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Lee economic development going strong Special to SWFBT Submitted By: Karen P. Moore, Publisher
“Today we have 6% unemployment in Lee County and economic development activity has never been busier.”— John Talmage, Lee County Economic Development Director
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Recently, Talmage and former City of former Fort Myers Mayor Randy Henderson shared their thoughts and insights regarding the status of the Southwest Florida economy both now and moving forward. “Seventy thousand Lee County residents, including those who were furloughed, filed for unemployment
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during the early days of COVID-19,” Talmage shared. “Some 13,000 Lee County businesses received financial assistance from the PPP program,” Talmage continued. “Under the CARES Act, Lee County received $135 million. With its Lee CARES program, the county received 41,452 applications ECONOMIC See page 12
CARES Act expands credit program Special to SWFBT Submitted By: Jacob Ogles, Editor
A $900-billion relief package negotiated by Congress was signed into law. It brings with it a fresh round of COVID-19 relief for businesses big and small. The Florida Restaurant & Lodging Association, which happens to represent businesses in industries hit especially hard by the coronavirus crisis, hosted a webinar with members to ensure all knew about the availability of a new round of Paycheck Protection Program funding and a new Employee Retention Credit. Participants heard from accounting experts at Synergi Partners, which has worked with businesses around the nation attempting to employ the CARES Act programs to maximum effect. Chad Witcher, executive vice president of Synergi Partners, said the tax credit in particular should be of use to most businesses that endured the pains of 2020. “There are a number of ways to qualify and everyone is different,” he said. There’s a number of misconceptions about who can qualify for the payroll credit, Witcher said. Many business owners think if they never suspended operations or lost revenue during the pandemic that they cannot take advantage of the program but that’s not true. While full or partial suspension of business during any quarter of 2020 will qualify companies, it’s also open to companies that see at least a 20% reduction in yearover-year receipts during the quarter. Many companies fall into one category but not the other.
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Startups, solo of the economy visionaries fuel Southwest Florida.
Brady Photos by Christine trade to the Southof international offices. about the importance Buqueras talks Lee County Economic Development Director Carlos the first-ever stop at Port Manatee Executive during the Port’s west Florida market
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IN THE NEWS
to Dave Gammon elevated Charlotte EDO director
in the wake of Charlotte County, joinLucienne Pears former director Partners at Babcock ing Kitson and former Business Ranch, elevated and interim Recruitment Supervisor to executive director Dave Gammon Economic Developdirector of the ment Office. face in reGammon is a familiar he development as gional economic three years with his has proven in EDO. County Charlotte continue leading He is excited to like developments several existing page 19
Florida to communities in second one of four host as part of the Lee County was from seven countries welcome companiesTrade Summit. Manatee, annual International International Trade Hub at Port Fort Lauseries visited Organized by The one day Business opportunity ota and Tampa for the 2019 Global Bradenton/Saras derdale, Fort Myers,to 29. 26 Office, Southwest each from Aug. ReEconomic Development and the Southwest The Lee County Chamber of Commerce the event, which Florida Hispanic Association co-hosted gional Manufacturers Gulf Railway. Chile, Colombia, was sponsored Seminole from Argentina, other locales International companies Spain, Peru and Mexico, goods, artisanal apparel, El Salvador, Guatemala, food, coffee, fruits, cooking systems featured wine, snack and state-of-the-art to merchandise companies Lee County industryof founded as part summit showcases during the summit. Trade Hub at Port Manatee, and An expo-style from seven nations markets in Florida and business leaders visiting Summit. The International International Trade advice as a vital link between provides expert See page 6 the second annual in 2014, serves world. The hub TRADE throughout the
ENEURS
SALUTE TO ENTREPR
h poised for growt and Business Intermediary Proess Advisors experi- a CertifiedMergers & Acquisitions transaction Edison Busin the IBBA ap- Certified designations from ence totaling partner and
GAMMON See
Privacy & Cyber Security d Forum announce
& Cyber SeA special Privacy held on Friwill be at curity Forum 9 a.m. to noon day, Nov. 8, fromNews Community the Naples Daily room. Companies will William C. Huff and insponsor the informational for the community. teractive forum forum is for atThe goal of the clearer undera tendees to gain keep their famito standing of how businesses private. lies, wealth and FORUM See page
18
in fi$170 fessional a Eric Gall, managing with a concentration proximately for Edison Avenue, won and an MBAthe University of Michigan. broker of record brokerage and lower million. Gall transactions and nance from leading business Gall in business the 2018, 2016 and acquisitions Niehaus, Bro- Assisting middle market mergers Pfeffer, Steven 2014 Business significant changes No. 1 are Michael and Phillip Reda. firm, is announcing kers of Florida Edward Valaitis Business Adto operations. Top Dollar Producer to rebrand itself Pfeffer joins Edison of business The firm has decided over 20 years Award for Southwest Advisors” to better out visors with experience, including 12 as “Edison Business service offerings, Florida, beating busi- transactionbusiness brokerage franchise communicate addedbusiness appraisals, Gall a over 90 other He is years as Southwest Florida. Pfeffer is a including certified appraisals and certiness brokers. owner in Certified certified equipment Business Brokers Board Certified Intermediary, International an and also page 6 strategies. See fied exit EDISON Chairman’s Circle mergers and acquisiBrokerage and led by Association Award winner. Eric holds continue to be tions efforts will 20 years of business Deal Maker Gall. He has over OPENING
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Hoffmann Family buys Hertz Arena, Everblades
INSIDE THIS ISSUE
The Hoffmann Family of Companies has entered into an agreement to purchase the Florida Everblades and the Hertz Arena. Plans are underway for a complete renovation of the 8,284-seat, multipurpose arena. The improvements will include enhanced skyboxes, food services and installation of a state-ofthe-art scoreboard. Hertz Arena, which opened in 1998 as Everblades Arena, hosts a variety of events including concerts, Cirque du Soleil, Disney on Ice, boxing and trade shows. The venue offers
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25 suites, two additional ice rinks, a private club and a pub, Breakaway Sports Pub. The arena is also home to the Florida Gulf Coast University Eagles club hockey team of the American Collegiate Hockey Association. “We are optimistic that all of the 330 employees will remain with the Hoffmann Family of Companies,” said Craig Brush, Florida Everblades President and General Manager, who signed a five-year contract and has a commitment from all his senior staff to remain in place. “We are thrilled to be acquired by
A specially focused monthly section exploring the SWFL commercial real estate marketplace.
IN THE NEWS
Fort Myers sixth Business Summit slated for Sept. 20
Holly Bell addresses citrus growers about the 25,000-plus uses for industrial hemp, which can now be grown legally in Florida
Cannabis chief promises rich stash for hemp growers Special to SWFBT Submitted By: Jacob Ogles, Editor
SUMMIT See page 7
When other states started authorizing farmers to grow hemp, it didn’t take long to realize there was no place to sell it. Because no structures had been put in place for processing and manufacturing plants, state officials found themselves rushing a regulatory structure through so farmers could offload their first harvests. Holly Bell, Florida’s first Director of Cannabis, plans to learn from that mistake. She said the Department of Agriculture and Consumer Services will make sure all parts of the burgeoning hemp industry can move forward as soon as new rules unroll later this fall. “When our farmers are ready for a cash flow, we want to encourage them to get going,” she said.
Applications being accepted for the 25th Blue Chip Award The 25th Annual Southwest Florida Blue Chip Community Business Award application deadline is fast approaching. The Blue Chip Community Business Award recognizes successful, small businesses in Lee, Collier or Charlotte County that have overcome adversity to achieve success. Applications must be submitted by Wednesday, Sept. 4. The independent judges select the honoree after all the applications AWARD See page 19
Bell spoke in August at the Citrus Expo and Vegetable and Specialty Crop Expo, where growers from around the region gathered to hear her discuss this new and just recently legal product to diversify their inventory. Just a few years ago, there were no legal reasons to grow cannabis in Florida. Now, medical marijuana dispensaries pop up in more shopping centers each week. Soon, farmers will grow non-narcotic hemp crops. With the 2018 federal farm bill allowing hemp to grow, a budding industry will soon emerge in Florida. The Legislature this year authorized a pilot program for growing hemp in the Sunshine State, and state officials are nearly done weeding through a stack of public suggestions.
GrowFL announced this year’s 50 Florida Companies to Watch honorees, including three from Southwest Florida. Companies to Watch is a statewide competition that identifies companies expected to see significant growth over the next several years. The GrowFL Florida Companies to Watch awards program—now in its ninth year—honors 50 select second-stage companies from throughout Florida for developing valuable products and services, creating quality jobs, enriching communities, and broadening new industries throughout Florida. Chosen from 500 growing second-stage nominations from throughout, Florida, the 50 companies named as the 2019 Florida Companies to Watch honorees generated nearly $1 billion in revenue and added over 900 jobs between 2015 and 2018. Together, the honorees project a 35 percent increase in revenue and 37 percent increase in job growth in 2019 compared to 2018. “These stand-out companies are all led by entrepreneurs, and have demonstrated their capacity and intent to grow,” said Dr. Tom O’Neal, GrowFL executive director. “They also all have critical intellectual property or a niche position that gives them a competitive edge in their markets,” he said. Local honorees include: Cottrell Title & Escrow, Collier County; Mettauer Environmental, Lee County; and VeraData, Lee County . “This list recognizes second-stage Florida companies with passionate leaders who are making a difference in growing and diversifying our economy,” said Jennifer Barrows, GrowFL Chairman of the GrowFL Advisory Board and Business Development Executive with WithumSmith+Brown, PC. Second-stage companies are those
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The Greater Fort Myers Chamber of Commerce has announced an exciting line-up for its 2019 Business Summit, set for Sept. 20. The summit, now in its sixth year, will run from 8 a.m. to 3 p.m. at the Sanibel Harbour Marriott Resort & Spa in Fort Myers. This year’s keynote address is “Communicate Your Way to Success,” by entrepreneur, business coach and international speaker Jason Evers. Evers has traveled to more than 20 countries on five continents
such a prestigious company. Our partnership with the Hertz Corporation and now this new ownership ensures that Hertz Arena will maintain our strong community presence and continue to be the number one choice for entertainment in Southwest Florida.” The team and the arena were previously owned by Peter Karmanos, founder of Compuware Corporation and prior majority owner of the Carolina Hurricanes in the National Hockey League. “Simply put, without the support of
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IN THE NEWS Collier names Pelican as ‘Business of the Wire Month’
During the July ty Commission 9 Collier CounWire was named meeting, Pelican ty ‘Business of the Collier Counthe Month’ and recognized by was the a manufacturing Board for being County for over leader in Collier 40 years. Pelican Wire President Ted Bill, who received the are truly honored award, said “We Collier County to be named the Month’ for July.‘Business of the Since moving AWARD See page
Gov. DeSantis announces job growth grants
4
Gov. Ron DeSantis the Florida Departmentannounced of Economic Opportunity Florida are acceptingand Enterprise economic development project proposals for the Florida Job Growth Grant Fund. $40 million is available to fund training and public job projects that support infrastructure growth and employment in Florida. “We know
the frastructure projects importance inand workforce training has on economic development,” said DeSantis. “The Florida Job Growth Grant Fund will help Florida communities ensure they GRANTS See page
12
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Dr. Sandra Kauanui (left) and Noemi Ailynee Ramirez, Y. Perez (right) Jessica Sales, with - TIF Shark Daisy Montanez, Tank winners
Alondra Estrada Swap & Shop teamNeika Exulus, Young entrep reneurs share ideas, earn award s
Special to SWFBT Submitted By: Noemi Y. Perez Southwest Florida tion’s business-theme students in The Immokalee Foundad summer camp entrepreneurial recently shared ideas their Tank event modeled and garnered awards during a Shark The four-week after the popular TV show. was a partnership Business Management Pathway Coast University’sbetween the foundation and Floridacamp Gulf developed businessInstitute for Entrepreneursh ip. among them: finding plans that solved problems Students common clothes on a budget; centric finances; handling ñera; and findinggetting better sleep; planning studenta quincearestaurants suitable stricted diets. for people with reStudent teams gave presentations about ences, startup costs, their target audiprojected profits, marketing other aspects of entrepreneurial plans and Dr. Sandra Kauanui, enterprises at iTECH mokalee. Judges FGCU Director spoke during the for of Entrepreneurs Smart Companies the presentations were: Brian in Imevent. hip, Rist, The Smart Companies executive chairman; Sofia Blanno, gram allows shoppers to arrange tor of corporate intern; and Matthew Turner, Hertz The through social an app, then physically to buy, sell or swap items direcFirst place awards responsibility. central location exchange those in Immokalee. items at a Shop team of Neika of $500 each went to the MentorUs, Daisy Montanez Exulus, Jessica Sales, Alondra Swap & smart financial an app that encourages students and Ailynee Ramirez. Estrada, decisions, earned interested in dressing Aimed at students for team members second place of to make fashionably on $250 each Alex Soriano, a budget, the pro- ie Etienne, Azael Simon-Quirino Je’an Espinoza, Myrlandand Simson Devesaint.
Fort Myers Mayor
Special to SWFBT Submitted By: Karen P. Moore,
launches Divers ity Committee
SHARK See page
more inclusive city. Publisher Student Hailey Countryman asked her employer, Sanibel Captiva “It is never too the Mayor if he munity Bank, Comlate to give up had to FGCU’s College on diversity whom a team of advisors Education. your prejudices.” of Henry David Thoreau for guidance. Since he could rely on said, “We In a recent interview she can’t really say question was no, the answer to that ing to be representative we are tryat that moment Fort Myers Mayor derson felt Henof our city’s derson has known Randy Hen- a team. inspired to create just such residents and community if we don’t have diversity Ndiang’ui wanted Florida Gulf Coast University on the to make She sure the Mayor explained the council itself.” was prepared ter Ndiang’ui for professor Dr. Pe- road ahead committee drew about 10 years and asked him, for the its 18 members was a guest speaker and from the commu“Are in his class, “In- really able to handle the truth?” you nity, representing troduction to Diversity,” diversity project moved The ethnicity, forward. in Novemgender and sexualin race, ber. Henderson Beth Countryman, asked students Hailey’s moth- tity. “We can’t be a committee idenhe could do to what er, became make Fort Myers up of old white made involved with men and think the project, going a which led to we are a $25,000 donation to be in charge of diversity.” from DIVERSITY See page 11 Payment Plans Available • Discounted Merchandise Parking Options Discount • Presale • Private Parties & Exclusive Gifts on Hertz Arena Concerts & Family Shows Buy Any 19/20 & Get A $20 Membership Pack FORD’S GIFT & ‘BLADES TOTE CARD BAG Valid on any NEW
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With 540 home sales in 2020, Babcock Ranch made the list of top-selling master-planned communities nationwide.
Solar town’s sales strong
Babcock Ranch was named among the country’s 50 top-selling masterplanned communities of 2020 by RCLCO Real Estate Advisors, with 540 home sales propelling America’s first solar-powered town to the list’s highest year-over-year increase of 121%. After making its debut in RCLCO’s Top 50 Master Planned Communities July ranking, Babcock Ranch surpassed the 1,000 homes sold milestone in December. Ranked as Southwest Florida’s top master-planned community based on Metrostudy data on single-family home annual starts in Charlotte, Lee and Collier counties, Babcock Ranch was also named Master Planned Community of the Year by the Lee Building Industry Association at its 2020 Industry Awards.
Ave Maria makes RCLCO’s list of top master-planned communities. See Page 14 “This unprecedented year of growth at Babcock Ranch reflects our vision of a vibrant new hometown,” said Syd Kitson, chairman and CEO of Kitson & Partners. “Homebuyers from around the country are attracted to our sustainability and commitment to the environment, health and technology, along with our distinctive blend of residential offerings.” Babcock Ranch began marketing homes in 2017, with the first residents moving into the town in January 2018. Today, Babcock Ranch offers homes from eight homebuilders in seven neighborhoods, including Babcock National, the newly opened BABCOCK See page 5
IN THE NEWS SWFL unemployment rate still ployment rate was 6.4% in November Goodwill’s small business 2020. Florida’s labor force was up lower than Florida as a whole 49,000 (+0.5%) over the month. class starts online on Feb. 8 The Florida Department of Economic Opportunity announced that statewide, the number of privatesector jobs increased 9,800, up 0.1% from October 2020. Florida’s unem-
Two major industries gained jobs over the year in the Fort Myers area: professional and business services (+3,400 jobs); and construction
JOBS See page 4
Individuals who are thinking about starting their own business but need some mentoring are invited to apply to the Goodwill Southwest Florida MicroEnterprise Institute, scheduled
CARES See page 14
for Feb. 8 – March 18. America is currently experiencing what some are calling a “startup boom.” A study from the University of Maryland saw an initial drop in new business applications, but, by the third quarter of 2020, the highest GOODWILL See page 11
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FINANCIAL REVIEW Congress passes new payroll tax credits in coronavirus package
Congress on Dec. 21 passed the Coronavirus Relief Bill. Here are some of the key points from the Bill Summary of the Relief Provisions:
1, penalties and interest on deferred unpaid tax liability will begin to accrue. The provision extends the repayment period through Dec. 31, 2021. Penalties and interest on deferred unpaid tax liability will not begin to accrue until Jan. 1, 2022.
Section 113. Work Opportunity Tax Credit The provision extends, through 2025, an elective general business credit to employers hiring individuals who are members of one or more of 10 targeted groups under the Work Opportunity Tax Credit program. Section 119. Employer tax credit for paid family and medical leave The provision extends, through 2025, the employer credit for paid family and medical leave, which permits eligible employers to claim an elective general business credit based on eligible wages paid to qualifying employees with respect to family and medical leave. The credit is equal to 12.5% of eligible wages if the rate of payment is 50% of such wages, and is increased by 0.25 percentage points (but not above 25%) for each percentage point that the rate of payment exceeds 50%. The maximum amount of family and medical leave that may be taken into account with respect to any qualifying employee is 12 weeks per taxable year. Sections 206 and 207. Employee retention tax credit modifications The provision extends and expands the CARES Act employee retention tax credit. It also contains technical corrections to the CARES Act. Beginning on Jan. 1 and through June 30, 2021, the provision: • Increases the credit rate from 50% to 70% of qualified wages; • Expands eligibility for the credit by reducing the required year-overyear gross receipts decline from 50% to 20% and provides a safe harbor allowing employers to use prior quarter gross receipts to determine eligibility; • Increases the limit on per-employee creditable wages from $10,000 for the year to $10,000 for each quarter; • Increases the 100-employee delineation for determining the relevant qualified wage base to employers with
Section 16. Extension of credits for paid sick and family leave The provision extends the refundable payroll tax credits for paid sick and family leave, enacted in the Families First Coronavirus Response Act, through the end of March 2021. It also modifies the tax credits so that they apply as if the corresponding employer mandates were extended through the end of March 2021. This provision is effective as if included in FFCRA. Congress on Dec. 21 passed the Coronavirus Relief Bill. 500 or fewer employees; • Allows certain public instrumentalities to claim the credit; • Removes the 30-day wage limitation, allowing employers to, for example, claim the credit for bonus pay to essential workers; • Allows businesses with 500 or fewer employees to advance the credit at any point during the quarter based on wages paid in the same quarter in a previous year; • Provides rules to allow new employers who were not in existence for all or part of 2019 to be able to claim the credit; and • Provides for a small business public awareness campaign regarding availability of the credit to be conducted by the Secretary of the Treasury in coordination with the Administrator of the Small Business Administration. Retroactive to the effective date included in section 2301 of the CARES Act, the provision: • Clarifies the determination of gross receipts for certain tax exempt organizations; • Clarifies that group health plan expenses can be considered qualified wages even when no other wages are paid to the employee, consistent with IRS guidance; and
• Provides that employers who receive Paycheck Protection Program loans may still qualify for the ERTC with respect to wages that are not paid for with forgiven PPP proceeds. Section 303. Employee retention credit for employers affected by qualified disasters The provision provides a tax credit for 40% of wages (up to $6,000 per employee) paid by a disaster-affected employer to a qualified employee. The credit applies to wages paid without regard to whether services associated with those wages were performed. Certain tax-exempt entities are provided the option to claim the credit against payroll taxes. Section 4. Extension of certain deferred payroll taxes On Aug. 8, the president of the United States issued a memorandum to allow employers to defer withholding employees’ share of Social Security taxes or the railroad retirement tax equivalent from Sept. 1 through Dec. 31, 2020, and required employers to increase withholding and pay the deferred amounts ratably from wages and compensation paid between Jan. 1 and April 31, 2021. Beginning on May
Section 17. Election to use prior year net earnings from self-employment in determining average daily and self-employment income for purposes of credits for paid sick and family leave Allows individuals to elect to use their average daily self-employment income from 2019 rather than 2020 to compute the credit. This provision is effective as if included in FFCRA. Section 18. Certain technical improvements to credits for paid sick and family leave Makes technical changes coordinating the definitions of qualified wages within the paid sick leave, paid family and medical leave, and the exclusion of such leave from employer OASDI tax. This provision is effective as if included in FFCRA. Our team at MNMW is working constantly to bring you the most recent news and updates related to the COVID-19 crisis that could impact you and your loved ones. Markham Norton Mosteller Wright & Co. is based in Fort Myers. For more information, visit the MNMW Coronavirus (COVID-19). Resource page at markham-norton.com/mnmwcoronavirus-covid-19-resourcecenter/ or call (239) 433-5554.
Henderson Franklin expands, adds patent attorney Henderson, Franklin, Starnes & Holt announced registered U.S. patent attorney Edward Livingston has joined the firm. He is a Florida Bar board-certified expert in intellectual property law, one of only five in Lee and Collier Counties. Livingston is registered to practice before the United States Patent and Trademark Office. He is often sought-out as outside IP counsel and serves as an expert witness in such cases. With the addition of Livingston Livingston, Henderson Franklin announced the expansion of its services (by appointment) in downtown Sarasota. Drawing on 40 years of experience, Livingston assists clients by taking their inventions and business ideas from conception to reality. He enjoys working with inventors to obtain patents ranging from complex nanotechnology and medical devices to jewelry and business methods. He also helps clients in all
Don’t forget to post your in-person and virtual events on our B2B events calendar at www.swfloridabusinesstoday.com/calendar aspects of intellectual property law, including trademarks, trade secrets, copyrights, franchising and litigation. Throughout his career, he has been lead counsel in cases against corporate giants, including NASCAR. Livingston received his B.S. degree from the University of Massachusetts in aerospace and mechanical engineering. While serving in the United States Air Force, he received his M.B.A. with top honors from the University of Wyoming. Livingston received his J.D. from the University of Miami. Livingston served as a Judge Advocate General in the U.S. Air Force Reserves and retired as a Lieutenant Colonel. In the community, he is a member and past president and director of the Naples Pelican Bay Rotary and is a supporter of the Freedom Waters Foundation.
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Southwest Florida BUSINESS TODAY ®
FEBRUARY 2021
FINANCIAL REVIEW Proactive versus reactive is better business strategy Question: Looking forward to the coming year and beyond what must a small business do to protect itself from the consequences of a prolonged pandemic?
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you will not incur interest until you Answer: If there is one thing we have learned from the draw upon the line of credit. year 2020, it is that nothing stays the same forever. Who Make sure you are adequately incould have envisioned a world-wide pandemic? Many sured. In addition to coverage for direct small businesses have taken a huge hit financially, and physical loss you should also include some may never recover. So, what are the lessons we can business interruption and extra expense learn from the current experience? insurance. Business interruption reimIn all my years as a SCORE business counselor I have burses you for the loss of income you always stressed the need to create a budget. A budget is incur while you rebuild. Extra expense a forward-looking projection of income and expenses. covers those expenses you incur to rent Income projections should be conservative and expenses temporary space and other expenses as accurate as possible. This requires advance research. that enables you to continue serving BY GRAY Once you have identified the known expense items you POEHLER your customers until you are able to reshould also set aside a reserve for the unknown, a minisume normal operations. Guest Columnist mum of 10% of annual expenses. There is an old saying “fool me The reserve account should accumulate over time once, shame on you; fool me twice, shame on me.” Cash so that you can cover up to a six-month interruption of is king and unless you have adequate insurance and estabbusiness. COVID-19 is but one such interruption. What lish a reserve for contingencies, you risk the loss of loyal would you do in the event of a devastating fire or flood? employees and valued customers. And how about a riot and civil unrest that destroys propSCORE has a 12-month cash flow template you can erty and instills fear in your customer base? use to set up your budget for the coming year. It can be acThese same events could also affect your supply chain. cessed at https://www.score.org/resource/12-month-cashEven if you do not sustain direct damage your business flow-statement can come to a screeching halt if you are unable to receive shipments of necessary goods, parts and equipment. This problem can be mitigated by having relationships with Gray Poehler is a volunteer with SCORE Naples. Business counseling on this and other business matmore than just one supplier. In addition to establishing a cash reserve for unknown ters is available, without charge, from the Naples contingencies you should also have in place a bank line Chapter of SCORE. Call (239) 430-0081 or visit of credit. A LOC should only be used in emergencies and naples.score.org/mentors. ®
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True Eye Experts announced that Tucker Vision Center of North Fort Myers is joining its family of premium eye doctors providing care in Florida. This is True Eye Experts’ fourth location and will help the optometric clinic expand beyond their Tampa footprint. “We opened our doors in 1985 with a goal to be a total vision care destination for the entire family,” said Dr. Terry Tucker of Tucker Vision Center. “We’re excited to see the best parts of Tucker Vision Center combine with our new partner True Eye Experts to bring the very best vision care to the Fort Myers community.” Tucker will continue to serve as the brand’s optometrist under the True Eye Experts name. The office location will remain the same on Pine Island Road in North Fort Myers. Beginning in January 2021, the True Eye Experts name started to be implemented both in-office and online. The full brand transition is expected to be complete by early Spring. True Eye Experts co-founder, Dr. Samuel Teske, reflected on the growth the practice has seen in the last 10 years: “Our goal from the very beginning was to gather a group of exceptional eye doctors and provide the highest level of customer service. Seeing True Eye Experts grow from one location to four is proof that we stayed true to that promise and created a team of specialists who are laserfocused on providing individualized care, clear communication, and selfless service.” True Eye Experts of North Fort Myers is now accepting all major vision plans and most insurance plans, including VSP. The practice plans to launch hundreds of new frames at this location in 2021, which are all backed by their 100% satisfaction guarantee. “We now employ more than 50 team members between the four clinics. We pride ourselves on keeping the same level of quality vision care and products at each of these practices,” said True Eye Experts co-founder Kevin Whaley. “When you walk into one True Eye Experts location, you’ll receive the same great customer service and expert eye care as the others.” True Eye Experts of North Fort Myers is now accepting new patients. In light of challenges presented by the coronavirus, the clinic is employing additional safety precautions.
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(+1,700 jobs). Four major industries gained jobs over the year in the Naples area: manufacturing (+300 jobs); construction (+300 jobs); financial activities (+100 jobs); and other services (+100 jobs). The industry losing the most jobs over the year was leisure and hospitality in both the Fort Myers area (-9,000 jobs) and in the Naples area (-2,600 jobs). The Fort Myers area private-sector employment decreased by 8,300 jobs (-3.5%) over the year. The Fort Myers area’s unemployment rate was 5.7% in November. The Naples area private-sector employment decreased by 4,500 jobs (-3.1%) over the year. The Naples area’s unemployment rate was 4.9% in November.
FEBRUARY 2021
Develop communication strategy for asset management in 2021
The financial services sector as a whole covers multiple areas including venture capital, private equity, insurance and more. However, there is one area in particular that we have had the opportunity to work with extensively and that is asset management. The asset management industry is extremely competitive, especially if you are a small or independent practice going up against some of the larger corporations and franchises for market share. Frequently, these practices are looking for ways to get their name out and ultimately obtain BY ROBERT new clients. So where do WETZEL you start? The overarching Guest Columnist theme about this conversation is going to fall on one word, trust. The goal in all of your communication efforts should be about developing a trustworthy relationship with your potential clients. Take a step back and think to yourself if you were a consumer looking for a team to help you manage your assets, what would I be looking for? Now let’s talk about how we are going to get that info out, and we are going to break it down into different areas. 1. Social media: Social media is going to serve as a branding tool for your company, but more importantly, a landing page of resources and information for consumers looking for tips and suggestions. Your content should provide value, that is what keeps the consumer coming back. Post content such as tips and suggestions on financial resources including helpful articles, useful reminders such as rules and regulations, and efforts your company is taking to make a difference in the financial space. Sell the value you bring to the table by showing them what you can provide. 2. Build a relationship with the community: There are always opportunities to get involved with local charities and non-profit organizations; take them. Not only are you doing something great for people in need, but you are attaching your company name to a cause that says “we care and want to help” and this will trickle down into the potential client’s decision-making process. According to Engage for Good, 73% of respondents from a research study conducted believe that a company can take actions that both increase profits and improve conditions in communities where it operates. These relationships and opportunities can be translated into social content, media relations and overall good PR. 3. Host seminars and webinars: We don’t need a reminder on how times have changed, but if you are not able to meet clients or do seminars in person, host financial webinars. Give potential clients (and current ones, great for client retention, but we will talk about that another time) the opportunity to see what you bring to the table. Maybe that is success stories, suggestions on navigating our fluctuating markets or any other financial information that would be valuable to your clients. Outgrow has found that 61% of marketers use webinars as a tactic for their content marketing strategy, and you should too. It is a given that as an asset management practice you have the resources and ability to help your client reach their financial goals. Therefore, put some tactics in play to show what separates you from other practices. If you would like some assistance with putting these strategies and tactics into motion, or putting together a plan for your business, give TLC Marketing and Creative Services a call. Robert Wetzel is the director of Marketing and Communications for TLC Marketing and Creative Services. Contact him at Robert@ trishleaonard.com or at (239) 405-8115.
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FINANCIAL REVIEW
Important tax changes for businesses Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes in 2021 for businesses to help you plan the year ahead.
nesses that might not have any income tax liability will be able to offset payroll taxes with the credit as well.
Standard Mileage Rates The rate for business miles driven is 56 cents per mile, down one half of a cent from the rate for 2020. Section 179 Expensing The Section 179 expense deduction increases to a maximum deduction of $1,050,000 of the first $2,620,000 of qualifying equipment placed in service during the current tax year. This amount is indexed to inflation for tax years after 2018. The deduction was enhanced under the TCJA to include improvements to nonresidential qualified real property such as roofs, fire protection, and alarm systems and security systems, and heating, ventilation and air-conditioning systems. Also, of note is that costs associated with the purchase of any sport utility vehicle, treated as a Section 179 expense, cannot exceed $26,200. Bonus Depreciation Businesses are allowed to immediately deduct 100% of the cost of eligible property placed in service after Sept. 27, 2017, and before Jan. 1, 2023, after which it will be phased downward over a four-year period: 80% in 2023, 60% in 2024, 40% in 2025, 20% in 2026, and 0% in 2027 and years beyond. Qualified Business Income Deduction Eligible taxpayers are able to deduct up to 20% of certain business income from qualified domestic businesses, as well as certain dividends. To qualify for the deduction business income must not exceed a certain dollar amount. In 2021, these threshold amounts are $164,900 for single and head of household filers and $329,800 for married taxpayers filing joint returns. Research & Development Tax Credit Starting in 2018, businesses with less than $50 million in gross receipts can use this credit to offset alternative minimum tax. Certain start-up busi-
BABCOCK PAGE 1
BY W. BRADLEY COOPER JR. Guest Columnist
a new hire.
Work Opportunity Tax Credit Extended through 2025 (The Consolidated Appropriations Act, 2021), the Work Opportunity Tax Credit is available for employers who hire long-term unemployed individuals (unemployed for 27 weeks or more) and is generally equal to 40% of the first $6,000 of wages paid to
Employee Health Insurance Expenses For taxable years beginning in 2021, the dollar amount of average wages is $27,800 ($27,600 in 2020). This amount is used for limiting the small employer health insurance credit and for determining who is an eligible small employer for purposes of the credit. Business Meals and Entertainment Expenses Taxpayers who incur food and beverage expenses associated with operating a trade or business are able to deduct 100% (50% for tax years 2018-2020) of these expenses for tax years 2021 and 2022 (The Consolidated Appropriations Act, 2021) as long as the meal is provided by a restaurant. Employer-provided Transportation Fringe Benefits If you provide transportation fringe benefits to your employees in 2021, the maximum monthly limitation for transportation in a commuter highway vehicle as well as any transit pass is $270. The monthly limitation for qualified parking is $270. While this checklist outlines important tax changes for 2021, additional changes in tax law are likely to arise during the year ahead. Don’t hesitate to call if you have any questions or want to get a head start on tax planning for the year ahead. W. Bradley Cooper, Jr. is a certified public accountant based in Fort Myers. Contact (239) 275-4511. Visit wbcoopercpa.com for more information. For more business news, visit www.swfloridabusinesstoday.com
Lennar golf and lifestyle community. Construction continues at Crescent B Commons, the Publix-anchored shopping center scheduled to open later this year at a new entrance to Babcock Ranch. Babcock Ranch homebuilders offer home designs for nearly every lifestyle, from condominiums to villas to single-family estates ranging from 1,120 to more than 4,000 square feet. Homes appeal to young millennials, families, empty nesters and retirees alike, with prices ranging from the $200s to over $1.5 million. Built to Florida Green Building Coalition standards, homes emphasize energy and water conservation and offer a full gig of fiber-optic connectivity. Within Babcock Ranch’s welcoming neighbor-
hoods, more than two dozen model and quick-delivery homes are now open or under construction by AR Homes by Arthur Rutenberg, Divco Custom Homes, Florida Lifestyle Homes, Fox Premier Builders, Lennar, Meritage Homes, Pulte Homes and WCI. Many models are open for viewing daily. Babcock Ranch was created by Kitson & Partners with respect for the natural environment and the philosophy that smart growth and sustainability work hand in hand. Half of the town’s 18,000-acre footprint is set aside as greenways, parks and expansive lakes, providing recreation and scenic backdrops for Babcock Ranch’s homes and the Founder’s Square downtown district.
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Reinvigorate your business with EOS
SWFL FPRA calls for entries for ‘Local Image Awards’ The Southwest Florida Chapter of the Florida Public Relations Association announces a call for entries for its annual “Local Image Awards” competition, which recognizes outstanding communications programs, presentations and campaigns. Entries are open to marketers, communicators, graphic designers, advertising gurus and public relations professionals. “The Image Awards are for any marketing and communications professional or college student who has executed a successful public relations, marketing or communications project during the last year. From press releases and brochures, to website redesign, to GIFs and videos, there is a category for everyone in this competition. Now is the perfect time to receive recognition for all the hard work you put into this past year,” said Lisa Murray, Local Image Award event chair for SWFL-FPRA. The Local Image Award competition is open to businesses or residents in Lee, Collier, Charlotte, Hendry and Glades Counties regardless of membership affiliation with FPRA. The local competition is the precursor to FPRA’s Golden Image Awards where Florida PR professionals participate in a state-wide competition. The competition includes four divisions, with multiple categories within each division: 1. Division A – Public Relations Programs – A public relations program is defined as a broad-based communications endeavor using two or more public relations tools. 2. Division B – Collateral of Public Relations – Public Relations collateral is any printed material used for a public
FEBRUARY 2021
relations purpose, either standing alone or as part of a public relations program. It includes written material and specialty items. In the case of regularly produced printed materials, such as newsletters or magazines, one to three issues should be included in the support material. 3. Division C – Digital Tools of Public Relations – This division includes any online, audio or audio/visual presentation or program that serves a public relations objective. Audio, video or electronic presentations should be submitted with a copy of the script or storyboard, if available. 4. Division D – Student Projects in Public Relations – This division is restricted to entries submitted by full- or part-time students enrolled at an accredited Florida university or college. Student projects in public relations include printed material and campaigns created for a public relations purpose, whether assigned for a course or completed outside the classroom. A photocopy of the entrant’s valid student ID must be attached to the entry form. Winners will be evaluated based on evidence of sound research and planning as well as having met the highest standard of production, execution and evaluation of results and budget. The deadline for entries is 11:59 p.m. on Feb. 18; cost is $55 for SWFL-FPRA members, $75 for non-members and $40 for students. Visit www.fpraimage.org for more information, guidelines and to submit entries. Select “Southwest Florida Chapter” to begin the online submission process. Winners will be announced at the SWFL-FPRA Local Image event scheduled for April 15 at 6 p.m.
I’m glad it’s 2021. Following a roller-coaster year for nearly every business, we’re all looking forward to what we hope will be a return to business-as-usual, whatever that may be. According to a 2020 survey by CBIZ, COVID-19 and its damage to the economy caused significant decreases in sales to over half the businesses surveyed. Small and midsize companies were impacted the most, with 48% of companies reporting severe losses. As a business leader, a new year is also a time to look at the previous year’s performance and address the problems preventing you from growing. One of the most effective frameworks for building a profitable small and midsize business is the Entrepreneurial Operating System. EOS has simple tools to help you and your leadership team do three things: Vision, Traction, Healthy. • Vision, from the standpoint of first getting your leaders 100% on the same page with where your organization is going and how it will get there. • Traction, from helping your leaders become more disciplined and accountable, executing flawlessly to achieve every part of your vision. • Healthy, meaning helping your leaders become a healthy, functional, cohesive leadership team because leaders often don’t function well as a team. From there, as goes your leadership team, so goes the rest of your organization. We get to the point where your entire organization is crystal clear on your vision, all much more disciplined and accountable in
executing your vision, gaining consistent traction, and advancing as a healthy, functional, cohesive team. If any of this resonates with you, I’ll invest 90 minutes of my time with your BY ROSS leadership team GIBBS to show you how Guest Columnist you can experience the benefits of Vision, Traction, Healthy. As you move through the EOS Process and reach the point where you no longer need me, the leadership team and company will have been transformed. You’ll know it before I do. Things become easier, and the issues begin to fall into place. The owners and the leadership team start experiencing what we call “The EOS Life.” 1. Doing what you love. 2. With people you love. 3. Making a difference. 4. Being well compensated. 5. Having the time to pursue other passions. Do you want to experience The EOS Life? Ross Gibbs is a certified EOS Implementer. With over 15-years’ experience growing and building profitable businesses, he helps leadership teams achieve sustainable results by implementing the Entrepreneurial Operating System. Contact him at (612) 760-6866 or rossgibbs@ heitraction.com.
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Southwest Florida BUSINESS TODAY ®
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COMMERCIAL REAL ESTATE MARKET A look at commercial real estate trends & topics in Southwest Florida
Seagate to develop 175 acres of land
GMA Architects & Planners has completed the building design for a new Enterprise located on the Pine Island Road corridor in Cape Coral.
Seagate Development Group is partnering with Barron Collier Companies on one of the largest pieces of undeveloped land in Bonita Springs. Having recently closed on this 175-acre property on Bonita Beach Road, they will take it through entitlements for a residential neighborhood. The completed community will offer sweeping lake and preserve views for all residents as well as opportunities for passive recreation and easy access to stores, restaurants and Interstate-75. Seagate and Barron Collier Companies have been partnering on successful residential and commercial projects for many years. These incommercial real —estate & clude Hill Tide Estates a nearly trends 10-acre, exclusive 19-homesite community on Boca Grande with luxurious views of Charlotte Harbor, Boca Grande Pass and the Gulf of Mexico — as well as CubeSmart self-storage facilities in Ave Maria, Estero and Fort Myers. They also worked together on the highly versatile Eastlinks Business Park in the Gateway area of Fort Myers. “Seagate has been a great joint venture partner of ours. They have talented people in their organization who are able to provide multifaceted services,” said Brian Goguen, chief investment officer of Barron Collier Companies. “The Bonita Beach Road property is in a great location, close to all that Southwest Florida has to offer. It has a lot of potential as a residential community, and we look forward to working with Seagate on this project.” “This endeavor will be unlike anything the region has seen before,” said Matt Price, CEO and partner at Seagate Development Group. “With un-
COMMERCIAL REAL ESTATE MARKET
GMA Architects completes building design for Enterprise A look at
GMA Architects & Planners completed the building design for an Enterprise on the rapidly developing Pine Island Road corridor in Cape Coral. The project included a building to accommodate Enterprise’s car sales, daily car rental and truck rental services as well as a detached QuickTurn-Around fueling and wash and detail bay. The prominent site provides maximum exposure and accessibility and has parking for 286 vehicles. The 7,250-square-foot building was designed with all the spaces necessary to serve the operations of the daily car rental, truck rental and car sales teams. These individual businesses share a common restroom, data room and break room. Additionally, a covered customer celebration area and an indoor lobby and waiting area serve the car sales wing, and an exterior canopy is also provided for vehicle rental and return. The 1,200-square-foot QTA building has one automatic car wash, two wet detailing bays and a dry new car check-in bay.
GUEST COMMENTARY
Real reason for minimum wage increase The Federal Government’s income in 2019 was $3.5 trillion. This was the most income the Federal Government has ever had in one year. But, alas, they still couldn’t live within their budget. Could you? Florida is raising the minimum wage (MW) to $10 per hour in September of this year. Joe Biden is already pushing $15. With their administration having total control of the government this will happen. My column in December 2020 pointed out how buying power of the MW earners is immediately decreased by any mandatory raise in MW. Employers must compensate by raising their prices above the MW percentage increase to cover their additional tax charges. So, why the increase? The government gets 39% of their total revenue from payroll taxes. That is $1.36 Trillion. Another 50% of their total revenue comes from income taxes, which is also tied to wages. Therefore, a 100% increase in the MW, $7.50 per hour to $15 per hour, would raise the income to the Federal Government by nearly $2.5 trillion. You can see that the politicians talk about the wage earner, but they are really working to put more money in their coffers! Inflation will follow quickly. The MW earners will unknowingly suffer the most. If you own hard-appreciating assets, like real estate, you will have a hedge against the volatile forces of the economy. We could get to Runaway Inflation, as Germany did in the 1920s and Venezuela in the 2000s. People were bringing money in wheelbarrows to purchase a loaf of bread. Some of you may remember President Gerald Ford’s attempt to mitigate U.S. inflation with his publicity campaign buttons, WIN – Whip Inflation
Now! I certainly do. The Federal Government income in 1940 was $6.548 billion while minimum wage was 25 cents per hour. Fast forward 80 years later to 2020. The Federal Government income was $3.5 trillion while minimum wage was $7.50 per hour. Therefore, during this 80-year period, MW increased 30 times while the government income grew 534.5 times. Other factors, such as population and inflation, account for some BY RANDY of these staggering statistics, but the KRISE questions is, is this a precursor for what we can expect in the future? My recommendation is to buy hard assets such as real estate now. Purchase the assets with cash or finance them and pay the note off with inflated dollars. Normally, I would say that counting on inflation would be a fool’s errand. But knowing the historic relationship between wages and inflation allows me to predict with certainty that inflation will occur. If the Federal Government sinks the economy into a depression, all bets are off. Providing that a severe shrinkage of the economy does not happen, then inflation will happen, and prices of all goods and services will double quickly. Randy Krise, CCIM, is the Broker/Owner of Krise Commercial Group, Fort Myers. He may be reached at (239) 633-8672 or randy@krisecg.com.
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Seagate Development Group is partnering with Barron Collier Companies on one of the largest pieces of undeveloped land in Bonita Springs. limited access to an ever-booming area and a gorgeous community to call theirs, future residents will have Southwest Florida at their fingertips. With Barron Collier as our partner, we are guaranteed to take this project to its highest point.”
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FEBRUARY 2021
COMMERCIAL REAL ESTATE MARKET A look at commercial real estate trends & topics in Southwest Florida
NeoGenomics: locally rooted, internationally impactful Special to SWFBT Submitted By: Karen P. Moore, Publisher
NeoGenomics, a $409 million corporation, started in 2002 in North Naples and later relocated to Gateway in Fort Myers. It is a company designed to provide innovative diagnostic and data solutions that bridge oncologists, pathologists and therapeutic development. With 13 locations across three continents, including offices in China, Switzerland and the United Kingdom, it is a leading provider of oncology testing and global oncology research services. It is estimating a 6% and 8% annual market growth with upside potential, looking at growth that is twice the market rate. According to Helen Edenfield, Global Director of Operations Excellence at NeoGenomics, “We are growing quickly because of our fast turnaround time with a focus on the patient. Our growth validates our competitive differentiation.” She notes the company’s focus is the community setting, bringing state-of-theart oncology testing to the masses. At its humble beginnings, the company started
For more business news, visit www.swfloridabusinesstoday.com with 1,400 square feet. When its headquarters in Lee County is complete in the third quarter of 2021, this $60-million project will be a 150,000 square-foot complex on a 14-acre site; two labs in two buildings, with 800 parking spaces. The company is looking to hire 300 people over the next five years. The company is also allowing for additional growth, with 10,000 square feet of the new building for a molecular lab planned. Edenfield noted, “Upon completion of this project, we are moving from five buildings to everything being pretty much under one roof.” She added, “This project is a little different than a ‘typical’ construction project of this kind because a sense of community is very important to us; we wanted to be as Southwest Florida as we could get when choosing vendors to work with.” Edenfield stated NeoGenomics has the flexibility to pivot with the environment. With COVID-19, for
example, the company converted a lab in California to do COVID-19 testing. It processed up to 10,000 cases per day and is still operating. The company had no furloughs or layoffs because of COVID-19; instead, 1,400 of its 1,800 employees are now working from home. “We wanted to manage the business to emerge from COVID-19 stronger,” Edenfield explained. As for the future, three important growth areas in the business today were enabled by leveraging the power of its growing core clinical “engine.” These areas are next-generation sequencing, its pharma division and its informatics division. In 2021, these initiatives could represent nearly a third of the company’s revenues. Edenfield explained, “Innovation and scale has made our three divisions — clinical services, pharma services and informatics — increasingly synergistic over time. By helping the community oncology field, we improve lives.” Regarding the NeoGenomics headquarters project in Lee County, Edenfield shared, “This is our first build and it’s been an adventure, and a very good experience so far. It’s important to NeoGenomics to keep its headquarters in Southwest Florida.”
Victory Park Commercial Project coming to Cape Blue Waters Development Group announced plans to develop Victory Park, a commercial project in Cape Coral. Victory Park will include a 125-room Wyndham Garden hotel, commercial space, and 100,000 square feet of medical space and industrial space. The groundbreaking
is scheduled for the second quarter of 2021. Pre-leasing is now taking place. Wyndham Garden’s newly introduced prototype is a cost-effective concept that features a smart layout, designed to maximize efficiencies and combat rising construction VICTORY See page 9
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Herscoe Hajjar Architects has been approved for plans for a multi-use structure, which will be located in the former Paddy Murphy’s Irish Pub location on 5th Avenue South in Naples.
Herscoe Hajjar Architects unveils plans for 5th Avenue South multi-use structure
Southwest Florida architectural firm Herscoe Hajjar Architects has been approved for plans for a multiuse structure in the former Paddy Murphy’s Irish Pub location on 5th Avenue South in Naples. With a vision to enhance the lifestyle of full and part-time residents, visitors and businesses alike, the property owners said they seek to portray 5th Avenue South in all its glory. Blended with traditional and modern aspects, the project enhances the flair of the area with upscale design and historic tributes
Rob Herscoe spoke about the 5th Avenue South project and what it means to the community. “Herscoe Hajjar Architects is a small studio that delivers a personal touch to both commercial and residential clientele, who desire something special,” he said. “Not only have we been a part of Southwest Florida for decades, we have helped shape the landscape of our unique and wonderful community, and we look forward to continuing our work as we watch the evolution of Naples unfold.”
We Care About SWFL Commercial Realtors With dedicated space for informa�on: • On our website with a Commercial Real Estate sec�on & directory • In our quarterly Commercial RE Market pullout in both the print & digital versions of SWFBT • With zoned and full-run inserts • With guest column opportuni�es • With digital marke�ng op�ons For more informa�on, call Karen at (239) 770-7527 ®
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Southwest Florida BUSINESS TODAY ®
Page 9
COMMERCIAL REAL ESTATE MARKET A look at commercial real estate trends & topics in Southwest Florida
Krise Commercial to develop Midtown Fort Myers project After more than 40 years of selling, buying and renting commercial real estate in and around Lee County and Marietta Georgia, Randy Krise, the owner/broker of Krise Commercial Group along with his partner Bahram Khoobehi have announced their plans to develop 5.42 acres in Midtown, Fort Myers. The property is located between Central Avenue, Market Street and Fowler Street. Inspired by the Midtown Fort Myers Integrated Redevelopment Plan Vision, their project, ALDEA, is one of the first planned for Midtown and is expected to transform the landscape of the ALDEA, is one of the first planned for Midtown and is expected to transform the landscape of the sursurrounding area. area. look commercial real estate trends & ALDEA will occupy an entire city A block whileat rounding still maintaining an intimate urban lifestyle experience with two separate residential buildings that with a mix of studios, one- and two-bedrooms, look inward to multi-functional courtyard spaces. several of which offer additional dens that proThis upscale development with an urban-like de- vide support for home office or remote worksign will include 300 rentable multifamily units space. Amenities include a courtyard pool with
Don’t forget to post your in-person and virtual events on our B2B events calendar at www.swfloridabusinesstoday.com/calendar fire pits and projection screen, social community room, fitness area and a business lounge to offer multiple locations to expand remote office experience. The project will also have approximately 30,000 square feet of commercial/retail space and a 540-space parking garage to serve residents and visitors. ALDEA, estimated to cost nearly $65,000,000, is expected to break ground Fall 2022. The team working with partners Krise and Khoobehi intopics in Southwest Florida cludes Dean Martin with TDM Consulting, Ron Reitz and Cathy Roche with Studio for Architecture, and DeAngelis Diamond as the construction manager. The owners will be applying for TIF Grants through the CRA in downtown Fort Myers.
COMMERCIAL REAL ESTATE MARKET
Demand for multifamily in Southwest Florida continues 2020 was certainly the year of change across the country and around the world, Southwest Florida was no exception to that rule. While Florida was late mandating quarantine protocols and businesses were able to reopen shortly thereafter relative to other states, economically the region performed relatively well. Throughout the summer and into the fall, Southwest Florida saw an increase in weekend tourism travel by those looking to escape larger Florida cities. Interest in the region continued to grow throughout the year with an influx of domestic migration from the Northeast, Midwest and California. Themes surrounding lower taxes, lower cost of living, economic growth and good weather lures people to our coast and the need for housing continues to rise. Domestic Migration As Florida continues to grow, surpassing New York back in 2014 as the third most populated state, the demand for housing, rentals and accommodations continues to rise. The early economic recovery coupled with the skilled workforce ability to work remotely has prompted many moving to Southwest Florida. However, with the increased demand, inventory is in short supply. Collier County in 2020 saw its lowest single family home inventory levels in over 17 years. The region saw its first apartment development delivered in 2015 after a 7-year hiatus of new construction. With 20% of the current population renting, inventory levels continue to lag. However, the current development pipeline is catching up. The pent-up demand and lower land costs relative to major Florida cities has large out-of-area developers prospecting locations in the region. County Performance In 2020, Collier County proved to be the best overall performer for multifamily assets. As the unemployment rate in the county decreased to 4.9%, down from its peak of 13.5% in April, existing unit absorption continued to rise. Vacancy rates decreased to 6.8%, decreasing 1.6% from the prior quarter. As a result, market rental rates rose 1.1% to $1,421 per month.
Despite a decrease in unemployment levels in Lee County to 5.7% from its peak of 14.6%, absorption of available units has laggard other Southwest Florida counties. This is largely contributed to by recent delivBY THOMAS ery of new assets WEBB to the market. VaGuest Columnist cancy rates in the county increased to 11.5%, up from 8.4% over the prior quarter. Market rental rates increase slightly to $1,266, up $6 or 0.5% during the same period. Transactions Nationally, capital markets transactions decreased substantially as investment firms and businesses continued to assess their own operations and retain their current tenant base. Stimulus checks made it possible for tenants to pay their rent and contributed to multifamily being one of the best performing asset classes along with industrial. As many put their acquisitions and disposition strategy on hold for the better part of six to nine months, the year started off strong with Collier County witnessing the sale of the newly developed Addison Place during the first quarter. The 294-unit apartment complex traded for $85 million or $289,115 per unit. This is the second highest price per unit sale on record in Collier County. After the delay, deal volume picked up in the final quarter ending the year off with a total of $770.5 million in transactions. Other notable transactions include that of Inspira $82.25 million (304 units) in Naples, Sanibel Straits $54 million (224 units) in Fort Myers and The Retreat at Vista Lake $96 million (640 units) in Fort Myers. Southwest Florida counties saw a 20% decrease in transaction volume from prior year 2019. Thomas Webb, CCIM, is director of Multifamily for Lee & Associates Commercial Real Estate. Contact him at twebb@lee-associates.com or (239) 230-2198.
VICTORY PAGE 8 costs. It is inspired by the beauty of nature and incorporates elements of dappled light, textured wood, natural fabrics and flexible outdoor space. In addition, the Wyndham Garden presents a new food and beverage concept, nice & vice, offering a celebrity-chef-inspired menu. “Situated in one of the nation’s fastest growing cities, Victory Park presents a wonderful opportunity for those looking to lease space for their
business, tech and medical companies,” said Danny Aguirre, manager of Blue Waters Development Group. “It’s exciting to bring more options to local residents, as well as the 5 million people who visit Lee County each year. “The Wyndham Garden will be a spectacular addition to the Cape Coral area,” he continued. “This new smart, sophisticated concept brings the outside in with a connection to nature. This new hotel will welcome many visitors to Cape Coral with a delightful twist on modern hospitality.”
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Southwest Florida BUSINESS TODAY ®
FEBRUARY 2021
COMMERCIAL REAL ESTATE MARKET A look at commercial real estate trends & topics in Southwest Florida
Is the medical office market ‘recession-proof?’ When the economy takes a tumble, investors immediately start hunting for recession-resistant assets. For the better part of the last 30 years, commercial real estate investors have turned to medical properties, which has been one of the strongest investment performers in our economy, regardless of economic conditions. Even during the global financial crisis of 2007-2008, growth in the medical office market continued while other sectors stumbled. A drive around Southwest Florida provides plenty of evidence of the resiliency of the medical real estate market. In the last five years, our region has seen close to a dozen urgent care centers open, including several multi-location chains. Lee Health invested in a mammoth expansion of Gulf Coast Medical Center, Family Health Centers of Southwest Florida added a three-story, 65,000 square foot medical center in Lehigh Acres and Healthcare Network of SWFL opened its own three-story facility in Golden Gate. The real question is if the medical real estate market is immune to COVID-19. As we all know, the COVID-19 recession has been unlike any other economic downturn we’ve experienced in our lifetimes. Nationwide, pandemic-related shutdowns forced doctors’ offices to close and elective procedures to halt. For those who needed to see a doctor, many delayed appointments or switched to telehealth services rather than risking exposure to the novel coronavirus. As a result, spending in the healthcare sector declined sharply in the second quarter of 2020, and medical office occupancy plunged. Commercial property investors have been left wondering if the medical real estate sector was as bulletproof as we’d been led to believe. While worry is certainly understandable in uncertain times like these, the pandemic’s impact on the medical office market should be a short-term concern. Over the long run, Cushman & Wakefield’s commercial brokerage professionals believe the medical office market is poised to make a strong comeback. There
are two primary reasons why. The first is our aging population, and the second is the economic condition of the healthcare sector as a whole. When the Baby Boomer generation first appeared, our nation’s population looked very different. In 1950, there were only about 12.4 million senior citizens in our country. Today, the U.S Census Bureau estiBY SHAWN mates that there are nearly 51 STONEBURNER million Americans age 65 or Guest Columnist older—a number that’s expected to increase to 80 million by 2040. And as we collectively age, our medical needs increase. While the 65-and-older crowd makes up just 15.6% of the U.S. population, this age group accounts for 36% of healthcare spending. With our nation aging, our need for medical care will only increase further, and medical office properties will be in high demand. Here in Southwest Florida, that demand will be even more relevant. Seniors currently make up an estimated 32% of the total population in Charlotte, Collier and Lee Counties, keeping the need for health care on the rise. Health care also continues to be a strong sector financially. For the last decade, health care spending has increased $136 billion per year. Our aging population, combined with the rising cost of health care services, has kept spending on an upward trajectory. In fact, the Center for Medicare and Medicaid Services projects that health care spending will nearly double over the next decade—to an average growth of $268 billion per year. Even when COVID-19 brought the economy to a near standstill, the health care sector was one of the quickest to rebound. The pandemic caused a 9.6% decline in healthcare employment—a staggering number, but small compared to the 14.5% decline in U.S. jobs overall. More important, as of Octo-
ber, nearly two-thirds of those health care jobs had been recovered, compared to 54% of all jobs in the country. Health care spending followed a similar pattern. In the second quarter, health care spending dropped 54%. By the third quarter of 2020, 94% of that spending had bounced back. For decades, the medical sector in commercial real estate has been considered nearly recessionproof. While the COVID-19 pandemic has certainly challenged that belief, the experts at Cushman & Wakefield believe that our population trends, combined with the economic growth of the health care sector, will keep medical properties in high demand well into the future. We’re already seeing local indications of this trend. Six months into the pandemic, Encompass Health announced it was planning a 40-bed rehabilitation hospital in Cape Coral—one of six new medical offices planned for the Cape in the midst of a pandemic. Along the I-75 corridor, Frantz EyeCare is finalizing plans for a 60,000-square-foot corporate headquarters, surgery center and medical office building that will break ground next month. The remainder of Southwest Florida is likely soon to follow. While nobody will soon forget the human tragedy of COVID-19, the pandemic’s influence on the medical office real estate market will likely be a short-term stumble rather than a long-term calamity. To learn more about commercial real estate and development opportunities in the medical office market, contact the professionals at Cushman & Wakefield Commercial Property Southwest Florida. With extensive local market knowledge and best-in class data and analytics, Cushman & Wakefield is your go-to team for commercial property decision-making. Contact us for a complimentary, no-obligation property valuation. Shawn Stoneburner is a partner with Cushman & Wakefield/CPSWFL. Contact him at sstoneburner@cpswfl.com or (239) 489-3600.
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Southwest Florida BUSINESS TODAY ®
Page 11
FINANCIAL REVIEW
A progression of opportunity to help a nonprofit, SWFL families There comes a point in our lives where the children are grown and our career path is defined, so we turn our attention to others. For me, that realization came six years ago while serving on a United Way allocations committee. I was assigned to evaluate Child Care of Southwest Florida, an accredited, nonprofit early childhood education provider with locations in Lee and Hendry counties. I left that assessment convinced that our community – myself included – can and should be doing more to prepare children for the future. A high-quality early learning program is critical in developing the academic, social, behavioral and emotional skills that will guide students throughout school and beyond. It’s a strong predictor of whether students will drop out of school, become teen parents, attend college and face arrest for a violent crime. So why don’t all parents register their children for child care? The cost is out of reach for many families. In Florida, the average cost for infant care is $770 per month, while fees for 4-year-olds average $607 monthly. Financial limitations keep many parents from enrolling their children in school until kindergarten, which is too late. They’re already behind their classmates and below grade-level expectations. Recognizing the challenges, I began designating Child Care of Southwest Florida as the beneficiary on my annual United Way contribution form.
I wanted to help children from hardworking, local families be able to afford an early childhood education. I wanted to help an organization where everyone, from lunchroom staff and teachers to center directors and administrators, was fully committed to the students’ well being. After discussing Child Care of Southwest Florida with my colleagues, we decided as a team BY FRED to tackle community service MASCHMIDT projects at child care centers, Guest Columnist like planting gardens, painting facilities, improving playground spaces and enhancing the landscaping. It’s so much better to learn in a beautiful, colorful environment. Beyond that, I still wanted to help this organization in a deeper way. In 2019, I joined the Board of Directors, a group of 12 community-minded business leaders who shared a similar passion for Child Care of Southwest Florida. The organization had strong academic and operational leaders, and regularly earned top ratings from independent organizations that evaluate the financial health and stewardship of nonprofits. The Board of Directors discusses policies, budgets, academic initiatives and strategic planning, but it’s become apparent that fundraising is a priority.
For more business news, visit www.swfloridabusinesstoday.com Families in Southwest Florida are struggling right now. Money is tight. As a community, we must ensure children still have access to a high-quality early learning program. The lack of financial resources is a challenge, but it’s an obstacle we can overcome. Child Care of Southwest Florida’s board members have joined CEO Chris Hansen in promoting the Primary Needs Scholarship Program. We’re asking generous businesses, individuals and foundations to support an educational program that is empowering entire families. Children can get a head start on their education while parents can pursue career advancements and college degrees without feeling burdened by the cost of child care. Having worked in the financial sector for decades, I have always focused on the bottom line. Education, particularly at Child Care of Southwest Florida, is an investment that always outperforms. Fred Maschmidt is Senior Vice President of Investments and Branch Manager for Raymond James in Fort Myers. He serves on the Board of Directors for Child Care of Southwest Florida. For more information about the Primary Needs Scholarship Program, please call (239) 278-1002 or visit www.ccswfl.org/giving.
Moving forward into 2021 with clear vision As we move forward into 2021, let’s do so with intention, optimism and a clear vision for success. We all learned valuable lessons in 2020. It’s time to put them to good use and develop a solid business and marketing plan that will help you emerge as an industry leader or maintain your status as one. If you are not sure how to get started or what you should include in your 2021 plan, here are a few suggestions. 1. Don’t do it alone. Consult with a trusted creative marketing agency or advisor who can assist you in the development, implementation and management of your marketing plan so that you can do what you do best. Did you know that some agencies have a full team of professional graphic designers, writers, web developers, media specialists, digital marketing experts and brand strategists who could serve as your company’s marketing department for less than the cost of hiring one full-time marketing position? 2. Refresh your website. It may be the ideal time to invest in a new web-
site or give your current website a refresh. Your website has the potential to see more traffic and revenue growth than your physical storefront in 2021, so make sure it’s appealing and easy to navigate. A web BY CONNIE can RAMOS-WILLIAMS developer evaluate your Guest Columnist current website and help you transition or expand your online presence in order to stay relevant. 3. Expand your social reach. Make sure your social media platforms are kept current and contain valuable and engaging content. To ensure your sales and marketing messages reach your ideal clients and target audiences, you should invest in boosted social media posts or paid search engine or social media advertisements. With even a small start-up budget
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you can see a huge difference in post reach, engagement and leads. 4. Invest in your success. Don’t be the company that gets left behind. As much as you may be tempted, this is not the time to slash your marketing and advertising budget, unless you want to close the doors to your oncethriving business. Remember, if you are out of sight, you will most definitely be out of mind too. Let your customers and your competitors’ customers know that you are open for business and ready to serve them. Continue or increase your efforts to gain more market share. Stay connected with customers through email, social media, advertising and public relations campaigns. Connie Ramos-Williams is the chief marketing officer and president of CONRIC pr +marketing, an industry leader in branding, public relations, digital marketing, advertising and website development. For more information, visit ConricPR.com, email info@conricpr.com or call (239) 690-9840.
GOODWILL PAGE 1 number of applications ever seen was recorded. The MicroEnterprise Institute is a six-week training program to help emerging entrepreneurs start new ventures and grow small businesses. Graduates complete a comprehensive training course and prepare a solid feasibility plan, working with mentors who are successful businesspeople. Graduates of the program have started over 900 businesses since its inception in 2010. Virtual classes are scheduled from 6 to 9 p.m. on Monday and Thursday evenings online. Recent graduate Taylor Grant said, “The course challenged me to consider what it takes to establish, operate and maintain a business, and it also challenged me to stay committed and follow through.” To apply, visit www.goodwillswfl. org/microenterprise, or call (239) 9952106, ext. 2304 for more information. The class is limited to 16, due to its interactive nature. The class fee is $80, but applicants meeting certain income guidelines are eligible to substitute volunteer hours for the fee.
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Southwest Florida BUSINESS TODAY ®
FEBRUARY 2021
FINANCIAL REVIEW GUEST COMMENTARY Minimum wage hikes will boost consumer spending, help economy Twenty states will be raising their minimum wage to start the new year. Another four states have increases scheduled later in 2021. Business leaders across the country say minimum wage increases will boost consumer spending, strengthen local workforces and help build a shared economic recovery. “The economy will get a shot in the arm when states raise their minimum wage to start the new year,” said Holly Sklar, CEO of Business for a Fair Minimum Wage. “Businesses depend on customers who make enough to buy what they are selling, from food to car repairs. Minimum wage increases will go right back into local economies, helping workers and businesses get through the pandemic and economic crisis. Let’s hope 2021 is also the year we raise the federal minimum wage, ending the longest period without an increase since 1938, when it was enacted to help our nation recover from the Great Depression.” In November, Florida underscored the broad appeal of minimum wage increases by passing Amendment 2, raising the state minimum wage to $15 by 2026, with a 61% supermajority. Florida, the first
ECONOMIC PAGE 1 and handled more than 16,000 phone calls. Fifty-four million dollars were distributed to local businesses and individuals under the program.” Lee County poised for continued expansion “Today,” Talmage went on, “3 million square feet of site selection properties in Lee and Collier counties are close to being contracted in Lee and Collier counties: 2 million of that is located in the region immediately surrounding the Regional Southwest International Airport (RSW). Dr. Franzen is in permitting; Advanced Hurricane Technology is under construction in I-Tech. NeoGenomics and Scotlynn are topped off and Alta has pulled permits for a new building in Skyplex.” He noted that in the next five to 10 years, in the greater RSW area alone, 45,000 to 50,000 new jobs will be created, including jobs in logistics, transportation, healthcare, life sciences, technology and manufacturing. “All of this activity,” Talmage pointed out, “is good for all of us because growth feeds growth.” Fort Myers rises to meet the future According to Henderson, “It is always a challenge to strike a balance between urban sprawl versus property rights and development, especially since our MSA (which includes the cities of Fort Myers, Cape Coral, Bonita Springs, Sanibel and Fort Myers Beach,
Don’t forget to post your in-person and virtual events on our B2B events calendar at www.swfloridabusinesstoday.com/calendar state to pass a $15 minimum wage by ballot initiative, joins California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey and New York, making eight states that are incrementally increasing their minimum wage to $15. Florida has two increases in 2021: a previously scheduled inflation adjustment on Jan. 1 and a Sept. 30 increase to $10 in the first step enacted under Amendment 2. Claude Luciani, owner of Pizza Rustica in Hollywood, said, “Paying a fair wage is one of the best things a business can do to build employee engagement and customer loyalty. This pandemic has reinforced how important dedicated employees are when it comes to safety protocols that protect our staff and customers. I was thrilled that Florida voted for a $15 minimum wage in November. I’m looking forward to the boost in consumer spending following the small wage increase on January 1, and looking forward even more to the larger raises that will
take place as Amendment 2 kicks in.” States with indexing where annual cost of living adjustments will take effect Jan. 1, 2021 include Florida increases to $8.65. On Sept. 30, 2021, the minimum wage will increase to $10. After reaching $15 in 2026, Florida will resume indexing. The federal minimum wage has been stuck at $7.25 an hour since July 24, 2009— the longest period in history without a raise. On July 18, 2019, the U.S. House of Representatives passed the Raise the Wage Act, which would increase the federal minimum wage to $15 by 2025, but the Senate has not acted and there will be new efforts to raise the minimum wage in 2021. Business for a Fair Minimum Wage is a national network of business owners and executives and business organizations that believe a fair minimum wage makes good business sense. twitter.com/MinimumWageBiz. To speak to business owners supportive of raising the minimum wage, please contact Erin Musgrave at erin@emccommunications.com or (530) 864-7014
“All is alive and well, and the money is flowing, in Lee County!”
John Talmage Lee County Economic Development Director
as well as the Village of Estero,) is already at 750,000 to 800,000 full-time residents and this number continues to grow.” He added, “So the next two decades offer outstanding commercial real estate development opportunities.” As mayor of the City of Fort Myers, he indicated, “The goal was to make sure our city was progressing via the infrastructure it provided so people continued to invest confidently in our area.” What it will take to sustain long-term growth in SWFL To accommodate the projected population growth, including in two of the fastest growing millennial zip codes in the country (one in Cape Coral and one in Fort Myers, Talmage points out that both road improvements and road expansion are key. According to Talmage, Lee County residents have the longest commute, in terms of distance, in the entire state. So, he stated, roadway construction is key to enabling future expansion in Lee County. “All of this (roadway) construction is intended to relieve traffic congestion and improve commutes for Lee County residents.” Regarding Fort Myers and how it fits in to the region’s future expansion, Henderson noted, “The City of Fort Myers is 40 square miles, so it will not be the largest city in our region as the area continues to grow, but it will continue to be a governmental hub on the
local, state and federal levels.” He added, “Continued growth also means that our quality of life is only changing in one way: it’s getting better!” What’s next? Both leaders then discussed a national event, traditionally held in Manhattan, that has contracted to be held in Fort Myers for the next three years. It is the national Edison Awards, one of the largest and most prestigious innovators awards events in the country, and whose notable previous winners include Steve Jobs. “This means,” Talmage pointed out, “that for the next three years we will be hosting visitors from around the world, including Taiwan, Russia, Saudi Arabia and South Africa, for this distinguished event.” Henderson, who played a key role in getting the event to Fort Myers, shared that this is a major coup for the City of Fort Myers, Lee County and Southwest Florida because so many other cities wanted to host the event. After the decision was made, Henderson said he was told by one of the decision makers, however, “There really was no competition for moving the event to Fort Myers, Randy. After all, especially with the Edison Winter Estate located there—how could we not move the event to Fort Myers?” So in conclusion, Talmage stated, “All is alive and well, and the money is flowing, in Lee County!”
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Steps to take before buying or building a new home for your business
By Chelsea Lamb Guest Columnist
There are so many tools available online to help your home-based business grow. Many of them can be found in Southwest Florida Business Today, but there may also come a time when what your business really needs to succeed is a bigger home. Having your business outgrow your home can be exciting but thinking about finding or building a home can also be stressful. If you want to save yourself some headache, here are a few steps you should take. Pay down debt Buying or building a is a huge financial commitment, so you may need a loan. Before you begin applying, however, you should take some time to clean up your credit and pay down your debts. If you feel overwhelmed by debt, know that there are debt relief solutions that can help you clear a path to financial freedom. Even if you have older debts, taking care of them can prevent wage garnishments and lawsuits. Debt management solutions to consider include settling debts, taking out a consolidation loan, debt counseling and bankruptcy. Just keep in mind that if you do choose the last option, your bankruptcy must be discharged before lending companies can consider you for a loan. So you may need to wait before buying or building your new home. Hire a real estate pro Whether you plan on buying land or a home, do-
Don’t forget to post your in-person and virtual events on our B2B events calendar at www.swfloridabusinesstoday.com/calendar ing so without a real estate agent is possible but it can also be time-consuming and tricky. True, you may save money by foregoing real estate help but you could also end up missing out on perfect listings and missing out on time you could be spending on other responsibilities and projects. Only consider this option if you know exactly what home you want or have access to an abundance of listings on your own. Otherwise, Homelight notes you can find the right realtor by asking for recommendations and interviewing multiple candidates. While expertise and experience are so critical, you should also look for a real estate professional with whom you click on a personal level. This will help to eliminate any awkwardness when it comes to saying “yes” or “no” to properties or negotiating an offer during your home or land search. Look for separate office space When you are running a business out of your home, it can be nearly impossible to “escape the office.” That’s why you should consider keeping your workspace separate from living spaces. One way to accomplish this is with a mother-in-law suite. Despite the misleading name, these guest houses or apartments can easily be built or converted into practical workspace. With a bathroom and even a kitchenette included, a MIL suite can help you stay
SWFL Inc. celebrates the newest graduates of Leadership SWFL SWFL Inc. announced the Leadership SWFL Class of 2020-21 graduated. The class was celebrated in a special reception on Jan. 8 at The Hub at SWFL Inc. The Class of 2020-21 is the 22nd to graduate from this signature program, which gives leaders across industries an inside look at how organizations in Lee, Collier and Charlotte Counties are connected. The Leadership SWFL Class of 2020-21 includes: Chad Commers, SVN | KOVA; Alaina Streblow, Suncoast Credit Union; Alicia Miller, Sally J. Pimentel Deaf & Hard of Hearing Center; Angel Cerritos, Bonita Springs YMCA; Bryan Fiore, Annex Wealth Management; Debra LaFevers, Physicians Regional Healthcare System; Gary Barlow, DR Horton; Jennifer Hutchinson, Ensworth Pressure Washing; Jenny Transou, Bonita Springs Fire Control &
focused during work hours and can perhaps help with work-life balance. As a matter of fact, carving out dedicated office space is one of the top-recommended tips for finding that balance when working out of your home. Even if you set up a workspace in a different area, try to create some separation. Ensure access to essential tech Having a fully-outfitted MIL apartment can provide a complete solution for your home-based business. If, however, you choose to locate your workspace in a more creative area of your home, you need to make sure that space is wired for productivity. While this may seem like a given, you’d be surprised at how many folks set up an office in a shed or basement without thinking about how they will access the internet or even electricity. If you are planning on setting up your office outside the main house, How-To Geek explains that there are outdoor Wi-Fi solutions that can help you power up your new workspace. You may also want to consider picking up a handful of other tech essentials for your new workspace, to provide an even larger productivity boost. If your business is outgrowing your home that must mean business is booming! So take a few moments to celebrate your success and then start taking the steps above to plan for a new home where your business can continue to grow and thrive. Chelsea Lamb originally published this column on Businesspop.net. Contact her at chelsea@businesspop.net.
Equus acquires multi-family community in Naples
Rescue District; Kellie Fissinger, Agnoli, Barber and Brundage, Inc.; Kelly Thawley, Lee County School District; Laura Carr, City of Bonita Springs; Lee Gouny, Guest Services, Inc.; Matthew Holliday, NCH Healthcare System; Michael Braun, The News-Press. Leadership SWFL is a way for area professionals to fast-track their regional understanding and connect with the professionals and organizations that make Lee, Collier and Charlotte Counties work. Full-day class sessions for the program will run from May through December 2021. Sessions include special tours and in-depth discussions on the topics of crime and justice, economic development, education and the workforce, environment, government, healthcare, infrastructure, media and tourism.
Equus Capital Partners, one of the nation’s leading real estate investment managers, announced an affiliate has acquired Inspira, a 95% occupied, 304-unit Class A apartment community located in Naples, for $82,250,000. The acquisition was made on behalf of Equus Investment Partnership XI, a fully discretionary $387.8 million equity fund managed by Equus. Madison Apartment Group, the multi-family operating arm of Equus, will manage the community. Robert Given, Brad Capas and Neal Victor of Cushman and Wakefield represented the seller, an affiliate of Southwest Florida-based Stock Development. Inspira is located at the intersection of Rattlesnake Hammock Road and Grand Lely Drive within Lely Resort, a five-square-mile
master-planned community that boasts multiple gated communities with three championship golf courses (two public, one private). Inspira is located 15 minutes southeast of downtown Naples and its many shops, restaurants, hotels and beaches. “It has been a goal of our firm to expand our current Florida portfolio, adding an asset in a new market and re-entering the Southwestern region of the state, contributes to our expansion efforts,” commented Nicoletta M. DeSimone, acquisitions manager of Equus, who along with Peter Naccarato and Andrew Peabody oversaw the transaction for the firm. “Acquiring a recently completed lease-up, allows for Equus to create value by managing through the financial burdens associated with delivering a new product to the market.”
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FEBRUARY 2021
Ave Maria ranks as one of the nation’s top selling master-planned communites Two prominent national real estate consulting agencies, RCLCO Real Estate Advisors and John Burns Real Estate Consulting, have named Ave Maria, Florida as one of the Top Selling MasterPlanned Communities in the country. Ave Maria had a record-breaking 506 new home sales in 2020, placing the development on both lists as the highest ranking community in all of Collier County. RCLCO ranks Ave Maria 39th in its annual list of Top 50 Selling Master-Planned Communities. “Collier County’s Ave Maria experienced one of the highest year-over-year growth rates in new home sales of all Top Master-Planned Communities. With a 95% increase over its sales pace in 2019, Ave Maria’s strong performance in 2020 reflects the careful planning and investment in community place-making done by Barron Collier
CARES PAGE 1 Tim Norwood, executive vice president of Synergi Partners, said most restaurant and hospitality companies likely took advantage of the PPP program at some point last year. The newest CARES Act legislation means those companies are now eligible for the credits, which have been extended through June this year. The new legislation also increases the limit on per-employee creditable wages from $10,000 for the year to $10,000 for each business quarter. Benefits have increased in 2021 for full wages for companies with up to 500 employees. But Witcher made clear even larger companies have taken advantage of the program at
Don’t forget to post your in-person and virtual events on our B2B events calendar at www.swfloridabusinesstoday.com/calendar Companies,” stated report author Karl Pischke of RCLCO. Also, Ave Maria ranks 38th on John Burns Real Estate Consulting annual list of Top 50 Master Planned Communities in the United States. “The master-planned community benefits from a great quality of life and a small town feel that offers residents everything from schools, shopping, and activities - most within walking, biking or golfcart riding distance from their home. We expect continued growth for Ave Maria in 2021 as future residents escape crowded cities and towns to find walking trails, bike trails, wide open spaces and a family-friendly town, ” reported John Burns Real RCLCO ranks Ave Maria 39th in its annual list of Top 50 Selling Master-Planned Communities. Estate Consulting.
least partially. The chief intention of the legislation passed by Congress and signed by President Donald Trump was to reward employers who retained their employees instead of laying them off. That means there’s credit for companies that kept workers on payrolls even when businesses could not operate, who kept up pay for workers sidelined by quarantines. The availability of tax credits will vary based on wages and numbers of employees for any business. But Synergi has worked with some businesses that enjoyed millions in help from the credit program. The firm offered examples without identifying particular businesses, including a light industrial firm with thousands of employees that was able to receive $2,500 in credit for each worker.
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Tips to avoid phishing scam Each year, the IRS publishes the top dozen tax scams it encounters over the prior year. One of them that makes an all-too-common appearance on their list is the phishing scam. Here is what you need to know.
Phishing requires bait Phishing is the act of creating a fake e-mail or website that looks like the real thing. This “bait” is then used to bring you into the scam by asking for private information. This includes your name, address or phone number. It could also include potentially dangerous ID theft information like your Social Security Number, a credit card number or banking information. The bait is often very real looking— just like correspondence from the IRS or the IRS web site. How to avoid the lure How do you know the phishing is fake? Here are some tips. 1. The IRS never initiates contact via email. If you get an unsolicited e-mail from the IRS requesting a response, do not reply! Instead forward the email to phishing@irs.gov. 2. Never click or download. Perhaps even more important, never click on a link or open a file on a suspicious email. This is true even if the email comes from someone you know. Too often phishing comes from someone impersonating someone you know. 3. Know the web site. This includes the appearance, but more importantly the address. The valid address for the IRS is www.irs.gov. For Social Security, the address is www.ssa.gov.
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4. They may already have info about you. Good phishers already have parts of your identity, so just because they know things like your middle name and birth date does not make them legitimate. 5. Phishing over the phone. Phishing BY RICHARD can also take place SCHWANDT over the phone. If Guest Columnist you receive an unsolicited phone call, get the person’s name and ID, then hang up. Then go to the IRS (or vendor) web site, take down their phone number and call them back using this phone number. Most fake calls are ended quickly when taking this approach. 6. Don’t forget social media. Phishing can also happen via social media and texting. Virtually every digital resource has the potential to be used as a tool for theft.
What do phishers do? When the phishers have your information, they can file false tax returns requesting refunds, steal bank information, set up fake credit cards, establish false IDs, plus much more. Remember, if it smells like a phish, it probably is. Richard Schwandt, of MyCPARichard. com, is a certified public accountant and daily money manager based in Bonita Springs. Contact him at (239) 829-5979 or Richard@mycparichard.com.
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FEBRUARY 2021
FINANCIAL REVIEW Disasters in 2020 spark high reinsurance rates
By Robert Grady Guest Columnist
The United States saw the highest reinsurance rate increases at Jan. 1 renewals, followed closely by Europe across some lines, according to separate reports from Howden Insurance Brokers Ltd., part of Howden Group Holdings, and Willis Re, the reinsurance business of Willis Towers Watson PLC. Policy wordings also tightened with the addition of pandemic exclusions and cyber coverage drew additional scrutiny. Global property reinsurance rates rose by an average of 6% at Jan. 1 renewals, the largest year-over-year increase in over a decade, Howden said in its reports. Catastrophe exposed loss hit accounts in the U.S. saw the greatest increases, ranging from 10% to 25%, according to the Willis Re report. Catastrophe exposed loss free risks saw increases of 5% to 15%, while non-catastrophe accounts with losses saw rates climb 5% to 20%. Rate for loss free non-cat risks renewed flat to up 15%, Willis Re said. Canada and China also showed some double-digit increases, while rate increases across Europe generally averaged in the single digits, the Willis Re report showed. Casualty reinsurance rates, including adjustments for exposure changes and ceding commissions, rose by 6% on average at January renewals, Howden said, double the 3% seen at January 2020 renewals. “Higher loss cost trends and lower interest rates were key inflating factors, pushing up pricing overall for all but the top performers.” Terms and conditions tightened, with wordings for pandemic and cyber under particularly close scrutiny, often leading to more exclusions, Howden said. The U.S. also saw the largest casualty rate increases, according to Willis Re data, with increases to loss hit accounts ranging from 10% to 30% for general liability coverage, and from 5% to 25% for both healthcare liability and professional liability. Europe was not far behind with increases of 10% to 25% for loss hit accounts. Reinsurers are seeking rate increases as investments provide a smaller component of earnings. Quantitative easing on the part of governments in response to the COVID-19 pandemic “brought immediate pressure to investment returns,” Howden said. “Risk carriers are now clearly unable to rely on investment income to compensate for increased loss trends.” Elevated catastrophe frequency in 2020, including 21 separate events in excess of $1 billion, led to an above-average loss of $84 billion, Howden noted. This included the busiest North Atlantic hurricane season on record, with 30 named storms. Specialty markets saw some of the largest reinsurance rate increases, according to Willis Re data, with aerospace markets topping the list with increases from 50% to 250%. Non-marine retrocession markets rose 10% to 20%, Willis Re said. Robert Grady is vice president of Risk Strategies Company in Estero. Contact him at rgrady@risk-strategies.com or (239) 405-6802.
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Southwest Florida BUSINESS TODAY ®
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FINANCIAL REVIEW Selling a business? Avoid these mistakes Mistake #1: Talking too much. Don’t talk about sales price. Focus on the “benefits” the transaction will provide to the buyer by asking questions about how the transaction will achieve their interests. Become inquisitive about the buyers’ position. The deeper your understanding of the buyer’s interests, the better positioned you will be to subtly demonstrate the transaction is a benefit for them. Mistake #2: Making concessions too soon. If the buyer asks for a better price or terms, the typical response is, “What are you looking for?” Be careful! You may well be dealing with a strategic negotiator. Someone who has planned to create leverage they can use against you. Often, one concession leads to more concessions. A concession without something in return is not wise. Be prepared to respond to a request for a concession. Identify what you will ask for in return for a concession. Hold onto concessions for as long as you can. Don’t simply react. Mistake #3: Believing that money is the only issue. The best negotiation discussion is about finding the best solution. Yes, people want to pay as little as possible. But if you make it all about money, both parties can “lose.” If buyers try to make the discussion only about money, you need to make it about how the transaction will benefit them. Mistake #4: Setting an asking price. A high price will obviously repel buyers. A low price may cause a buyer to think there’s something wrong with the business. Know what the market is for similar businesses. A broker can provide a “Broker’s Price Opinion.” It should be a range because no two businesses are exactly alike. Valuation is part science and part “art.” Know how to defend the price you are asking. Ultimately, your business is worth only what a buyer will pay. Mistake #5: Not promoting yourself. Pro-
moting your business doesn’t stop when a broker brings you a potential buyer. It’s important that you continue to promote yourself and your business to the potential buyer. No one knows your business better than you. When promoting yourself and your business, think about appearance, organization and collegiality. First impressions are important in BY JIM the sale of a business. BOLINGER Mistake #6: ExaggeraGuest Columnist tion. Present your business in the best way possible, but never exaggerate, misrepresent or hide important issues. Misrepresentations will “send up red flags” when discovered during due diligence. Talk to your broker about everything, including business forecasts, before passing the information on to the buyer. Get in front of any issues and explain them. Mistake #7: Not preparing for due diligence. In due diligence, a buyer will try to understand everything about your company: financial, legal, operational and human resources. Policies as well as actual operations. Anticipate what the buyer will ask. Ensure records are up-todate and organized. Ask your broker for a due diligence checklist. Buyers evaluate a business based on historical data. However, be prepared to emphasize the business’s growth potential based on facts. Jim Bolinger is a business broker and licensed real estate associate with the Truforte Business Group. Forty-five years of experience provides expertise in business sales, acquisitions, valuations and business planning. He may be contacted at (239) 220-2017 or jim@truforte.com.
New constitutional officers sworn in There is a changing of the guard at two Lee County government offices. Noelle Branning was sworn in as the new Lee County Tax Collector, replacing Larry Hart, while Matt Caldwell took office as Property Appraiser, replacing Ken Wilkinson. Both Hart and Wilkinson announced Branning their retirements last year. “Being elected to the office of tax collector is a huge honor,” Branning said. “I’ve had the privilege of working with and learning from Larry Hart, and am looking forward to ensuring the best customer experience for all of Lee County.”
Today.
Caldwell is the first new property appraiser in Lee County in 40 years. “It is incredibly humbling to follow in the footsteps of Ken Wilkinson,” said Caldwell. “I look forward to continuing his legacy of advocating for the taxpayer and serving the citizens of Lee County just as Caldwell faithfully.” “A lot of people don’t realize the close relationship between the Tax Collector and Property Appraiser,” Branning stated. “I’m excited to work side-by-side with Matt as we look to make Lee County a better place to live and work.”
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For 50 years public media has been an essential part of our community through news, entertainment and education. Be a part of a long-standing tradition, and become a supporter of public media through your company today. Contact Rachel Peacock at rpeacock@wgcu.org or 239-590-2338.
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