THURSDAY February 14, 2019
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Daily Record JACKSONVILLE
Regency Square Mall owner ‘not selling’
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JACKSONVILLE
President and CEO Brian Wolfburg sheds light on the credit union’s strategy as it prepares to move Downtown and put its name on Veterans Memorial Arena.
Ownership says it is looking at redevelopment options while property faces foreclosure sale if lien is not satisfied. BY KAREN BRUNE MATHIS EDITOR
JACKSONVILLE
BY MARK BASCH
CONTRIBUTING WRITER
I
n the coming months, Jacksonville residents will be seeing a lot more of VyStar Credit Union. The Jacksonville-based financial institution last week announced a naming rights deal for the city’s sports arena, which will rebrand it as the VyStar Veterans Memorial Arena. If that deal is approved by City Council, the new signs will be placed on the arena in the middle of this year at about the same time the VyStar name will go up on a 23-story Downtown building. VyStar bought the building, currently known as the SunTrust Tower, for $59 million last year and is moving its headquarters to the tower at 76 S. Laura St. But it’s not just Northeast Florida residents seeing more of VyStar. The credit union founded in Jacksonville in 1952 recently received approval from Florida and Georgia regulatory authorities to expand its field of membership from 22 counties in
Ownership of Regency Square Mall says it is not selling the property and, in fact, is exploring options for redevelopment. “We’re not selling the asset,” said Elliot Nassim, president of Mason Asset Management Inc., a partner in the ownership group. The group bought the Arlington mall at 9501 Arlington Expressway five years ago on Feb. 14, 2014. Circuit Judge Kevin Blazs ordered that the bulk of the 52-year-old property be sold in a foreclosure auction March 21 if a lien owed by ownership is not paid. Asked if the group was going to satisfy the lien, Nassim said Tuesday he would “rather not comment on pending litigation.” “There was a lawsuit and the judge made an order and we’ll do whatever is required by law,” he said, but explained that the property was not being auctioned. “This is not going to be a sheriff’s sale,” he said. In fact, he said, the group is looking at redevelopment, but he declined details. “We are exploring all options for development of the asset,” he said. “We are speaking to several interested parties.” Nassim said there was no timeline and that he cannot comment on the identity or nature of the interested parties.
Photo by Dede Smith
SEE WOLFBURG, PAGE 7
VyStar President and CEO Brian Wolfburg joined the Jacksonville-based credit union in 2017.
SEE REGENCY, PAGE 5
THE BASCH REPORT
What jobs are at risk in SunTrust-BB&T merger CEO sheds light on who is safe. PAGE 8 VOLUME 106, NO. 63 • TWO SECTIONS