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CoffeeTalk Pier pressure
Model leader
for 41 years, is retiring at the end of July.
The bank named Julie Schmelzle, senior relationship manager in global commercial banking, market president and
Moll’s successor. Schmelzle, the bank says in a statement, will “connect clients, teammates and communities to the full power of the franchise and drive integration across the bank’s eight lines of business.”
In her current role, Schmelzle has responsibility for corporate client relationships with companies with revenues of $50 million to $2 billion across all major industries. She’s been with the bank since 1989, according to her LinkedIn profile.
“Julie is well positioned to build on Gerri’s success and continue to grow our market share in Southwest Florida, delivering the full breadth of Bank of America’s capabilities to help our local clients improve their financial lives,” Bank of America CEO Brian Moynihan says in the statement.
Moll, meanwhile, the bank says, has “had a tremendous impact delivering the full breadth of Bank of America to our clients, growing market share and representing our company in the community.”
That includes representing the Southwest Florida market on the state’s Board of Governors, which oversees Florida’s 11 public universities. “We thank Gerri for her remarkable 41 years of service with the company,” Moynihan says.
Construction is set to begin to repair the end of the Venice pier, which was damaged in Hurricanes Helene and Milton in 2024. The remainder of the pier remains open to the public.
Tampa Bay Marine, a marine and general construction company based in Gibsonton, is staging this week to prepare for the work, which is expected to take four months to complete, according to a statement from the city of Venice.
The repairs at the Venice Municipal Fishing Pier’s “T” structure involve removing
and replacing hurricane-damaged framing, decking and railing, the statement says. Contractors will leave in place primary structural components such as beams, pile caps and piles.
City officials estimate the project will cost $410,000.
The bait shop and portion of the pier not being repaired will continue to be open during construction, with the potential for intermittent closures.
The Venice Municipal Fishing Pier is 720 feet long. Originally built in 1966 for
nearly $134,000, it has been rebuilt twice — in 1984 after a 1981 storm, and in 2004 it was replaced for $1.75 million, with funds raised by municipal bonds. The deck and railing materials were replaced in 2019 for nearly $739,000.
Tampa Bay Marine has handled large-scale projects in its 15-year history, according to its website, including multimillion-dollar marinas, commercial seawalls and bridge repairs.
COFFEE TALK page 5
Moll,
The Venice Municipal Fishing Pier is more than 700 feet long.
COURTESY PHOTOS
GERRI MOLL
JULIE SCHMELZLE
MANATEE-SARASOTA
Theater passes $20M donation milestone
After the Venice Theatre’s facility was damaged by Hurricane Ian in 2022, the community theater organization launched a $25 million campaign to rebuild. With a recent boost from a local family, the state, city, community and an anonymous donor, the organization reports it has now passed the $20 million mark.
The latest major gift was a $250,000 donation from the Pinkerton family, in memory of Yvonne “Pinky” Pinkerton, who died in 2020 and founded the education and outreach department for the Venice Theatre.
When it reopens, the Venice Theatre’s facility will have a nearly $50 million annual impact on the community, citing a report from the Economic Development Corp. of Sarasota County.
Apartment complex sells for $92 million
A 304-unit Lakewood Ranch apartment complex has sold.
The community is Vida Lakewood Ranch, off of Technology Terrace just north of 44th Avenue East. The property was sold for $92.12 million by the Milwaukee developer that built it, Zilber Residential Group.
Berkadia, which represented Zilber, did not disclose the buy-
We care about the companies that we work with. There’s just a lot of heart behind what we’re doing.
Dawson |
er, and Manatee County public records had not been updated as of July 8.
TAMPA BAY-LAKELAND
U.K. firm buys stake in tech company
European investment firm Hg has acquired a majority stake in Tampa cybersecurity firm A-LIGN in a deal that values the privately held tech company at $1 billion — making it a socalled unicorn for reaching that milestone.
London-based Hg, which specializes in European and transatlantic software and services businesses, acquired the majority stake in A-LIGN from Warburg Pincus, according to a statement. Financial terms of the deal for A-LIGN, founded by IT entrepreneur Scott Price in 2009, weren’t disclosed.
A-LIGN joins Tampa-based ReliaQuest and KnowBe4, founded in Clearwater, as local cybersecurity firms that have reached $1 billion valuation.
Grocer to open store in Gasworx
Duckweed Urban Grocery, a local boutique grocery chain, plans to open a new store in the Gasworx development currently under construction in Tampa.
The store will be in a ground floor retail space in the project’s first completed development, La Unión Residence & Social Hall.
Plans call for Duckweed to open later this year, according to a statement.
Duckweed, which already has five stores locally, carries fresh produce, pantry staples, quick meals and artisan goods, along with regional wines, beers and cheeses.
CHARLOTTE-LEE-COLLIER
Chicago restaurant group enters Florida
A prominent Chicago restaurant group is making its Florida debut with a Greek restaurant scheduled to open this fall in the Mercato in North Naples. The company, DineAmic Hospitality, will open Violi, what it calls a “taverna-style Greek restaurant” and sister concept to the group’s acclaimed Chicago restaurant LÝRA. The 6,500-square-foot interior and 1,500-square-foot open-air patio will have seating for 300 indoors and an additional 50 on the outdoor terrace. Violi will go into the space that was Bravo Italian Kitchen, which had been at Mercato for more than a decade.
DineAmic Hospitality has 20 locations in and around Chicago, under brands that include LÝRA, Siena Tavern, Prime & Provisions, La Serre and Fioretta.
Renee Eppard
Dennis Murphy
CoffeeTalk
FROM PAGE 3
Flying high
The airport dates back to World War II.
St. Pete-Clearwater International Airport had its busiest month on record in June, according to a statement from PIE.
For the first time in the airport’s history, it had more than 300,000 passengers in a single month.
In June, PIE had 300,278 passengers travel through the airport, which offers nonstop service to more than 60 cities and is a hub for Las Vegas-based Allegiant Air.
Passenger traffic is up 9.84% year-overyear at PIE; it had 273,376 passengers in June 2024. So far this year, officials say, there have been 1,444,128 total passengers.
Airport officials expect the traffic to increase this month.
“July is our busiest month,” the airport says in a statement, “and parking will be limited.” Officials advise travelers to consider getting rides to the airport.
This past July, PIE served 295,268 passengers, according to airport data.
The record traffic in June comes after the “biggest May” in the history of the airport, which was built as a military training base after Pearl Harbor in 1941.
Following World War II, the government gave the airport to Pinellas County, and it was called Pinellas International Airport; hence, the airport code is PIE. In 1958, the name changed to St. Petersburg–Clearwater International Airport, which was shortened to St. Pete-Clearwater International Airport in 2013.
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COURTESY PHOTO
BY MARK GORDON | MANAGING EDITOR
Leading Tampa homebuilder names future president, seeks CFO
Homes by WestBay founder Willy Nunn will be the CEO, while Mark Metheny will be president.
BOTTOM LINE
KEY TAKEAWAY: Homes by Westbay, a Tampa-based homebuilder founded 15 years ago, is looking to the future with a succession plan.
CORE CHALLENGE: Some businesses struggle with the timing and logistics of creating a wellthought-out succession plan that can also be flexible to adapt to changes in the marketplace.
WHAT’S NEXT: Many of the changes, including a new president and board of directors, is taking place in some 18 months.
Homes by WestBay, the largest locally owned, privately held homebuilder in Tampa Bay, has announced an executive succession plan.
The firm’s founder and president, Willy Nunn, will move to the role of CEO and chair of a newly created board of directors at the end of 2027, according to a statement. Nunn, a banker before getting into homebuilding, founded Homes by WestBay in 2009. He was a Business Observer Top Entrepreneur in 2022.
Other changes, the company says, include:
n WestBay Chief Financial Officer Beth Bradburn will become COO when a new CFO is brought on board. Bradburn will then retire at the end of 2027. The new CFO will report to Bradburn during her remaining tenure as COO; in that role, the release states, “Bradburn will continue to work with the various operating divisions to optimize performance as she has for the last 12 years while in the CFO role.”
n Longtime area building executive Mark Metheny will become President of Homes by WestBay at the end of 2027 and will then take over all homebuilding and land development operations for Homes by WestBay and subsidiaries. Metheny and the new CFO will report to Nunn going forward into 2028. Metheny, who will continue in his current roles as president of subsidiaries Casa Fresca Homes and HBWB Development, was an executive with Lennar for 20 years before joining WestBay in 2021.
n Metheny and Bradburn will join Nunn on the WestBay board of directors, along with other sig-
datasnapshot
TROUBLE WITH TARIFFS
Florida TaxWatch:
Sunshine State’s exports and imports are at risk, and both consumers and businesses will be hit.
The latest round of tariff talk from the Trump Administration is causing more agitation among Florida fiscal analysts, with worries about price increases from cars to construction and fruit to fish.
Florida TaxWatch, a nonprofit government watchdog and taxpayer research institute, looked at the latest tariffs and concluded that the intent might be good, but the results less so.
“While the tariffs aim to protect domestic industries and boost capital investment in the longterm, they pose significant risks to the broader economy in the short-term,” states the report, entitled “The Potential Impacts of New Tariffs on Florida’s Economy.”
“The new tariffs,” the report adds, “will likely exert pressure on Florida’s economy as consumers face higher prices, small businesses encounter increased operational costs, unemployment rises and overall economic growth slows down.”
Florida imported $117 billion worth of goods in 2024, good for No. 10 among all states, Florida TaxWatch states. The largest portion of imports are made
nificant shareholders Dee Crescini and Brian Bullock, at the end of 2027. Bullock and Crescini currently manage Homes by WestBay’s largest homebuilding divisions and have been with the company since 2013.
“Our strong focus on strategy, long term planning and business continuity has served us well. Today, we enjoy remarkable success
in the vehicle, electronic and industrial industries. In January, Florida exported goods worth $6.1 billion and imported goods worth around $10 billion.
Countries like Canada, Brazil, Mexico and China have been long-term partners for Florida in both import and export activities, the organization states, adding that “after the U.S. announced its new tariffs, Canada and China have announced reciprocal tariffs which will negatively impact Florida’s economy.”
Specific impacts on Florida businesses, the report found, include:
n CONSTRUCTION: According to a study by the National Association of Home Builders, 75% of the imported lumber used for construction comes from Canada, and a crucial component of drywall — gypsum — comes from Mexico. When these materials get hit with tariffs, costs in the construction industry are expected to increase by more than $3 billion, Florida TaxWatch predicts in the report. “Developers in South Florida are scrambling to lock in costs before the tariffs hit and find new alternatives for raw materials,” the report adds.
n CAR DEALERSHIPS: Florida is home to more than 850 franchised car dealerships but does not have even one large-scale
in no small part due to the incredible work and commitment that Mark, Beth, Brian and Dee have brought to our company over many years,” Nunn says in the release. “I have no doubt that these leaders will continue the WestBay tradition of being very intentional about positioning us for continued quality and growth.”
automobile manufacturing plant. With a 25% tariff (if suspension is lifted), the cost of one car for the domestic producers is expected to increase by at least 15%, the report states.
n CITRUS: The state’s “already struggling citrus industry will also bear the effects of the new tariffs,” the report says. “A large portion of Florida’s orange juice production is exported to Canada; however, the reciprocal tariffs Canada placed on U.S. imports are likely to negatively impact Florida’s citrus industry. This can reduce the demand for Florida’s orange juice outside of the U.S. and affect state revenue.”
The report found that specific impacts on Florida consumers, meanwhile, include:
n BIG PURCHASES: Higher construction costs can increase the price of a typical house built by Florida developers by $10,000, the report states. A rise in the cost of production in the automobile industry will lead to an increase in the price of a car by at least $6,000-$7,000, the analysis adds.
n GROCERY: Florida ranks No. 5 among all states in grocery cost — amounting to an average of $287.27 per week. Fresh produce and fruits and nuts is one of the top 10 industries for Florida imports. “An average Floridian’s weekly grocery
HELP WANTED
Homes by Westbay is actively looking for a chief financial officer. The Tampabased company has brought on recruitment, management and strategic advisory firm Ferguson Partners to help identify candidates for the role. The successful candidate, the company says, will lead the financial operations of the company and support its long-term growth as a leading developer and homebuilder of single-family homes and build-for-rent communities. Interested candidates should direct questions and a professional resume to: Bill Ferguson, WFerguson@FergusonPartners.com, 312-515-6126; and Matt Macaulay, MMacaulay@FergusonPartners. com, 704-770-6110.
Founded in 2009, Homes by WestBay ranked No. 57 among national homebuilders in 2024. It had $677.67 million in revenue last year and has 250 employees. It builds about 1,200 homes annually.
TOP 10 IMPORT INDUSTRIES IN FLORIDA
Chemicals
n Medical Equipment
n Aircraft/Spacecraft
n Edible Fruits and Nuts
n Mineral Fuel
SOURCE: SELECT FLORIDA
bill is expected to increase by 10% to 15% as a result of imposed tariffs,” the report says.
The price hikes and uncertainty are a bad combination, say Florida TaxWatch officials.
“The new tariffs will likely exert pressure on Florida’s economy as consumers face higher prices for some products, small businesses encounter increased operational costs and overall economic growth slows slightly,” Florida TaxWatch Executive Vice President and General Counsel Jeff Kottkamp says in the report. “As this ever-evolving situation develops, it will be important to monitor these trends to assess the full impact on Florida’s economic landscape.”
FILE PHOTO
WILLY NUNN founded Homes by WestBay 15 years ago.
infocus | economic development |
BY ELIZABETH KING | SARASOTA-MANATEE EDITOR
Business Booster
Tyler Teresa, who grew up in Sarasota and whose family owns a business there, is the Southeast regional administrator for the U.S. Small Business Administration.
BOTTOM LINE
KEY TAKEAWAY: A former Sarasota resident is now heading up the Southeast region for the Small Business Administration.
CORE CHALLENGE: Interest rates are high, and small businesses are facing a challenging economic climate.
WHAT’S NEXT: Domestic manufacturing is getting ready to take off with help from the SBA, says SBA Regional Administrator Tyler Teresa.
When he was growing up in Sarasota, Tyler Teresa recalls his father handing him a stack of business cards at the grocery store and telling him to put them on cars out in the parking lot. His dad has owned Doctor Detail, an auto detailing company serving Sarasota and Manatee counties for more than 20 years. That was real person-to-person marketing, decades ago.
“I like to make the joke that I felt firsthand when businesses couldn’t make payroll, which was often with my parents,” says
infocus | hospitality |
Teresa, whose mother handles bookkeeping.
At first, he says, his father, Charles Teresa, worked nights at Texas Roadhouse to pay the bills until he had enough clients to work for Doctor Detail full-time.
“That amazing journey has led to my parents being able to pay for my college and get me to this position,” says Teresa, 31.
That position is a high-level official for the U.S. Small Business Administration, which helps Americans start, build and finance a business. In June, Teresa was named Southeast regional administrator for the agency. His jurisdiction includes Florida, Alabama, Georgia, Kentucky, Mississippi, North Carolina, South Carolina and Tennessee.
“Helping small businesses is my passion,” Teresa says, “be -
cause I know it does lead to the American dream. I was the first in my family to graduate college. My parents were able to put a roof over our heads (and) provide for us, all with an idea my dad had.”
Teresa, a Riverview High School alumnus, graduated from Earlham College in Indiana in 2016.
After college, Teresa held various roles in the federal government, working as a staff assistant at the White House from 2017 to 2018 before taking on jobs at the U.S. State Department, Environmental Protection Agency and the Senate. From January to June, he served as the White House liaison for the SBA.
MESSAGE DELIVERY
His role at the SBA is threefold, Teresa says: get the message out about the SBA, manage the district teams and be the eyes and ears for small businesses.
Part of his job in getting the message out involves speaking at events. After a recent appearance, he says, a Tampa business owner approached him about helping to onshore its operations for making batteries.
Once he heard what issues the company was running into, Teresa says, “I got a call set up to help them navigate (and) explain what we can do to help and try and make the business successful. That’s what we do here at the SBA.”
Teresa says the region he oversees offers great promise for a variety of reasons.
“The environment for businesses in the Southeast is ripe for opportunities,” Teresa says. “We have ports for exporting and importing ... The skills are there, the labor is there, the opportunity is there.”
Manufacturing is also big in the SBA right now.
“President Trump and (SBA) Administrator (Kelly) Loeffler want to bring manufacturing back to the United States,” Teresa says. In March, Loeffler introduced the Made in America Manufacturing Initiative, which Teresa says was designed to help
BY LOUIS LLOVIO | DEPUTY MANAGING EDITOR
cut through red tape and regulations for small businesses and increase access to capital.
Says Teresa: “I do think manufacturing is going to come back.”
HELP OUT
There are other ways the SBA, and Teresa in his role, can help entrepreneurs.
A web portal is available through the SBA for businesses looking to keep supply chains domestic or get local products out to market, Teresa says, as one example. Through this publicprivate partnership, “we’re encouraging businesses that either want to shop and strengthen the supply chain with local businesses to go check it out, or if you manufacture something in the U.S., you should get on to this,” Teresa says.
Another way that the SBA helps businesses of all kinds is in navigating financing, Teresa says, adding the SBA has its own loan program.
The SBA also has an Office of Disaster Recovery and Resilience that assists with preparing for and recovering from disasters. Given that his territory covers the Southeast, Teresa says: “We will get hit with a storm. Unfortunately, it’s just a matter of when and where.”
His team helps find temporary work locations where disaster recovery teams can get set up to meet with homeowners, renters and business owners after a storm to inform them about the process of applying for loans.
“That’s what the SBA is here for, is to help these businesses get back on their feet,” Teresa says.
Around the region, outside of disaster times, the SBA also has Small Business Development Centers, which he says provide resources for entrepreneurs, from those who just have a concept to others looking to expand their operations.
“We’re here to help at the SBA,” Teresa says. “If you have an idea” for a business, he adds: “I think there’s no better time than now.”
Sunseeker resort sold for $200 million
Blackstone Real Estate has acquired the Allegiant Travel Co. property.
The Sunseeker Resort Charlotte Harbor has sold for $200 million to Blackstone Real Estate.
The Allegiant Travel Co. announced the sale July 7 after saying for months it was looking to either sell of the property or find a partner to operate it with.
The cash sale is expected to close in September.
The $695 million, 785-room resort, which opened in December 2023 — three years late and $225 million over budget — was originally seen as an opportunity for the Las Vegas company to diversify. But a slew of issues, from construction delays due to COVID and hurricanes and low occupancy rates early on, led Allegiant to place it for sale earlier this year.
Gregory C. Anderson, Allegiant’s CEO, says in the statement announcing the sale that the deal supports “Allegiant’s strategy cen-
BOTTOM LINE
KEY TAKEAWAY: After years of trying to make a go of it, Allegiant Travel Co. sold the Sunseeker Resort Charlotte Harbor to private equity giant Blackstone.
CORE CHALLENGE: After a series of delays and cost overruns, Allegiant sold the 785-room resort for $200 million — far less than the $685 million it spent to build it.
WHAT’S NEXT: According to a filing with the U.S. Securities and Exchange Commission, the cash sale is expected to close in September.
tered around the airline, and we plan to use the proceeds from the sale to repay debt and strengthen our balance sheet.”
While Allegiant has struggled with the property, Blackstone has
bought an asset with a potential to thrive. Local tourism officials have been actively marketing it overseas and believe their efforts will soon show results.
And, in a bit of rare good news that could bode well for the new owners, Allegiant, in its May earnings report, announced that occupancy hit 70% in the first three months of the year, up from the “roughly 40%” it reported just a year ago. It also reported that Sunseeker’s earnings before interest, taxes, depreciation and amortization was $4.8 million in the first three months of the year, compared with a $4.6 million loss during the same period last year.
Allegiant’s total revenue for the first quarter, which ended March 31, was up 6.5% to $699.1 million from $656.4 million a year ago.
The Sunseeker property, meanwhile, has 785 rooms, two pools, a spa and salon, a 117,000-square-
After years of delays, Allegiant Travel Co.’s Sunseeker Resort Charlotte Harbor is open.
foot “ground level experience,” an adults-only rooftop retreat, 60,000 square feet of meeting space, a harbor walk, 20 restaurants and bars and the 18-hole golf course. As for Blackstone, the global
firm has $320 billion of investor capital under management with investments in logistics, data centers, residential, office and hospitality.
STEFANIA PIFFERI
SBA Southeast Regional Administrator TYLER TERESA , center, attended the Small Business Development Center awards ceremony at USF in Tampa.
infocus | strategies |
BY BETH LUBERECKI
Glass Action
WellHouse has successfully gotten past some initial challenges — sourcing, partnerships and licensing, to name a few. Now, the founder looks to scale the startup.
After her husband, Chad, was unexpectedly laid off from his job in orthopedic medical device sales in 2022, Rebecca Dawson felt compelled to increase her financial contribution to her family. She’d worked for a long time as a counselor, but she often offered her services on a sliding scale because her husband had a steady full-time job.
She began thinking of new ventures, and wellness and water floated to the top of the idea pile. When her children were younger, she always sought out pure water for them. She knew others shared that same desire, especially with wellness being a major topic of conversation these days.
She officially launched Sarasota-based WellHouse in April, but
BOTTOM LINE
KEY TAKEAWAY: Rebecca Dawson is navigating her Sarasotabased water bottling startup, WellHouse, through some early challenges.
CORE CHALLENGE: Building brand awareness without overspending.
WHAT’S NEXT: Dawson and her husband, Chad Dawson, seek to launch a nonprofit to use some of the firm’s profits for charitable purposes.
the bottled water business was several years in the making. She first needed to find a water source, which she learned was a highly competitive space.
“Water is a huge market, but not
a lot of competitors want you to enter that market,” says Rebecca Dawson, 48. “We talked to different places and they wouldn’t work with us.”
Wanting to use glass bottles instead of plastic wound up working to her advantage, and she entered into a deal to source water from Bear Hollow Spring near Lake Placid, in central Florida. She prefers not to disclose the company she’s working with because of the competitive nature of the industry but says it “felt like an open door” once the sourcing was locked in.
Next up came working through certification and licensing requirements at the state level. Sourcing glass bottles proved the next challenge, both in terms of finding suppliers and the expense involved, but she was committed to using them. “It’s the most nonreactive product,” says Rebecca. “If we’re going to drink a good product, we want it to stay a good product.”
The bottles come mainly from
a supplier in Illinois, but she also works with a company in Texas. The water is all bottled locally in Sarasota at the commissary kitchen connected with the Pinecraft Ice Cream Shoppe. Rebecca’s kids had gone to school with the owner’s kids, which gave her the initial connection. The company’s 16-ounce bottle is its signature size, which retails for $5 on WellHouseWater.com. But it also offers a smaller 12-ounce size ($3) plus a 25-ounce bottle ($4) and onegallon glass jug ($14). Wholesale pricing is also available.
The water is regularly tested, has a pH level of 6.9 (7 is considered pure) and contains natural minerals like magnesium, calcium and sodium. “I can’t say we have ‘the world’s best water.’ I don’t know what ‘the world’s best water’ is,” says Rebecca. “But I know our water is pure, I know it’s good and I know it’s going to be good for you.”
Rebecca is taking the lead with the business, but Chad is involved too and would love to make it his full-time gig one day; he currently owns Designs by Dawsons, which offers remodeling and woodworking services. The couple has completely self-funded the company (they declined to share specific
startup cost figures).
WellHouse currently offers residential and commercial delivery services within the city of Sarasota, and its products can be purchased at both Sarasota locations of juice spot Crop, Pinecraft Ice Cream Shoppe and Main Street Creamery in Sarasota. The company will also be participating in the Philippi Farmers Market starting this fall and is looking at introducing five-gallon jugs for home water coolers.
“I have hit the ground running — our samples are out there in a lot of different places,” says Rebecca. That includes restaurants, hotels, wedding venues, spas and retail outlets. Some Airbnb hosts are also providing WellHouse water for guests, and that’s a niche market where the company sees more potential.
“We’re trying to scale this thing, but in order to do it, you have to be very laser focused on who you’re doing it with,” says Chad Dawson, 50. “It’s an expensive process to bottle it and get it out there. You can’t just drop it off free for everybody. You have to be kind of lasered in on who you’re trying to target.”
Driving costs down as the company scales is one of Chad’s major focuses. “I’m constantly like, we’ve got to get this cheaper,” he says. “It’s a very expensive endeavor to get into until we hit scale.”
But he thinks that prudent approach will be an asset as the company keeps growing. “It’s been built on a more frugal, costconscious business model, which makes it more sustainable in the long term,” he says.
Giving back is important for the faith-based business, and Rebecca’s also in the process of establishing a nonprofit called Reservoir, through which some of the company’s profits can be used for charitable endeavors. “Our faith is a big part of this, and I feel like that is what makes us different,” says Rebecca. “We care about what we’re putting in here, and we care about the people that it actually goes to. We care about the companies that we work with. There’s just a lot of heart behind what we’re doing.”
Summer in Florida’s not a bad time to try to grow a water business, even if tourism is a little slower this time of year. “It’s probably the best season for us to kind of get our feet wet and get in there just a little bit when people are not so busy,” says Rebecca. “So we’re just going to keep planting seeds.”
REBECCA and CHAD DAWSON seek to keep costs down as they scale WellHouse.
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Motors Running
Starting, and now growing, a niche auto industry business has been a life-saving enterprise for the Eberhardts.
Crippled by drug addictions, Corey Eberhardt and his wife, Piper, found themselves broke, homeless and filtering through prisons at the peak of the pandemic. Years of partying and allowing bad influences around them to metastasize took a toll on the Pinellas County couple. “We decided that we weren’t going to do this anymore, and we couldn’t take it. I couldn’t take it,” Corey says.
BOTTOM LINE
KEY TAKEAWAY: Corey and Piper Eberhardt look to expand their 5-year-old car detailing firm in the fast-growing niche automotive sector.
CORE CHALLENGE: Getting the brand top of mind as the couple focuses on selling franchises for the company, CoaterZ.
WHAT’S NEXT: The Eberhardts plan to have some five to 10 stores over the next decade.
Their way out of that life was to start and now grow a franchisebased car detailing company.
Corey initially focused on ceramic coatings, and later expanded to paint protection film. Driving his motorcycle to a gas station near the Showtime Speedway, a racetrack in Clearwater, he pitched ceramic coatings to strangers until one finally said yes.
The couple opened CoaterZ in 2020 out of a one-bay garage in Palm Harbor. With no tangible assets or business education, they “bootstrapped the company” without financial backing or assistance, according to Piper. That led to significant challenges, such as learning how to market, sell and price their products.
“It was literally like one step in front of the other. Then more and more would connect, and more and more would connect. Then the ball started rolling,” Corey says. That “ball” started with revenue of just $46,000 in year one. Revenue increased to $500,000 in year two, to $900,000 in year three and then reached $1.5 million in 2024. The Eberhardts now aim to open five to 10 shops throughout Florida and beyond within the next five years, through a franchise model.
The company also has a deeper meaning than profit and loss sheets. “This is our freedom and this is our sobriety,” Piper says. “This company is not just this company to us. This is what gives us freedom from all of that (drug addiction).”
TRIAL AND ERROR
Other national PPF franchises, like Tint World and Ziebart, capture market share, but Corey views those companies as a model for CoaterZ, saying, “the goal is to be like Ziebart, a national company.”
It’s a growing niche. Fortune Business Insights forecasts the global PPF market will grow from $593.9 million in 2024 to $962.6
million by 2032, a compound annual growth rate of 6.2%. This growth stems from three main factors: cars are remaining on the road longer; they are becoming more popular as a pastime and hobby; and new EPA guidelines weakening the strength of paint allowed on cars due to environmental concerns.
“There are a lot of factors in place that make this a good growth industry,” Corey says, adding that “the weaker (the EPA) makes the paint, the better it is for us.”
Reaching seven figures in sales five years into business isn’t accidental, the couple says, rather the result of trial-and-error practices in marketing, branding and more; responding and adapting to customer needs quickly; and making shrewd decisions on product development.
Another key? Coming back from failure and mistakes — something Corey, 42, and Piper,
49, know well. According to Piper, aside from a few sporadic parttime jobs, the couple’s lifestyle left them virtually unemployed for nearly a decade before starting CoaterZ.
“Failure is great; I learn from the mistakes,” Corey says. “I will never accept a reason why I can’t do something if there’s another way. I’m always looking for other opportunities and other ways to do something. How do I get there? What do I have to do to get there? Failure is a great option, but after failure, what are you doing next to overcome that failure?”
TEST RUN
Ceramic coatings, a liquid polymer solution that protects cars against sun damage, chemical stains, light scratches and more, account for 50% to 60% of the company’s revenue. PPF, a transparent film that protects cars from similar damage, accounts for most of the company’s re -
There are a lot of factors in place that make this a good growth industry … the weaker (the EPA) makes the paint, the better it is for us.
Corey Eberhardt
| CoaterZ
COREY and his wife, PIPER EBERHARDT, founded CoaterZ in 2020.
maining revenue and is considered more durable than ceramic coatings.
In response to customer demand, the couple has begun offering additional services, including window tinting, aftermarket car modifications and general detailing.
Corey and Piper also made a shrewd decision to work directly with a manufacturer to develop and brand products, which include everything from the ceramic coatings themselves to the rags used in the shop. The Eberhardts have eliminated the middleman and effectively assumed the role of distributor. “It’s unusual for a shop to take on the role of distributor,” Corey says. “Essentially, we give the specifications directly to the manufacturer. I don’t know anybody else (doing this).”
This approach enhances profits, affords them final say over the research and development process and ensures all their locations have a standardized product line. “If it doesn’t work, we don’t sell it or we get a refund,” Corey says, explaining he tests products on personal cars when they arrive at the shop.
SPREAD THE WORD
Franchising, meanwhile, has always been part of the Eberhardts’ plan. With their first franchised location opening last year in Lutz, they will soon open their second in Sarasota.
The cost of opening a CoaterZ franchise ranges from $375,000 to $500,000, according to Piper. That cost covers software, prod-
ucts, marketing and a training program. Franchisees also pay an upfront $50,000 franchising fee, a 3% monthly royalty and cover 10% of their monthly marketing budget.
The training program for franchisees is intensive, and the Eberhardts are heavily involved in it.
“It’s probably about a twomonth process from the contract signing to picking a location and remodeling. Once we start remodeling, we start training their key guys,” Corey says. “They come here for two weeks, we throw as much as we can at them and they just train.”
“We will do what’s needed because we need them to succeed,” Piper adds.
The Eberhardts target wealthy car hobbyists to become franchisees. They even tapped loyal customers to open the first two franchises. “I sold him everything I could possibly sell him, and I was like, ‘Hey, do you want to buy a franchise?’” Corey says, describing how he sold the Lutz franchise to owners Rob and Heather Kimrey. “He said, ‘Absolutely.’”
That approach is paying off.
The shop in Lutz has ambitious goals of reaching $1 million dollars in revenue in its first year.
Again, relying on trial and error, they made the mistake of being overly involved in opening their first franchise.
They found themselves in operational roles, working as front desk staff, salespeople and the marketing team. That prolonged the franchisees’ training process, the Eberhardts say, because they
weren’t learning from mistakes.
To fix that, they began working backward to replicate the successful organizational structure of the Palm Harbor location. This meant hiring a staff, including salespeople and a service manager — something the couple says they had Sarasota franchisees Francisco and Silvia Carpio do right away.
Franchising is now the future of the business. “We don’t sell ceramics anymore — we sell businesses,” Corey says. “Join the CoaterZ team, I’ll give you the blueprint and we’ll grow together.”
The most significant challenge the couple faces as they look to
expand? Building and maintaining CoaterZ’s brand strength.
The couple has launched aggressive marketing campaigns on that front. Future franchisees, for one, will need to allocate $100,000 solely for marketing. They are also exploring alternative marketing strategies. Floated ideas include running ads on noncompeting platforms with similar target audiences and purchasing the follower lists of niche car publications that have built strong online presences.
“You can’t have a great product and not be present,” Corey says. “People have to know who you are.”
CHUCK MERLIS
CoaterZ sells a variety of ceramic coatings that protect cars against sun damage, chemical stains and light scratches.
COMMERCIAL REAL ESTATE
BY LOUIS LLOVIO | DEPUTY MANAGING EDITOR
Insider: End of solar tax credits will lead to job losses, price hikes
Tampa Bay Solar owner Steve Rutherford discusses the ramifications of changes included in the Big Beautiful Bill.
Solar industry entrepreneur Steve Rutherford believes the federal legislation dubbed the Big Beautiful Bill approved by Congress and signed into law July 4 will upend both the industry and his own business — costing jobs and slowing progress. His biggest concern is the phasing out of a 30% tax credit. That was a major selling point in persuading people to go solar, making the transition more affordable to homeowners and businesses looking to capitalize on opportunities.
Under the new law, the residential tax credit will be phased out at the end of the year. On the commercial side, to qualify for the tax credit the law requires developers begin work on projects that have a solar component within a year of the passage and for those that don’t, they must finish the project by the end of 2027.
Rutherford, the owner of Tampa Bay Solar, a company that designs, builds and installs residential and commercial solar power systems, says the new rules will stifle the growth in the industry and cost him, and others, business. Not everyone, he says, will survive.
“I don’t see me closing shop in a year or two years, but I can tell you this, I will see a significant reduction in employees,” he says. The company, with annual revenue of more than $10 million, has 34 employees. (According to a June report from the Solar Energy Industries Association, eliminating the tax credit will lead to 21,800 industry job losses in Florida by 2030.)
“I anticipate a future loss of business; much lower margins, of course; much less reinvestment back into our communities; and a much slower pace of growth in the solar industry,” he adds. “That I can pretty much guarantee.”
Backers of the bill, of course, see it differently, predicting that ending the tax credit will be a boost to government coffers. Their argument got a boost in a June 12 letter from the Congressional Budget Office that says, in part, “the termination of clean energy credits, including credits for commercial and consumer clean vehicles, residential clean energy and energy-efficient home improvements” will increase revenue by about $175 billion.
Founded in 2010 right after Rutherford retired from the U.S. Navy, Tampa Bay Solar has worked on projects for the Manatee School for the Arts, the Florida Aquarium in Tampa, a senior living facility in Miami, a defense contractor in Fort Walton Beach, a Sarasota County
BIG BILL
Some of the changes impacting the solar industry in the federal tax bill passed July 4 include:
n The current residential solar tax credit won’t be available after Dec. 31, 2025.
n Solar power systems that start construction more than a year after the law passed must be fully up and running by the end of 2027 to qualify for tax credits.
n Companies influenced or controlled by foreign governments can’t claim certain clean energy tax credits.
n For projects starting after Dec. 31, 2025, and for parts sold in 2026 and beyond, companies can’t get credits if they get “material assistance” from certain foreign governments.
SOURCE: SOLAR ENERGY INDUSTRIES ASSOCIATION
Courthouse and Dunedin City Hall.
Rutherford spoke with the Business Observer about the legislation and how he believes it will affect the industry and his company. Edited excerpts: What has the legislation changed?
With the Inflation Reduction Act they had extended the tax credit until 2032 and it was going to sunset in 2034. That gave industry, businesses, homeowners, everyone, predictability as to what to expect. If you want to build a manufacturing facility in your state, you know what you can expect because you’ve got some consistent planning with a tax code that you can work off of. It gave customers predictability. You’re going to be able to buy this year or next year and you’re going to be able to get your tax credit.
Our customers, all customers, had predictability in that when they purchased a system, that they were going to get a 30% tax credit, which allows them, based on current day pricing, to be able to pay off that system in less than 10 years, some six to seven years.
MARK WEMPLE
STEVE RUTHERFORD is a former U.S. Navy commander who discovered the benefits of solar power while serving and founded Tampa Bay Solar after retiring.
It gave municipalities, churches, nonprofits predictability in the fact that if they went solar, they could be able to pay off their solar in a short period of time.
It also included production and manufacturing. Any foreign company that may have been making panels overseas that decided they were going to come to America and build manufacturing facilities, they had some level of predictability that they’re going to have a market once they start building their product. Because of the tax code, they could project what their market was going to look like in two or five years.
So those are the things that were written into the previous code.
Now comes this bill that was ... in my opinion, very mislabeled, that had nothing beautiful for the solar industry, as well as many other industries, but this one in particular. The solar industry got a very short end of the stick.
How does the loss of the credit affect Tampa Bay Solar, specifically?
We’re going to lose a tremendous, a huge, future customer base in the solar industry because we just saw prices go up 30% at a minimum at the end of this year. And I can tell you that a 30% change in price is going to have a drastically negative effect on my industry, on my business.
No one has a crystal ball, but I can tell you, you put a 30% hike on any product and you’re not going to sell more of it.
How do you adjust as a company?
The immediate thing that’s happened is we just got a huge amount of customers. I’m trying to figure out how I can answer the mail before the end of this year. I know it has 100% to do with the impact of this bill being passed. These customers have a fear of missing out. We’re barely advertising more than we ever did in the past and we’ve got more customers coming to us than we’ve ever had before.
But at the end of December,
that’s going to drop off and that’s where we’re going to see the immediate impact of what this bill has done. If I could do 10 installs more a month, I would do it. But I don’t have the employee base to do that. And I can’t ramp up employees and then tell them, ‘Well, you’re going to get fired in February next year.’ That’s not fair to them.
Were you surprised by the legislation and do you know why lawmakers decided to do away with the credits?
I’ve been fighting this fight since I got in the industry. I mean, Florida has had its own rounds of trying to cut back the pace of solar, but we were fortunate in the state to maintain the status quo. We were fortunate to get the Inflation Reduction Act several years ago and get the tax credit extended.
We’ve been putting out fires for years.
But this is the first really big blow to the industry on such a drastic level and so quickly that, I can tell you, it’s just not some-
thing we were expecting. Obviously, I’ve been traveling around the state and going to Washington, D.C., to try and get people’s attention and awareness of this, of the challenge that we’re potentially up against. I tell folks it’s a real loss for the consumer. The ones who have been thinking about solar and haven’t gone solar yet, those are the folks are really going to be missing out on the potential here.
What happens to commercial projects, like the Manatee School for the Arts, the firm is currently working on?
They’re down the road far enough where they’re not going to see an impact. But anyone who’s looking at this example saying, ‘Well, we want to do this at our school next year, we want to plan this into our budget a year or two years from now’ that’s not going to happen. They’re not going to get that the same benefit that Manatee is getting. They basically have a very short window to get a contract signed right now, to be able to have a deposit in place, to be able to maintain that tax credit once that window closes in a very near future. Any municipality, or any nonprofit that wants to go solar, they’re going have to pay the full price.
Are you deterred about the future of solar?
No, I’m still committed to the cause. It’s just a huge disappointment, and it’s sad for the industry.
SOCIALMEDIA MANAGEMENT
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COURTESY IMAGE
This 6,000-square-foot solar-powered estate is in the The Estuary at Grey Oaks in Naples.
commercial real estate: news¬es
BY LOUIS LLOVIO | DEPUTY MANAGING EDITOR
CAPE CORAL FIRM ACQUIRES
NEIGHBORING OFFICE BUILDINGS
A pair of adjoining office buildings have sold in Cape Coral. The properties are at 4202 Del Prado Blvd. and 4206 Del Prado Blvd. Combined, the units total 4,449 square feet. LSI Cos., which brokered the deal, says the buyer is a Naples investor using an LLC that paid $1.43 million for the pair. The property at 4202 Del Prado is 2,182 square feet and sold for $781,000, according to Lee County property records. It was previously owned by Advanced Integrative Medicine which, records show, paid $118,275 in 2022. The property at 4206 Del Prado is 2,267 square feet and sold for $650,000. It was previously owned by Rodgers Real Estate Inc., which paid $250,000 in 2009. LSI’s Mike Trivett brokered the deal. The firm did not respond to questions about the new owner’s intentions for the property.
NAPLES
22-STORY RESIDENTIAL TOWER TOPS $300 MILLION IN SALES
Another Naples luxury tower has hit a sales milestone. This time its Kalea Bay’s Tower 500, which surpassed $330 million in sales. Soave Real Estate, the developer, say it is on track to sell out before construction finishes in September.
The tower is the last of the five residential high rises that make up Kalea Bay in North Naples. The 22-story tower is made up of 120 units with Gulf views and floor-to-ceiling windows and lanais. Prices start at $3.5 million and 66 have already sold. The sales figure at Kalea is another reminder that while the overall real estate market may be struggling, luxury real estate in Southwest Florida remains strong. Earlier this month the Ritz-Carlton Residences Estero Bay announced it topped $700 million in sales and a report from real estate research firm Redfin found that the second most expensive house listed in the country — $295 million — is at 100 Bay in Naples. And in mid-April a trio of residential waterfront properties in the city’s Port Royal neighborhood sold for $225 million.
LAKELAND REAL ESTATE FIRM EXPANDS INTO TAR HEEL STATE
A division of Saunders Real Estate, a long-established real estate firm in Lakeland, is expanding. The company’s land division, Saunders Land, has moved into North Carolina with two new hires — industry veterans Kenneth Chesson and Bill Frisbie. Chesson is the lead broker and senior advisor and is based in Williamston. Frisbie is the regional managing director and senior advisor. He is based
$12 MILLION CONSTRUCTION LOAN WILL HELP FUND HOTEL PROJECT IN LAKEWOOD RANCH
The Chicago developer behind a StudioRes by Marriott Hotel coming to Lakewood Ranch has obtained a construction loan. The five-year financing is for $12.44 million and includes a 24-month interest-only period with a floating rate. The financing for Bask Development was arranged by Sarasota-based Largo Capital, which
in Raleigh. Saunders, which already has operations in Alabama, Georgia and Arkansas, says the expansion “positions the company as the region’s leading land brokerage.” Dean Saunders founded the firm as Saunders Real Estate in 1986, after four years in the State Legislature. In 2010, Saunders,
says the loan proceeds will be used to fund the ground-up development. The hotel will be built right off University Parkway and Interstate 75 on the southernmost parcel. StudioRes is Marriott’s new extended stay hotel brand. It is made up of studios that have one or two beds, a lounging area, a kitchen with a stovetop, microwave
known for his work on conservation easements, teamed up with Gary Ralston and R. Todd Dantzler to form a sister company, Saunders Ralston Dantzler. The two eventually merged. The company joined SVN International in 2017 and became independent again earlier this year. The firm specializes in com-
and a full-sized refrigerator. There is also an outdoor patio and fitness center along with workspaces, self-service food offerings, weekly housekeeping and laundry facilities. The chain’s first StudioRes opened last month in Fort Myers. Largo Capital’s Matt Gasser arranged the financing.
mercial and land sales. Just last month, it announced closing two land deals totaling $38 million and covering 6,400 acres — a 4,833-acre working ranch and timber property in Putnam County for $20.29 million and a 1,625-acre transitional property in Marion County for $17.92 million.
Catherine M. Avery, Founder Winner Top Guns Award, Manager of the
The new Marriott concept, StudioRes, is coming to Lakewood Ranch.
COURTESY IMAGE
An Austin real estate investment firm has bought the 51-year-old Gateway on 4th Apartments in St. Petersburg. The buyer is ResProp Management and it paid $37.03 million, according to Pinellas County records. It was previously owned by a South Florida investor that paid $32.88 million in 2017. The 304-unit community on 501 116th Ave. N. was built in 1974 and is made up of 32 buildings on 15 acres. It has one-, two- and three-bedroom apartments units from 618 square feet to 1,498 square feet. ResProp plans to renovate the
property, adding washers and dryers to units, installing new appliances and replacing floors and fixtures as needed. The sale was announced by Berkadia, which arranged a $33 million acquisition loan for ResProp. The five-year fixed-rate loan, with the first three years interest only, is backed by Freddie Mac. ResProp was founded in 2010. According to its website, it owns and operates more than 20,000 units across more than 100 apartment communities. It has $2 billion in assets. Those properties are in Texas, Tennessee, Florida, North Carolina and South Carolina. In Florida, it owns 34 properties, including several along the Gulf Coast — in Sarasota, Braden-
ton, St. Petersburg, Naples and Venice. Berkadia’s Brad Williamson, Wes Moczul, Mitch Sinberg, Scott Wadler and Matt Robbins arranged the financing.
SARASOTA ZONING
FOR HISTORIC DOWNTOWN BUILDING APPROVED
The Sarasota City Commission approved a comprehensive plan amendment and rezoning last week that clears the way for developers to rehabilitate the historic Mira Mar building and redevelop the rest of the 1.2-acre downtown property. Both the amendment and rezoning were approved unanimously. Rezoning property from Downtown
This week’s guest
Chris Cunningham
Core to Downtown Bayfront allows property owner and developer Seaward Development to build its planned twin 18-story condominium towers behind the Mira Mar. Seaward executives say that is necessary to provide the economic engine to generate the revenue needed to pay to preserve and restore one of downtown’s most historic structures, which was completed in 1923, to its original form. Seaward has worked for more than two years to bring its plans to fruition after being denied by the Historic Preservation Board permission in 2022 to demolish the building to make way for a redevelopment. An engineer’s report at the time found that the
wood frame was badly damaged, including corroded structural wood wall studs, extensive insect damage and wood rot. Rather than appeal that decision to the City Commission, Seaward Principal Patrick DiPinto and President Matthew Leake opted to devise a plan to both save the Mira Mar building, which is in danger of collapse, and develop a mixed-use project along the 400foot span fronting South Palm Avenue to the west and Mira Mar Court to the east.
If you have news, notes or tips you want to pass along, contact LLLovio@BusinessObserverFL. com. Or you can text or call 727-371-6944.
Chris Cunningham, owner of a True-Value hardware store in Tampa and a commercial real estate investor, started his career in lending and financial services. But he soon learned he wanted to do his own thing, and has spent the past 15 years building and buying complementary businesses. On this episode Chris and Business Observer Managing Editor Mark Gordon talk about his mentors and how he learned about work ethic and how to treat people. And listen for his secrets on how to outdo the competition.
Saunders Real Estate, which is expanding to North Carolina, brokered a deal for this North Florida property in June.
