Daily Record Financial News &
Friday, June 17, 2016
Vol. 103, No. 155 • One Section
35¢ www.jaxdailyrecord.com
Downtown adds new bank HQ to the mix
In the 1930s, right, LaVilla was such a vibrant neighborhood it earned the nickname the Harlem of the South. Thirty years later, it began to deteriorate. In the 1990s, nearly all of the buildings were torn down in hopes of redeveloping the area. It has remained mostly unchanged since.
CenterState opening at 100 North Laura
Special to the Daily Record
By Karen Brune Mathis Managing Editor
The Downtown Development Review Board gave final approvement to 130 affordable housing apartments in LaVilla.
Life returning to LaVilla Vestcor receives final OK for 130 affordable apartments
By Max Marbut Staff Writer In the beginning of the 20th century, LaVilla was one of Jacksonville’s most vibrant neighborhoods. The area went into decline in the late 1960s. In the early 1990s, the area — between Downtown’s core and Interstate 95 — was cleared of virtually all buildings as part of the River City Renaissance Plan. In about two years, residents will return to LaVilla, following final approval Thursday of Lofts at LaVilla, a 130-unit apartment development near the Prime Osborn Convention Center and the Federal Reserve Bank. The Downtown Development Review Board in April approved the conceptual design. At the time, 120 apartments were planned within the five-story structure. But after evaluating the potential rental market, floor plans were changed to
reduce the number of three-bedroom units and add more studios and one-bedroom apartments. The final design also reduced the building’s footprint, allowing additional landscaping and pedestrian access around the perimeter, said Ryan Hoover, vice president of TVC Development Inc., a division of Vestcor. Elm trees will provide shade along the Water Street side of the building and sable palms and a ligustrum hedge were added along the Lee Street side of the building, he said. The business model for Lofts at LaVilla is to set rents to attract Downtown workers and others whose annual income is 80 percent or less of the state median income — or about $38,000 a year for a single person and about $49,000 a year for a family of four. The $22 million project is supported by a 20-year, $270,000 loan at zero percent interest from the Downtown Economic
Development Fund and $270,000 from the Jacksonville Housing Finance Authority. Vestcor also is seeking participation from the Florida Housing Finance Corp.’s Low Income Housing Tax Credit Program. “We plan to start construction in August and have it finished within 18 months,” said Hoover. The board also approved a modification the Planned Unit Development at 721 W. Duval St. in LaVilla. Three buildings, each about 3,000 square feet, currently comprise 29 dorm-type rooms. The owner, Volunteers of America of Florida, intends to demolish the interiors of the buildings and convert them into 13 one- and two-bedroom apartments. The site is at the corner of Duval and Jefferson streets, near LaVilla School of the Arts. mmarbut@jaxdailyrecord.com @DRMaxDowntown (904) 356-2466
CenterState Bank of Florida announced Thursday it will establish its Jacksonville headquarters on the top floor of the 100 North Laura building, where it also will open a lobby branch. “We believe in Downtown Jacksonville and CenterState is committed to participating in Downtown revitalization and competing with the major players in our industry who are here,” said Gil Pomar, executive vice president and regional president, in a statement. Occupancy is scheduled for the fourth quarter and will generate about 15 new jobs to enhance the commercial and residential lending departments. CenterState has offices and branches in Liberty Center in Southpoint, Riverside and Ortega. Pomar operates among the offices and will establish the headquarters Downtown upon the move. The move brings another bank presence to the core Northbank, Pomar where many other financial institutions occupy branch space or anchor office buildings. CenterState will occupy 9,000 square feet at 100 North Laura that will be vacated when Ameris Bank’s lease ends in September. It will lease the 4,000-square-foot lobby branch space and 5,000 square feet on the 10th floor. It signed a 10-year lease. “Hopefully we’ll be there for a very long time,” Pomar said. CenterState is relatively new to Jacksonville, having moved into the market in 2012. A Downtown presence could elevate its exposure. Based in Davenport in Central Florida, the community bank is one of Florida’s largest publicly traded banks. It provides online banking, commercial lending, residential mortgages and investment services from 66 branches and four loan-production offices in 24 counties. CenterState continued on Page A-2
Using ‘lessons learned on the battlefield’ Bunker Labs helping veterans be successful entrepreneurs
By Max Marbut Staff Writer
Distenfield
Public
When World War II ended, 49 percent of veterans started a business after they were discharged from military service. By 1996, the percentage of veterans among new entrepreneurs had fallen to 12 percent and by 2011, to just 6 percent. Bunker Labs aims to change that trend. Established two years ago in
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Chicago, the organization has expanded to 11 more cities, including Jacksonville. Its purpose is to connect veterans who want to start a business with the knowledge, mentorship and other resources they need to succeed, said Derek Distenfield, executive director of Bunker Labs Jacksonville. A U.S. Army veteran who started a legal-tech business, NextGenJustice, Distenfield understands the challenges involved
in getting an idea off the ground. “Starting my business was hard,” he said. “Having local and national mentors is critical.” Bunker Labs’ basic concept is to provide training, access to mentors and investors and a peerto-peer learning environment to allow budding business owners to continue using the skills they gained in the armed forces. “The lessons learned on the battlefield are what’s needed to be an entrepreneur,” he said.
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Expanding access to resources is a critical part of what Bunker Labs does. “Only 1 percent of the population are veterans and they need contact with the non-veteran community. We feel Bunker Labs can fill that gap,” said Distenfield. Getting the local Bunker Labs effort underway is being aided by $50,000 of a two-year, $1.5 million grant to the parent organization from JPMorgan Chase & Co. Bunker continued on Page A-4
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