Bill Sulzbacher is president and chief executive officer of Agora Developments. He was recently elected chairman of the board of directors of the Florida Theatre.
WHAT IS AGORA?
“Agora is a shopping center development company and a member of [parent company] Baita Group. Agora is Greek for marketplace. We do open center developments [strip malls] only.”
HOW FAR IS YOUR REACH?
“Throughout the South in selected markets.”
WHAT IS YOUR ROLE THERE?
“I look for new shopping center opportunities and retail development and redevelopment. We’ve entered into several joint ventures, which I’ve been responsible for putting together. I also work with the director of operations in finding our anchor tenants for our projects and interfacing with general contractors for specific projects.”
HOW LONG WITH THE COMPANY?
11 years.
WHAT PROJECTS WOULD LOCALS RECOGNIZE?
“One was Regency Plaza across from Regency Square. It was a classic renovation opportunity. There was a vacant Winn-Dixie so we put an Office Max in there. We completely renovated the center. We demolished the shop space for TJ Maxx and replaced the TJ Maxx with a Shoe Carnival. The intent was to improve the look and the tenants.”
HOW IT ALL WORKS
“Brokers and other people bring us opportunities. We look at the demographics and the potential tenants available. If it’s a go, we put together a purchase agreement/contract [to buy the property]. Some parcels are already zoned, others may not be. It depends on the property. You may have to go through the zoning process. It’s favorable to have it zoned for commercial use already so you don’t have to go through the process. We put together an entity that provides equity to invest in a project, then seek debt financing. Agora is the developer. We have partnerships that own each project.”
WHAT APPEALS TO YOU ABOUT REAL ESTATE?
“The opportunity to create — creating a shopping environment that’s a vital part of the community in which it exists.”
BORN
Rome, Ga.
EDUCATION
He has a bachelor’s degree in political science from the University of Pennsylvania. Sulzbacher went on to obtain a master’s degree in teaching from Jacksonville University.
OTHER VOCATIONS
“In college I had a strong background in English and literature. I taught high school at Bishop Kenny for four years before I went to work for the owners of Regency Square. Then I started a business with a college friend redeveloping shopping centers. In 1991, we merged the company with Baita.”
AFFILIATIONS
Memberships include the International Council of Shopping Centers, Rotary Club and Jacksonville Community Council, Inc. Sulzbacher also serves on the board of the Jacksonville Housing Authority and San Jose Catholic Housing Association.
WHAT DOES THE THEATRE’S BOARD DO?
“Our board is the overall policy-making body for the theater. We establish strategic plans for the theater, which are updated every three to four years, and we have standing committees which interface with the staff in setting policy for different activities.”
THE MAN WITH THE PLAN
“The strategic plan identifies the purpose of the theater in daily activities and establishing financial goals. I want to help maintain a strong board to facilitate support of the theater’s operations.” Their eight goals break down into the following categories: artistic, educational, marketing, volunteer leadership, staff, financial resources, service as a community center and preservation of the facility as a historic landmark.
WHAT ARE YOUR SPECIFIC OBJECTIVES AS CHAIR?
“My major goal is to keep the theater on firm financial footing in order to enhance the performance characteristics of the theater. Right now, one goal is to add to our endowment. We have approximately $600,000 and we would like to eventually have $5 million. The money is used for ongoing operations of the theater. It’s important to have an endowment in order to smooth out the day-to-day financial needs and have funds available to replace equipment as it deteriorates over time.”
WHAT CHALLENGES DO YOU FACE AS CHAIR?
“The most significant challenges for most non-profits are financial. The theater is one of the best of its type in its ability to produce through operations. It earns about 77 percent of its budget.”
HOW LONG HAVE YOU BEEN INVOLVED?
“The theater opened in 1983 but I’ve been involved from the early 1980s. It was purchased and renovated by the Arts Assembly of Jacksonville [now defunct and replaced by the Cultural Council].”
WHY GET INVOLVED?
“It’s a beautiful building, has characteristics that can’t be duplicated today, very good acoustics and is a wonderful performing arts facility. I went to movies in the theater growing up. The top floor of the building, when it was first built in 1927, was an open air dance hall. My mother went there as a young woman. There is lots of history. Art in its different forms is inspirational. The Florida Theatre is an art form itself, providing for different types of artistic expression.”
FAMILY CIRCUS
Sulzbacher and his wife Anne reside in Avondale. They have three children, Paul, Julie and Ellen. His father was I.M. Sulzbacher, for whom our homeless shelter was named.
FAVORITES
Reading history or poetry, walking, snowskiing and traveling are hobbies of his. Sulzbacher also enjoys dinner at Biscotti’s or tuning in to the classic film “Casablanca.”
WHO’S YOUR HERO?
“Benjamin Franklin. He was a very creative and innovative person. Franklin was the founder of the University of Pennsylvania where I attended school.”
—by Monica Chamness