Daily Record FINANCIAL NEWS &
FRIDAY, NOVEMBER 25, 2016
Vol. 104, No. 009 • oNe SectioN
Where brewers can‘make their own music album Downtown
Despite ‘old building issues,’ Bold City expected to open by early January
By David Chapman Staff Writer Susan Miller hoped the shotgunstyle Downtown brewery would open by August or September. But, as she describes it, “old building issues” cropped up in the space adjoining the under-construction Cowford Chophouse. There was a support beam eaten by termites, a wall that needed to be expanded and a white tin roof the owners wanted to keep. On Tuesday — just like every Tuesday the past several months — Miller and her son, Brian, checked on the progress for what will soon be Bold City Downtown, an offshoot of the popular Bold City Brewery in Riverside.
“It’s going to happen,” said Susan Miller, who owns the brewery with Brian. “It’s going to be well worth it.” Brian Miller said he can now see the business starting to take shape. Bathrooms in the back of the slender space are framed out and he can envision where the bar, cold storage and brewing are going. Fans should be able to see a finished product soon for themselves. Susan Miller said she anticipates opening in mid-December or early January. And when Bold City does open, it will knock off a few long-awaited benchmarks — “three birds with one stone,” as Brian Miller describes. It will expand the presence of the BOLD CITY CONTINUED ON PAGE 3
Brian Miller looks over floor samples for the shotgunstyle brewery being built out.
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Hyatt Place appears headed to The Strand
Photos by David Chapman
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The mother-son duo of Susan and Brian Miller opened Bold City Brewery eight years ago and now they’re poised to finish an expansion into the urban core. Bold City Downtown, on Bay Street next to the Cowford Chophouse, is expected to open by early January.
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The Strand at Town Center’s hotel appears to be Hyatt Place. A city Planning and Development Department capacity statement shows a 160-room Hyatt Place is in review along Town Center Parkway. The 2.79-acre site is lakefront and isn’t far from the Ravella Town Center Apartment Homes that will be developed at the upper end of The Strand property. Preferred Growth Properties is developing The Strand opposite St. Johns Town Center. At 91,357 square feet total, the Hyatt Place footprint indicates it could be at least five stories. England, Thims & Miller Inc. is the agent. Concord Hospitality Enterprises Co. of Raleigh, N.C., is listed as the developer. The executive listed in the application referred questions to the communications representative, who was out for the Thanksgiving holiday. Concord’s portfolio includes more than 90 hotels in the U.S. and Canada, including 12 in Florida. There is a 127-room, six-story Hyatt Place Jacksonville Airport at 14565 Duval Road owned by another group. The 76,000-square-foot property was developed in 2008 and sits on 2.3 acres. Hyatt Place, a brand of Chicago-based Hyatt Hotels Corp., says on the company’s website it is created for “multi-blenders with 24/7 lifestyles seeking a select-service hotel that will allow them to balance work and play.” It calls itself an “upscale select-service” brand that offers its freshly prepared 24/7 Gallery Menu & Market along with a complimentary breakfast. Amenities include free Wi-Fi, a Coffee to Cocktails Bar and a gym. It says it caters to individual guests, frequent business travelers and small corporate and executive meetings. The hotel says guests typically are midto upper-income Gen X travelers who MATHIS
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JEA optimistic about December credit rating meetings
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We’re looking forward to this one a little more than last year.
By Max Marbut Staff Writer What a difference a year can make. “The December credit rating meetings are going to be a lot of fun,” said JEA Chief Financial Officer Melissa Dykes at the Nov. 15 board of directors meeting. She had just reported the publicly owned utility in the fiscal year that ended Sept. 30 had outperformed financial projections across the board, including its sales, cash on hand and debt-to-asset ratio.
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Dykes also reported JEA is in its “highest debt service position in the past five years.” In addition, the board approved a five-year base rate stabilization policy that includes retiring early nearly $200 million in debt. Those will be important factors when a delegation from JEA goes to New York City on Dec. 8-9 for the annual presentations to the Fitch, Moody’s and Standard & Poor’s rating agencies. The meetings will establish — and hopefully maintain — JEA’s AA
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and AAA ratings for its electric and water/sewer system senior and subordinated bonds. Last year when the group presented to the credit agencies, the board had five new members out of seven, the city pension dilemma hadn’t been resolved and City Council was still considering a new five-year interlocal agreement that would set JEA’s annual contribution to the general fund budget. When board Chair Tom Petway returned from New York last year, he JEA CONTINUED ON PAGE 2
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Utility faced uncertainty before last year’s New York trip
JEA board Chair Tom Petway on the December credit ratings meetings in New York for
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