From the Daily Record
GE Oil & Gas will set up a 500-job manufacturing plant at Cecil Commerce Center in November. The September announcement confirmed the identity of the confidential “Project Speed.”
The $50 million plant will produce Becker control valves and Mooney regulators used in the industry. Manufacturing should begin by the end of the first quarter.
“This is major win for the city,” Jacksonville Mayor Alvin Brown said.
It’s the largest economic development project in the city in six years, since Deutsche Bank came to town in 2008 and pledged an initial 1,000 jobs.
The city and state has approved a $15.4 million incentives package for GE.
GE Oil & Gas will move 35 employees to the facility by the end of the year and ramp up to 500 by the end of 2016. The average wage will be $48,850. The company expects to hire 100 people within the first 12 months.
GE Oil & Gas supplies equipment used from drilling through production, liquefied natural gas and pipeline compression, pipeline inspection, and downstream processing in refineries and petrochemical plants.
It is part of General Electric Co., which is ranked No. 9 on the 2014 Fortune 500 list, with revenue of $146.2 billion.
EverBank Center tower sells for $47.4M
El-Ad Florida LLC sold the EverBank Center and a parking garage in Downtown for $47.4 million to Amkin West Bay LLC of Miami in early September.
State corporate records show Amkin is based at 1450 Brickell, a luxury high-rise in Miami. The company’s manager is Ramon Llorens, a developer and investor.
The 30-story EverBank Center at 301 W. Bay St. is anchored by EverBank Financial Corp. It has 956,201 square feet of leasable space and is 60 percent leased.
El-Ad bought the structures for $90.9 million in 2004 and invested at least $3 million into the center’s common areas.
Including EverBank Center, four of Downtown’s major towers have changed hands the past 10 months.
The Aetna Building sold in December; the Wells Fargo Center in June; and the Bank of America Tower in July.
Belk closing Regency Square store in February
Belk Inc. will close its Regency Square Mall store and move to a new store under construction at the Atlantic North shopping center at 11901 Atlantic Blvd.
A going-out-of-business sale is scheduled to start in mid-December. The store should close in mid-February and the new store will open in March.
The departure of Belk, an anchor tenant, raises questions about what happens to its space. Mall General Manager Jim Kramer said it could be part of a bid for the Citizens Property Insurance Corp. consolidated office center, which seeks a 226,400-square-foot operations hub.
Regency Square Mall was built in 1967, later expanded, and then battered by the loss of tenants to newer shopping centers in growing parts of town.
Olive Gardens expecting almost $1M makeover
Three Jacksonville Olive Gardens are in line for an almost $1 million total makeover.
One is a fire-damaged restaurant in Regency that will be rebuilt for $500,000, according to permit applications. The other two are $200,000 remodels, one at a store near Orange Park and the other at the Avenues.
New Olive Garden designs, unveiled for stores nationally, include removing walls to create a more open atmosphere; new décor in each dining area for a more “homelike” feel; a more modern lobby and bar area; flexible seating that better accommodates large parties; and more vibrant colors, fabrics and textures.
Parent company Darden Restaurants Inc. of Orlando says alcohol sales are increasing and the average check sizes are higher at remodeled locations, according to an article that appeared in Fortune.com.
Altar’d State and Global Diamonds coming to St. Johns Town Center
Two retailers — the Altar’d State clothing store and Global Diamonds — will become tenants at St. Johns Town Center.
Altar’d State will renovate 4751 River City Drive, No. 125, which is the former Coldwater Creek store. The Knoxville, Tenn.-based chain of almost 50 boutiques is a modern Christian retail store and coffee shop that features fashion apparel, jewelry and accessories.
Global Diamonds will build out space for its headquarters at The Markets at Town Center, adjacent to St. Johns Town Center.
The company was formed by Doron Arabov, a 30-year industry veteran and son of a pioneer in diamond-cutting and manufacturing industry in Tel Aviv, Israel.
Global Diamonds is direct diamond importer. The practice eliminates unnecessary markups and allows it to stock up to 15 times the inventory found in traditional jewelry stores, according to the company.
The store should open by Dec. 1.
Senkbeil to lead Landing redevelopment
Developer Toney Sleiman has hired Tom Senkbeil to be a “point man” for redeveloping the Jacksonville Landing, which is owned by Sleiman.
Senkbeil, principal at Atlanta-based Senkbeil & Associates, has spent his 41-year career as an investor and adviser for multifamily and retail projects.
Sleiman wants to tear down the 27-year-old Landing and rebuild the marketplace with two mixed-use apartment complexes, with parking, restaurants, shops, and possibly a boutique hotel.
Senkbeil will coordinate the project, which will include assembling designers, contractors and the other professionals needed on what he expects will be a big team.
Sleiman wants the city to spend $11.8 million to improve the public space surrounding the two redeveloped Landing buildings, estimated at $55 million to $75 million.
Cutline: Intuition Ale Works is opening a brewery Downtown at East Bay Street and A. Philip Randolph Boulevard.
Intuition Ale Works brewery looks to expand Downtown
Ben Davis, founder of Intuition Ale Works, is planning to open a second brewery Downtown at East Bay Street and A. Philip Randolph Boulevard.
In addition to a larger brewing operation, plans call for a tap room, a retail sales area and a covered rooftop event space.
The move would allow the craft brewer, established in 2010 at 720 King St. in Riverside, to increase its annual production from 7,000 to 25,000 barrels a year.
Davis intends to keep the brewery and tap room in Riverside open for the two years remaining on the lease.