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Record & Observer Businesses urged to ‘get ahead of the curve’

CITY-VYSTAR SMALL BUSINESS LOAN PROGRAM JACKSONVILLE

Record & Observer For cash-starved firms, a potential safety net Jacksonville-based investment banking firm Heritage Capital Group offers advice to companies working through pandemic.

JACKSONVILLE

Record & Observer BY MARK BASCH CONTRIBUTING WRITER

JACKSONVILLE

Record & Observer LOAN FACTS Lender: VyStar Credit Union

How the city and VyStar created a loan and grant program to help small businesses hurt by the coronavirus pandemic. BY MIKE MENDENHALL STAFF WRITER

he weekend before Jacksonville Mayor Lenny Curry’s March 13 state of emergency because of COVID-19, administration officials knew the order would lead to decisions that could flatten the curve but hurt the local economy. “Based on the early impacts that we knew were coming and had begun, it was clear that particularly small business service industry

people were going to be taking at least the first substantial wave of the economic hit,” said city Chief Administrative Officer Brian Hughes during a telephone interview April 8. Behind the scenes, Curry’s staff started looking at local stimulus options, although Hughes said they expected federal small business and individual assistance to come. Before city officials started negotiating with VyStar Credit Union on a small business coronavirus relief loan program, Hughes said officials ruled out direct payments to Duval County workers and businesses. Unlike the federal government, Hughes said the city did not have the infrastructure to get cash to people quickly.

Interest rate: 5.99% Amount: Up to $100,000 City grant: The city will provide an immediate $1,000 grant to the first 3,000 businesses approved for the loan, as well as all interest payments for the first year. How to apply: Visit vystarcu. org/coronavirus

THE STEPS

Chart takes a look at the steps businesses will take to establish a loan. Page 4

SEE LOAN, PAGE 4

Many businesses are experiencing financial hardships as the COVID-19 pandemic forces them to shut down or sharply curtail operations. While banks are trying to help their clients though the downturn, business owners need to be prepared before visiting the bank to seek assistance, according to Jacksonvillebased Heritage Capital Group. “You want to have a plan,” said Mac Hol- Holley ley, one of six principals of the investment banking firm who held a webinar April 8 on working through the pandemic. “You don’t want to just walk into your banker and say ‘I’ve got a problem, what can you do to help me?’ ” Holley said. A live poll of more than 100 participants in the webinar found about 80% have been somewhat or substantially affected negatively by the pandemic. “Most companies have been negatively affected,” said Heritage President Don Wiggins. “Some sectors have been hard hit more than others.” Holley said businesses that do SEE HERITAGE, PAGE 4

THE BASCH REPORT

Shoppers stocking up on Maxwell House coffee Sales jump at parent Kraft Heinz. PAGE 6 VOLUME 2, NO. 45 • ONE SECTION

WHAT’S TRENDING

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JACKSONVILLE 9, 2020 DAILY RECORD / JACKSONVILLE RECORD & OBSERVER THURSDAY, APRIL

Big news doesn’t break just on Thursday. Here’s a look at some of the top stories published over the past week online at JaxDailyRecord.com and in the Jacksonville Daily Record that you may have missed.

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Jacksonville Daily Record and Jacksonville Record & Observer are a division of Observer Media Group Inc.

Established in 1912, the Financial News & Daily Record, now the Jacksonville Daily Record, is published Monday-Friday and is the Official Court Newspaper of the Circuit Court and publisher of public notices in Duval County.

Established in 1912, the Financial News & Daily Record, now the Jacksonville Daily Record, is published Monday-Friday and is the Official Court Newspaper of the Circuit JACKSONVILLE Court and publisher of public notices in Duval County.

Jacksonville Record & Observer is a free weekly business newspaper available in Downtown Jacksonville and key business nodes throughout Jacksonville. To find a Special to the Daily Record location near you, visit jaxdailyrecord.com/rack-locations. Online ordering for a St. Louis Sugarfire location shows prices for sandwiches start at

Jacksonville Record & Observer is a free weekly business newspaper available in Downtown Jacksonville and key business nodes throughout Jacksonville. To find a location near you, visit jaxdailyrecord.com/rack-locations.

$8 and meat plates start at $11.

Editorial content focuses on news and trends, with a concentration on development, real estate, construction, law, companies, economic and industry trends and how local and state government affects business. RESTAURANTS

Sugarfire SmokeSTAFF House coming to town

Publisher / Matt Walsh A St. Louis-based barbecue chain mwalsh@jaxdailyrecord.com

wants to open/in the former Publisher Emeritus James F. BaileyPanera Jr. Bread restaurant at 12959 Atlantic jbailey@jaxdailyrecord.com east of Girvin EditorBlvd., / Karen Brune MathisRoad. Shy Patel, one of four members kmathis@jaxdailyrecord.com

of the franchise ownership Managing Editor / Monty Zickuhr group, said April 3 the state’s first Sugarfire mzickuhr@jaxdailyrecord.com

Smoke House could open within three

Associate Editor Legal Affairs / Max Marbut months of permitting. mmarbut@jaxdailyrecord.com

Patel is unsure of the timeline Staff Writer / Katie Garwood because he is waiting on final archikgarwood@jaxdailyrecord.com tectural drawings. Also, Jacksonville is Staff Writer / Mike Mendenhall reviewing plans filed remotely. mmendenhall@jaxdailyrecord.com Given city- and state-mandated Staff Writer / Scott Sailer closures, Sugarfire might open with ssailer@jaxdailyrecord.com to-go orders. Business Manager / Angie Campbell acampbell@jaxdailyrecord.com

Director of Advertising / Jay Lesowitz “We want to open as soon as we can jlesowitz@jaxdailyrecord.com

STAFF Publisher / Matt Walsh mwalsh@jaxdailyrecord.com

Director of Advertising / Jay Lesowitz jlesowitz@jaxdailyrecord.com

Publisher Emeritus / James F. Bailey Jr. jbailey@jaxdailyrecord.com

Advertising Coordinator / Codi Gildberg adassist@jaxdailyrecord.com

Legal Advertising Manager / Janet Mohr with the Bravo Brio Restaurant Group. legal@jaxdailyrecord.com

Editor / Karen Brune Mathis kmathis@jaxdailyrecord.com

Legal Advertising Manager / Janet Mohr legal@jaxdailyrecord.com

Legal Advertising Associate / Rhonda Fisher ribs, brisket, pulled pork, turkey and rfisher@jaxdailyrecord.com

Managing Editor / Monty Zickuhr mzickuhr@jaxdailyrecord.com

Legal Advertising Associate / Rhonda Fisher rfisher@jaxdailyrecord.com

get in the market here,” said Patel, who Advertising Coordinator / Codi Gildberg has moved to Jacksonville from St. adassist@jaxdailyrecord.com

Louis. His experience includes 13 years Sugarfire’s menu includes smoked

sausage links, salmon, burgers, spe-

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Charlie Downs and chef Mike JohnCourt / Paula Steiner sonTypeset founded Sugarfire Smoke House admin@jaxdailyrecord.com in 2012 in St. Louis. Theofrestaurant been featured on Director Circulationhas / Anne Shumate subscriptions@jaxdailyrecord.com Food Network’s “BBQ, Brews & ‘Que,” “Beat Bobby and “Destination Distribution / TimFlay!” Reagan distribution@jaxdailyrecord.com America’s BBQ Pitmasters.”

One Safe Harbor Seafood becoming Dockside

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Regency Square Impact Church build-out OK’d

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THURSDAY, APRIL 9, 2020

Investors active in Jacksonville ready $700M fund

IP Capital Partners says it will start investing in office and industrial properties “when we start to see life.” Investors Jason Isaacson and Josh Procacci’s Boca Ratonbased group is preparing to buy up to $700 million in Florida office and industrial properties when the time is right. Their group closed on the IPCP Florida Realty Value Fund III LP, which opens a fresh pool of capital with $51 million in equity. Isaacson said that his group typically partners with institutional capital and mortgage debt, which can leverage into the $700 million investment. The fund’s investment window is three years. “We are in no rush,” Isaacson said. “I don’t see us making firm commitments to buy anything for the foreseeable future, whether it’s 30 or 180 days – when we start to see life,” Isaacson said April 2.

File image

IP Capital Partners paid $55.5 million for the former Aetna Building in December 2013 and sold it in February for $67 million as the Eight Forty One tower at 841 Prudential Drive.

Isaacson is president of IP Capital Partners LLC, a private real estate investment and asset management firm. IP Capital was formed to focus exclusively on co-investing with institutional and high net worth joint venture partners in office, retail and industrial real estate in Florida’s major growth areas. The group’s first fund in the series sold the Eight Forty One office tower on the Downtown Southbank in February for $67 million to Atlanta-based ShareMD, a medical office building owner and operator. A group led by IP Capital Partners paid $55.5 million for the property, then known as the Aetna Building, in Decem-

FOOD NOTES Southern Grounds in Avondale: The city issued a permit for Southern Grounds & Co. to build its Avondale coffee shop, restaurant, market and art gallery at a cost of $1 million. The Angelo Group Inc. is the contractor for the 8,000-square-foot building at 3562 St. Johns Ave. in the Shoppes of Avondale.

The Bread & Board Downtown: JEA issued a service availability letter to RS&H Inc. for a restaurant on the ground floor at 100 W. Bay St., owned by VyStar Credit Union. Plans also include Bread & Board Provisions, a specialty marketplace offering food and retail items from area businesses.

Tropical Smoothie to Boulevard Crossing: JEA issued a service availability letter to civil engineer Taylor & White Inc. for a 1,678-square-foot Tropical Smoothie Cafe and drivethru at 5821 Beach Blvd. in Boulevard Crossing.

KFC to Oakleaf: The city is reviewing a permit application for KFC to build a 2,200-square-foot restaurant at 8251 Old Middleburg Road S. in Oakleaf. No contractor is listed for the $425,000 project.

Mack’s Tenders to Flagler Center: The city is reviewing build-out for Mack’s Tenders at 14866 Old St. Augustine Road, No. 103, in The Shoppes at Flagler Center. KLT Construction Inc. of Jacksonville Beach is the contractor listed for the $60,000 build-out of 1,448 square feet.

McDonald’s at Town & Country: McDonald’s plans to remodel its 4,062-squarefoot restaurant at 1001 University Blvd. at Town & Country Shopping Center in Arlington at an estimated cost of $350,000. CPH Inc. is the civil engineer for the project.

being a long-term trend.” Isaacson said his group can move “swiftly and expeditiously” on opportunities. “We plan to make a lot more investments in Jacksonville in the coming years,” Isaacson said.

“Capital goes to where it’s treated the best,” he said. KMATHIS@ JAXDAILYRECORD.COM @MATHISKB (904) 356-2466

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ber 2013. “We made a good investment,” Isaacson said, explaining that the group left the building and that part of the market “better than we found it.” The group bought and sold the One Imeson distribution center in North Jacksonville before it started its first fund. It paid almost $16.3 million in late 2011 for One Imeson and sold it for $47.75 million in June 2018 to Arsenault Holdings LLC. Just after it sold One Imeson, IP Capital Partners bought the Spring Lake Business Center for $13.8 million and that December, it bought the Fanatics warehouse in West Jacksonville for $15 million as part of the second fund. Also in the second fund, it bought the Coleman American warehouse at 1200 Ellis Road N. as part of a portfolio with an additional property in Pensacola. “We focus on value-oriented office and industrial,” Isaacson said. “We look for good value and a big reason we focus on Florida is what we’ve seen over the last decade – a generational demographic shift in this country where we are seeing people, capital, business and investment moving from the Northeast into the state of Florida.” He said large companies have taken considerable back-office and front-office space in Jacksonville, Tampa, Orlando and South Florida. “We see that

JACKSONVILLE DAILY RECORD / J ACKSONVILLE RECORD & OBSERVER

Loan CONTINUED FROM PAGE 1

VyStar already had instituted a relief loan program before city CFO Patrick “Joey” Grieve and credit union Chief Lending Officer Jenny Vipperman began working on the public-private partnership. “We looked for anything we can do to keep the businesses afloat and potentially incentivize borrowing to keep people on payroll until we have a better sense of how long this thing is going to go,” Hughes said. Hughes Hughes said it took a week to get the program from concept to ready to roll out. “In that week, we told the mayor we were going to get to something,” Hughes said. “(Curry) started talking in his press events trying to expedite some sort of assistance for people or small businesses at least.” A $50 MILLION LOAN POOL

VyStar has made a $50 million loan pool available for small businesses in the credit union’s COVID-19 Small Business Relief Loan Program. Businesses can apply for loans up to $100,000 at a 5.99% interest rate. The loan acts as a line of credit, and businesses will get an immediate $1,000 grant from the city, if approved for the loan. Curry signed Ordinance 20200201 into law April 7, allocating $9 million from the city’s general fund for the first year of the COVID-19 Small Business Relief Employee Retention Grant Program. City officials will budget for a $26 million, six-year grant program. Hughes said the amount was what VyStar and the city felt comfortable to invest in a higher risk pool. VyStar CEO Brian Wolfburg told the Daily Record on April 1 the city backing gave VyStar the financial security to allow more lenient underwriting criteria for the loans, allowing for more risk to help more businesses. Hughes said that although the deal doesn’t have the strong clawback provisions in a typical incentive agreement with the city Office of Economic Development, it’s worth the risk. “I guarantee you that neither

Heritage CONTINUED FROM PAGE 1

their homework before visiting the bank, such as projections of cash flow over the next 90 days, will get a quicker response. “Be confident, but not cocky. Be ahead of the curve,” he said. While being confident, business owners also have to pin the lenders down to get a rapid response, Holley said. “Time is of the essence,” he said. “Put the ball in their court and hold them accountable.” If banks are not responding quickly enough, Bill Nicholson advised businesses to seek alternatives. He said there are banks new to the Jacksonville market that may be more receptive. “They would love to get a relationship with a good company that maybe is having a bump in the road with their existing bank,” he said.

THURSDAY, APRIL 9, 2020

JaxDailyRecord.com

Qualifications, guidelines and steps to a VyStar loan LOAN PROGRAM QUALIFICATIONS To qualify, businesses must report their employment levels as of Feb. 29. A business must be in Duval County and have: • Completed one year of operation. • Completed at least one tax return. • Have between two and 100 employees.

THE APPLICATION PROCESS Go to VyStarcu.org/coronavirus and click on “More on Business Relief.”

Download and complete the loan application.

LOAN PROGRAM GUIDELINES • Businesses can apply for loans up to $100,000 at a 5.99% interest rate. The loan acts as a line of credit, and businesses will get an immediate $1,000 grant from the city, if approved for the loan. • VyStar will waive the $250 loan underwriting fee for loans under $5,000. The city will pay the fee for loans above $5,000. • The city will cover 100% of the loan interest payments in the first year. No principal payments will be due during that time. • In years two through six, the city will provide grants to cover interest costs, if businesses retain at least 50% of their precoronavirus workforce. Business owners could get up to 50% of the principal reimbursed — 10% annually — after the first year. This is in the form of a grant by the city.

entity is hoping that we don’t get returns and get back as much value as we can,” Hughes said. “But given the circumstances, I think both entities have made the risk analysis that this is the amount of cash we’re prepared to put into a much higher risk environment. Because the potential impact and reward is so high as well.” The city weighed the risk of loss against continued drops in sales tax, bed tax and other revenue into the future. Hughes said the city has instituted a temporary hiring freeze and changed compensation of nonunion employees to cut costs. Based on those changes, Hughes said the city should be able to avoid job and other cuts for the remainder of the 2019-20 fiscal year. He said the small business relief program is advantageous for city coffers because it will help small businesses keep employees on the payroll for the next six months to one year and will make an economic recovery more rapid. It also could potentially reduce the need for Duval County residents to file for unemployment benefits. “If half of the businesses that get these bridge loans were kept afloat, the long-term economic impact of that business and all

those employees being able to ride this out is huge,” Hughes said. “But the risk in that small pool of cash is just as high and problematic.”

Even if the existing bank is helpful, it doesn’t hurt to build an additional relationship with another bank, Nicholson said. “You need two banks in your stable,” he said. Businesses that offer essential services and are not seeing a slowdown may still run into problems if their vendors are having difficulties, said Doug Kravet. Companies need to be prepared to seek alternative suppliers. “Having a robust new vendor screening process is important and being able to go through that quickly and efficiently is critical at this point,” Kravet said. Businesses not experiencing slowdowns or maybe even seeing a spike in demand have to prepare for pandemic-related issues, such as a critical employee contracting the virus and having to stay away for two weeks or more, Bill Sorenson said. Sorenson said businesses should provide cross-training or

make other contingency plans for employees who can’t work. “It’s important that you have backup,” he said. Sorenson also said companies can’t lose focus on quality just because of the unusual pandemic situation. “You can’t afford poor quality going out the door,” he said. As an investment banking firm, Heritage works with a lot of companies on mergers and acquisitions. Even as the economy is disrupted, businesses remain interested in buying and selling, Wiggins said. “Buyers still show every evidence they want to get deals done,” he said. “It’s a great time to be a buyer as long as you have the resources and you have a well-organized strategy,” said Dan Edelman. The same principles that apply in normal times apply to seeking acquisitions now, such as lining up financing and assembling a

Email the completed application with all business owners signed as guarantors and the following financial documentation to JaxReliefLoan@vystarcu.org: • 2019 tax returns, if filed. • In lieu of 2019 returns, submit 2018 tax return and 2019 year-end profit and loss statement and balance sheet. • If no tax returns have been filed, provide 2019 year-end profit and loss statement and balance sheet. • The most recent personal tax return filed by all business owners.

PROCESSING A VyStar representative will acknowledge receipt of the completed application and start processing the request.

NOT A “ONE-AND-DONE” PLAN

Hughes said the city is not looking at the stimulus as a “oneand-done” effort. He said the city has enough in its reserve fund to consider a moratorium or reduction on some city fees. According to the City Council Auditor’s Office, the city had $146.4 million in its reserve fund that could be made available by Council approval. Hughes did not provide details on what fees could be waived. Commercial businesses that rent city-owned space also could see some relief in charges, Hughes said. “We’re looking at things all across government,” Hughes said. “There’s a variety of ways we have at our disposal to try and incentivize businesses that are struggling and find ways to keep the economy going that in the long term will provide benefit to taxpayers if we help mitigate.”

MMENDENHALL@ JAXDAILYRECORD.COM @MIMENDENHALL (904) 356-2466

VyStar’s decision will be received by the applicant within three business days.

If the application is approved, VyStar will send closing documents via email through DocuSign within one business day from approval.

GETTING THE MONEY After loan documents are signed, the loan will be booked and the first advance will be available in the applicant’s VyStar business deposit account. • Funds will be available within one business day from the date the loan documents are completed. • Additional advances can be requested through the Contact Center or a VyStar Branch. • Advances will be deposited only into the business’s deposit account.

“Don’t panic. This is a problem that will pass,” said Heritage Capital Group President Don Wiggins. File image

team to handle the merger integration, Edelman said. “Acquisitions even in a good economic time are difficult to execute,” he said. Besides targeting businesses, some companies may have an opportunity to acquire more talent for their teams during the pandemic, Edelman said. “Build your bench strength now,” he said. “There are a lot of outstanding individuals who have

lost their job for no reason of their own.” Wiggins said business owners who may be considering selling shouldn’t rush into any deals because of the pandemic. “Be patient and be ready to move at the right time,” he said. “Don’t panic. This is a problem that will pass.” MBASCH@ JAXDAILYRECORD.COM

JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER

JaxDailyRecord.com

THURSDAY, APRIL 9, 2020

BY SCOTT SAILER • STAFF WRITER

Here are the top 10 commercial real estate sales in Northeast Florida, comprising Baker, Clay, Duval, Nassau and St. Johns counties. The sales were recorded March 30-April 5.

File image

The ABC Fine Wine & Spirits property at 4838 Gate Parkway N. near Town Center sold for $7.96 million.

DUVAL

CLAY

ST. JOHNS

DUVAL

$7,963,650

$5,000,000

$3,586,854

$1,830,142

$1,180,000

4838 Gate Parkway N., Jacksonville

Kingsley Avenue, Orange Park

1850 U.S. 1 S., St. Augustine

Jacksonville Duval County

6720 and 6728 Blanding Blvd., Jacksonville

Type: ABC Fine Wine & Spirits Parcel size: 1.46 acres Building size: 18,016 square feet Buyer: Reinhold Jacksonville ABC Properties LLC Seller: PGP Jacksonville TC LLC

Type: Commercial Parcel size: Not available Buyer: Louis B. Fine Family LLC Seller: Sixth City Landowners LLC

Type: Truist Bank Parcel size: 1 acre Building size: 7,199 square feet Buyer: LN 1850 HWY 1 South Associates LLC Seller: ARC HR5STP2002 LLC Previous sale: $637,500 in 1993

Type: Eight single-family homes Parcel size: Not available Buyer: CPI/Amherst SFR Program Owner LLC Seller: MUPR 3 Assets LLC

Type: Auto sales Parcel size: 1.27 acres Buyer: 6670 Blanding LLC Seller: James A. March Previous sale: Portions include $390,000 in 2008 and $350,000 in 2014

DUVAL

$1,216,793

$925,000

$910,000

$900,000

$875,000

Jacksonville

1202 S. First St., Jacksonville Beach

Perimeter Industrial Parkway West, Jacksonville

East Bay and South Liberty streets, Jacksonville

5623 Arlington Road, Jacksonville

Type: Undeveloped commercial Parcel size: 6.15 acres Buyer: Pritchard Hospitality LLC Seller: SS Pritchard LLC

Type: Undeveloped Parcel size: 0.5 acres Buyer: Liberty Point LLC Seller: DB Holdings Co. Amelia Island LLC

Type: Five single-family homes Parcel size: 1.42 acres Buyer: SRMZ 4 Asset Co. 3 LLC Seller: MUPR 3 Assets LLC

Type: Triplex apartment Parcel size: 0.02 acres Building size: 2,624 square feet Buyer: 1201 Triplex Jax Bch LLC Seller: Gary, Kay and Thomas Stewart and Kenneth R. Marshall Previous sale: $835,000 in 2006

Enter the Art of Real Estate

2020

LAW DAY

COMMERCIAL REAL ESTATE

Top commercial sales of the week

Type: Commercial Parcel size: 0.37 acres Buyer: Wawa Florida LLC Seller: Marsida L. Kosho

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THURSDAY, APRIL 9, 2020

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18.7%

The increase in Kraft Heinz coffee sales over the fourweek period during the COVID-19 pandemic. Kraft Heinz is the parent company of Maxwell House.

MARK BASCH CONTRIBUTING WRITER

First quarter sales up 6% at Kraft Heinz as consumers stock up amid shutdowns. Speculation has continued for more than a year that Kraft Heinz will sell its Maxwell House coffee brand because of declining sales. However, sales of Maxwell House and other coffee brands are surging these days because of the COVID-19 pandemic. Coffee lovers are unable to get out to their favorite cafes and instead are turning to packaged brands they can buy in the grocery store, according to a report last week by Fox Business News. The report cited data from market research firm Nielsen saying U.S. packaged coffee sales jumped 24.9% over a fourweek period and Kraft Heinz increased coffee sales by 18.7%. Maxwell House is the major coffee brand for Kraft Heinz. Its only remaining Maxwell House plant in the U.S. is its Downtown Jacksonville facility at 735 E. Bay St., which employs about 200 people. Without discussing specific food items, Kraft Heinz said April 6 that first-quarter sales rose by about 6% organically because of strong consumer demand during the pandemic shutdowns. The company had been projecting a decline in sales. Kraft Heinz had scheduled an investor day presentation in May to discuss turnaround strategies, but said it is postponing that meeting until later in the year. “Given the current, unprecedented COVID-19 challenge, we believe it is better for Kraft Heinz, our shareholders and our customers that we continue our single-minded focus on getting our products from our plants to stores and onto consumers’ tables,” CEO Miguel Patricio said in a news release.

Dick’s Wings parent expects months of negative impact

Not surprisingly, the COVID-19 pandemic is hurting Jacksonville-based ARC Group Inc., parent company of Dick’s Wings & Grill and two other restaurant chains. ARC Group, which also owns the Fat Patty’s and WingHouse Bar and Grill chains, is offering takeout and delivery at some of its restaurants but has closed some locations where sales are not sufficient to keep operating. CEO Seenu Kasturi said in a news release he expects COVID-19 to “have a significant negative impact on our results of operations during the next several months.” Four Dick’s Wings restaurants are company-owned and the other 16 are operated by franchisees. The company said it postponed collecting royalties from franchised restaurants for four weeks starting on March 17. “We are aware of the overall impact the decreased traffic is having on our franchisees’ restaurants and that we will need to support our franchisees during this difficult period. We are hopeful that our landlords and other partners will do their part as well,” Kasturi said.

Duos Technologies not reducing growth projections Duos Technologies Group Inc. reported higher fourthquarter revenue last week and said the COVID-19 pandemic is not reducing growth projections for 2020.

However, the Jacksonvillebased provider of intelligent security analytical technology said the pandemic could shift revenue expected in the first half of 2020 into the latter part of the year. Duos Technologies reported earnings of $592,000 for the fourth quarter, reversing a loss in the fourth quarter of 2018 as revenue more than doubled to $5.75 million. Revenue for all of 2019 rose 13% to $13.64 million and the company has been projecting revenue to reach $20 million this year. In a news release, Duos Technologies said its work on “essential” infrastructure projects is continuing and its supply chain has not been affected by COVID-19. “We have also maintained consistent communications with our clients and put a plan in place to ensure ongoing business continuity. While we still expect to generate robust double-digit growth in 2020, we are refraining from providing updated annual revenue expectations until more reliable information becomes available,” CEO Gianni Arcaini said in the release.

ComSovereign is producing face shields

ComSovereign Holding Corp. last week said a newly acquired plastics manufacturing business received a contract to make face shields for protection against the COVID-19 virus. ComSovereign was formed through a merger in November

Asbestos

A hedge fund waging a proxy fight against Tegna Inc. bought additional shares of the broadcasting company last week. Standard General L.P. said in a Securities and Exchange Commission filing it bought 4.6 million Tegna shares on April 2 at $11.075 each, raising its stake in the company from 9.7% to 11.8%. Standard General is nominating four candidates to replace directors on Tegna’s board, saying it is dissatisfied with the company’s performance. “This increase in our position underscores our conviction that the Company’s intrinsic value is much higher than its market price, but also our belief that Tegna will not achieve its full potential without an upgraded Board,” Standard General founding partner Soo Kim said in a news release. Tegna’s stock dropped to new lows last week after it acknowledged reports that it received unsolicited acquisition proposals from four parties but broke off discussions with two of them. Tegna owns 62 U.S. television stations, including Jack-

Creative Learning reports profit Creative Learning Corp. filed its annual report last week showing a profit for the fiscal year ended Sept. 30, as it moved its corporate offices from St. Augustine to Boise, Idaho. The company, which employed seven people at the end of the fiscal year, offers educational and enrichment programs for children through franchisees. Creative Learning reported earnings of $2 million, or 17 cents a share, for the year, reversing a loss the previous year. Revenue nearly doubled to $4.5 million. The report filed with the SEC said Creative Learning sold its two remaining office condominiums in Florida after the end of the fiscal year and rented office space in Boise.

Laffer leaves GEE Group board Jacksonville-based staffing company GEE Group Inc. appointed three new directors to its board last week but also said well-known economist Arthur Laffer resigned from the board. The company said Laffer resigned because of time constraints of his economic advisory workload. Laffer became famous in the 1980s as an adviser to President Ronald Reagan for his advocacy of supply-side economics. He has a longtime association with GEE Group Chief Executive Derek Dewan. He served on the board of Jacksonville-based MPS Group Inc. when Dewan was chairman of that company, which was acquired by Adecco Group in 2010. Laffer joined the board of GEE Group in 2015. The new directors on GEE’s board are Carl Camden, the former CEO of global staffing firm Kelly Services; Matthew Gormly, managing partner of consulting firm ReynoldsGormly & Co. LLC: and business consultant Thomas Vetrano. MBASCH@ JAXDAILYRECORD.COM

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with Jacksonville-based Drone Aviation Holding Corp. as a holding company for communications technology businesses. The company now based in Dallas announced March 19 it acquired the plastics business in Colorado Springs and renamed it Sovereign Plastics. The plastics company expects to begin production of the face masks next week. “We are honored to commit our available production capacity to the rapid manufacture of face shields for distribution by our customer to its end users in the fight against COVID-19,” ComSovereign CEO Dan Hodges said in a news release. The contract also should be profitable for the company, with a net margin of more than $500,000 a month from the face mask production, it said. ComSovereign has not reported year-end results but said pro forma revenue of its merged businesses was about $11.8 million in 2019.

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THE BASCH REPORT

Pandemic spurs Maxwell House coffee sales

JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER

JaxDailyRecord.com

Duval County Tax Collector expands call center operations It received nearly 15,000 telephone calls in the first two weeks after branch offices were closed. BY MAX MARBUT ASSOCIATE EDITOR

It’s not even close to “business as usual,” but the Duval County Tax Collector’s Office is adapting to serving customers remotely. The walk-in offices have been closed since March 23 in compliance with the COVID-19 social distancing requirements. Many transactions can be completed online, and the telephones are ringing, said Tax Collector Jim Overton. “We’ve expanded our call center operation. We had 14 people in the center before. Now we have 38,” Overton said. About 70 members of the 260-person staff are working daily. Some are in administration at the main office Downtown; some are working at drive-thru branches, even though the offices are closed to the public; some are working at home. Overton said the rest of the staff is on administrative leave during the pandemic shutdown. In the first two weeks the offices were closed, the Tax Collector’s Office: • Answered 14,987 telephone calls. • Received more than 1,800 emails.

$5,000

• Completed 9,416 tax transactions. • Completed 7,185 transactions for the Department of Motor Vehicles. • Completed 19,984 Overton total transactions. • Collected more than $26 million in property tax and motor vehicle transactions. Some collections are down from before COVID-19. “The Parking Division isn’t working at all and city permitting is pretty much closed,” Overton said. The state moving the deadline to pay property taxes from March 31 to April 15 also reduced daily collections. “That could be a problem for the smaller counties. They depend on that for revenue,” Overton said. A walk-up station is open at the branch at 6331 Roosevelt Blvd. to process applications for commercial driver licenses. “The trucking schools are graduating people who need to take the three-part CDL test and we need more truck drivers,” Overton said. Some prospective drivers aren’t so lucky during social distancing. “If a 15-year-old wants a learner’s permit, that’s impossible right now,” Overton said.

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adding a position within the stewardship department to help manage its land portfolio and to help manage new initiatives. Trust President Jim McCarthy said he will be looking at sources, including grants, to fund any new positions.

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Southern Aire wins contract: The U.S. Navy awarded Southern Aire Contracting in Jacksonville a $4 million contract for utilities general construction and unscheduled maintenance.

VyStar Title Agency* knows that closings can be tense. So, whether you’re a buyer, broker, Realtor, or lender, we’ll be there step-by-step to help make the process as fast and easy as possible. You’ll get the personal attention you deserve from the moment the file is opened until the last document is signed and delivered. So relax, and rely on VyStar Title Agency for precise, prompt, and professional service.

BUSINESS CALENDAR To find more business events or to submit your event to the the business calendar, visit jaxdailyrecord.com/calendar. OCT. 20 National Security Advisor Brett McGurk to World Affairs Council: National Security Advisor Brett McGurk rescheduled his April 28 presentation to the World Affairs Council of Jacksonville to Oct. 20. McGurk will talk about “Unique Perspectives on Geopolitical Hotspots” at the University of North Florida Adam W. Herbert University Center. He served Presidents Bush, Obama and Trump and from 2015-

THURSDAY, APRIL 9, 2020

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BUSINESS IN BRIEF North Florida Land Trust changes: The North Florida Land Trust restructured its staff and renamed its land protection department as the conservation programs department. Two staff members have new positions. Marc Hudson, the land protection director for the past eight years, is now the director of strategic conservation. Rebecca Perry, the associate land protection director for two years, was promoted to director of real estate and community conservation. The nonprofit trust also is considering

18 was the U.S. Department of State Special Presidential Envoy for the Global Coalition to Defeat ISIS. He is senior foreign affairs analyst for MSNBC. The Global Issues Evening is co-hosted with UNF’s Distinguished Voices Lecture Series. The event is scheduled 7-8:30 p.m. The event is free but registration is required. For information, visit worldaffairscounciljax.org or call (904) 280-8162.

phone: 904-908-2874 • vystarcu.org

DEVELOPMENT TODAY

HOSPITAL, INSTITUTIONAL The Salvation Army, 900 W. Adams St., contractor is Advance Design & Construction LLC, alteration, $40,000. INDUSTRIAL Amazon Flex DJX1, 11084 Cabot Commerce Circle, contractor is Travisano Construction LLC, 63,000 square feet, delivery station renovation, $865,815.

Coastal Moving & Storage Jax LLC, 2625 Imeson Road, contractor is Haskew Co. Inc., 41,200 square feet, new building, $2.2 million. SIGNS Cantina Louie, 1040 Hospitality Lane, contractor is Nine Enterprises Inc., monument sign with four tenant panels, $69,000. Compiled by Scott Sailer 324360-1

These are the largest commercial building permits by job cost issued Tuesday by the city of Jacksonville.

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JACKSONVILLE DAILY RECORD / J ACKSONVILLE RECORD & OBSERVER

THURSDAY, APRIL 9, 2020

JaxDailyRecord.com

• Visit the website and request a call back.

Zero-tolerance policy for assault by COVID-19

MAX MARBUT ASSOCIATE EDITOR

Deadline is April 24, award will be presented May 6. The Jacksonville Bar Association is seeking nominations for the annual Jacksonville Daily Record Lawyer of the Year award. Nominees must be a member in good standing of the JBA, exemplify the standards and characteristics of the association’s values, and practice with professionalism and integrity. Candidates also must display outstanding commitment and service to the community. The 2019 recipient was Kathy Para, who retired from Jacksonville Area Legal Aid after a decade as pro bono coordinator and pro bono director, recruiting attorneys to represent low-income clients who otherwise would have faced often life-changing legal issues without benefit of counsel. Mike Freed, a shareholder in Gunster’s Jacksonville office and founder of Freed to Run, was recognized as Lawyer of the Year in 2018. For the past three years, Freed has run six marathons in six days from the state Supreme Court in Tallahassee to the Duval County Courthouse. For the past two years, he was joined by relay teams from the business and legal communities that pledge donations and run a marathon leg alongside Freed. The event raises money for the North Florida Medical Legal Partnership endowment at JALA that helps local pediatric patients and their families by providing free civil legal aid. With a 125% match from Baptist Health Foundation, Freed to Run has raised more than $1 million toward the $2.25 million goal. The 2020 award will be

File image

Jacksonville Daily Record and Record & Observer Publisher Matt Walsh presented the 2019 Lawyer of the Year Award to Kathy Para.

LAWYER OF THE YEAR Here are the previous winners of the Jacksonville Daily Record Lawyer of the Year award, according to the Jacksonville Bar Association: 2019

Kathy Para

2007

Howard Coker

1996

Mark Hulsey

2018

Mike Freed

2006

Robert Spohrer

1995

William Brinton

2017

Alan Pickert

2005

William Scheu Jr.

1994

James Rinaman Jr.

2016

Stephen Pajcic III

Circuit Judge Karen Cole

Hank Coxe

Lori Boyer

2004

1993

2015

1992

William Scheu Jr.

2014

G. Ray Driver Jr.

2003

Rick Mullaney

1991

David Foster

2013

Giselle Carson

2002

Jake Schickel

1990

J. Shepard Bryan

2012

George Gabel

2001

E. Lanny Russell

1989

Charles Towers Jr.

2011

G.E. Schulz Jr.

2000

Robert Harris

1988

Tracey Arpen Jr.

2010

Cindy Laquidara

1999

Joseph Milton

1987

Daniel Coffman Jr.

2009

W.C. Gentry

1998

Audrey Moran

1986

Hugh Cotney

Robert Rhodes

1997

Howard Dale

2008

presented May 6 during the JBA’s annual Law Day meeting. Nominations can be made by linking to the form at jaxdailyrecord. com/loty2020 or by email to cshoup@jaxbar.org before 5 p.m. April 24.

Law Day poster contest goes online The JBA Law Day poster contest exhibit traditionally is installed near the staircase at the Duval County Courthouse, but with it closed to comply with the COVID-19 social dis-

tancing directive from the state Supreme Court, this year’s contest is on the internet. Posters drawn by students at West Riverside Elementary School to represent the 19th Amendment to the U.S. Constitution are displayed on the JBA website. Visit jaxbar.org/ postercontest2020 to see the virtual entries. Votes may be cast by JBA members and the public. The young artist whose poster receives the most votes will be recognized May 6 at the JBA Law Day meeting.

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Duval County Tax Collector Jim Overton says a common inquiry is how to renew a vehicle registration now that all the branch offices are closed. Overton said there are four choices: • Renew online at duvaltaxcollect.net. • Mail your renewal form and payment to Duval County Tax Collector, 231 E. Forsyth St., Room 440, Jacksonville, 32202. • Call (904) 255-5700 and renew by phone.

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After learning of an incident that occurred after a member of the Jacksonville Sheriff’s Office apprehended a suspect, State Attorney Melissa Nelson issued the following statement: “Unfortunately, despite having to deal with all of these challenging circumstances, I have become aware of at least one incident in which a defendant, while being detained and ultimately arrested, informed the officer that she was infected with the COVID-19 virus, and then intentionally coughed into the officer’s face. “In light of this inexcusable criminal conduct, the purpose of this memorandum is to make clear that the State Attorney’s Office for the Fourth Judicial Circuit shall have a ‘Zero-Tolerance Policy’ for any intentional COVID-19-related criminal conduct that either harms or threatens to harm any law enforcement officer or first responder,” Nelson said in the memorandum. According to State Attorney’s Office spokesman David Chapman, the charge could be corruption against a public servant. That’s a second-degree felony, punishable by up to 15 years in prison if actual harm occurs; or a third-degree felony, punishable by up to five years in prison if it’s merely a threat of unlawful harm. “Because of the duties that law enforcement and first responders are required to perform, they are at considerable risk of being infected by the COVID-19 virus. Just like health care practitioners, law enforcement and first responders on a daily basis are faced with the reality that they are likely to come into contact with an infected individual. In addition to the potential health hazards related to contracting the COVID-19 virus, law enforcement officers and first responders are also experiencing considerable stress due to these increased pressures and obligations both inside and outside of work,” Nelson said in the memorandum.

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THE MARBUT REPORT

Nominations open for Lawyer of the Year

JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER

JaxDailyRecord.com

THURSDAY, APRIL 9, 2020

Get In Touch! 904-725-4355 6747 Southpoint Parkway Jacksonville, FL 32216 www.nefba.com

EXECUTIVE COMMITTEE Friends/colleagues/members, In the face of orders from the Mayor of Jacksonville and Gov. DeSantis to close all nonessential businesses, we want to remind everyone that Residential Construction and all of its many supporting industries, such as suppliers and building departments, are considered “Essential” and are allowed to continue to operate, with modifications to protect the safety of the employees.

Nate Day President

H. Smith, Inc.

Because it is impossible to list literally every single occupation that supports the industry, many people are understandably concerned whether or not their specific job is considered essential. Our interpretation of the designation as “Essential” comes from the DHS Guidance on the Essential Critical Infrastructure Workforce: Ensuring Community and National Resilience in COVID-19 Response Version 2.0 (March 28, 2020):

Thomas May Construction

“Workers supporting the construction of housing, including those supporting government functions related to the building and development process, such as inspections, permitting and plan review services that can be modified to protect the public health, but fundamentally should continue and serve the construction of housing (e.g., allow qualified private third-party inspections in case of government shutdown).”

Secretary/treasurer

Keith Ward

First Vice President

Josh Garrison Miranda Contracting

Also from the same document: “Response efforts to the COVID-19 pandemic are locally executed, state managed, and federally supported.” Guidance comes from federal and state, but it is up to the local governments to execute their response. Government leaders are struggling with how to manage this unprecedented crisis. As workers in this industry, we need to ensure we do our part by following CDC guidelines to maintain 6-8’ social distance, be hyper vigilant with sanitizing sites and surfaces, and keep sick workers at home. Make sure ALL workers are taking this guidance seriously to help keep our jobsites open. The more committed we are to these guidelines, the more likely we are to be allowed to continue operating, and less likely to spread the virus.

Mike Atzert

Second vice president Sherwin-Williams Co.

Linda Hutchins

Misinformation and rumors are rampant right now. Please refer to official statements on the matter. Both Executive Orders are available on our COVID-19 RESOURCE CENTER page on the NEFBA website, along with jobsite safety flyers in Spanish and English. The situation is changing rapidly, and we will continue to provide regular updates. We are all in this together, and we will get through it together.

Third vice president LMH Realty LLC

Please let us know if you have questions, concerns, or suggestions for how we can serve you better.

Tim Conlan

Training vice president Reliant

Sean Junker

Immediate Past President Providence Homes

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THURSDAY, APRIL 9, 2020

JaxDailyRecord.com

THE SAILER REPORT

How pandemic is changing multifamily market

SCOTT SAILER STAFF WRITER

Bradley Coe with Colliers International’s multifamily investment sector says a large percentage of pending transactions are being “delayed, dropped or repriced.”

However, a large “percentage of pending transactions for existing assets have been delayed, dropped or repriced,” he said. Repricing is successful when sellers are motivated by liquidity, he said. McCarthy said multifamily property values have changed based upon the “significant change in economic conditions and investor/consumer confidence.” Investment groups determine asset value by the cost of debt and equity along with potential income growth and expense management. Investors will need to adjust the financial outlook by considering rent growth, reduced occupancy and renewal rates, increased bad debt and delinquency, and concessions to attract occupants, they said. “Those adjustments to the underwriting model will in effect drive down values and simultaneously increase the acquisition cap rates,” he said. The acquisition cap rate is the ratio of net operating income to property asset value. The impact to value depends on how long the pandemic

lasts, virus containment, economic conditions and impacts to employment, they said. But because the multifamily sector has historically been a safe asset class during recessions, Coe said he would not be surprised to see more investors. He said a recent survey by Institutional Investment Advisors, a commercial real estate advisory and research company, shows 96% of the largest McCarthy multifamily owners and developers in the United States believe the virus will not stop investor demand over the long term. McCarthy said the economic consequences of the pandemic will create different impacts. Traditionally, Class A multifamily properties, defined as those developed within the past 10 years, are considered the most vulnerable asset class susceptible to reduced demand, he said. Renters are more likely to

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ties. Life insurance companies and commercial mortgagebacked securities are not providing funds, he said. Government-sponsored Fannie Mae and Freddie Mac are still doing business on conventional multifamily financing. But they are focused on stronger properties and those that are at least 93% leased, Coe said. Fannie Mae and Freddie Mac purchase and guarantee mortgages through the secondary mortgage market. Coe said that investors in the value-add multifamily market are being negatively impacted by more cautious lenders on new deals and refinancing existing properties. Fannie and Freddie issued guidelines to lenders that require borrowers to suspend evictions that are impacted by COVID-19 and tenants can pay delinquencies over a long term. Residents also can waive three months rent after April 1 and can pay that amount over a 12-month period, Coe said.

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bypass premier locations to save money. Older properties in Classes B or C have the advantage of higher demand and less supply due to consistent occupancy levels near 95%. However, residents in those classes generally are those working in industries most affected by the pandemic, such as retail and service workers. Even with the current moratorium on evictions, renters who lose their jobs may need to find alternative accommodations. The new government relief bill is designed to help stabilize the multifamily sector by helping tenants to stay in housing. New construction may need to offer more concessions and adjust rent levels to lease up the new units, McCarthy said. Multifamily developers with projects under construction “are doing their best to keep deals moving forward through the process,” with construction schedules extended to account for delays associated with the virus, Coe said. Coe said multifamily investors are finding banks are more selective when funding new developments or backing the purchase of existing proper-

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The coronavirus is affecting all aspects of the multifamily sector in Northeast Florida, said Matt McCarthy and Bradley Coe with Colliers International’s multifamily investment sector. McCarthy expects over the short term “to see zero to negative rent growth, dropping occupancy levels, lower lease renewal rates, higher levels of bad debt and delinquency and a greater level of concessions.” He said developers of projects under construction are experiencing labor and material shortages and delays along with longer wait times Coe for building inspections. Construction schedule extensions are driving up the cost of development. “The situation is impacting everyone a little differently depending on their location, how they source debt and equity, their overall investment strategy” and other factors, Coe said. “Most are taking a waitand-see attitude while others have moved to the sideline for the time being,” he said. Coe said buyers and sellers with agreements for transactions are showing a greater level of cooperation to “keep deals in the pipeline” while assessing impacts of the virus.

A recent survey by Institutional Investment Advisors, a commercial real estate advisory and research company, shows 96% of the largest multifamily owners and developers in the United States believe the virus will not stop investor demand over the long term.

JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER

BY SCOTT SAILER STAFF WRITER

Here are the top 10 single-family residential real estate sales in Northeast Florida, comprising Baker, Clay, Duval, Nassau and St. Johns counties. The sales were recorded March 30- April 5. Google

DUVAL

ST. JOHNS

$1,262,500

$1,175,000

1336 E. Charter Court, Jacksonville

Not available, Ponte Vedra Beach

Type: Single-family Lot size: 0.41 acres House size: 5,706 square feet Buyer: Brett M. and Karen D. Feder Seller: Wayne E. Sennett and the W.S. Revocable Living Trust Previous sale: $1,000,000 in 2015

Type: Single-family Lot size: 0.29 acres House size: 4,677 square feet Buyer: Andrew L. Skigen and Lucia Owens Seller: Timothy F. and Barbara E. Tresca

ST. JOHNS

$1,150,000

$1,250,000

$2,600,000

321 Forest Dune Drive, St. Augustine

3120 River Vale Court, Jacksonville Type: Single-family Lot size: 0.68 acres House size: 6,719 square feet Buyer: Megan B. Walker Seller: Michael A. and Glenn Miller Previous sale: $2,000,000 in 2018

About the property: Two-story home on the St. Johns River features four bedrooms, six bathrooms, fireplace, pool, spa and boathouse.

THURSDAY, APRIL 9, 2020

Type: Single-family Lot size: 0.27 acres House size: 4,229 square feet Buyer: John D. Allen and Gina R. Clodfelter-Allen Seller: John D. and Mary L. Weeks

ST. JOHNS

5349 Atlantic View, St. Augustine Type: Single-family Lot size: 0.1 acres House size: 2,573 square feet Buyer: Cynthia R. Steinberg Living Trust Seller: Atlantic View Beach House LLC

DUVAL

CLAY

$1,250,000

$1,120,000

3704 Duval Drive, Jacksonville Beach

3930 Duval Drive, Jacksonville Beach

2121 Romeo Point Lane, Fleming Island

Type: Single-family Lot size: 0.2 acres House size: 2,219 square feet Buyer: John D. and Eleanor C. Lock Seller: Ryan M. and Leah R. MacClellan Previous sale: $1,414,000 in 2019

Type: Single-family Lot size: 0.2 acres House size: 3,043 square feet Buyer: Worth B. Turner Jr. and Zachary L. Neumann Seller: Eleanor G. Maxwell Previous sale: $360,300 in 1997

Type: Single-family Lot size: 0.41 acres House size: 3,033 square feet Buyer: Sonya N. Allen Seller: Patrick K. and Kristine M. Jett

DUVAL

ST. JOHNS

DUVAL

$2,000,000

$1,860,000

$1,500,000

102 North St., Neptune Beach

3896B Palm Valley Road, Ponte Vedra Beach

Type: Single-family Lot size: 0.22 acres House size: 2,400 square feet Buyer: Henry P. Scheidel Revocable Trust Seller: Charles B. and Betsy W. Daubenberger and the Charles B. Daubenberger Revocable Trust Previous sale: $1,850,000 in 2010

Type: Single-family Lot size: 1.51 acres House size: 5,478 square feet Buyer: Steve E. Connor Jr. and Shuyi Li Seller: Michael P. and Marianne Wicks

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THURSDAY, APRIL 9, 2020

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FIFTH ANNUAL

April 1 – 30, 2020

To celebrate more than 40 years of Building Dreams, Enhancing Lives, we’re hosting the World’s Largest Showcase of Homes in Jacksonville! From April 1 – 30, we invite you to visit any of our beautiful models or Quick Move-in Homes to see current innovations in design and get inspired with home décor ideas. And, you can celebrate too, with special incentives when you purchase your own David Weekley dream home in Jacksonville. Also, just for visiting and registering with our Sales Consultant, we’ll donate $5 to Ronald McDonald House Charities of Jacksonville!

Ask about our special incentives going on now!

See a David Weekley Homes Sales Consultant for complete details. Not valid with any other offer or previously written contracts. $5 donation to Ronald McDonald House Charities of Jacksonville will be made for Visitors who register at a David Weekley Homes model or Quick Move-in Home in the Jacksonville area between April 1, 2020, and April 30, 2020 (the Program Period). Registration limited to one per family. Maximum donation amount to Ronald McDonald House Charities of Jacksonville not to exceed $3,000. David Weekley Homes reserves the right to terminate the program or change rules at any time. See a David Weekley Homes Sales Consultant for details. Prices, plans, dimensions, features, specifications, materials, and availability of homes or communities are subject to change without notice or obligation. Illustrations are artist’s depictions only and may differ from completed improvements. Copyright © 2020 David Weekley Homes - All Rights Reserved. CBC1257289 Weekley Homes, LLC. Jacksonville, FL (JAC-20-000918)

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