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Mathis Report: Plans for huge warehouse brings speculation

August 2-8, 2018

PAGE 4

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JACKSONVILLE

Record & Observer New details on VyStar’s REALITY CHECK Record & Observer relocation JACKSONVILLE

At least a dozen Northeast Florida businesses have appeared on nationally broadcast reality shows. Would they do it again? JACKSONVILLE

Downtown

Record & Observer

Jacksonville-based credit union closes on SunTrust Tower, expects staff to be moved in by July 2019. BY KAREN BRUNE MATHIS EDITOR

What a difference a year will make for VyStar Credit Union. The Jacksonville-based financial services company expects to move its headquarters staff of 700 people, a branch financial office and its signage to the top of what is now the SunTrust Tower by the end of July 2019. That’s when S u n T r u s t ’s lease expires at what will become VyStar Tower. The credit union paid $59 million for the Wolfburg 23-story highrise at 76 S. Laura St. in a sale that closed Tuesday. “There’s nothing but good news about Downtown,” said Brian Wolfburg, president and CEO of VyStar Credit Union. Wolfburg said VyStar’s investment and its move of 700 employees Downtown will help to generate demand for housing, restaurants and retail shops. “Downtown is the identity for all of Jacksonville. It’s what corporate scouts think of as the area, so I think this shows a real commitment by us,” he said. Vy S t a r bought the 358,278-square-foot tower, built in 1989, and the adjacent 612-space parking garage. Wolfburg said half of the garage

JACKSONVILLE

Record & Observer Chef and TV host Guy Fieri met the Culhane sisters in 2010 when he filmed “Diners, Drive-Ins and Dives” at Culhane’s Irish Pub in Atlantic Beach.

BY DAN MACDONALD CONTRIBUTING WRITER

arket research says word-of-mouth advertising is best because it is effective and inexpensive. Area restaurants and bars featured on the Food Network, CNBC, Paramount Network and the Travel Channel generally, but not universally, say it was a good experience. In some cases, it saved the business and in others it spiked sales, both after the premiere and after reruns. Programs like “Diners, Drive-Ins and Dives,” “The Profit,” “Restaurant: Impossible,” “Bar Rescue,” “Invention Hunters,” “Guilty Pleasures” and “Adam Richman’s Best Sandwich in America” have visited Jacksonville for

You can find local restaurants that have appeared on reality TV shows on tvfoodmaps. com.

SEE TV SHOWS, PAGE 6

SEE VYSTAR, PAGE 5

Economic powerhouse: Florida’s GDP hits $1 trillion PAGE 3 The Basch Report: Two new CEOs offer different approaches PAGE 8 OBSERVER MEDIA GROUP

YOU SHOULD KNOW

Tim Hamilton is new market executive for Regions Bank PAGE 12 VOLUME 1, NO. 9 • ONE SECTION

Page 2 • Thursday, August 2, 2018

Jacksonville Daily Record/Jacksonville Record & Observer

WHAT’S TRENDING

Big sales show investors see Downtown’s potential

KAREN BRUNE MATHIS EDITOR

From bars and hotels to offices and housing, buyers want to start quickly. Whether it’s a long-time-coming tipping point will depend on what happens next, but eight significant Downtown property sales since late June — just five weeks ago — surely indicate the probability of redevelopment. Consider:  Two adjacent vacant Northbank buildings at 112 and 120 E. Forsyth St. sold June 25 for $1.08 million to Orlando investors who intend to develop one floor in the larger building into a swanky speakeasy by New Year’s and develop the rest with complementary uses.  The District land, comprising 30 vacant acres on the Southbank, sold July 12 for $18.59 million to Elements Development of Jacksonville LLC, led by Peter Rummell and Michael Munz. They plan a residential, office, retail, restaurant, hotel, marina and park project.  The historic, closed Ambassador Hotel and the block it occupies at Duval, Julia, Church and Pearl streets on the Northbank sold July 12 for $5.4 million to St. Augustine-based Axis Hotels LLC for redevelopment into a hotel, apartments and retail use within two years.

 Berkman Plaza II at 500 E. Bay St. on the Northbank sold July 17 for $4.75 million to a development group that intends to develop the unfinished condo tower into a hotel and entertainment venue.  The former Morton’s The Steakhouse restaurant building on the Southbank sold July 18 for $1.71 million to a group led by the CEO of Faben Obstetrics and Gynecology for conversion into a women’s clinic. (Morton’s opened a new location on the Northbank.)  BB&T Tower at 200 W. Forsyth St. on the Northbank sold July 24 for $24.47 million to Ash Properties, which intends to remodel and upgrade the interior and elements of the exterior and add tenants to the 18-story tower that is 64 percent leased.  And wrapping up the start of this week, VyStar Credit Union paid $59 million Tuesday for the 23-story SunTrust Tower at 76 S. Laura St. on the Northbank for use as its corporate headquarters and the relocation of 700 jobs. That’s a $115 million direct investment in property Downtown in 37 days, about $3 million a day. Just because a buyer bought property doesn’t mean it will be developed or improved. There are plenty of examples of acquisitions during the pre-recession real estate boom where big plans didn’t pan out. The buyers for these eight properties said they want to start an action plan quickly. It means that investors see potential in Downtown — for entertainment, medical purposes, apartments, hotels, retail, recreation, offices and headquarters. There’s a point to be made with that. Times are changing. KMATHIS@JAXDAILYRECORD.COM @MATHISKB (904) 356-2466

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Jacksonville Daily Record, Jacksonville Record & Observer and Realty-Builder are a division of Observer Media Group Inc. Established in 1912, the Financial News & Daily Record, now the Jacksonville Daily JACKSONVILLE Record, is published Monday-Friday and is the Official Court Newspaper of the Circuit 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 location near you, visit jaxdailyrecord.com/rack-locations. Editorial content focuses on news and trends, with a concentration on development, law, companies, economic and industry trends and how local and state government affects business. Realty-Builder is a monthly publication connecting Northeast Florida’s real estate professionals and homebuilders. Content focuses on timely news, information and trends affecting residential real estate sales and construction, as well as events and legal issues impacting the industry. Visit Realty-Builder.com to request your free copy.

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JEA HEADQUARTERS Utility considering five options for new HQ The JEA board of directors is considering five Downtown locations for a new headquarters campus. The utility wants to relocate from its aging campus Downtown at 21 W. Church St., which it says is inefficient and in disrepair. Two Special to the Daily Record of the potential sites An artist’s rendering of the Lot J building for JEA. would involve leasing multiple floors in the Bank of America Tower or One Enterprise Center. Three of the sites would require construction or renovation. The “Block 48” plan would give the utility a 1.52-acre site at 337 W. Adams St. next to the Duval County Courthouse. The “Lot J” plan would place the utility next to TIAA Bank Field as a tenant in one of the buildings proposed by Jacksonville Jaguars owner Shad Khan. The “Four Block Footprint” plan by developer Steve Atkins would retrofit and expand JEA’s current headquarters.

DOWNTOWN Former Greyhound station to be torn down The former Greyhound station at 10 N. Pearl St. is coming down. Miami-based investor Ramon Llorens bought it in December through AK Pearl LLC, which seeks a permit to demolish the structure. It closed when Greyhound moved to a new terminal at 1111 W. Forsyth St. near the Prime Osborn Convention Center. Llorens hasn’t disclosed plans for the 1.21-acre property.

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Thursday, August 2, 2018 • Page 3

$1 trillion July 2018

Florida annualized GDP hits $1 trillion

ECONOMIC TRENDS

10-YEAR-HIGH

If Florida was an independent nation, it would have the 17th largest economy in the world, ahead of countries including Saudi Arabia, the Netherlands, Switzerland and Argentina. This chart shows the rise of Florida’s gross domestic product since 2008. It’s based on quarterly data from the U.S. Bureau of Economic Analysis.

$758 billion First quarter of 2008

17.1%

$723 billion

First quarter of 2010 10-YEAR LOW

Real estate accounts for the largest chunk of Florida’s GDP, $165.5 billion or 17.1 percent in the first quarter of 2018.

Florida’s economy grew by 2.5 percent in the fourth quarter of 2017 and trails only California, Texas and New York as the nation’s largest. BY MARK BASCH CONTRIBUTING WRITER

lorida is an economic powerhouse. In fact, the Sunshine State has one of the most powerful economies in the world. According to the Florida Chamber Foundation, the state’s gross domestic product, or GDP, reached $1 trillion annually in mid-July. While the U.S. Bureau of Economic Analysis says Florida accounts for 5 percent of the nation’s GDP, the chamber foundation says its $1 trillion economy makes the state a world competitor.

The foundation said if Florida was an independent nation, it would have the 17th largest economy in the world, ahead of countries including Saudi Arabia, the Netherlands, Switzerland and Argentina. The only U.S. states with higher GDPs are California, Texas and New York, according to BEA data. “Becoming a $1 trillion economy means Florida is continuing to grow and create jobs, keeping unemployment lower than the national average, and creating economic opportunity,” Florida Chamber Foundation Chief Economist Jerry Parrish said in a story posted on the foundation website. Florida’s economy grew by 2.5 per-

“Becoming a $1 trillion economy means Florida is continuing to grow and create jobs, keeping unemployment lower than the national average and creating economic opportunity.” Jerry Parrish Florida Chamber Foundation chief economist

cent from the fourth quarter of 2017 through the first quarter of 2018, according to the latest BEA data available. That’s better than the national GDP growth rate of 2.2 percent in that period. BEA last week said its first estimate for the second-quarter GDP shows 4.1 percent growth nationally since the first quarter. In Florida, the real estate industry is the biggest contributor to the economy, accounting for $165.6 billion of the overall $996.3 billion annualized GDP in the first quarter, BEA reported. The next biggest private sector contributor to the state’s economy was health care, at $84.5 billion. Government enterprises contributed $113.9 billion. Florida’s share of the national GDP has been steady at 5 percent since the second half of 2015 but despite the state’s growth, its share of national GDP is slightly lower than it was before

the recession a decade ago. BEA data shows Florida’s share of GDP peaked at 5.5 percent at the end of 2006, before dropping during the recession. As the recovery took hold, Florida’s share of GDP bottomed out at 4.7 percent in 2012. The BEA also calculates GDP for metropolitan areas, but there is a much bigger lag time. The agency’s latest data for the Jacksonville metro area shows a GDP of $71.5 billion for 2016, up 5 percent from 2015. Real estate also was the biggest contributor to Jacksonville’s economy at $9.7 billion in 2016, with government enterprises close behind at $9 billion. Jacksonville’s share of GDP for all U.S. metropolitan areas was 0.4 percent in 2016, and it’s been steady at that level since 2008, BEA data shows. MBASCH@JAXDAILYRECORD.COM

PEOPLE ON THE MOVE Promotions, hirings and happenings for business people in Northeast Florida. Send items to ssailer@jaxdailyrecord.com

Episcopal Children’s Services elected four new board of trustees members: Jennifer Holden, financial adviser, UBS Financial Services Inc. She also was elected treasurer. Heidi Maier, superintendent of Marion County Public Schools. Bob Ohrablo, president of Jacksonville Ice Men. Brooke Yencarelli, division director, Accounting Principals, Ajilon and Parker + Lynch. Board of trustees officers also were elected: Derrick Smith, principal at Grand Central Ventures LLC; president. Vicki Adams, senior risk officer, at VyStar Credit Union; vice president. Kristi Aiello, market development senior manager, UBS Financial Services

Inc.; secretary. Girls Inc. of Jacksonville added two members to its board of directors, both from Jacksonville-based One Call Care Management. Mary Clark is Clark senior vice president of provider relations and Alina Schreiber is senior vice president for product finance. Kevin Vaughn rejoined NAI Hallmark as a vice president and office Schreiber specialist. Vaughn originally joined the company in 2006. In 2012 he left to become vice president of operations for Carpet One & Flooring America.

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Page 4 • Thursday, August 2, 2018

Jacksonville Daily Record/Jacksonville Record & Observer

THE MATHIS REPORT

Massive warehouse plans bring speculation

KAREN BRUNE MATHIS EDITOR

Lowe’s will soon open a fulfillment center in Tennessee similar in size to one proposed for Cecil Commerce Center. Large distribution centers generate speculation about their identity and a proposed 1.5 million-square-foot warehouse distribution center at Cecil Commerce Center is doing just that. Plans filed with the St. Johns River Water Management District show it called “Project Jaguar” on at least six documents. However, Hillwood, the master developer for cityowned Cecil Commerce Center, says the submission was not specific to “Project Jaguar” and the presence of that name likely was a clerical error. The primary prospect name surfacing the past two weeks is Lowe’s Companies Inc., the North Carolina-based home improvement company that recently opened a similarly sized fulfillment center in Tennessee. “We are always evaluating possible locations, but we don’t have anything to share at this time. We’ll be sure to connect with you if we have any announcements about the First Coast,” said Lowe’s spokesman Steve Salazar by email last week. Given the local interest and asked for a yes or no — is or isn’t Lowe’s a prospective tenant or user of the Cecil Commerce Center project — Salazar didn’t elaborate. “We don’t have any additional information to share at this time,” he said. Like other big projects— Amazon.com, in particular — prospect names often, but don’t always, circulate before construction begins or city and state incentives are requested. The city and Dallas-based Hillwood submitted plans July 23 to the city Development Services Division and July 20 to the St. Johns River Water Management District. The warehouse is proposed on almost 107 acres in Hillwood’s AllianceFlorida at Cecil Commerce Center along 103rd Street next to the 1 millionsquare-foot Amazon.com fulfillment center. The city plans provide an address of 13483 103rd St. adjacent to Amazon at 13333 103rd St. Both the city and district applications refer to Cecil Commerce Center Parcels A2 and B and labeled them as “early clearing.” Prosser Inc. is the civil engineering consultant. Environmental Resource Solutions is the agent. Terracon provided a geotechnical engineering report. Hillwood Senior Vice Presi-

Special to Daily Record

Lowe’s is working to open an 1.1 million square foot fulfillment center in Coopertown, Tennessee. It is planned to have 600 workers by 2022.

dent Dan Tatsch said Tuesday that he does not talk about potential users. “We don’t comment on our prospect list and who may or may not be on it,” he said. The “early-clearing” for the land indicates Hillwood wants approval to prepare the property for eventual but not necessarily immediate development. “We feel strongly enough about the Jacksonville market that we’re taking steps for quicker delivery should we encounter a user for the site,” Tatsch said. No city legislation has been filed for incentives for Project Jaguar. Hillwood reported to the city June 29 that near the end of the first quarter in March, a Tatsch broker asked about sites for a 1 million-square-foot distribution facility at Cecil Commerce Center. Hillwood said that it received and responded to the broker’s preliminary inquiry but did not disclose the identity of the prospect. The client seeks to identify sites to accommodate the facility. Tatsch said upon filing the report that he couldn’t offer details, but that the prospect remains active at the park. “The deal is still alive. We and others are still chasing it,” he said June 29 of Jacksonville developers. “I know the prospect is paying serious attention to Jacksonville. Whether or not they are paying serious attention to another city, I don’t know,” Tatsch said. As for Lowe’s, it’s not clear what sort of facility it would consider for Jacksonville, such as whether it would distribute to stores and other company warehouses, serve as a directto-consumer location or be a hybrid. Lowe’s went by “Project Ally” when it chose Coopertown, Tennessee, near Nashville, for its first direct-toconsumer fulfillment center. The 1.1 million-square-foot, $112 million, 600-job center on 110 acres is expected to open this year. It is billed as Lowe’s “first” fulfillment center, indicating the company likely is looking for more sites. It will ship orders directly to Lowe’s

customers and fulfill orders for 15 regional distribution centers and 1,750 stores when fully operational, according to Tennessean.com. Spokeswoman Tia Ford said Tuesday the city had no comment at this time. JAX Chamber declined comment.

Mathers Social Gathering in review Orlando-based Team Market Group seeks city review to build-out Mathers Social Gathering, the “swanky” nightlife concept it plans next to the Florida Theatre Downtown. Albert Flores Inc. of Maitland is the contractor. Through 120 E. Forsyth LLC, Team Market Group bought the two-story, almost 12,000-square-foot building that property records show was developed in 1909. The group bought two buildings and intend to open Mathers Social Gathering on the second floor of the two-story 120 E. Forsyth St. structure. Plans show a 5,729-squarefoot build-out with two bars, seating areas that include sofas and tables, and a service kitchen. Build-out costs are shown at $60,000, but that is subject to change. Team Market Group partner Romi Mawardi said previously the group chose the site because “we believe in the Downtown district and want to be part of its growth.” He said in June the venue could open before New Year’s and will be similar to the Matherws Social Gathering in Orlando. That location is described as “a stylish, dark wood brick filled hideaway on the third floor of a vintage furniture

store from the late 1800s” and offering “a “swanky, historical atmosphere.” The menu includes classic and modern drinks and small plates for food service. Cocktails are $12-$18 and food items are $7 to $24. Mawardi said the group is not sure whether it will seek city incentives or assistance and will look into it. He said the location also would serve as event space, such as corporate parties and weddings.

Industry West preparing Cecil warehouse space

E-commerce furniture retailer Industry West seeks approvals to install a racking system in the AllianceFlorida at Cecil Commerce Center space it will lease for a distribution center. Course Contracting LLC is the contractor for the $500,000 project. Jacksonville-based Industry West will lease almost 122,000 square feet in the building shared with Jinko Solar (U.S.) Industries Inc., which will take almost 286,000 square feet. The permit application reflects the new name for New World Avenue at the Westside business park. Industry West will lease at 4600 POW-MIA Memorial Parkway. The new name reflects a chapel renovation and road dedication launched in July for a $30 million commitment to create a national POW-MIA Memorial at the former Cecil Field Naval Air Station. The chapel and parkway are the first steps in a plan for a national memorial and historic destination for former prisoners of war and those missing in action.

RETAIL NOTES  Rack Room Shoes

wants to remodel its store at Riverplace Shopping Center at 11111 San Jose Blvd. It’s shown as an $80,000 project.  O’Reilly Automotive Stores Inc. of Springfield, Missouri, wants to build an O’Reilly Auto Parts store at 1201 N. Orange Ave. in Green Cove Springs. A 7,716-squarefoot store is planned on the 1.1-acre site.

Aldi to close store for remodeling As it remodels, Aldi Inc. will need to close its 9041 Southside Blvd. store but intends to re-open in the winter. The Germany-based discount grocer said it was too early to share details about the grand re-opening date but would announce that – and when it will close – when information was available. Aldi said it is investing $1.9 billion to remodel and expand more than 1,300 U.S. stores by the end of 2020. The Southside Square store was the first Aldi opened in Jacksonville in 2015 and one of the first in Northeast Florida. Aldi wants to renovate the 21,089-square-foot grocery store at a cost of $900,000. Aldi has 11 confirmed sites in Duval, Clay and Nassau counties and six are open. It operates almost 1,800 stores in 35 states. KMATHIS@ JAXDAILYRECORD.COM @MATHISKB (904) 356-2466

File image

Aldi will close its store at 9041 Southside Blvd. for remodeling, but has not announced a date.

Jacksonville Daily Record/Jacksonville Record & Observer

Thursday, August 2, 2018 • Page 5

APARTMENTS

SIGNS

Bishop Gate Apartments, 500 Bishop Gate Lane, contractor is TriBridge Residential Construction LLC, 49,493 square feet, three permits for new buildings, $6.16 million.

SUR, 7385 Park Village Drive, 11507 Village Crossing Drive, contractor is Creative Sign Designs LLC, two permits for monument signs, $22,122. Ciel, Luxury Apartments, 4929 Skyway Drive, contractor is Creative Sign Designs LLC, two permits for ground and wall signs, $19,650. CubeSmart Self-Storage, Office, 2004 Edison Ave., contractor is Taylor Sign & Design Inc., five permits for wall signs, $13,600. Save A Lot, 8000 Lem Turner Road, contractor is Taylor Sign & Design Inc., ground sign, $10,000. Smoothie King, 790 Skymarks Drive, No. 103, contractor is Taylor Sign & Design Inc., wall sign, $5,000. America’s Best Contacts & Eyeglasses, 6752 Normandy Blvd., contractor is Shark Signs of NE FL Inc., wall sign, $5,000. Kelly’s, Furniture Warehouse, 1030 Arlington Road, contractor is Shark Signs of NE FL Inc., two permits for wall signs, $3,800. Little Bee Stitch and Print, 12200 San Jose Blvd., No. 18, contractor is Shark Signs of NE FL Inc., wall sign, $3,500.

OFFICE, BANK, PROFESSIONAL Allstate Insurance Co., 4920 San Pablo Road S., contractor is M.A. Mortenson Co., addition, $268,552. 6737 Southpoint Realty II LLC, 6737 Southpoint Drive S., contractor is Auld & White Constructors LLC, 109,438 square feet, interior demolition, $115,000. 1128 Laura LLC, 1128 N. Laura St., contractor is Wilkinson Construction LLC, alteration, $30,000. OTHER Wells Creek, 14073 Philips Highway, contractor is Mattamy Homes Corp., accessory building, $297,000. ROOFING

Photo by Karen Brune Mathis

The SunTrust Tower will be renamed the VyStar Tower. The credit union paid $59 million for the building at 76 S. Laura St.

VyStar: Plans to occupy 11 floors of the building CONTINUED FROM PAGE 1

spaces are leased by current building tenants. VyStar is working with the city to lease 425 spaces in the garage being built to serve the Barnett building and the Laura Street Trio. VyStar is working with Jacksonville University to remain as a tenant but expects to use remaining space as tenants vacate. Wolfburg hopes to have some people in by year-end. It also will be renovating its Blanding Boulevard headquarters. The current plan is for VyStar to occupy 11 floors of the building, with the executive floor on the 20th story and the employee lounge, cowork space and other employee benefits and amenities on the 22nd and 23rd floors. Wolfburg said if SunTrust wants to vacate its space before its lease expires, VyStar would move ahead on plans. “We will work as much as possible to help with their transition,” Wolfburg said. SunTrust spokesman Thomas Crosson said he had no update about the bank’s plans.

Colliers International Northeast Florida represented the seller, Mainstreet Capital Partners, in the sale to VyStar. Mainstreet Capital Partners bought the tower in 2015 in a joint venture with CarVal Investors LLC for $31.1 million. Colliers International Northeast Florida will remain as the leasing agent for the building. Wolfburg said buying the tower “was the most economical option to ensure our team has a strong home base from which to serve our 615,000 members across Florida.” A news release issued Tuesday said Mainstreet Capital Partners and CarVal Investors LLC recently completed a three-year, $2 million renovation to update the Class A office tower. VyStar says it is the largest credit union based in Jacksonville and the 17th largest in the country based on assets totaling more than $7.7 billion. Membership is open to everyone who lives and works in 22 counties in Northeast and Central Florida. KMATHIS@JAXDAILYRECORD.COM @MATHISKB (904) 356-2466

BUSINESS IN BRIEF Memorial Hospital trauma center certified: The Florida Department of Health certified Memorial Hospitial as a Level II Trauma Center. Memorial’s trauma center provides 24-hour access to operating rooms, specifically trained surgeons and specialists to treat critically injured patients. Summit building in the Keys: Jacksonville-based Summit Contracting Group is building a $40 million workforce housing development in the Florida Keys. The garden-style multifamily development comprises 208 units in nine buildings. New Nassau-Jacksonville bus service: The Jacksonville

Transportation Authority has reached an agreement with the Nassau County Council on Aging Inc. to begin direct bus service from Yulee to Downtown Jacksonville beginning Dec.3. National Auto Care agrees to be sold: Jacksonville-based National Auto Care Corp. has reached an agreement to be acquired by Lovell Minnick Partners. NAC is a provider of automotive finance and insurance industry products. It was established in 1984 and acquired by Trivest Partners in 2012. Lovell Minnick Partners is a private equity firm specializing in financial and related business services companies. Financial terms were not disclosed. Compiled by Scott Sailer

9925 San Jose LLC, 9961 San Jose Blvd., contractor is Barber & Associates Inc., new roof, $61,400. Fields Motorcars of Florida Inc., 7018 Blanding Blvd., contractor is Stonebridge Construction Services LLC, new roof, $38,690. Holman Holdings LLC, 1225 Ellis Road S., contractor is BRC Roofing & Construction Inc., roof replacement, $18,000. Shadow Bay Apartments, 8833 Old Kings Road S., contractor is AG Contracting Inc., roof replacement, $15,000. Jesus M. Logronio, 11367 Old St. Augustine Road, contractor is Galaxy Builders Inc., roof replacement, $12,400.

STORES, MERCANTILE Lilly Pulitzer, 4812 River City Drive, No. 107, contractor is WFO Construction LLC, 1,684 square feet, tenant build-out, $168,850. UTILITIES AT&T, 14057 Philips Highway, contractor is Mastec Network Solutions LLC, cell tower upgrade, $74,184. Compiled by Scott Sailer

DEVELOPMENT TODAY

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

Page 6 • Thursday, August 2, 2018

Jacksonville Daily Record/Jacksonville Record & Observer

TV shows: Can boost business CONTINUED FROM PAGE 1

food to feature, restaurants to fix or financial investments to make. The tvfoodmaps.com site lists restaurants featured on such programs. Among the local companies featured were Sweet Pete’s, Metro Diner, Olio, Culhane’s Irish Pub and Restaurant, Cap’n Odies, Sydney Australian Beach Club, 3 Gypsies, Singleton’s Seafood Shack, Bold Bean Coffee Shop, Fatballs Bar and Grill and Maple Street Biscuit Company. Secret Garden, on Beach Boulevard, was sold after it was featured on “Restaurant: Impossible.” REPEATS REAP BENEFITS

Many of the episodes are repeated throughout the year and business spikes each time. Mary Jane Culhane and her three sisters own Culhane’s Irish Pub and Restaurant in Atlantic Beach. It was featured on “Diners, Drive-Ins and Dives” in 2010. “It re-aired three weeks ago,” she said. “We can tell. It’s the gift that keeps giving.” Olio’s grilled duck sandwich was featured on “Adam Richman’s America’s Best Sandwiches.” “I have a guy from North Carolina who regularly drives down to Miami and he calls me before he leaves so he can pick up a (grilled duck sandwich) at 3 p.m.,” said Greg DeSanto, owner and executive chef. The Metro Diner has received recipe requests from as far away as California.

THE CHOSEN

Shows vary in how they choose their subjects. Some of those featured apply, others are nominated. In the case of “Diners, DriveIns and Dives,” customer emails can attract a visit. Metro Diner co-owner Mark Davoli said producers were overwhelmed by the number of customer emails it received. Other shows count on restaurant owners to plead their case via email. And in some cases, while a crew is in town for one show it might explore the area for other candidates, which allows it to shoot several segments with the same crew on one trip. In the case of Sweet Pete’s, Peter and Allison Behringer were operating in a Springfield house they turned into a candy store and were financially struggling. They watched “The Profit” and after the program and a bottle of wine, emailed the program about their plight. Within days the interview process began. Millionaire investor and show host Marcus Lemonis wanted to add a candy store to his portfolio, his production crew was in the area shooting other shows and he liked their story. He also was intrigued by Peter Behringer’s revenue-producing candymaking field trips. There also was real-life conflict because the Behringers needed to buy out a partner, a process that became part of the show. What started as a $750,000 investment by Lemonis for half the business has grown into an infusion of $3.5 million for equipment, inventory and the purchase and refurbishing of the historic Seminole Club building Downtown. As a partner, Lemonis visits the store unannounced to check on the books, the appearance and other details. He continues to

Photo by Dan Macdonald

Peter Behringer, the owner of Sweet Pete’s in Downtown Jacksonville, had his business take off after it appeared on “The Profit.”

Photo by Dan Macdonald

Greg Desanto, executive chef and owner of Olio, makes the duck grilled cheese featured on “Adam Richman’s Best Sandwich in America.”

regularly make changes. THE PROCESS

Owners say what viewers see is real. Several weeks before a crew comes to film, there are lengthy calls and background checks. In the case of “Diners, DriveIns and Dives,” restaurant inspections are reviewed to ensure the show is featuring reputable establishments. Film crews come in a day before and shoot environmental shots, known as b-roll, to include customers, the restaurant exterior and street scenes. If cooking is involved, chefs will prepare the dish so the show can film from several angles. The next day the host comes in and in most cases doesn’t talk to the chef until filming begins. There can be retakes to smooth out dialog and correct mistakes. “Our segment was 13 minutes and 42 seconds long,” said Davoli at Metro Diner. “There was more than 19 hours of filming.” Guy Fieri of “Diners, Drive-Ins and Dives” worked the crowd and posed for pictures with employees and guests. With “Restaurant: Impossible and “Bar Rescue,” the host finds a financially struggling restaurant or bar, redecorates it, reworks the menu and retrains the staff and the manager boot-camp style, usually with yelling.

seafood, the Creole and Cajun cuisine didn’t fit his clientele. Items like the shrimp beignets and roast beef po’boys rarely sold and have been taken off the menu. The signature cocktails “Bar Rescue” created remain but few people try them, instead sticking to familiar margaritas and Long Island iced tea. Azer said he ended up on the program after receiving an unexpected call from the “Bar Rescue” production staff asking if he was interested. Familiar with the show, Azer agreed in hopes of receiving a remodel for his 3-year-old restaurant. He is generally pleased with the new look, but has no idea what it cost because the supplies and labor are donated to the show for promotional recognition. He changed the name back to Fatballs because he said the show did not pull proper city permits for the restaurant to operate under the new name. He said it cost $2,000 to buy and erect the new sign. The city

A RESCUE REVERSAL

The “Bar Rescue” episode featuring Fatballs Bar and Grill on 103rd Street was filmed in January and premiered Sunday. Host Jon Taffer rebranded it Bayou a New Orleans Bar & Grille. The experience was not what owner Antonio Azer expected. He said the name change and the menu and drink alterations seemed to confuse area customers. “I don’t think he properly studied the demographics of this area,” Azer said. While the new menu featured

Jon Taffer, the host of “Bar Rescue,” meets Antonio Azer, the owner of Fatballs Bar and Grill.

Photo by Dan Macdonald

Antonio Azer, the owner of Fatballs Bar and Grill on the Westside, had the name of his business changed by the show to Bayou a New Orleans Bar & Grille. He changed it back.

issued permits Friday for the Fatballs sign. Besides, he said, the Bayou name wasn’t bringing in customers. While Azer said the show was not scripted, he did think it was manipulated. The opening segment shows Taffer entering an empty bar, but Azer contends that production staff kept customers from entering. He said the only time he spent with Taffer was when the cameras were running. “I knew he was going to be a

pain. He needs to create drama,” Azer said. Asked for comment, Las Vegas representatives of Kirvin Doak Communications, which represents Taffer, said they would “be in touch should we be able to assist.” Azer hasn’t given up hope that there may be some ultimate benefits after the show has been aired a few times. The day after the show, he received a few calls from interested customers who want to try his restaurant.

Jacksonville Daily Record/Jacksonville Record & Observer

Thursday, August 2, 2018 • Page 7

RESTAURANT TV STARS Here are five Jacksonville businesses that have been featured in television shows over the past decade:

Culhane’s Irish Pub and Restaurant

Fatballs Sports Bar and Grill

967 Atlantic Blvd., Atlantic Beach

7457 103rd St., Jacksonville

Show: “Diners, Drive-Ins and Dives”

Changed to Bayou a New Orleans Bar & Grille by the TV show but later changed back to Fatballs by the owner.

Featured dishes: Guinness beef stew and lamb burger sliders Filmed: February 2010 Debuted: June 2010 Impact on sales: First year’s sales up 40 percent. Increased sales every year since. Would you do it again? “Oh God, yes,” said Mary Jane Culhane, co-owner. “It would help any restaurant. It is a very positive thing.”

Metro Diner Many locations. Original at 3302 Hendricks Ave., Jacksonville Show: “Diners, Drive-Ins and Dives”

Show: “Bar Rescue”

Featured dishes: Meatloaf dinner, yo hala stuffed French toast, Metro’s Pittsburgh steak salad

Show filmed: January 2018

Filmed: February 2010

Debuted: July 2018

Debuted: September 2010

Sales after the remodel: By comparison, the restaurant had sales of $100,000 in July 2017 when compared to sales of $30,000 at the close of July 2018.

Impact on sales: Increased by 100 per cent the first year. Steady 15 percent annual growth ever since.

Would he do it again? No. Due to loss of money and original branding, said owner Antonio Azer.

Would you do it again? “No doubt about it, we’d do it again,” said Mark Davoli, coowner. “I’d like them to come back and see what they have done for people.”

Olio 301 E. Bay St., Jacksonville Show: “Adam Richman’s Best Sandwich in America” Featured dish: Duck grilled cheese Filmed: May 2012 Debuted: August 2012

Sweet Pete’s

Impact on sales: Sales increased 30 to 40 percent for first three months. Conventions bring in many customers asking for the grilled duck sandwich.

Address: 400 N. Hogan St., Jacksonville

Would you do it again? “In a heartbeat. It was fun,” said Greg DeSanto, executive chef and owner.

Show: “The Profit” Program was about: Transforming a small candy store into a million-dollar business Filmed: January 2014

Debuted: April 2014 Impact on sales: Went from $400,000 a year to projections of $4 million this year. Would you do it again? “We’d absolutely do it again,” said Allison Behringer, coowner. “I don’t know where else you would get that kind of capital and partnership.”

Page 8 • Thursday, August 2, 2018

Jacksonville Daily Record/Jacksonville Record & Observer

THE BASCH REPORT

Urgency, caution from two new CEOs mize profits. “Our focus has been to add business in those markets where we can grow our driver count and at prices that compensate us appropriately. In markets where we are struggling to hire and retain drivers, we are making decisions to downsize our business levels or change customers based on the available freight pricing in each market,” he said. Sandlin said despite the third-quarter improvement, he’s hoping for even better results. “With the addition of new business, along with the rightsizing of our fleet and fixed cost, we believe we are making progress,” he said.

MARK BASCH CONTRIBUTING WRITER

Anthony Jabbour of Black Knight Inc. and Dennis Zembler of Ameris Bancorp see revenue gains in the second quarter. Two new Jacksonville CEOs explained different approaches to their job in the past week as their companies reported second-quarter earnings. Anthony Jabbour of Black Knight Inc. expressed a desire to move quickly in his new position, while Dennis Zember of Ameris Bancorp expressed a more cautious approach. “From a new sales and innovation standpoint, our momentum has only increased since my first day at the company and we’re developing and delivering new solutions to our clients with a heightened sense of urgency,” Jabbour said Monday in Black Knight’s conference call with analysts. “As I stated on our last call, acting with urgency is a priority for me,” he said. He did not say why he’s in such a hurry. Jabbour became CEO on the first day of the second quarter, succeeding Tom Sanzone. Mortgage technology company Black Knight got off to a good start to the second quarter under Jabbour, with adjusted earnings of 46 cents a share, 11 cents higher than the previous year. That beat analysts’ forecasts, which ranged from 42 cents to 45 cents a share, according to Yahoo Finance. Adjusted revenue rose 5 percent in the quarter to $277.4 million, but that was slightly below the average analyst’s forecast of $278 million.

Ameris still looking at acquisitions After completing two deals in the second quarter, Ameris continues to look at more acquisition opportunities,

Cox ‘exploring strategic options’ for TV stations

File image

Black Knight Inc. CEO Anthony Jabbour said the company is “developing and delivering new solutions to our clients with a heightened sense of urgency.”

Zember said in the bank’s conference call Friday. However, it’s in no rush to make a deal, he said. Ameris acquired Jacksonville-based Atlantic Coast Financial Corp. and Atlantaarea’s Hamilton State Bancshares Inc. in the spring. The two deals increased the bank’s branch network to 126 offices in Florida, Georgia, Alabama and South Carolina. Ameris officially is headquartered in Moultrie, Georgia, but its executive offices are in Jacksonville. “We still get asked a good bit about M&A (mergers and acquistions) and while we are integrating and converting these existing deals, we are still having conversations. The only deal that we’d be interested in is one with a solid deposit franchise and in good markets,” Zember said. “I still love M&A as much as anybody and think that we are outstanding at negotiating the deals and getting the results and integrating the team and we are hunting hard, but it has to hit the metrics that we want or we’ll just rely on our organic machine for earnings per share growth.” Ameris reported adjusted earnings of 74 cents a share in the second quarter, up from 63

cents the previous year. The 49-year-old Zember took over as CEO on July 5 from retiring Edwin Hortman. During the conference call, Hortman said he will continue following the company from afar. “It goes without saying I’ll still be a customer, a shareholder and a cheerleader and I’ll be celebrating successes, albeit from the sideline,” he said.

Synovus expanding Florida footprint Another Georgia-based bank with operations in the Jacksonville area is expanding its Florida footprint. Synovus Financial Corp. last week announced an agreement to acquire the parent company of Weston-based Florida Community Bank. Columbus, Georgia-based Synovus said the deal will add 50 Florida branches to its network and give it “significant market share” in Florida’s 10 largest markets. Synovus has six offices in the Jacksonville metropolitan area, according to Federal Deposit Insurance Corp. data. Florida Community Bank’s offices are mainly in South and Central Florida, with the nearest to Jacksonville in Volusia County.

Synovus is buying FCB Financial Holdings Inc. for stock valued at $2.9 billion. Synovus has 250 branches in Florida, Georgia, Alabama, South Carolina and Tennessee.

Landstar reports strong performance Landstar System Inc. continued its strong performance in the second quarter, with revenue rising 36 percent to $1.18 billion and earnings reaching $1.51 a share, up 62 cents from the previous year. The Jacksonville-based trucking company said its revenue and operating income reached record highs in the quarter. “In our view, the overall environment for Landstar continues to be as strong as it has been at any point over the last two decades, and we expect our results to continue on a record pace through the third quarter,” CEO Jim Gattoni said in a conference call with analysts. Landstar is forecasting third-quarter earnings of $1.58 to $1.64 a share, compared with third-quarter 2017 earnings of $1.01. Landstar also increased its quarterly dividend payment to shareholders for the second time this year. After increasing the payment from 10 cents a share to 15 cents in January, the company is raising it again to 16.5 cents.

Patriot doubles its earnings in the third quarter

File image

Ameris Bancorp CEO Dennis Zember said the company is “hunting hard” for mergers and acquisitions, but is in no rush to make a deal.

Jacksonville’s other publicly traded trucking company, Patriot Transportation Holding Inc., more than doubled its earnings in its third quarter ended June 30. Patriot reported net income of $1.09 million, or 33 cents a share, in the quarter, up from $456,000, or 14 cents, the previous year. Revenue grew 4.6 percent to $29.4 million. In Patriot’s conference call last week, CEO Rob Sandlin said the company has been making adjustments to maxi-

Six years after taking over operation of two Jacksonville television stations, Cox Enterprises Inc. last week said it is “exploring strategic options” for its entire group of 14 TV stations in nine states. Atlanta-based Cox owns Jacksonville Fox affiliate WFOX TV-30 and operates CBS affiliate WJAX TV-47 under a shared services agreement. WJAX is owned separately by a former Cox executive. Cox said it is considering partnering or merging its television group with a larger company. “It is clear that scale is critical for TV affiliates to be positioned well for the future. Our stations are some of the best in the industry and we want them to stay that way,” Cox CEO Alex Taylor said in a news release. Cox also runs seven Jacksonville radio stations, but the company said it has no plans to change the operation of its group of 61 radio stations.

Gazit-Globe divests Regency shares Israel-based Gazit-Globe Ltd., which became Regency Centers Corp.’s largest stockholder last year, said last week it sold off its remaining Regency shares. Gazit-Globe owned 34 percent of Equity One Inc. before Jacksonville-based Regency acquired Equity One last year. That deal left Gazit-Globe with 13.2 percent of Regency’s stock, and its CEO Chaim Katzman became vice chairman of Regency’s board. However, Gazit-Globe has been gradually selling off its Regency shares, and Katzman resigned from Regency’s board in February. The firm still had 4.8 percent of Regency’s stock before selling 2.5 million shares of Regency in June and July, and it sold its remaining 5.6 million shares last week for $347 million, it said. In a news release, Katzman said its divestiture of Regency is part of its “strategy of recycling capital from investments in public subsidiaries into high-quality direct real estate holdings and lowering the company’s leverage.” MBASCH@ JAXDAILYRECORD.COM

Jacksonville Daily Record/Jacksonville Record & Observer

Thursday, August 2, 2018 • Page 9

Northeast Florida residential building permits on rise

29.3%

The first six months of 2018: 2018 is on pace for at least a 15 percent increase over last year.

BY SCOTT SAILER • EDITORIAL RESEARCH DIRECTOR

12,400 16.8% 11,127 37.3%

10,618 17%

Clay: 472 Duval: 1,842 Nassau: 453 St. Johns: 2,339 Total: 5,106

Building permits for single-family, townhome and condominium units in Clay, Duval, Nassau and St. Johns counties rebounded over the past decade, but are still less than half of the 2005 peak before the housing bust and Great Recession. Here are the permits issued and the year-over-year gain or loss.

13,725 10.7%

THE DATA PAGE

17,753

8,870

9,075

12.2% 7,906 17.6% 6,725

6,830 38.6%

10.7%

6,076

5,971

40.3% 1.8% 5,111 25.2% 4,257 35.1% 3,256

3,271 36.3% 0.5%

2001

’02

’03

’04

’05

’06

’07

’08

’09

2010

3,151 3.7%

’11

’12

’13

’14

’15

’16

’17

Clay, Duval, Nassau and St. Johns single-family building permits, 2001-17* County

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Clay

1,767

2,058

2,369

2,687

3,526

1,221

759

573

397

497

466

624

900

836

829

960

1,002

Duval

4,390

5,196

5,881

6,101

8,360

6,677

3,484

2,981

1,616

1,455

1,091

1,340

1,907

2,265

2,473

2,709

3,073

Nassau

950

1,046

1,148

1,237

1,306

865

536

337

186

200

238

239

443

476

700

930

854

St. Johns 1,968

2,318

3,002

3,700

4,561

2,364

2,051

1,220

1,057

1,119

1,356

2,054

2,721

2,499

2,723

3,307

3,941

Total

10,618

12,400

13,725

17,753

11,127

6,830

5,111

3,256

3,271

3,151

4,257

5,971

6,076

6,725

7,906

8,870

9,075

* Building permits are for single-family, townhome and condominium units

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Page 10 • Thursday, August 2, 2018

Jacksonville Daily Record/Jacksonville Record & Observer

Photo by David Cawton

The JEA board of directors on Monday approved the qualifications for potential candidates seeking to fill the chief executive job for the company.

THE CAWTON REPORT

JEA sets qualifications for next CEO DAVID CAWTON STAFF WRITER

The utility’s board of directors wants to have the position filled by Jan. 1 If you think you’ve got the chops and are interested in leading the nation’s eighthlargest municipally owned utility, you’re in luck – the job now is open to applicants. The JEA board of directors on Monday approved the job requirements and outlined the necessary qualifications for potential candidates seeking to lead the utility in 2019. Paul McElroy, whose contract expires at the end of September, is no longer running the electric, water and sewer utility. In his place in the interim is Aaron Zahn, confirmed by Zahn the board in April. Zahn’s appointment came with some pushback from City Council members because he did not have experience leading a utility. Also, he spent just one month on the board of directors. Zahn previously was managing partner and CEO of Pascal Partners, a distributed infrastructure investment and development company. Chief Financial Officer Melissa Dykes also applied for the interim CEO position, but instead was promoted as part

of a restructuring of the executive leadership team. Dykes now is chief operating officer with direct reports from the heads of the electrical, water, wastewater, legal, information technology, human resources, compliance, customer relations, environmental services and supply chain departments. Zahn described her role as “leading the day-to-day operations” of the comDykes pany, while he focuses more of his attention on longterm strategy and meeting with board members, council, the mayor’s office and other stakeholders. When asked Monday if he still plans to apply for the permanent role, Zahn said “absolutely.” Dykes was not available to comment. It is unclear if the COO position will remain when a new CEO is appointed. Executive search firm Heidrick & Struggles is leading the recruitment efforts. “Heidrick & Struggles is prepared to publicly post the position for the next 45 days,” said board Vice Chair Husein Cumber, who also is the search committee chair. “They will then work on coming up with a qualified list of candidates for us,” he said. Beginning in October, Cumber said the CEO search committee will meet individually with each candidate. He said he expects a narrowed list of candidates by midmonth to present to the board. “We haven’t put a number on it because until you see the field and where people shake out, we don’t want to arbitrarily say it’s three, four, five, et cetera,” he said. By November, all seven board members will meet the candidates on their own. “On Nov. 27, we’ll have a public interview with each one

of those candidates,” Cumber said. He said the board could then move to nominate a candidate or call a special meeting in December. He said the goal is to have a CEO in place by Jan. 1. “I think that’s important from the standpoint that when Heidrick goes out, they’re able to communicate a timeline to candidates,” Cumber said. According to the eight-page position summary, applicants need to be a “forward-thinking, innovative leader capable of conducting a strategic review of JEA and the industry landscape to establish the long-term plans and objectives ensuring JEA will be relevant and agile to adapt and thrive for decades to come.” While utility experience is preferred, prospective candidates who have successfully led a “sizeable business unit” or larger company will be considered. “We did not get into how many years of experience the person needed to have,” Cumber said. He said given the “comprehensive nature of Cumber the position specifications,” the subcommittee believes that anyone who applies will bring a considerable amount of experience from the industry. Some of the basic requirements include experience working in a “complex organization with multiple lines of revenue,” and experience setting and executing “a transformative disruptive long-term strategic vision including the commercialization of new services and products and technology transformations with complex groups of stakeholders.” One of JEA’s newest board members, John Campion, said the position requirements and

IN BRIEF Pair of gubernatorial debates set for Jacksonville University State Agricultural Commissioner Adam Putnam and U.S. Rep. Ron DeSantis are facing off as Republican Florida gubernatorial candidates. They are scheduled to debate at 8 p.m. Wednesday at Jacksonville University’s Terry Concert Hall. On Aug. 9, the leading Democratic candidates will participate in a town hall-style debate at the same venue. Tallahassee Mayor Andrew Gillum, businessman Jeff Greene, former U.S. Rep. Gwen Graham, businessman Chris King and Miami Beach Mayor Philip Levine are scheduled to appear. Both debates will be televised by WJXT TV-4.

Christie named new chair of UNF Political Science Department Natasha Christie is the new chair of the University of North Florida Department of Political Science and Public Administration. Christie is an associate professor of political science and public administration. She received her Master of Arts and Ph.D in political science from the University of Florida. She takes over for Matthew Corrigan, who is stepping down after 11 years as chair.

statement “captures the job.” “I think like all things, it’s the personality and the experience and that person’s vision, what they bring to the table, and how they convince this board that they will be the best person for the job,” he said. “It’s going to be very interactive,” Campion said. According to the requirements, candidates need to be sharp strategists, drivers of results and able to build talent, inspire and influence employees and create “deep customer relationships.” In the section outlining the desired cultural fit qualities, a large emphasis is made on being “an authentic leader,” someone who is passionate, approachable, a talented communicator and “toughminded.” Customer service and communications remain a top priority, according to Vice

Christie

President and Chief Customer Officer Kerri Stewart. In a presentation before the CEO search discussion on Monday, Stewart presented the results of a J.D. Power Residential Survey that showed JEA failing to meet goals tied to customer service and communications. Compared with the previous year, customer satisfaction suffered from a spike in “storm fatigue” after Hurricane Irma and because of the debate and media coverage about the utility potentially being sold. A bachelor’s degree from an accredited college or university is required and a master of business administration is preferred. DCAWTON@ JAXDAILYRECORD.COM @DAVIDCAWTON (904) 356-2466

Jacksonville Daily Record/Jacksonville Record & Observer

Thursday, August 2, 2018 • Page 11

REAL ESTATE

Top 10 sales of the week BY SCOTT SAILER • EDITORIAL RESEARCH DIRECTOR

Here are the top 10 real estate sales in Northeast Florida, comprising Baker, Clay, Duval, Nassau and St. Johns counties. The sales were recorded July 23-27.

$24,465,000

File image

The BB&T Tower Downtown was bought by Ash Properties through Talara Investment Group LLC,.

$5,000,000

$4,770,890

$3,395,751

$3,317,000

8737 Baymeadows Road, Jacksonville, Duval County

Santorini Court, St. Augustine, St. Johns County

Sawmill Landing Drive, St. Augustine, St. Johns County

R.G. Skinner Parkway, Jacksonville, Duval County

Type: Hawthorn Suites by Wyndham Size: 3.85 acres Buyer: Baymeadows Hotel LLC Seller: JAX Hotel Group LLC Previous sale: $4,173,800 in 2014

Type: 53 single-family lots in Castine Cove Size: N/A Buyer: KB Home Jacksonville LLC Seller: Landon Homes LLC

Type: 42 single-family lots in Sawmill Landing Size: N/A Buyer: KB Home Jacksonville LLC Seller: Landon Homes LLC

Type: Vacant land Size: N/A Buyer: Pulte Home Co. LLC Seller: Eastland Timber LLC

$2,442,680

$2,295,000

$2,075,000

$2,015,000

$2,000,761

Aventurine Ave., St. Augustine, St. Johns County

1521 County Road 220, Fleming Island, Clay County

2345 Friendly Road, Fernandina Beach, Nassau County

County Road 208, St. Augustine, St. Johns County

Trailmark Drive, St. Augustine, St. Johns County

Type: 26 single-family lots in Treaty Oaks Size: N/A Buyer: KB Home Jacksonville LLC Seller: Landon Homes LLC

Type: Ruby Tuesday restaurant Size: 1.3 acres Buyer: Silverman Realty Associates LLC Seller: TMT33 LLC Previous sale: $1,621,700 in 2018

Type: Warehouse Size: 9.61 acres Buyer: Northeast Florida Tree Farms Inc. Seller: Nassau Terminals LLC Previous sale: $620,000 in 1993

Type: Timberland Size: 1,681.1 acres Buyer: St. Johns County Florida Seller: Star Investors IV Limited LLLP

Type: 10 single-family lots in TrailMark Size: N/A Buyer: KB Home Jacksonville LLC Seller: Landon Homes LLC

200 W. Forsyth St. and 111 Julia St, Jacksonville, Duval County Type: BB&T Tower and parking garage Size: 2.04 acres Buyer: Talara Investment Group LLC Seller: JPMCC 2007-LDP 12 West Forsyth Street LLC Previous sale: $30,050,000

BE THE FIRST TO KNOW: BASCH REPORT Columnist Mark Basch tracks the growth and changes at the region’s public companies.

CAWTON REPORT Staff Writer David Cawton uncovers how government impacts business.

MATHIS REPORT Editor Karen Brune Mathis is always first to report new projects changing Jacksonville’s economy and landscape.

THE DATA PAGE Research Director Scott Sailer shows in snapshot graphs the economic data business leaders need to know.

YOU SHOULD KNOW Profiles of business leaders making a difference at work and in the community.

Introducing

TOP 10 REAL ESTATE SALES The biggest real estate transactions over the past week in Duval County.

A FREE WEEKLY BUSINESS NEWSPAPER

BUSINESS CALENDAR Key upcoming events you won’t want to miss.

Every Thursday, you’ll find an all-new edition — new name, new look and expanded news, trends and analysis for your business to thrive in NE Florida.

PEOPLE ON THE MOVE Top-level promotions and new hires at the region’s companies.

The Jacksonville Record & Observer will be distributed in Downtown

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Jacksonville and in key businesses throughout Jacksonville.

YOU SHOULD KNOW

Page 12 â€˘ Thursday, August 2, 2018

Jacksonville Daily Record/Jacksonville Record & Observer

TIM HAMILTON BY KAREN BRUNE MATHIS â€˘ EDITOR

Tim Hamilton was named Jacksonville area market executive for Birmingham, Alabama-based Regions Bank as of July 26. He also continues as commercial banking leader. Hamilton joined Regions in November 2012, working in Orlando and moving to Jacksonville last year. As market executive, Iâ€™ll be working hand-in-hand with local leaders of our consumer banking group, which oversees branch banking services in our area as well as private wealth management, which serves investment clients, our mortgage division and other business groups.

ABOUT HAMILTON Title: Market executive and commercial banking leader

Thereâ€™s a dynamic workforce and industries in Jacksonville that we certainly look forward to learning more about. Jacksonville consists of a vibrant workforce with multiple industries from manufacturing to health care to higher education to government entities. Thatâ€™s an impressive mix. Our focus is not to operate in silos. Rather we take a more collaborative approach. We focus on building deeper relationships with our customers and weâ€™re able to help them accomplish a wider range of financial goals. Within the commercial banking group, weâ€™re going to focus on business customers. However, we take a Regions360 approach to business. Should our clients have other needs such as private wealth, consumer banking, mortgage needs and the like, weâ€™re going to have a holistic approach and engage our other bank partners to fulfill those needs. Weâ€™ll consistently reflect the companyâ€™s commitment to meeting customersâ€™ needs and supporting the surrounding area. Being a part of Junior Achievement, we see the opportunities there and through our volunteer service and nonprofit support, we deliver financial education to those in need at no costs. We are involved in the upcoming Making Strides Against Breast Cancer Walk

Organization: Regions Bank Age: 52 Education: Bachelor of Science in prelaw, University of Kentucky Family: Wife, Vanessa; two children: Emily and Jack

Special to the Daily Record

supporting the American Cancer Society on Oct. 13. We encourage others to get involved and look forward to a great turnout.

quality family time. My son, Jack, plays baseball. My daughter, Emily, plays soccer and basketball.

Iâ€™m originally from Kentucky and a graduate of the University of Kentucky. By good fate, I graduated and immediately began a banking and finance career, where Iâ€™ve been now in excess of 20 years. I had the right mentors in my life that certainly have led me in the right direction.

I enjoy Jeeping on the weekends, driving my 2015 red Jeep Wrangler. There are organized events throughout the state, but mainly I have the top down and you might see us over in Neptune or Jacksonville Beach. It is a lot of fun.

Iâ€™m a family man. I have two children and a wonderful wife and (when not working) we are on ballfields or the beach or just enjoying

KMATHIS@JAXDAILYRECORD.COM @MATHISKB (904) 356-2466

Hometown: Lexington, Kentucky Hobbies: Golf and quality time with family

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