THURSDAY January 14, 2021
Basch Report: Company selling shares of the Van Zant home PAGE 3
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Why Ceree Harden sold 68-year-old Harden and Associates
Daily LOT J ISRecord DEAD: JACKSONVILLE
WHAT’S NEXT Daily Record JACKSONVILLE
Gallagher can provide Harden’s team with more resources while aligning the company cultures. BY KATIE GARWOOD
Daily Record JACKSONVILLE
After a Council defeat, Jacksonville Jaguars owner Shad Khan is turning his attention to the Shipyards. BY MIKE MENDENHALL STAFF WRITER
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ow that Jacksonville Jaguars owner Shad Khan is “pulling the plug” on Lot J, team President Mark Lamping says Khan wants to advance his $535 million plan to redevelop Metropolitan Park and the Shipyards. The City Council failed to reach the 13-vote majority Jan. 12 to approve the incentives deal for Khan and development partner The Cordish Companies’ $450 million Lot J development in a
parking lot west of TIAA Bank Field. Khan proposes a Four Seasons hotel for the city-owned land along the St. Johns River and a two-phase medical, residential and office development with public park space. The Jaguars and Cordish characterized Lot J as a “catalyst development” Downtown, and Lamping said the economic viability of the Shipyards will be “much more complex” now that Lot J is dead. “Will we be able to get to the finish line on that? We’ll see, but we’re going SEE LOT J, PAGE 6
STAFF WRITER
Arthur J. Gallagher & Co. had been trying to buy Harden and Associates Inc. for about 25 years before the deal was completed Dec. 29 for an undisclosed price. CEO M.C. “Ceree” Harden III said Jan. 11 that the company began a succession plan in 2012. He said that in the past several years as the mergers and acquisitions market “heated up,” it became clear to Harden’s leaders that the best financial option for their independently owned company was to align with a larger organization. “We decided we would explore a strategic alignment with larger organizations,” Harden said. “Our criteria for assessing opportunities was No. 1, will it be accretive to the client, will we have more resources to deliver the greater or larger value proposition? No. 2, will it be good for our colleagues and associates? And No. 3, will it be good for the community?” After receiving calls from dozens of possible acquirers, Harden narrowed the options to five companies. Harden and his team set five criteria they wanted an acquirer to meet. They found Gallagher to be the best fit. “Their mission and culture are SEE HARDEN, PAGE 7
THE MATHIS REPORT
Jacksonville investor group bringing Culver’s to Regency It plans to tear down an old Miami Subs. PAGE 4 VOLUME 108, NO. 41 • TWO SECTIONS