economy | Capital Analytics Associates

Spotlight On: Lisa Scott-Founds, President & CEO, Winterfest Inc

By Max Crampton-Thomas

2 min read October 2019 — The Broward County community is spoiled for choice when it comes to events in the area, as there is seemingly something happening every week, even in winter. The seventh-largest spectator event in Florida is the Seminole Hard Rock Winterfest Boat Parade, to be held this year on Dec. 12. Invest: spoke with President and CEO of Winterfest Inc Lisa Scott-Founds about the importance of innovation to the event, how they ensure safety and the role the Boat Parade plays in the tourism economy of Broward County.

How important is consistent innovation to the success of the event?

We always want to integrate the newest technology into our event, like the use of holograms, which we hope is a real possibility for this year. As a nonprofit organization, we are always searching for unique additions to our event that are not cost-prohibitive. We are always asking people, “What is something that you’ve never seen us do before?” We take their suggestion, develop a budget to execute the idea and bring it to our board and possible sponsors to help with underwriting the “new wow-factor idea.” It’s amazing what can happen when you bring together creative minds and supporters in the business community. The entertainment value is the most important element for our success to ensure we continue to be the “Greatest Show on H2O” and the seventh-largest spectator event in the state of Florida.

How do you ensure safety at an event like Seminole Hard Rock Winterfest Boat Parade?

We work with all our law enforcement officials — the United States Coast Guard, Broward County Sheriff’s Office, Fort Lauderdale Marine Patrol, Fort Lauderdale Police Department and the Fire Department. When putting on an event of this caliber, safety is the No. 1 priority. Those who participate in the parade are educated on all our safety procedures. We send them messages on a daily basis to always be conscious of how important it is to keep safety first when you are on the water. As a parade on water, Winterfest needs to have proper procedures in place. Unlike a land parade; you can’t just hit a brake on a boat to stop. Spectators within our Grandstand viewing area see signs directed toward their safety as well.

What role does the Boat Parade play in the tourism market within Broward County?

There is nothing like the Seminole Hard Rock Winterfest Boat Parade in the entire world. The beginning of December is a little slower for tourism, as opposed to other months when tourism in South Florida sees a boom, so we feel a responsibility to bring people into the region and put heads in beds. Our success is due to collaboration with organizations like our Greater Fort Lauderdale Convention and Visitors Bureau and working with area hotels. Tourists should experience a Winterfest weekend, a show at the Broward Center for the Performing Arts, eat at our restaurants and immerse themselves in our community. There is just so much to do in Fort Lauderdale, and in Broward County for that matter.

To learn more about our interviewee, visit:

https://winterfestparade.com/

Spotlight On: Gary Gagnon, President & CEO, Gagnon Development

Writer: Yolanda Rivas

2 min read October 2019 — Gary Gagnon’s family has been involved in the real estate industry since the 1930s. Gagnon decided to follow in his family’s footsteps by creating Gagnon Development, LLC and Gagnon Real Estate Investments, LLC. He also specializes in commercial income producing property in Central Florida. In an interview with Invest:, Gagnon described the benefits and strength of Orlando’s real estate sector.

How would you describe the strength of Orlando’s real estate sector today?

Orlando’s real estate sector is stronger than most, since it is somewhat in a protective bubble because of being mostly tourism-driven, though we are actively trying to attract more tech-related businesses. Our unique location and economy protects us whenever there is a slowdown or recession. With low interest rates and prices increasing for commercial and residential real estate, fear is beginning to spread and people are starting to question if it is time to sell. Luckily, if the whole country takes a hit, I think Orlando is somewhat protected and should not be as harmed as much as the rest of the country would be.

Lenders are starting to get over their fears and they are starting to have a hunger to loan but are still being cautious and require larger down-payments or cross collateralization. Development is booming and we are seeing a high amount of capital in A-class products. However, the growth of new office space in Orlando has been historically stagnant and there is not enough large office space available. Orlando has several new office projects in the works, which should help satisfy the demand for new office space. Many of our international clients are choosing to build new office space instead of renting since it is less expensive than leasing at current rates. Orlando also provides an opportunity for investors to generate high cash flow with less investment dollars when compared to other cities such as Miami and New York.

Which markets are seeing the most demand in Orlando?

Apartments continue to see great demand. E-commerce and big chain retailers transitioning to or expanding their online sales footprint have created an increased demand for large industrial space. We usually do build-to-suit projects specifically for a client’s needs, but we recently worked on a speculative flex space project with a client. That project consisted of smaller spaces with an office and showroom in the front and warehouse in the back. Along with the client, we were able to sell five of eight units before completing construction. A trend we are seeing in industrial is the smaller the square footage you build, the faster you lease or sell it. There is a demand for flex space and we are looking to expand in that area. Warehouses are in high demand, too. Many larger investors are looking for warehouses that have rail access. Office building is just now hitting its stride. Public storage is keeping up with supply and demand but we don’t see above average growth in that sector. Overall commercial real estate in Orlando is in very high demand and there is more demand than there is supply.

To learn more about our interviewee, visit:

Gagnon Development LLC: http://www.gagnondevelopment.com/

Return to Invest: Orlando

Spotlight On: Daniels Ikajevs, Chairman, The Ring Workspaces

Writer: Max Crampton-Thomas

2 min read October 2019 — As the need for office space continues unabated, innovative solutions like coworking spaces are rising to fill the gap. One such coworking space is The Ring, which is a state-of-the-art co-working space with an emphasis on health and wellness. It is based in Downtown Clearwater. The Ring held its grand opening on April 26 and is home to over 70 companies across the Tampa Bay area, with about 110 people coming to the space on a daily basis. Invest: spoke with Daniels Ikajevs, chairman of The Ring Workspaces, about his innovative approach to office space, its collaboration with Harvard University and why Clearwater is the perfect location for The Ring Workspaces.

Why was it important to construct The Ring to WELL standards?

WELL standards are still fairly new, but they are becoming more commonplace. There is some similarity with LEED building standards, but WELL is more human-centric, and it looks at what is important for people inside the physical space, such as quality of the air, nutrition inside the space, access to daylight, biophilia and other health and wellness-related aspects. It also focuses on everything that LEED emphasizes, like quality of the materials, energy efficiency, and so forth. There is only one WELL-certified co-working space in the world and that is in Boston. We are in the process of getting our certification, and unlike in Boston where they have silver-level certification, we are going for the platinum level.

What are some ways The Ring is working to help promote and foster the startup and tech ecosystem in the region?

One of the ways we are doing this is through a collaboration The Ring entered with Harvard University T.H. Chan School of Public Health to pilot their innovation and sustainable technology program in Tampa Bay. This will be the first U.S.-based location for this program. It will happen over the course of two years, and will consist of a first and second round in which the university professors will teach young startups how to bring their ideas into reality. They will provide a blueprint on what investors are looking for when they go out and try to raise money. At the end of the program, people who are successful in funding their ideas will receive a certificate of completion from Harvard University T.H Chan School of Public Health.

How is Clearwater the perfect match for a coworking space like The Ring?

When we were looking at locations for The Ring, we looked at what makes Clearwater a more attractive market for startups. Clearwater offers lower real estate costs in comparison to similar Tampa and St. Petersburg markets. We are geared more toward the startup culture, and because the cost of doing business in Clearwater is less than anywhere else in Tampa Bay, we thought we could use this environment to attract more startups. As a startup you try to save money every step of the way until you reach the maturity stage of the business, so real estate is one of the biggest values that Clearwater can offer. The overall business environment in Clearwater is also in line with the four principles of The Ring, which are health, innovation, sustainability and productivity.

What does the future of coworking spaces look like?

Coworking spaces will continue on an upward trend, especially as more startups emerge all around the Tampa Bay region. In this fast-moving business environment it is very difficult for these startups to predict the amount of space they will need in the near future, so coworking spaces like The Ring that offer flexible memberships where these businesses can upgrade or downgrade with ease are a huge benefit. Flexibility is key for startups, which is why big players in the coworking space, like Spaces, are expanding quickly to address the growing demand. It will also be interesting to see how the coworking concept works in a down market, as this has not been properly tested yet. There is no doubt in my mind that there will be a down market in real estate in the near future, so we will pay special attention to see how this market adjusts and operates when this happens.

To learn more about our interviewee, visit:

http://theringworkspaces.com/

Top 5 Family-Friendly Destinations in the Tampa Bay Region

Writer: Max Crampton-Thomas

4 min read October 2019 — With almost 1,000 people moving into Florida every day, the appeal of the state is quite apparent. From our favorable tax climate to ideal weather and everything in between, Florida is the hotspot in the southeast. The Tampa Bay region has been a beneficiary of this population boom, as represented in the more than 51,000 people that moved into the region last year. One of the major appeals for Florida, and more specifically the Tampa Bay MSA, is the welcoming, family-friendly environment that has been cultivated throughout the state. Supporting this are the multitude of family-friendly activities and destinations available throughout the region. With so much choice, Invest: thought it would be fun to narrow it down. Here are five of the best family-friendly destinations in the Tampa Bay region.

Florida State Fairgrounds

Known for their title event, the Florida State Fair, the Fairgrounds are also a destination for festivals, trade shows, conventions and outdoor shows. The 12-day Florida State Fair is the premier family-oriented event in the Tampa Bay region. The emphasis on family fun is cultivated in the Fair’s various offerings like rides, animal interactions, fair food, and activities and shows for children. Cheryl Flood, executive director for the Florida State Fair, spoke to Invest: about just how significant this family-friendly event is to the region. “We are known for our 12 days of family fun during the annual state fair festivities, when families from across the state gather to celebrate agriculture, education and community. Annually, we boast 500,000 visitors who generate over $152 million dollars in sales throughout the state of Florida. The Florida State Fair is the first state fair of the year throughout the entire country. As a result, we set the trends of what the fair industry and fairgoers can expect nationally. We think of ourselves as a catalyst for innovation within this niche industry.”

For more information on the next Florida State Fair & the Fairgrounds visit: https://www.floridastatefair.com/

Museum of Science and Industry

Tampa’s Museum of Science and Industry (MOSI) is not the typical museum destination that some may be accustomed to. Instead of taking a more traditional approach to teaching principles of STEM and STEAM, this museum prides itself on being a scientific playground that offers more than 100 different hands-on activities for parents and children alike. The museum was not always known for its innovative approach, but after a restructuring and renovation in November 2017, they have been working to change that narrative. Julian Mackenzie, president and CEO of MOSI, elaborated on this deliberate effort, “In our second year of ‘new MOSI,’ after the completion of our restructuring and renovation in November of 2017, our reputation in the community was re-established. Prior to our reopening, the venue had a reputation for outdated exhibits that in some cases just simply didn’t work as they should. Our main focus for MOSI since then has been to re-engage the community with expanded participation in popular public events. In this fashion, it put our No. 1 asset in full view, that being our staff and the passion they have for making science real for all ages and demographics. Also, it has been about the exhibit path experience. Guests can now count on a dynamic experience at MOSI with hands-on activities and exhibits that not only function as they should, they also entertain, educate and inspire.”

To see all of MOSI’s offerings visit: https://www.mosi.org/

Glazer Children’s Museum

The Glazer Children’s Museum is a prime example of a family-friendly destination that is using innovation and inclusivity to rise above the variety of options in the region. The museum, which saw its third-busiest year on record in 2018, understands the importance of being a viable option for all different types of families and children. Sarah Cole, the president and CEO of Glazer Children’s Museum, expounded upon this to Invest:. “At the Glazer Children’s Museum, we believe that all children deserve the opportunity to play with purpose. We strive to provide accessible and inclusive programs, events, and exhibits to serve the diverse needs of our guests. For families with special needs, we offer programs like our monthly Sensory-Friendly Sunshine Sundays and Autism-Friendly Camps. When families visit the museum, they have access tools, from an experience book to plan their visit to sound-blocking headphones, sensory kits, accessibility chairs, and more. We are proud to be designated an Autism-Friendly business for eight years running through the Center for Autism and Related Disabilities and we were recently named Employer of the Year by the Mayor’s Alliance for People With Disabilities.”

For more on Glazer Children’s Museum visit: https://glazermuseum.org/

Clearwater Marine Aquarium

In the case of the Clearwater Marine Aquarium, being a family-fun destination is only part of who they are. The Aquarium, which was the backdrop for the films Dolphin Tale 1 & 2, serves as both a family-friendly destination to observe marine life in an interactive and educational manner as well as a marine research and rehabilitation sanctuary. They are currently under major construction as they work to not only improve their facilities for guests but also for their marine rescue and rehabilitation efforts. Frank Dame, executive vice president and chief operating officer for Clearwater Marine Aquarium, spoke to Invest: about what could be expected from the new facilities, “When we open the doors to our new facility, sometime next year, we are going to have almost four times the guest space we have now. We are also building five new dolphin pools. Currently, between all our facilities we have about 985,000 gallons of water, and these five new dolphin pools will add another million and a half gallons. We are really ramping up our ability to rescue more animals and provide a better living environment for our dolphins, as well as drastically improve the guest experience.”

To read more about Clearwater Marine Aquarium’s aquatic initiatives visit: https://www.seewinter.com/

Clearwater Beach

To be named the No. 1 beach in the country is no small accomplishment, so the significance of Clearwater Beach being dubbed this title two years in a row by TripAdvisor cannot be understated. From in-water activities to fun festivals to simply sunbathing on the white sands, this family-friendly destination has something for everyone to enjoy. Sights are now set on retaining this title for the foreseeable future, and Frank Dame of the Clearwater Marine Aquarium weighed in on how to best accomplish this. “We need to focus on maintaining our recognition as the No. 1 beach in the nation, and we can’t accomplish this by just promoting ourselves as No. 1. The mission now is to make us the No. 1 beach because we are ocean-friendly. We can do this by eliminating trash and doing things like stopping the use of single-use plastics,” he told Invest:.

For more on the #1 Beach in the nation visit: https://www.visitstpeteclearwater.com/communities/clearwater-beach

Atlanta’s Entertainment Pull Buoys Hospitality Industry

By Sara Warden

2 min read October 2019 — With 130 new hotel constructions planned across Metro Atlanta, the city now ranks fifth in the country for new hotel construction. The momentum generated from this year’s Super Bowl seems to have continued as the city now looks to attract other major sporting events, such as World Cup 2026 after it made the shortlist as a potential host city.

“Atlanta’s standing as a preferred site for major sporting events has been enhanced by the 2017 opening of the state-of-the-art, $1.6-billion Mercedes-Benz Stadium, as well as the opening of SunTrust Park and the conversion of Turner Field into the new Georgia State Football Stadium,” said a report by the Hotel Valuation Index (HVI).

And Atlanta doesn’t just draw visitors for sporting events. Hotels are now incorporating convention centers as standard to provide the greatest value to customers. “In recent years, the city’s large amount of meeting and event space at competitive price points has advanced Atlanta’s position in citywide convention cycles and has improved the city’s standing in relation to other large convention markets,” said the HVI report. “Increasing convention demand will continue to be supported by the ongoing $55-million expansion of the Georgia World Congress Center (GWCC) and the 2019 announcement of a 1,000-room Signia Hilton convention hotel to be located adjacent to the GWCC.”

Of the 107 projects tracked by real estate firm CBRE, 15 are located in downtown Atlanta, 14 are in Gwinnett County, 11 are in Cobb County and a further 13 are located along the corridor of the GA-400 freeway.

As the competition heats up, hotels need to evaluate their offering to ensure they are in the best position to attract new clientele. Most recently, luxury hotel chain Kimpton jumped on the bandwagon and partnered with developer Portman Holdings and leading hospitality firm IHG to build new properties in Atlanta and Houston. The 216-room Kimpton Buckhead hotel is slated to open in the second half of 2020 and will feature a restaurant and bar, courtyard, private pool and a rooftop lounge.

“We’re thrilled to expand our presence with a second Kimpton hotel in the Atlanta market,” Mike DeFrino, Kimpton Hotels & Restaurants’ CEO, said in a statement. “The partnership with Portman Holdings allows us the perfect opportunity to bring Kimpton to the stylish Buckhead neighborhood and to continue consolidating our presence in the Southeast at-large.”

Developers in Buckhead also are targeting what they describe as the hotel market’s “white space,” or those customers willing to pay $250-300 per night for a room. While luxury hotels in Atlanta command an average of $227 per night, other neighborhoods can attract rates of more than $350 per night. “So, the white space occurs between that $350 and the $225 rate that is prevalent in all of the other hotels in Buckhead,” Regent Partners President Reid Freeman told Bisnow. “There’s $125 worth of white space that no one is capturing.”

Next month, the company is expected to break ground on a $90 million boutique hotel in the Buckhead Village district, to be operated by Thompson Hotels. Buckhead is also a target for Songy Highroads, which is planning a $75 million Hyatt boutique hotel targeted to millennials. “The experiential factor is becoming more prominent. You have different segments of travelers, from millennials to people aging into retirement. They are looking for an experience and place that is a reflection of the surrounding community,” Songy Highroads CEO David Songy told Bisnow.

To learn more about our interviewees, visit:

https://www.hvs.com/article/8460-2019-european-hotel-valuation-index

https://www.cbre.us/

https://www.ihg.com/kimptonhotels/hotels/us/en/reservation

https://www.regentpartners.com/

https://www.portmanholdings.com/

https://www.thompsonhotels.com/

http://songyhighroads.com/

https://www.gwcca.org/georgia-world-congress-center/

https://www.hilton.com/en/signia-hilton/

A Show 60 Years in the Making

By Max Crampton-Thomas

2 min read October 2019 — Oct. 30 to Nov. 3 are probably the most important couple of days for the city of Fort Lauderdale and for Broward County. Over the course of these five days, the city opens its doors to over 110,000 boating enthusiasts from around the world representing over 50 countries, all here for the purpose of attending the Fort Lauderdale International Boat Show. While this event is always a highlight for the year, this year has special meaning: it’s the 60th anniversary for the Boat Show.

The success and longevity of the event comes as no surprise as Fort Lauderdale has been dubbed the “Yachting Capital of the World” with its economic roots deeply cemented in the marine industry. This event is not just a chance for visitors to see these boats up close and personal; it serves primarily as a platform for yacht brokers and various other exhibitors to showcase their marine products and services.

The economic benefits to the region brought on by a boat transaction cannot be understated, and were highlighted by Paul Flannery, executive director for the International Yacht Brokers Association, when he spoke to Invest:. “A boat is an economic engine for the community. When a boat comes to a community, 10% of the value of that boat is injected into the local economy on a yearly basis. When there is a transaction involving a boat, an additional 13% of the value of that boat is injected into the local economy in the first year after the sale,” Flannery explained. He continued: “When a person wants to sell their boat, then we need to make sure they know that there is no better place to do business than South Florida, the yachting capital of the world. The impact of that boat sale happening in South Florida benefits the local economy through the yacht broker and marina owner, as well as all the people engaged in that transaction.”

The show this year will not only feature the debut of the show’s largest megayacht, Madsummer, it will also include the 2nd Annual Sunset Soiree and Yacht Chef Competition, a superyacht village and a mansion yacht. Perhaps most unique about this year’s event is the FLIBS 4 Bahamas initiative that will be in support of the Bahamas relief efforts in the Abacos and Grand Bahama, two of the islands devastated by Hurricane Dorian. The proceeds from both the raffle of a Pioneer Sportfish 180 and the Yacht Chef Competition will be going directly to charities working on hurricane relief for the islands.

With more than $4 billion worth of product on display at the Boat Show, the event has not only become a staple for the South Florida community, but the global marine community as well. The event is owned by the Marine Industries Association of South Florida, whose CEO and President Phil Purcell perfectly summarized to Invest: just how important the Boat Show is to the region. “We are the refit and repair capital of the world, the yachting capital of the world. When you think of Fort Lauderdale International Boat Show’s impact on the state of Florida, it generates an $857 million economic impact, with 110,000 visitors from 52 countries around the globe. Keep in mind that $100 million a day changes hands in sales during the five days of the show. The marine industry has an economic value to Broward County of $8.9 billion.”

To learn more about our interviewees, visit:

https://www.flibs.com/en/home.html

https://www.miasf.org/

https://iyba.yachts/

Spotlight On: Asi Cymbal, President & Owner, Cymbal Developmentf

By Max Crampton-Thomas

2 min read October 2019 — Fort Lauderdale’s real estate development market is in its prime and if there was ever a time to capitalize on that, it’s now. The successful developers are those who truly understand the market, can create an innovative product and have the foresight to protect themselves if this hot market goes cold. Asi Cymbal is the president and owner of Cymbal Development, a development and construction company that is working on a new innovative development along the water called Marina Lofts. Cymbal discusses the key differences he has identified in Broward and Miami-Dade’s real estate development markets, market trends and how vital the financing market is to how real estate development performs.

What can be expected for your development of Marina Lofts?

We have a significant interest in Downtown Fort Lauderdale, and we own a six-acre site along the water where we are building The Marina Lofts. We brought in Bjarke Ingels, an amazing architect, to design the project. Marina Lofts will be a multi-use project with residential, marine and retail, and a possible hotel and condo component as well. We have waited for the market to come to us, and we believe this is happening now with all the activity that is happening south of the river. It is primarily a rental market on the river and we think there is an opportunity to create something spectacular and cost-efficient along the waterfront.

How do the markets in Miami-Dade and Broward County differ?

Miami and Broward are quite different, although they are so close in proximity. Fort Lauderdale strives to be a city that seems closer in line to the bigger cities in the Midwest, while Miami strives to be a city that is more closely aligned with Eastern cities like New York. They have slightly different demographics as well, but both are attractive cities in different ways, which I believe adds to their appeal for various types of renters or buyers. An issue we are dealing with in both places is construction costs, and we are emphasizing efficiency in design more than ever. To be successful in these markets, we need to be a lot more cost-conscious than we have been in the past.

Where do you see development trends gravitating as we move into 2020?

There will continue to be strong demand for multifamily units. I believe retail will take a hit even though there are some interesting innovations happening in that space. There is an opportunity for growth in office space and there is more of an emphasis on an environmentally friendly product. Our housing tenants expect to see more of this emphasis, so we do design with an eye toward energy conservation, green efficiency and things of that sort that appeal to this demographic. Overall, we are cautiously optimistic through 2020, and our company will remain in significant expansion mode.

How dependent is real estate development on the financing market?

The financing market helps check the type of real estate product and the quantity of product being developed in South Florida. Regulation is a lot more strict today than it was right before the Great Recession. Having a stronger financial backing for projects is what keeps the region from over-building and there is a lot more hesitation and thought going into what is developed in South Florida. During the Great Recession, we saw opportunities to develop, but it was difficult to find financing. By the time we were mid-cycle everyone wanted to finance, but the opportunity was diminished. Now, we are toward the end of the cycle and there is financing, but you need to create your own opportunities.

To learn more about our interviewee, visit:

http://cymbaldevelopment.com/

Charlotte Rising to Tech Challenge Related to Emerging Workforce

By Felipe Rivas

2 min read October 2019 – The business world was abuzz earlier in October when American conglomerate Honeywell broke ground on its new global headquarters at Legacy Union in Uptown Charlotte. Honeywell, a diversified engineering and technology giant, is the latest example of a large company flocking to the Queen City looking to expand and grow, and local leaders are doing their part to ensure success. As the economy in the Charlotte Metro Area continues to diversify, educational and economic development leaders are working to equip the workforce to thrive in the tech-based jobs coming to the area.

Historically, Charlotte has been the second-largest banking capital of the United States, but that is broadening, said Queens University of Charlotte President Daniel Lugo. “The most exciting part is the growth of the technology sector. Charlotte is a hotbed for technology right now,” Lugo told Invest: Charlotte. “Those with strong technical skills, with an understanding of how to use data in powerful ways, how to visualize data, and how to use data to predict outcomes are going to have huge advantages,” he said.

The university is placing a keen emphasis on producing talent that has a robust understanding of coding and data analytics. “The city and area is creating tech jobs at double the national rate and we want to be at the forefront of working with those businesses,” Lugo said.

That means taking a community-first approach in its efforts to empower talent with tech-based skills. Its program, Digital Charlotte, aims to reduce the area’s digital divide by connecting community members to the internet and increasing their web literacy. “We are perfectly positioned to be the preeminent private university of the city and of this region, building a talent pipeline to meet the needs of a growing city’s changing economy,” Lugo said.

In Gaston County, 30 minutes away from Charlotte, economic development leaders are already experiencing spillover from Charlotte’s growth and preparing its workforce for incoming manufacturing and tech-based jobs. “For Gaston, it’s all about the Charlotte market, tapping into it and knowing what their needs are,” said Gaston Regional Chamber CEO Steve D’Avria.

“The biggest set of industries coming in are the advanced manufacturing sectors because our labor is more affordable,” D’Avria told Invest: Charlotte.

The chamber is focusing on education by supporting accelerated college programs for Gaston County’s high-school students, as well as programs at Gaston College centered on business and information technology career tracks and certificates. “Education has been one of our focuses,” D’Avria said.

Connecting students and workers to jobs to practice their tech skills while they are in school is another chamber priority. “Around 60% of our members are small businesses, so we’re a connector of resources in the community,” D’ Avria said. “We’re also expanding into the co-working space in Gastonia. In Belmont, we have a program called Gaston Tech Works, and it’s all technology-focused.”

To learn more about our interviewees, visit:

https://www.queens.edu

http://www.gastonchamber.com

Spotlight On: Sal Saldana, General Manager, Town Center at Boca Raton

By Max Crampton-Thomas

2 min read October 2019 — The world is changing rapidly thanks to technology. For certain segments of business this means changing with the times or risk falling into obscurity. The traditional mall has become one of these segments, and with the rising popularity of e-commerce, the need for innovation is at an all-time high. One of the malls that recognized this early on was Town Center at Boca Raton, whose General Manager Sal Saldana spoke to Invest: about the mall’s successful longevity in the market, how it is handling the challenge of evolving customer demands and how it is innovating its business model to become much more than just a shopping center.

How is Town Center at Boca Raton a staple for Palm Beach County?

This mall is a regional shopping center that is owned by Simon Property Group. It has been in the Palm Beach County area for a number of decades, and over that period of time there has always been an emphasis on making sure it always meets the quality and brand recognition of Boca Raton and Palm Beach County. The mall is an extension of Boca Raton, which is known for its beauty, quality of life and wealth. It also has an international flavor because it houses some of the most widely recognized and regarded retail shops. Overall, the mall is an important asset to the community, and will continue to be for the foreseeable future.

What has been the key to Town Center’s longevity and success in the wake of an e-commerce-centric world?

Simon Property Group is an amazing company and has a phenomenal group of shopping centers nationwide. We have been able to really cater to the community and meet its needs and demands from a domestic and international standpoint. We also have the resources to continue improving our operations and attractions. What we do is make sure that we are meeting and surpassing the expectations of a traditional mall. We maintain a very high standard of what we are because we are not only a shopping center, we are also an entertainment destination.

What challenges is Town Center facing, and how are you mitigating those challenges?

We are always looking to see how we can improve customer experience, and in this business there is the challenge of keeping up with the times while making sure that we meet customers’ demands. Our competition now comes in many forms, whether that is the internet or a direct competitor in the region. We always want to be projecting new and improved, and this isn’t always necessarily a challenge, but more of an opportunity. To be successful, we have to have a team that is always thinking of what we can do next to make sure that we are staying ahead of the curve. For instance, we are adding a 1,600-square-foot recreational space called PLAY that will feature a combination of seating and interactive play elements inspired by local waterways and waterfronts. Everybody that we work with has to be on the same team and have a philosophy of approaching this shopping center as a five-star resort.

To learn more about our interviewee, visit:

https://www.simon.com/mall/town-center-at-boca-raton

Spotlight On: Lisa Scott-Founds, President & CEO, Winterfest Inc

Spotlight On: Gary Gagnon, President & CEO, Gagnon Development

Spotlight On: Daniels Ikajevs, Chairman, The Ring Workspaces

Top 5 Family-Friendly Destinations in the Tampa Bay Region

Atlanta’s Entertainment Pull Buoys Hospitality Industry

A Show 60 Years in the Making

Spotlight On: Asi Cymbal, President & Owner, Cymbal Developmentf

Charlotte Rising to Tech Challenge Related to Emerging Workforce

Spotlight On: Sal Saldana, General Manager, Town Center at Boca Raton

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