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Jacksonville Business Journal
Council tussles over community benefits agreement
The community benefits agreement, as expected, is the sticking point for City Council as it moves closer to a vote on the $1.4 billion Stadium of the Future deal, and amendments to separate it from the legislation are incoming.<\p> The City Council met Thursday as a committee of the whole and spent about two hours discussing the $300 million community benefits agreement, which several Council members expressed concerns over. One of the most vocal members advocating for the agreement to be separated from the stadium deal was Council President Ron Salem, who will submit an amendment to do so before the next committee of the whole meeting June 20. <\p>
Most Americans still struggle to get away from work while on vacation
Most Americans struggle to get away from work while on vacation, even as some progress is being seen in restoring work-life balance.<\p> About 59% of the 2,000 Americans surveyed by communications firm Movchan Agency said they struggled to switch off during their downtime and 63% said they felt anxious if they didn’t check work emails while away. Overall, 54% said they worked while on vacation, although that's a lower share than previous years. <\p>
JEA budget set to increase from 2024, require new debt
The proposed JEA budget for the 2025 fiscal year reflects the growth of its service area, requiring new debt and considerable internal funding for capital programs.<\p> JEA plans to review its budget for the 2025 fiscal year and its business plan for 2025-2027 Friday. The JEA board must submit a budget to the Jacksonville City Council by July 1.<\p>
Why the finished Jags stadium might look different than renderings
Jacksonville is often called the city of renderings by its own citizens, but even when those renderings become reality, some think the finished product falls short.<\p> As City Council will examine the $1.4 billion deal for the Jacksonville Jaguars EverBank Stadium renovation, members of the public have expressed concern over whether the final stadium will resemble the futuristic, multidimensional stadium depicted in the renderings.<\p>
New board member appointed to JEA
A PGA of America Legend has been appointed to the board of JEA, replacing a long-time Jacksonville banker.<\p> The appointment of MG Orender, president of Hampton Golf, was approved Tuesday by the Jacksonville City Council during its Tuesday meeting. Hampton Golf owns and manages golf courses in Florida, New York, Ohio, Minnesota and Tennessee. <\p>
The Playbook: The common pay threads for high-performing companies
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
A local coffee roaster takes wing from Murray Hill
The owners of Flamingo Coffee never intended to sell coffee.<\p> The business began as a dive bar, but coffee is what kept things going during the pandemic — and it is what is driving today’s expansion.<\p>
The mailbox still beats the inbox for St. Augustine Social
When Heather Vreeland isn't busy explaining the benefits of print advertising to prospective customers, she's blocking off every available spot in the next issue of one of the three Social magazines she produces.<\p> Vreeland, co-publisher of Social Magazines along with her husband, Andrew, has found a niche in the publishing world at a time when many media companies are going completely online.<\p>
Spec warehouses at World Commerce Center close to completion
Construction on three industrial warehouses and office space at World Commerce Center in St. Johns County is moving forward.<\p> The buildings range from 100,600 to 205,700 square feet with a total cost of are 110,600 square feet, 193,600 square feet and 205,700 square feet, with the project having a total cost of $29.5 million.<\p>
J.P. Morgan's Matt Marcin on the rise of private banking in Florida
Jacksonville Business Journal Editor Timothy Gibbons recently spoke with Matt Marcin, executive director and market team lead at J.P. Morgan Private Bank in Jacksonville, for a segment of the Florida Business Minds podcast.<\p> Sponsored by TECO Peoples Gas, the audio series features candid conversations with top business leaders from the Orlando, South Florida, Tampa Bay and Jacksonville regions.<\p>
Maritime school's upgraded facilities allow it to train more workers
Instructors and students of Jacksonville's Bluewater Maritime School now have the space to use more tools for learning.<\p> Bluewater bought a new property at 3787 Old Middleburg Road for about $1.4 million in 2023 and then spent about $380,000 building it out.<\p>
Pizzeria, taproom construction permit under review for VyStar garage
Pizza and beer are closer to coming to Jacksonville’s downtown core.<\p> The city is reviewing a $3 million permit for Pour Taproom and Pizza Dynamo at the ground-level of the VyStar Forsyth Parking Garage at 28 W. Forsyth St. The permit outlines an interior build-out of two new restaurant/bar concepts, which Danis Construction will build.<\p>
NAR settlement threw a wrench into VA loans but a fix is coming
The class-action lawsuits that rocked the residential real estate industry over the past year have resulted in nearly $1 billion in settlements so far — and also put in place changes that could have hurt veterans’ ability to shop for homes.<\p> The National Association of Realtors and big brokers such as RE/MAX Holdings Inc., Anywhere Real Estate Inc. and Keller Williams Realty Inc. agreed to prohibit mandatory so-called “cooperation agreements,” in which sellers pay both the selling agent and the buyers agent commission for a sale, in exchange for being allowed to list a home on a multiple listing service.<\p>
Private university purchases Orange Park building for $4.7 million
An office and retail building in Orange Park sold for $4.68 million.<\p> NAI Hallmark, a locally owned commercial real estate brokerage and property management firm, announced the sale of 1750 Wells Road on Wednesday. <\p>
Chase Bank plans to construct new Palencia branch
Chase Bank plans to continue its Northeast Florida expansion with a sixth St. Johns County branch, according to St. Johns Water Management records.<\p> On June 11, JP Morgan Chase applied to construct a branch at the intersection of Paseo Reyes Drive and Palencia Village Drive in the Palencia community. <\p>
Jacksonville's soccer central for a month is in Springfield
For one month, from June 14 to July 14, a pop-up venue near downtown is hoping to be the hub for the city’s soccer fans.<\p> The Riverside United Soccer Club, American Outlaws, Jax Armada and Section 904 have transformed the vacant space at 347 E. 8th St. into Goals Jax, a venue where all 80 Copa America and UEFA Euro 2024 matches will be screened. <\p>
Dallas firm acquires Jacksonville apartment complex
A Dallas-based multifamily investment manager has acquired an apartment complex in Jacksonville, part of a deal adding 300 units to the company's portfolio.<\p> S2 Capital has purchased the Belle Rive Club Apartments in Jacksonville and the Vineyard Hills in Austin, Texas — deals the firm said was a sign of the strength of both markets. <\p>
WeWork emerges from bankruptcy, appoints new CEO
After filing for bankruptcy protection in November, New York-based WeWork Inc. said Tuesday it has emerged from Chapter 11 and completed its operational and financial restructuring.<\p> The coworking giant's new era will include a new board of directors and a new chief executive. John Santora will become WeWork's new CEO, effective Wednesday. Santora joins WeWork from commercial real estate firm Cushman & Wakefield PLC (NYSE: CWK), where he most recently served as the firm’s Tri-State chairman.<\p>
Gator Bowl sports announces 2024-25 leadership group
The Gator Bowl Sports Board of Trustees announced Tuesday its volunteer leadership team, including former Business Journal Publisher Sara Pomposo, for the 2024-25 year.<\p> The Board of Trustees previously announced that Andy King would serve as chairman for the 2024-25 season, with Pomposo serving as chairman-elect.<\p>
Stadium legislation is in; Council vote could happen by June 25
With 19 days left as City Council President, Ron Salem plans for Council to vote on the Stadium of the Future deal June 25, but he still has some concerns.<\p> The Jacksonville Jaguars EverBank Stadium renovation deal comes with a $1.4 billion price tag, and Salem said he’s hopeful it will pass “overwhelmingly.” <\p>
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