprises combined to form the precursor to NextEra Energy, including an ice plant, a sponge boat and 35 mules. Size: Up to 20 startups Location: 700 Universe Blvd., Juno Beach Website: 35Mules.com
Beacon Accelerator
Beacon Accelerator is a LEED Platinum Smart Facility whose mission is to democratize the life sciences process from discovery to the delivery of therapeutics to patients. It incorporates office and lab space and facilities for the development of clinical grade batches for clinical trials in the U.S. The modalities include mammalian, viral vector, gene & cell therapy, plasmids, and aseptic fill finish, and the latest technology in cryo-storage, all under the same roof. Size: 45 labs, 65 offices and shared facilities (160,000 sf) Location: 145 Caprice Court, Jupiter, Florida 33478 Website: beacon-accelerator.com
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FAU CENTER FOR MOLECULAR BIOLOGY AND BIOTECHNOLOGY
For two decades, Florida Atlantic University’s Center for Molecular Biology and Biotechnology (CMBB) has coordinated research and training programs in molecular biology and biotechnology. The CMBB makes its Instrument Facilities and Core Laboratory available to both academic and private-sector users, and leases space for periods up to one year. Size: 10,622 sf Location: 5353 Parkside Drive, Jupiter Website: science.fau.edu/cmbb/about.php
Alexandria Innovation Center
Alexandria Innovation Center has turnkey spaces for small and large wet lab users. Tenants range from startups ready to make the next step to international pharma companies seeking institutional-quality laboratory facilities. Size: 10 labs (22,000 square feet) Location: 555 Heritage Drive, Jupiter Website: awproperty.com
BDB Members Take Full Swing at 2020 Golf Tournament BDB members convened at PGA National Resort & Spa for the BDB’s Annual Golf Tournament. Following CDC guidelines and social distancing protocols, participants received breakfast, lunch, and the chance to win high-end golf equipment, hotel stays, thousands of dollars worth of raffle prizes, and so much more. Congratulations to the winners: 1st Place: Chris Peddicord, Dave Duncan, Eric Fineberg and Zach Fineberg of CTS3 Solutions 2nd Place: CJ Fredericks, Gary Crowder, John Hollnagel, and Shane Hoover of Florida Power & Light 3rd Place: Jon Blunk, Harrison Mischel, Kevin Probel, and Will Portfolio of Tower Commercial Real Estate and CBRE
BDB Launches New App for BDB Members: In an effort to best serve our members, the BDB has launched a new mobile app that includes upcoming events, recent project announcements, and so much more. Available on any smartphone, please search “BDB Palm Beach County” in the app store.
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The BDB gave three virtual “State of the Industry” updates over the past months
State of the Life Sciences Industry
State of the Distribution & Logistics Industry
NEWS Three County-Wide Campaigns You Can Support
1. Business Development Board’s “Invest Local” Campaign The BDB is encouraging businesses and citizens to buy local, meet local, eat local, stay local, play local, dine local, etc. This message appears on a 40-foot banner on the side wall of the BDB’s headquarters in West Palm Beach, as well as in hundreds of email signatures, email campaigns and newsletters from members of the business community. It was designed by BDB Chair Carey O’Donnell of O’Donnell Agency. Contact kboyd@bdb.org to participate. 2. Discover The Palm Beaches “The Palm Beaches Pledge” Discover the Palm Beaches has convened 100 businesses across Palm Beach County as they make a unified promise to follow guidelines from health and government officials that were designed to prevent the spread of COVID-19. Visit www.thepalmbeaches.com to learn more. 3. Education Foundation Backpack and School Supply Drive Support the School District of Palm Beach County’s students by participating in the Education Foundation of Palm Beach County’s backpack and school supply drive. Visit: EducationFoundationPBC.org /PBCBackpack
Stop the Spread:
Failure to Contain COVID-19 is Not an Option Working together, 135 of Florida’s top CEOs, including dozens of BDB members, are working together to take simple but important steps to protect one another. Feeling safe and being safe will be the cornerstones of our economic recovery as health and prosperity are inextricably linked. Now more than ever, our collective actions will dictate our shared future. Florida Blue spearheaded this statewide effort.
State of the Glades Region Development
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Fun Sweets Expands Corporate Headquarters
Back in 1994, Patrick and Melissa Fulco spotted an opportunity to enter the cotton candy business. They leased a 20,000-square-foot building in West Palm Beach that seemed huge at the time, and launched a new company called Fun Sweets. “Neighborhood stores served as an early proving ground, before we were picked up by many of the nation’s leading retailers,” said Patrick Fulco, president. “Fun Sweets now humbly wears the crown of ‘America’s Favorite Cotton Candy,’ delivering freshness, memories, laughs and lots of smiles.”
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This fall, Fun Sweets is moving to a new 51,840-square-foot corporate headquarters and manufacturing facility in Royal Palm Beach, where it plans to add 30 new jobs to the current 100-person workforce. “As lifetime Florida residents, the management team at Fun Sweets is excited about the many additional opportunities this new and larger facility will allow us to bring to the area,” said Joe Milligan, executive vice president. Fun Sweets is the country’s leading provider of packaged cotton candy with distribution in national retailers and theme parks. “We have the No. 1 selling brand in the U.S. and the world,” said Fulco. “Our mission statement is about creating smiles — that’s our contribution to the world.” In order to maintain the company’s growth trajectory, Fun Sweets wanted to be near major highways and have expanded access to loading docks, said Fulco, adding that the Business Development Board assisted with property searches, site tours, expedited permitting, and introductions to local organizations. The Fulcos have lived in Palm Beach County since 1978, and work closely together in the business, along with other family members. “We are fortunate to have talented people in all aspects of our operations,” Fulco said. “While we invest in the latest manufacturing technology, it’s our people who are truly responsible for our success. Everyone who works here is now part of our extended family.”
BUSINESS SOLUTIONS
CareerSource Offers New Pre-Apprenticeship Programs CareerSource Palm Beach County has launched pre-apprenticeship programs in the marine, life science and aviation/aerospace industries to benefit both employers and students. These new programs are in addition to other pre-apprenticeship programs in information technology, construction, health care and hospitality. These new pre-apprenticeship programs are the latest examples of the innovative solutions that CareerSource is pursuing with our employers and educational partners to address the demand for skilled talent and provide greater opportunity for Palm Beach County residents seeking rewarding careers. Employers interested in participating in a preapprenticeship program will access a talented pool of candidates, obtain funding to support training, and build a exible, dynamic workforce with common skill sets. More than a dozen employers in Palm Beach County and the Treasure are already participating in the new
marine and aviation/aerospace pre-apprenticeship programs, including Gulfstream Aviation, Boca Aircraft Maintenance, Pursuit Boats and Whiticar Boats. CareerSource Palm Beach County is partnering with the Marine Industries Association and CareerSource Research Coast in establishing the marine preapprenticeship program. The marine industry’s economic impact in Palm Beach County is estimated to be $2.1 billion, creating more than 21,000 jobs. More than 800 local businesses support this industry. The life sciences program is designed to attract and train individuals for biopharmaceutical manufacturing and lab management occupations in this sector. The pre-apprenticeship program is being developed with input from area businesses. The aviation/aerospace industry in Palm Beach County has a workforce of 13,000 employed by 1,090 companies. CareerSource Palm Beach County partners with companies such as Sikorsky, Power Systems Manufacturing, BRPH and Gulfstream. Education partners include Palm Beach County School District, Florida Atlantic University, Palm Beach State College, Flight Safety International and Boynton Aeronautical School, Inc. Employers interested in learning about these programs can contact mcorbit@careersourcepbc.com for more information.
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BUSINESS SOLUTIONS
Viking Yachts A Partner in Finding Skilled Workers Viking Yachts Service Center
in Riviera Beach has partnered with CareerSource Palm Beach County to strengthen its workforce. “One of the biggest challenges we face is finding skilled people that also have a passion to learn and want to be part of the company they work for,” said Michael Samuels, director of customer service, Viking Yachts. “We are looking for people with a more technical focus skill set, and that’s where CareerSource has been a big help. It’s been a great partnership. We are working together to make the marine industry better and make Palm Beach County better as well.” Viking Yachts Service Center’s workforce includes skilled shipwrights, technicians and repair crews who are professionally trained and committed to customer satisfaction. The marine business offers customized services and solutions, along with the convenience and value of a one-stop shop.
Serving the Business Community Leveraging the expertise of the CareerSource Palm Beach County Business Services team can help your company in many ways. For instance CareerSource services can increase an organization’s return on investment by reducing hiring timelines and improving new hire retention rates. The following services are available to all Palm Beach County businesses, not-for-profit organizations and government agencies that need the right resources, training and talent, from entry-level positions to the executive suite. n Posting jobs, from one to hundreds of positions n Recruiting and hiring, including screening and identifying qualified candidates n Holding mass hiring events n Incentive programs for training workers n Quick Response Training n Apprenticeship and pre-apprenticeship programs n “Help Is Here” Web Portal to access recovery assistance During the past five program years, CareerSource Palm Beach County assisted 71,536 residents find employment ranging from entry level to executive suite, with salaries from these jobs creating $1.4 billion in annual wages. CareerSource also awarded $12 million in grants to area businesses and employees for job training and educational assistance during that time.
Central Career Center 3400 Belvedere Road West Palm Beach, FL 33406 561.340.1060
West Career Center 1085 S. Main St. Belle Glade, FL 33430 561.829.2040
Business solutions for employers: careersourcepbc.com
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THANK YOU
TO ALL OF OUR ESSENTIAL EMPLOYEES, KEEPING THE NECESSARY TRAVEL AND VITAL SUPPLIES MOVING. YOU ARE APPRECIATED!
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