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August 15-21, 2019
Mark Braddock’s 8103 Clothing finds a home in Springfield PAGE 5
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JACKSONVILLE
Record & Observer LISA PALMER’S REGENCY RISE Record & Observer JACKSONVILLE
The University of Virginia softball ace will next lead shopping center giant Regency Centers Corp. as it navigates the challenges of the internet era.
BY KAREN BRUNE MATHIS & MARK BASCH RECORD & OBSERVER
JACKSONVILLE
Bill moves Metro Park toward development
A deal still would need to be worked out with National Park Service.
LRecord & Observer isa Palmer recalls meeting Albert Ernest, president of Jacksonville-based Barnett Banks Inc., for lunch at his country club in Charlottesville, Virginia. It was at the suggestion of her father, Jon Palmer, a C-suite Barnett executive who had moved to Jacksonville, hired by Ernest. A Philadelphia native, Lisa Palmer had just graduated from the University of Virginia, class of 1989, with a degree in economics and several softball records as the school’s star pitcher. “He was my network connection,” she said of Ernest, a UVA graduate who now lives in Charlottesville. Six years later, after working her first career jobs and earning an MBA from the Wharton School of the University of Pennsylvania, she called Ernest to network for positions in Jacksonville. He referred her to several companies, including Stein Mart Inc. and CSX Corp., saying her dad had her covered at Barnett, and to Regency Centers Corp. All are Jacksonville-based except for Barnett, which was absorbed into Bank of America in 1998. It came down to CSX and Regency. She chose Regency, because, at the time, it wasn’t big. Having worked at General Electric and Anderson Consulting Strategic Services, Palmer wasn’t looking for another large company, like CSX. “It was more about joining a smaller company, which I felt was a little more entrepreneurial and had more of an opportunity to make an impact more quickly,” Palmer said this week. She did.
BY MIKE MENDENHALL STAFF WRITER
As Jacksonville Jaguars owner Shad Khan focuses on the proposed mixed-use development of Lot J next to TIAA Bank Field, the city is taking another step in the broader proposed development of the riverfront Metropolitan Park and the Shipyards next door. City Council President Scott Wilson introduced Ordinance 2019-555 on behalf of Mayor Lenny Curry that refunds $1.72 million in unused grant money to the Florida Department of Environmental Protection intended for improvements along the St. Johns River linked to the park. The bill also would give Curry the authority to terminate the agreement with FDEP. Another Metropolitan Park stakeholder is the federal government. The property is designated federal parkland and any private development has to be approved by the National Park Service. Specifically, a suitable replacement for Metropolitan Park in both location and acreage must be located. Wilson said Tuesday that this legislation does not address the National Park Service requirement. Curry said The Jacksonville Landing is not a possible replacement site for Metropolitan Park in an interview Aug 1. “That is not happening,” Curry said. Artist renderings of Khan’s proposed $450 million Lot J project show buildings in the Metropolitan Park space.
JACKSONVILLE
Record & Observer
SEE PALMER, PAGE 10
Photo by Karen Brune Mathis
Regency Centers Corp. President Lisa Palmer, who will become the company’s next CEO in January, shows off her collection of sports memorabilia in her office in the Wells Fargo Center. Palmer was a star pitcher for the University of Virginia softball team and still holds all-time records for the school.
A look at where road projects stand in St. Johns County PAGE 6 Rayonier AM stock sinks along with prices for commodities PAGE 8 Marbut Report: Akerman attorneys launch their own firm PAGE 12
MMENDENHALL@ JAXDAILYRECORD.COM @MIMENDENHALL (904) 356-2466
THE MATHIS REPORT
Wawa bringing store to Arlington Road Plus: Hotel, restaurant notes PAGE 3 VOLUME 2, NO. 11 • ONE SECTION
WHAT’S TRENDING
Page 2 • Thursday, August 15, 2019
Jacksonville Daily Record/Jacksonville Record & Observer
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.
GOVERNMENT
Money sought for future of Landing site Mayor Lenny Curry is asking the City Council to approve $2.25 million in initial funding for redevelopment of The Jacksonville Landing as part of his proposed 2019-20 Capital Improvement Plan. City Chief Administrative Officer Brian Hughes said the allocation will start a 2- to 2½-year redevelopment process. “If we can do it faster, we will. But it’s sort of an acknowledgment that about a two-year plan is what we’ll see executed,” Hughes said.
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Jacksonville Daily Record and Jacksonville Record & Observer are a division of Observer Media Group Inc. Last week, workers enclosed The Landing with fencing as work proceeds toward the shopping center’s demolition.
of the First Coast Expressway under construction. They intend to develop a masterplanned community with about 4,000 homes and a mix of retail and offices. Timing for development is tied to completion in Clay County of the First Coast Expressway, so no development is expected for several years.
RETAIL Spartina 449 coming to St. Johns Town Center Spartina 449, a South Carolina-based coastal-themed women’s clothing and accessories company, intends to open in October in St. Johns Town Center.
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REAL ESTATE 4,000-home project planned for Clay County Developers of the Nocatee and eTown residential and commercial communities in Duval and St. Johns counties have turned to Clay County for another large project. The Davis family and The PARC Group intend to develop more than 3,000 acres in Green Cove Springs west of U.S. 17 and north and south
Daily Record JACKSONVILLE
Spartina 449 sells handbags, accessories, clothing, jewelry and gifts, including its linen and leather coordinating goods.
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BUSINESS CALENDAR
FRIDAY FPL at St. Johns Chamber: The St. Johns County Chamber of Commerce Economic Development Council will feature speaker Eric Silagy, president and CEO of Florida Power & Light Co., at its quarterly breakfast Friday to talk about how FPL has become a technology company that delivers energy. The event is 8 a.m. at Shell Hall inside the World Golf Hall of Fame at the World Golf Village. Cost is $40 for members and $65 for nonmembers. To register, visit sjcchamber.com or call Erin Johnson at (904) 829-5681. AUG. 27 Preston Haskell at Touchdown Jacksonville!: Engineer and business leader Preston Haskell, part of the original Touchdown Jacksonville! group formed to buy an NFL franchise, will describe the successful effort to land the Jacksonville Jaguars. Haskell will keynote The Jacksonville Historical
Society Lunch & Learn at 11:30 a.m. Aug 27 at the Old St. Andrews Church at 317 A. Philip Randolph Blvd. Clara’s Tidbits will provide the lunch. Cost is $15 for historical society members and $20 for nonmembers. For information, call (904) 665-0064. Reservations are required at https://jaxhistory.wufoo. com/forms/m1tgzwsj19jls6c/ SEPT. 12 Jim Knight at FSCJ Speaker Series: Jim Knight, the author of “Culture That Rocks!” and a former executive with Hard Rock International, will talk about “how to amp up or revolutionize a company’s culture” at the Florida State College at Jacksonville Speaker Series. The event is free. It is scheduled 9-10:30 a.m. Sept. 12 at the FSCJ Nathan H. Wilson Center for the Arts at 11901 Beach Blvd. Breakfast will be served at 8:30 a.m. Register at fscj. edu/business-speakers for the event.
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Jacksonville Daily Record/Jacksonville Record & Observer
Thursday, August 15, 2019 • Page 3
KAREN BRUNE MATHIS EDITOR
Convenience store chain plans to develop at least 30 stores in Northeast Florida. Another corner of the city — this time, in Arlington — is going the Wawa way. Wawa, the gas station and convenience store chain that intends to develop at least 30 stores in Northeast Florida, wants to open in Arlington at northeast University Boulevard and Arlington Road. The city approved applications for concurrency reservation and mobility fee calculation certificates for a 5,636-square-foot store with 16 fueling positions on 1.9 acres. The city calculated a $207,104 mobility fee to mitigate the impact on public infrastructure.
THE MATHIS REPORT
Wawa coming to Arlington Road
The site is bordered by University Boulevard, Arlington Road and Marcheck and Commerce streets. The site is used for auto parts sales, a service garage and a home and held by multiple owners. Doug Skiles with EnVision Design + Engineering is the agent. Pennsylvania-based Wawa opened its first area stores in December 2017. Its ninth opened in April at 2500 Monument Road in East Arlington. A 10th is expected to open by yearend at 13363 Beach Blvd. Brian Duke, Wawa regional real estate manager, said in April that 11 sites are under contract and a dozen more are in stages of review. Wawa intends to open three to four stores annually as it fills in the market. Sites are in Duval, Clay and St. Johns counties. KMATHIS@JAXDAILYRECORD.COM (904) 356-2466
HOTEL NOTES Cambria at Hampton Village: Ash Construction LLC will build a 128room, almost 91,000-square-foot Cambria hotel on 3.44 acres at 7800 Ozark Drive in Hampton Village, east of Interstate 295 near Baymeadows Road East. The city issued a building permit July 15 for the $1.48 million project. Cambria Hotels is a brand of Choice Hotels International. The city also issued a concurrency reservation certificate for the project, which is owned by Ozark Investment Group LLC, affiliated with Ash Properties. Plans and a news release say it will be five stories while the permit shows six stories. Crowne Plaza in North Jacksonville: The city issued a permit for Pecan Tree Development LLC to renovate the public areas of the Crowne Plaza Jacksonville Airport hotel at 14670 Duval Road at a cost of $2.5 million. It is part of a $10 million renovation of the 1980s era hotel on about 10 acres that should be completed by year-end 2020.
The Arlington Wawa site is bordered by University Boulevard, Arlington Road and Marcheck and Commerce streets.
Courtyard Jacksonville in Arlington: The city issued a permit for Lippe Construction to renovate the Courtyard by Marriott Jacksonville hotel at 9815 Lantern St. in Arlington at a cost of $469,280. Weekly Inn in Arlington: Fort Seven LLC filed a fictitious name with the state for the Weekly Inn at 8016 Arlington Expressway. The site is the former Kings Inn and was built in 1959 as a Holiday Inn. Fort Seven LLC is led by Juan Carlos Delaney of Miami. Fort Seven LLC paid almost $2.74 million for the 4.45-acre property July 16. It bought the almost 59,000-square-foot property from Shriji Bless LLC. The loopnet.com listing says that of 130 rooms, 110 are active and four are used for storage. There is a convenience store on the premises and conference room space is available. The restaurant can be leased in the future, it said. Best Airport Inn in North Jacksonville: Rore Airport Hotel LLC paid $2.55 million for the Best Airport Hotel at 1077 Airport Road. It bought the
5.04-acre property from Radhe Hotel 294 Inc. The hotel was built in 1987. Lurton Capital LLC issued a $2 million mortgage to Rore Airport Hotel. Jacksonville Marriott in Southside: The city issued a permit for Solid Rock Construction Group of Bradenton to renovate the public spaces at the Jacksonville Marriott at 4670 Salisbury Road at a cost of $638,000.
RESTAURANT NOTES Panera to Brooklyn: A permit is in city review for Panera Bread to build-out at 10 Riverside Ave. in Brooklyn Place. No contractor is listed for the $450,000 interior remodel. Wingstop to Taylor Place: The city is reviewing a permit to Wingstop to build-out in the Taylor Place shopping center at 13947 Beach Blvd., No. 203. No contractor is listed for the $85,000 project to build-out 1,646 square feet for Wingstop.
Burger King at Lem Turner: The city issued a permit for Rossco Construction Services to remodel the Burger King at 7725 Lem Turner Road at a cost of $175,000. It was built in 1971 and has been remodeled since, property and building records show. Starbucks to St. Johns Square: The city is reviewing a permit for Starbucks Coffee Co. to build a shop at 11240 Beach Blvd. in St. Johns Square at a cost of $275,000. Ellianos to Clay: Ellianos, a coffee company, intends to build a 681-square-foot coffee shop with drive-thru lanes in a parking lot at 311 Blanding Blvd. in Orange Park. Outlook Ventures LLC of Lake City applied to the St. Johns River Water Management District for the project. Lake City-based Ellianos says there are 12 open coffee shops in Georgia, Alabama and Florida and five more coming soon. It sells coffees, smoothies, frozen beverages and food that includes breakfast sandwiches, cookies, muffins and bagels. It operates a store in Jacksonville at 1125 Lane Ave. S.
Is pleased to announce that
ERICA CONKLIN BAINES has been named partner in the firm Ms. Baines will continue her focus on commercial litigation and appeals, with an emphasis on trust, probate and fiduciary litigation.
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To learn more about this and other Bishop & Mills attorneys please visit www.bishopmills.com
Page 4 • Thursday, August 15, 2019
Jacksonville Daily Record/Jacksonville Record & Observer
THE MENDENDHALL REPORT
DIA expands Retail Enhancement Grant program SEE THE MAPS For maps of the new boundaries, see this story at JaxDailyRecord.com
MIKE MENDENHALL STAFF WRITER
Organization wants to make incentive program more visible to attract businesses Downtown. The Downtown Investment Authority is making changes to its 5-year-old Retail Enhancement Grant program. The independent city authority, which manages Downtown’s Community Redevelopment Area, wants to make the grant program, created in 2014, more visible and an incentive for business owners to open or relocate Downtown. The DIA board voted Aug. 7 to expand the grant program’s boundaries on the Northbank — west to Jefferson Street and north to Ashley Street. The vote also defined boundaries for the Southside Retail Enhancement Program that were not established when the grant program was certified on the Downtown Southbank. These boundaries now include the Southbank riverfront,
south to Interstate 95 and east to Alamo Street. It includes The District property. The program’s goal is to recruit and retain restaurants, retail and “creative office space” in the Northbank core. According to Downtown Vision Inc.’s 2018-19 State of the Downtown Report, the DIA has given $690,645 in retail enhancement grants to 14 businesses since the program began. Beyond expanding the grant’s reach, DIA CEO Lori Boyer said the board also will consider later this year modifying its Boyer criteria. Currently, business owners who are approved for the Retail Enhancement Grant are reimbursed $20 per square foot or up to 50% of the project construction cost. Boyer said the cost of materials and other expenses have risen since the program began, so officials think the grant parameters could be outdated. Boyer said the DIA plans to start actively marketing the program and add more money. On the Northbank, the grant program has $800,000 avail-
able from the 2018-19 budget, with plans to add $300,000 in the 2019-20 budget. On July 21, the DIA’s Retail Enhancement Program Committee approved shifting $34,200 of DIA’s available operational capital to boost available grant money for Southbank-area projects to $210,000. “Right now, it’s (the grant) used by those who are in the know. We want to broaden awareness. It’s time to let folks know about this again,” Boyer said. The DIA’s 2019-20 budget is scheduled for a hearing Friday at the City Council Finance Committee as part of council’s 2019-20 city budget review. DIA officials say expanding the Northbank program west will encourage more retail near LaVilla, which is in line with a DIA and Jacksonville Transportation Authority redevelopment plan released in April to make the neighborhood walkable and bring more services. “This will impact new demand for retail services we expect in LaVilla,” board member Oliver Barakat said. But some, including Boyer, agree that the DIA missed an opportunity to expand retail in LaVilla. Vestcor Companies Inc. won the bid Aug. 7 to add an 88-unit, single-family townhome development on cityowned property at Adams, Johnson, Lee and Forsyth streets. The board chose Vestcor in a 5-2 vote over a proposal by
second-ranked Johnson Commons LLC that included 9,500 square feet of retail and restaurant space with its proposed 107-townhome development. The board took the recommendation of the DIA scoring committee, comprising Boyer, Barakat and city Office of Economic Development Executive Director Kirk Wendland. Although she recommended Vestcor’s proposal, Boyer thinks mixed-use development in the historic Downtown neighborhood could boost density. Vestcor was concerned that retail space created in the townhome development would sit empty, she said. “I totally understood why. It was in Vestcor’s application. They didn’t shy away from it. They didn’t put retail in right now because they didn’t think the market would support it,” Boyer said. “There’s some truth to that, but you take up the physical land now, you cannot add it later.” There still is undeveloped city and JTA-owned property next to the townhome site that could be developed for mixeduse retail. Boyer said when the DIA issues a request for proposals to develop the space along Lee Street, ground-level retail could be attached to the sale of the parcel. Boyer said JTA could do the same with undeveloped property near Vestcor’s townhomes and the Jacksonville Regional Transportation Center to “create a shopping area in the core of LaVilla.”
Boyer said there is no timeline for additional city-owned property sales in LaVilla.
DIA moves public comments The DIA changed its bylaws to move the public comments portion of its meeting toward the top of the agenda. Before Aug. 7, public comments were scheduled near the end of DIA meetings after board action. That prevented people from commenting before the board reached decisions. The amendment brings the DIA into compliance with Florida Statute 286.0114, which calls for the public to have “reasonable opportunity” to be heard on a proposition before a government board prior to official action. The statute was adopted in 2013 after the DIA bylaws were implemented in October 2012. Boyer said the change increases the authority’s transparency and the efficiency of its public meetings. “It somewhat expedites the process and you get the benefit of everyone’s input before you start the meeting,” she said. The board voted 7-0 in favor of the change at its Aug. 7 board meeting and amended that agenda to start the procedure immediately. MMENDENHALL@ JAXDAILYRECORD.COM @MIMENDENHALL (904) 356-2466
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Jacksonville Daily Record/Jacksonville Record & Observer
Thursday, August 15, 2019 • Page 5
KATIE GARWOOD STAFF WRITER
Owner Mark Braddock has a clothing deal with the Jumbo Shrimp, and is in talks with the Jaguars for the same. On 8103 Clothing’s opening day July 27 in Springfield, owner Mark Braddock planned to do live screen-printing as guests shopped the store. Within the first 5 minutes of opening, Braddock said people were packed “shoulder to shoulder.” His screen-printing plan quickly changed to accommodate the “nonstop” line building up at the cash register. In 16 years of running 8103 Clothing, Braddock has moved his company into three different storefronts. His grand opening at 1715 N. Main St. was what he called the “best one ever.” “I saw a lot of new faces, of course, a lot of old faces,”
Braddock said. “And our diehards that have been wearing the brand for north of 10 years that know the story, that know the meaning, that have been following what has happened in my personal life as well.” Braddock, 35, runs the company on his own, from printing the shirts to operating the storefront. 8103 Clothing is a “lifestyle brand with Duval County roots that’s helping others establish a local footing in the marketplace.” Inspiration for the designs come from Jacksonville and from Braddock’s personal life. The company’s name, 8103, also is personal for Braddock: It was created in memory of his older brother, who was born in 1981 and died of a drug overdose in 2003. Braddock said he’s inspired to continue growing the company in his brother’s honor “keeping the memory alive, the bloodline.” In the past few years, Braddock said the company took off, starting last year with a deal with the Jacksonville Jumbo Shrimp. At the time, Braddock was living in Northern California, where he moved for a fresh start after the death of his parents in 2015 and 2016. “Well how am I going to successfully collaborate with the Jacksonville Jumbo Shrimp while living in Northern Cali-
fornia? So, I basically made the plan before the collaboration and started to move back here,” Braddock said. “That’s where that ball just really started rolling.” Braddock said he’s in talks with the Jacksonville Jaguars to make clothing for them, too. Along with Springfield’s energy, Braddock said the neighborhood’s proximity to the sports complex made it the perfect spot to establish his company after operating without a lease for the past eight months. As part of his grand opening, Braddock made donations to Springfield Preservation and Revitalization Council and became a member of the group’s Springfield Area Merchants & Business Association. He sees it as a neighborhood with potential. “There is a lot going on in this area between all of the local businesses working together and the synergy that’s on the block as far as the whole community movement,” Braddock said. “I want to be a part of the revitalization and preservation because I know it’s coming. I feel it’s only a matter of time.” His storefront is next door to The Block Skate Supply, which eventually will have a doorway into 8103’s space. Braddock also has several pairs of shoes from The Block on display in
HEALTH & BUSINESS
8103 Clothing finds a home in Springfield
Photo by Katie Garwood
Mark Braddock and his French bulldog, Hank, in 8103 Clothing’s Main Street storefront in Springfield.
his store, which customers can take next door to buy. He plans to use his storefront to hold community events. Throughout the Jaguars preseason, he’s hosting watch parties at 8103 Clothing with a projector, food trucks, free beer and live T-shirt printing. The result is “really bringing more life to the area with the unique connections I have, through the local brands here in the community,” he said. That’s all part of the synergy he sees in Springfield, and it also plays into his company’s mission statement: “Community over competition,” and “locals helping locals.” In the time Braddock spent without a lease and permanent storefront, he hosted pop-up
REGISTER NOW! 4.5 CLE/CJE CREDITS GARY PAJCIC PROFESSIONALISM SEMINAR Friday, Sept. 13
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shops in Jacksonville Beach along with other local businesses that are similar to his, and may not have the means for their own retail spaces. Braddock held several 904 Pop Ups this year in Jacksonville Beach, with the next planned Sept. 22. More than 80 local businesses signed on to participate. “I’m trying to use the brand for more than just for myself,” Braddock said. “It’s so much bigger than that. And if I can help other companies get a taste of being able to live their dream as well, it’s an awesome feeling.” KGARWOOD@ JAXDAILYRECORD.COM (904) 356-2466
American Board of Trial Advocates
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Jacksonville Chapter
“Elevating the Standards of Integrity, Honor and Courtesy in the Legal Profession”
SPEAKERS: Welcome & Introduction to ABOTA David M. Dunlap | Dunlap, Ravis & Miller, PLLC Jim D’Andrea | Milton, Leach, Whitman, D’Andrea & Eslinger, P.A. A Panel Discussion: Professionalism in Litigation Honorable Tyrie Boyer, Fourth Judicial Circuit Honorable Virginia B. Norton, Fourth Judicial Circuit Honorable Robert M. Dees, Fourth Judicial Circuit Honorable Harvey L. Jay, III, Florida First District Court of Appeal A View From Both Sides Kristen M. Van der Linde | Boyd & Jenerette Jamie Holland | Harrell & Harrell, P.A. Ethics-A Florida Bar Requirement Mary Bland Love | Marks Gray, P.A. Michael G. Tanner | Gunster Law
Page 6 • Thursday, August 15, 2019
Jacksonville Daily Record/Jacksonville Record & Observer
THE SAILER REPORT
An update on St. Johns County road projects updates about transportation improvements underway and planned in the next five years in the northwest portion of the county. SILVERLEAF
SCOTT SAILER STAFF WRITER
Multiple segments of County Road 210 are under construction amid subdivision growth. Many residents in northern St. Johns County commute to jobs in Jacksonville and many of those use Interstate 95, as do other travelers passing through. St. Johns County residents drive to Jacksonville for shopping, entertainment and medical services. People also are traveling from Duval County and beyond to northern St. Johns County for its increasing choices in shopping and employment as well as its highly ranked school district and tourist attractions. That’s why transportation improvements are a priority, especially in the northwest part of the county where residential growth is strong. St. Johns County officials Phong Nguyen, director of the Transportation Development Division, and Jay Brawley, county engineer, provided
Two roadway projects are under construction by the Silverleaf Development of Regional Impact: n County Road 2209, also known as the St. Johns Parkway extension, a four-lane road from County Road 210 to Silverleaf Parkway as a parallel corridor to relieve congestion on I-95, linking Florida 9B to the future First Coast Expressway. n Silverleaf Parkway, a new four-lane road from County Road 2209 to the intersection of Florida 16 and County Road 16A . Both projects are scheduled for completion in 2020 at a combined cost of $63 million. TWIN CREEKS
Two roadway segments of County Road 210 are under construction by the Twin Creeks Development of Regional Impact: n County Road 210, an expansion of a two-lane road to four lanes from east of CE Wilson Road to the Twin Creeks western boundary. n County Road 210, an expansion of the two-lane road to six lanes from the Twin Creeks western boundary to County Road 210 West (Alternate 210), between the Beachwalk and Beacon Lake
File image
An artist’s rendering of the new Shands Bridge that will connect Clay and St. Johns counties. The bridge is part of the First Coast Expressway that will connect I-10 in Duval County to I-95 in St. Johns.
communities. Both projects are scheduled for completion in 2022 at a cost of more than $15 million. Also, the expansion of County Road 210 to a four-lane full interchange overpass, connecting to U.S. 1, will start after 2022. The project is designed and permit-ready. FIVE-YEAR COMPLETIONS
n Widening Veterans Parkway to four lanes from Race Track Road to Longleaf Pine Parkway at a cost of $7 million. n Widening Longleaf Pine Parkway to four lanes from Veterans Parkway to Tollerton Avenue at a cost of $3 million. Lennar, ICI and Greenbriar Downs and Mill Creek Forest collectively or individually will pay for the Veterans and Longleaf Pine parkway improvements. n Rebuilding and widening to four lanes 2.25 miles of County Road 210 West from Cimarrone
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Boulevard to Greenbriar Road, west of Shearwater Parkway, with intersection improvements. It is a more than $20 million project as part of the Shearwater DRI. n Widening Florida 16 to four lanes from County Road 16A from Silverleaf Parkway to St. James Avenue. It will be paid for by the Florida Department of Transportation. n Widening Florida 16 to four lanes from International Golf Parkway and Pacetti Road to San Giacomo Road at the MuraBella development. It’s a $5.5 million project n Widening Florida 16 to four lanes from San Giacomo Road for 3 miles east near Orient Drive. It’s a $15 million project. Grand Oaks will pay for the improvements. n Improving the Florida 16 and I-95 interchange by widening from four to six lanes within the interchange limits, reconfiguring the interchange,
adding turn lanes and directional islands and making signal improvements to Tom’s Road and Inman Road. PROJECTS TO START FROM 2022-23
n Completion of the First Coast Expressway from Shands Bridge in Clay County to I-95 in St. Johns County, including a four-lane bridge replacement crossing the St. Johns River. It is the third and final section of the First Coast Expressway around Jacksonville to provide a connection from I-10 in Duval County to I-95 in St. Johns County. n Widening I-95 to 10 lanes from International Golf Parkway to the Duval County line. The projects are estimated at $800 million and completion is anticipated in 2030. SSAILER@ JAXDAILYRECORD.COM (904) 356-2466
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Jacksonville Daily Record/Jacksonville Record & Observer
Thursday, August 15, 2019 • Page 7
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.
File image
The sales were recorded Aug. 5-9.
Quality Health of Fernandina Beach at 1625 Lime St. in Fernandina Beach sold for $12.25 million.
$12,688,480
$12,250,000
$7,030,000
$5,764,514
$2,260,000
Boulevard Road, County Road 315, Pacetti Road, Eaton Road, Bellamy Road and US 17, Green Cove Springs, Clay County
1625 Lime St., Fernandina Beach, Nassau County
13723 Atlantic Blvd., Jacksonville, Duval County
1601 Dunn Ave., Jacksonville, Duval County
1593 Jessie St., Jacksonville, Duval County
Type: Quality Health of Fernandina Beach Size: 7.71 acres Buyer: Fernandina Beach Property Holdings LLC Seller: Quality Health of Fernandina Beach Inc.
Type: Undeveloped multifamily Size: 21.97 acres Buyer: Terrabella Residences LLC Seller: Neptune Baptist Church Inc. Previous sale: $1,850,000 in 2002
Type: Northwood Apartments Size: 8.37 acres Buyer: Northwood Owner LLC Seller: ROCO Northwood LLC Previous sale: $7,000,000 in 2016
Type: Undeveloped heavy industrial Size: 22.62 acres Buyer: AD Investment Florida LLC Seller: Jacksonville Port Authority Previous sale: $160,000 in 1993
$1,919,888
$1,804,500
$1,650,000
$1,375,000
$1,375,000
Pescara Drive, Jacksonville, Duval County
11117 San Jose Blvd., Jacksonville, Duval County
Flach Drive, St. Johns County
500 Florida 13 N., St. Johns County
Type: 18 single-family lots in Bella Nika at Tamaya Phases 1, 2 and 3 Size: Not available Buyer: HCC Tamaya Residential LLC Seller: Tamaya Loan Acquisition LLC
Type: Krispy Kreme Size: 1.04 acres Buyer: Holm Real Estate LLC Seller: Holm Donuts LLC Previous sale: $250,000 in 2016
Bulls Bay Highway, Arnot Street, City Limits Boulevard, Ocala Avenue, Cahoon Road North and Jackson Avenue North, Marietta, Duval County
Type: Undeveloped Size: 2,699.21 acres Buyer: GCSD LLC and GCSE LLC Seller: Buttercup Enterprises LLC
Type: 22 single-family lots in Worthington Estates Phase II Size: Not available Buyer: Richmond American Homes of Florida LP Seller: Mill Creek Plantation North LLC
Type: Undeveloped residential Size: 67.36 acres Buyer: Marietta Estates LLC Seller: Horne Living Trust
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Type: Famous Automotive and Tire Center Size: 0.84 acres Buyer: Famous Automotive and Tire Center LLC Seller: Charles R. and Elizabeth A. Dison Previous sale: $405,000 in 2003
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Page 8 • Thursday, August 15, 2019
Jacksonville Daily Record/Jacksonville Record & Observer
THE BASCH REPORT
Loss sends Rayonier AM stock to new low
MARK BASCH CONTRIBUTING WRITER
The company blames “severe price declines for commodity products” for the loss. Rayonier Advanced Materials Inc’s stock fell to a new low last week after the company reported its second straight quarterly loss and said it needs to renegotiate its loan terms. The Jacksonville-based producer of cellulose specialties and other forest products had a net loss of $15 million, or 37 cents a share, for the third quarter. “The benefits of improved operations and costs are being offset by severe price declines for commodity products, negatively impacting pricing for our high purity cellulose viscose and fluff products as well as for our lumber high-yield pulp and paper products,” CEO Paul Boynton said in Rayonier AM’s quarterly conference call. Boynton said the losses may impact two covenants in its loan agreements. “With no near-term recovery in sight, we expect we will be in breach of our covenants when we file our third-quarter results,” he said. “Therefore, we have engaged in discussions with our lenders to negotiate an amendment to our loan agreement to allow us to navigate the weaker commodity markets.” Rayonier AM’s stock fell by $2.03 to $2.97 last Thursday after the quarterly report, its lowest level since it split with timber and real estate company Rayonier Inc. into separate public companies in 2014. Sidoti & Co. analyst Daniel Jacome lowered his rating on Rayonier AM from “buy” to “neutral” after the report. “There were pricing pressures even in the categories where we thought some revenue growth was likely, such as paperboard,” Jacome said in his research note.
File image
Rayonier Advanced Materials CEO Paul Boynton said there is no nearterm recovery in sight for the company’s products.
“We think the extended U.S.-China trade dispute accelerated pricing pressure across the pulp markets, while Rayonier AM’s folding carton, paperboard, and lumber product lines experienced more pricing pressure than we estimated, mostly stemming from overcapacity in North America,” he said. Jacome lowered his price target on Rayonier AM’s stock from $12 to $4, but D.A. Davidson analyst Steven Chercover maintained his “buy” rating and $12 target. “We recognize that putting new money into Rayonier AM is now a leap of faith, but we are confident that the company will obtain the covenant relief it requires,” Chercover said in his note. He said Rayonier AM’s assets are worth “substantially more” than the stock’s market price. “That said, our current target already represents an astronomical rate of return, and requires not just better execution than we have seen of late, but also goodwill from creditors,” he said. “Anything beyond that will require the gods of international trade and commodity prices to smile benevolently on the company and the industry.”
China issues hit Rayonier Inc. The U.S.-China trade dispute continues to impact Rayonier Inc., which has timber
Joel Settembrini, Jr.
operations in the Northwest U.S. and New Zealand, in addition to the Southeastern U.S. The company reported lower second-quarter earnings and also reduced its forecast for the full year, in part because of the impact of the trade dispute on timber markets in China. Second-quarter earnings dropped in half to 14 cents a share, with revenue falling 25 percent to $184.8 million. Rayonier also lowered its earnings forecast for the full year from its previous range of 46 cents to 53 cents a share, to a range of 42 cents to 49 cents. “Overall, I’m pleased with how our team navigated these various market challenges to deliver strong operational results during the quarter,” CEO David Nunes said in the company’s conference call last Thursday. “Nevertheless, the pricing dynamics in the Pacific Northwest and New Zealand continue to be unfavorable relative to our expectations going into the year. Thus, we have revised our full-year guidance to reflect this,” he said.
FIS sees Worldpay raising earnings Fidelity National Information Services Inc., or FIS, last week reported higher second-quarter earnings before completing its acquisition of Worldpay Inc. last month. The Jacksonville-based financial technology company
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Black Knight market share rises Jacksonville-based mortgage technology company Black Knight Inc., the dominant company in its industry, slightly increased its market share in the second quarter. The company provided processing services for 63% of all first mortgage loans in the U.S. as of June 30, up from 62% a year earlier. Its share of processing for all first and second mortgage loans rose from 52% to 54%. Black Knight reported second-quarter adjusted earnings of 49 cents a share, 3 cents higher than last year and a penny higher than the consensus forecast of analysts, according to Zacks Investment Research. However, the company said earnings for the full year are now expected at the low end of its forecast range of $1.90 to $2 a share. CEO Anthony Jabbour said in a news release the new forecast reflects “an earlier than planned client deconversion that was the result of a decision we made to no longer support a non-core, single-client platform.”
FRP Holdings sells two more properties After selling a portfolio of 41 industrial buildings in the sec-
After not issuing a firstquarter report, the Kraft Heinz Co. last week issued midyear results and held its first conference call of the year. However, new CEO Miguel Patricio said he was not ready to comment on the possible sale of some businesses, including Maxwell House coffee. The company’s Downtown Jacksonville plant, which employs about 200, is the last remaining U.S. Maxwell House plant. News reports for several months, most notably from cable business news network CNBC, have said Kraft Heinz has been looking to sell Maxwell House. Kraft Heinz did say in its midyear report is writing down the value of six brands, including Maxwell House. The reduction in Maxwell House’s value is in part “driven by lower expectations of near and long-term net sales growth that were adjusted in the second quarter of 2019 due to anticipated trends in consumer preferences,” the company said in a Securities and Exchange Commission filing.
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ond quarter of 2018, Jacksonville-based FRP Holdings Inc. sold two more properties in this year’s second quarter. That nearly completes the liquidation of its heritage properties, the company said in a news release. All that remain are an office building in Sparks, Maryland, and a vacant lot in Jacksonville under lease to Vulcan Materials Co. that was formerly the headquarters site of Florida Rock Industries Inc. Florida Rock, which spun off FRP as a separate company, was sold to Vulcan in 2007. “Suffice to say, our primary task is to redeploy the proceeds of the warehouse sale into higher-performing projects that will conservatively and substantially grow our net asset value over time,” CEO John Baker said in a conference call, according to a transcript of the call posted by FRP. FRP reported earnings from continuing operations of $2.95 million, or 30 cents a share, for the second quarter.
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said adjusted earnings rose by 15 cents a share in the quarter to $1.78. If the merger had been completed, the addition of Worldpay would have given FIS $3.18 billion in adjusted revenue in the quarter. FIS projects third-quarter adjusted earnings of $1.33 to $1.37 a share and fourthquarter earnings of $1.47 to $1.53, below its second-quarter results. However, the company expects the merger to pay off next year as it realizes cost cuts and other benefits from the deal. “We expect our organic revenue growth rate to accelerate from 6% towards 7% in 2020,” Chief Financial Officer Woody Woodall said in FIS’ conference call. “Given our success to date with this integration, we now expect the Worldpay acquisition to be accretive (to earnings) in 2020.”
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Thursday, August 15, 2019 • Page 9
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Page 10 • Thursday, August 15, 2019
Palmer CONTINUED FROM PAGE 1
On Aug. 1, Regency announced that Palmer, 51, will become CEO effective Jan. 1, succeeding Martin E. “Hap” Stein Jr., 66, who transitions to executive chairman. She has been and will remain president, a title she took three years ago. “I keep telling people all the time how fortunate I am,” Palmer said. “I have the opportunity to lead a special company with exceptional people and an exceptional board,” she said. “The fact that I get to do it with Hap still here and involved and by my side is a pretty tremendous opportunity.” YEARS IN THE MAKING
Palmer joined Regency in 1996 and worked her way up the ranks, becoming chief financial officer in January 2013 and president in January 2016. Her appointment as CEO is part of a “well thought-out succession plan,” Palmer said. “It certainly has been discussed and planned for a number of years,” she said. Palmer said Stein has been gradually handing over more responsibility to her to prepare for the promotion. “It’s not just an overnight allof-a-sudden title change. It really just feels natural,” she said. Regency has grown tremendously since Palmer arrived 23 years ago. The company operated 36 properties in 1996, mainly in Florida and a few other Southeastern states. It’s now a nationwide company
Jacksonville Daily Record/Jacksonville Record & Observer
operating 421 properties, mainly neighborhood shopping centers anchored by grocers. “I think we had probably 30 employees when I joined. Now, we’re up to 480 nationwide,” Palmer said. “The fact that we’ve been able to maintain the culture of just having really good integrity and values and always doing what is right, I think is pretty special.” Palmer is ascending to the top spot at a challenging time for the industry, with traditional brickand-mortar retailers under threat from e-commerce businesses and many longtime players going out of business. “If it was easy, it would be boring, right?” she said. While some stores have closed, Regency maintains a strong occupancy of about 95% at its properties. “We very actively manage our tenant base, as well as our entire portfolio,” Palmer said. “We call it proactive portfolio enhancement, selling centers and buying others, and continually trying to raise the quality bar of our shopping centers.” She said Regency’s attention to location and the quality of its tenants differentiates the company. “We really like how well-positioned we are. We actually think that those centers become even more important to the retailers because they’re going to be willing to pay to be in the right place,” she said. Palmer is confident that strong retailers will continue to attract shoppers into the stores. “Bricks and mortar is still a critical component of all retailers’ system. The best located, the most well-merchandised centers, are going to continue to not just survive, but actually thrive,” she said.
Analysts are expecting a smooth transition from Stein’s leadership to Palmer’s, and they don’t expect to see any changes in Regency’s approach to the business. “If you were to go talk to investors and say ‘give me three words about Regency’ I think they would say ‘honest, open, transparent,’ ” she said. “It is something that we have tried to remain committed to from the time that I joined and especially when I moved into the investor relations role in 1999.” Regency’s roots trace back to a company founded by Stein’s parents in 1963, so this is the first time in more than a half-century the business will be run by someone outside of the family. “I don’t take that lightly,” Palmer said. “I’m honored that Hap has the confidence in me for that to be the case.” Regency’s culture won’t change as the new CEO comes in, but Palmer expects Regency to continue adapting to the changing retail landscape. “I say retail’s always evolving,” she said. “There’s no question that Regency’s really evolved and adapted even from the time I joined in 1996 and that’s going to continue to be the case, or else we’ll be left behind also.” SOFTBALL STAR
Palmer also continues to spend time when she can at the University of Virginia, where she and her mother endowed the Lisa and Frances Palmer Scholarship in 2014. It’s awarded annually to a Cavalier softball player. They also made the lead gift for a new softball stadium, which is expected to be completed before
formally approved by the university, the stadium is likely to be named Palmer Park. ‘GREAT FOR OUR CITY’
LISA PALMER President of Regency Centers Corp; adding title of CEO on Jan. 1 Age: 51 Education: University of Virginia, bachelor’s degree in economics; MBA, Wharton School of the University of Pennsylvania Hometown: Philadelphia Family: Mother, Fran Palmer, Jacksonville; father, Jon Palmer, Houston; pet Chloe, a Westie Activities: Orangetheory Fitness, Jacksonville Jaguars games, Virginia sports/ visiting Charlottesville, spending time with friends
the start of the 2020 season. “They have not invested anything in the program since I’ve been there,” she said. Palmer is a former UVA pitcher who was the first player in program history to have her jersey number, 22, retired, according to the university. She holds the school’s singleseason record for shutouts, 14, among other accomplishments. Her career earned-run average is 0.94. While the name has not been
Palmer’s role as the only woman to serve as CEO of a public company in Jacksonville sparks attention in the city’s leadership ranks. “It’s incredibly significant,” said JAX Chamber President Daniel Davis. “It’s important for the chamber to continue to push for more female representation at executive levels and C-suites,” Davis said. Palmer serves on several area nonprofit boards, including at the chamber. Davis acknowledges Palmer is busy with her new responsibilities, while considering her “great for our city and great for our organization. That could mean the potential for higher levels of chamber volunteer leadership. “We think there is an opportunity for us to showcase the success of Regency with Lisa at the helm,” Davis said. Palmer is attentive to her role too. “We have a significant number of remarkable women leaders in Jacksonville and that should not go unnoticed. At the same time, I acknowledge that being the leader of a public company comes with just a bit brighter light and it’s rewarding to me that I’m able to serve as an inspiration and role model for all generations of women in our community.”
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These are the largest commercial building permits by job cost issued Tuesday by the city of Jacksonville. OFFICE, BANK, PROFESSIONAL
STORES, MERCANTILE
First Florida Credit Union, 11467 San Jose Blvd., No. 1, contractor is FLC Contracting LLC, 500 square feet, add canopy, $5,000. 121 Atlantic Place LLC, 121 W. Forsyth St., contractor is International Management Co. LLC, 960 square feet, tenant build-out, $32,763.
Walmart, 13490 Beach Blvd., contractor is Powerhouse Retail Services LLC, add online grocery pickup equipment and canopy, renovations, $63,763. Spartina 449, 4742 River City Drive, No. 113, contractor is Interior Buildouts Inc., 2,125 square feet, tenant buildout, $118,000.
ROOFING Women’s Help Center Inc., 6210 Samuel Wells Drive, contractor is The Neill Co. LLC, roof replacement, $21,000. SIGNS VyStar Credit Union, 13680 Old St. Augustine Road, contractor is Brown Enterprises, three permits for monument, wall and canopy signs, $36,500.
UTILITIES T-Mobile, 5521 Chronicle Court, contractor is SouthShore Communications LLC, cell tower equipment upgrade, $65,000. T-Mobile, 5840 Timuquana Road, contractor is SouthShore Communications LLC, cell tower equipment upgrade, $65,000. Compiled by Scott Sailer
BUSINESS IN BRIEF Pet Paradise refresh: Pet Paradise established new branding with a new logo, color scheme and website. The Jacksonville-based company provides pet boarding, grooming, day camp and veterinary care. Diesel Barbershop open: Diesel Barbershop opened its first area franchised location at 5016 Gate Parkway, No. 4, in Gateway Village at Town Center. Warby Parker opens: Fashion eyewear retailer Warby Parker is open at 4712 River City Drive, No. 107 in St. Johns Town Center. It’s the chain’s first Jacksonville store and eighth in Florida.
SCORE on the move: SCORE Jacksonville relocated its St. Johns County office to 100 Southpark Blvd., Suite 405, in St. Augustine. Pet Wants expands: The owners of Pet Wants Jax Beach, Nick Saam and Hannah Kim, are expanding to cover St. Johns County. Pet Wants opened in summer 2018, providing private-label dog and cat food. It offers free delivery in its service area. Corporate Traffic Logistics honored: Family-owned and Jacksonville-based Corporate Traffic Logistics was named for the 20th consecutive year by Inbound Logistics as a Top 100 3PL Provider, offering logistics solutions.
Promotions, hirings and happenings for business people in Northeast Florida. Send items to ssailer@jaxdailyrecord.com Tom Norton joined Visit Jacksonville as an account manager in the sales and services team to focus on sports tourism. Norton was vice president of events and operations at the Gator Bowl Sports/Jacksonville Sports Council. Kenneth McAllister was named director of business services for Jax Federal Credit Union. He was a branch vice president for VyStar Credit Union.
identification of new means to reach audiences. Trude Legg to executive vice president of finance and administration, managing accounting, operations and financials. Eduardo Samiento to executive vice president, creative, leading creative strategy and implementation. Kim Vermillion to executive vice president of brand and marketing strategy leading account services.
McAllister
Crowley Maritime Corp. promoted three in its government services sector: Chris Goss to vice president of business development to run contract proposals and closings, expeditionary logistics, including FEMA services. Smijith Kunhiraman to director of technology solutions, focusing on maximizing efficiency and enhanced customer value. Patrick Wallace to vice president of supply chain to manage global supply chain and logistics contracts and operations.
Three members were appointed to the Cummer Museum of Art & Gardens board of trustees: Mari Kuraishi, president of the Jessie Ball duPont Fund. Preeti Swani, founder of Oculus Art Partners and DZ Media Ventures. Ashley Stein Wotiz, volunteer with experience in fine art, decorative arts and interior design.
PEOPLE ON THE MOVE
DEVELOPMENT TODAY
Thursday, August 15, 2019 • Page 11
FSCJ named officers for its 2019-20 District Board of Trustees: Thomas “Mac” McGehee Jr. as board chair. Wayne Young as vice chair for Duval County. Mike Bell as vice chair for Nassau County. Also serving on the board representing Duval County: Thomas Majdanics, Hunt Hawkins, Palmer Clarkson and Jennifer Brown
James Reed joined Multifamily Partners as senior director, focusing on multifamily investment sales in the North Florida and Southeast Reed Georgia markets. Reed was senior director at Franklin Street.
Members representing Nassau County: Candace Holloway and Laura DiBella Compliled by Scott Sailer
Brunet-Garcia promoted four leaders: Kim Collins to executive vice president of media and engagement, responsible for a new focus on the
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Page 12 • Thursday, August 15, 2019
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THE MARBUT REPORT
Sodl and Ingram open new law firm Share your legal news
Attorneys and law firms are invited to send news and notes to Max Marbut, associate editor – legal affairs, at mmarbut@ jaxdailyrecord.com. MAX MARBUT ASSOCIATE EDITOR
‘The market is solid and stable for the type of work we do.’ After practicing together for six years in the Akerman law firm’s Jacksonville office, commercial real estate and development attorneys Andrew Sodl and Tom Ingram have established Sodl & Ingram in offices Downtown at the Blackstone Building. “The market is solid and stable for the type of work we do and the small commercial real estate law firm is a great model,” Ingram said. He handles land use and zoning, environmental law, government relations and regulatory matters. Sodl specializes in banking, finance and corporate transactions such as acquisitions, dispositions and leasing. “Northeast Florida has great opportunities for business. Banks are doing more complicated transactions and they have a need for our services.
Photo by Max Marbut
Attorneys Tom Ingram, left, and Andrew Sodl have opened a law office in the Blackstone Building.
Commercial real estate is strong and it appears that it will stay strong,” Sodl said. Their new office is on the 11th floor of the Blackstone Building facing East Bay Street. The view is of the former Jacksonville City Hall and Duval County Courthouse sites that have been cleared in preparation for development. “We chose this office not only because it’s a nice space, but because this part of Downtown is going to grow and we want to be a part of that,” Ingram said.
New co-chairs for Freed to Run 3.0 The third annual Freed to Run anticipates a boost this year from three newly appointed co-chairs of the event: Darnell Smith, Florida Blue market president for North Florida; Eric Krall, mortgage sales manager with Community First Credit Union; and Ryan Ludwick, an attorney with Fisher, Tousey, Leas & Ball. They will work to attract more sponsors and relay teams, with Smith focusing on the
health care community, Krall on the business community and Ludwick on the legal community and related industries. Proceeds from the Dec. 15-20 six-marathon relay series will be added to an endowment for the Northeast Florida Medical Legal Partnership at Jacksonville Area Legal Aid and will be matched at 125% by Baptist Health. The initiative provides civil legal aid to pediatric patients and their families to ensure they have safe and sanitary housing, as well as access to health care, educational
accommodations and other services. Freed to Run debuted in 2017 when Gunster shareholder Mike Freed ran six consecutive marathons from the steps of the state Supreme Court in Tallahassee to the lawn of the Duval County Courthouse, Freed stopping each day at a county courthouse along the route and raising more than $70,000 for JALA. Last year he repeated the six-day journey accompanied by relay teams. Freed, the 17 teams, sponsors and supporters raised $400,000 including Baptist Health’s match. Visit jaxlegalaid.org/ freedtorun/ for sponsorship information and relay team registration. MMARBUT@ JAXDAILYRECORD.COM (904) 356-2466
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