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Jax Daily Record Thursday, Oct. 7, 202105:10 AM EST

Nymbus could factor into VyStar Downtown expansion

The financial technology company plans to employ more than 600 workers and space is “tapped out” at the credit union’s campus.
by: Mike Mendenhall Staff Writer

Nymbus Inc.’s relocation to Downtown Jacksonville could factor into VyStar Credit Union’s real estate expansion, according to VyStar Chief Member Experience Officer Joel Swanson.

Swanson said Nymbus, in which VyStar invested, already occupies 4,000 square feet of space in the VyStar Tower at 76 S. Laura St. 

Nymbus plans to occupy about 15,000 to 17,000 square feet of the tower’s 13th floor, according to VyStar COO Chad Meadows. 

Nymbus, a bank and credit union financial software company, announced the move Oct. 5 from Miami Beach to Jacksonville. Within minutes, Nymbus changed the address of its corporate website to 76 S. Laura Street, Suite 1370, in the VyStar Tower.

The credit union also owns the 100 W. Bay St. building adjacent to its tower.

Any expansion will depend on growth, Swanson said.

“Our buildings are already pretty much tapped out between the VyStar employees and leased space,” he said. 

“But as leases come up and space becomes available, we are starting to expand and we’ll be giving them (Nymbus) more space as they grow.”

VyStar has other tenants in its tower, and steps toward some renovation work is underway.

The city is reviewing a permit application for an 11,740-square-foot tenant build-out on the 14th floor of 76 S. Laura St. at a cost of $800,000. Dana B. Kenyon Co. is the contractor.

No tenant is identified. Plans indicate space for at least 60 employees. 

Nymbus, code-named Project End Game as the company sought city and state financial incentives, said it will bring 673 jobs to Jacksonville. 

The company’s development agreement says it must create 29 jobs by the end of 2021 and another 61 by the end of 2022.

VyStar Chief Member Experience Officer Joel Swanson speaks Oct. 5 at the announcement that Nymbus Inc. is moving its headquarters of Jacksonville.

Nymbus will lease its space. Meadows said VyStar is working with its other tenants to determine what their needs are as lease contracts come up for renewal. 

“We have people that are always looking to get in. We have contracts coming up, and whether they stay or go we’re working through those negotiations right now,” Meadows said.

“On the tenant space, it’s always evolving and adapting and changing to their needs. Some will outgrow the space that we have. We get that and understand that.”

He said some tenants will extend their current contracts. 

In April, VyStar invested $20 million in the Nymbus Credit Union Service Organization.

Swanson is a member of the Nymbus board of directors and VyStar Senior Vice President of Digital Experience Joe Colca was named to the Nymbus CUSO board in August.

City Council awarded Nymbus $1.83 million in incentives and the state awarded it $2.692 million from CareerSource Florida through its Quick Response Grant program. 

Both incentives are tied to the number of jobs created. 

Nymbus Chairman and CEO Jeffery Kendall said the jobs will be a mix of new hires and relocated customer service and “high-paying” software engineering and technology jobs. 

Swanson said the goal is to have all 600-plus Nymbus employees working from VyStar’s corporate campus Downtown.

Nymbus now has more than 400 employees with about 250 in the U.S.  Its remaining workforce operates remotely in multiple countries, Kendall said.

This isn’t the first time this year VyStar leadership has hinted at expanding its Downtown campus.

In March, VyStar CEO Brian Wolfburg said up to 1,200 of the credit union’s 2,220 employees could be working Downtown, depending on COVID-19 pandemic. 

As VyStar’s workforce and services grow, Wolfburg said commercial office expansion may not be far behind. 

“We are absolutely looking at everything that’s going on around us,” Wolfburg said March 8. 

“We are interested in the conversation around the (former Jacksonville) Landing. We are interested in other development that’s occurring in the city.”

The city Downtown Investment Authority plans a 4.5-acre riverfront park and private development at the former Landing site, now Riverfront Plaza.

Construction also is underway for VyStar’s estimated $22 million, 807-space, seven-story parking garage at Forsyth and Laura streets.

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