Brevard Business BBN News Vol. 27 No. 42 October 19, 2009 A Weekly Space Coast Business Magazine Businesses embracing developer Coy Clark’s upscale Seaside project It’s an example of a successful upscale By Ken Datzman transformation of an existing obsolete property, once a Winn–Dixie anchored INDIALANTIC — Successfully bringing center, in the face of a turbulent market a commercial real–estate development where many investors have been forced to project of 50,000 or more square feet to the the sideline. The longstanding Coy A. market these days is considered an oddity Clark Co. of Melbourne redeveloped an in most areas of Florida. aging shopping plaza, giving it a fresh, The hurdles are steep. They include uplifting look in this beachside community. gaining financing for the project amid ill “I am very pleased with the way it credit markets, and convincing businesses turned out,” said Clark, founder and chief to come aboard as tenants. executive officer of The Coy A. Clark Co., The severe credit crunch, sustained job whose firm has been developing properties losses, and weak consumer spending have in Brevard for more than three decades. “It torpedoed commercial real–estate develop- was an extremely challenging undertaking ment over the past 18 months. Even during these difficult times in real estate. I properties with positive cash flows have was very fortunate to have been able to had trouble finding financing to roll over secure financing for this project.” debt, as commercial real–estate transac- The late Sam Walton entrusted tions are essentially at a standstill and developer Clark to introduce the first 15 development is virtually nonexistent in Walmart stores in Florida. Years ago, BBN photo — Adrienne B. Roth many communities across America. Clark also was involved in the conception That’s why Coy Clark’s new 71,000– and development of the 150,000–square– Coy Clark, CEO of The Coy A. Clark Co., is having a lot of success with his new Seaside Centre, an square–foot Seaside Centre on Highway foot Rialto Office Building and Hilton Hotel office and retail park on A1A in Indialantic. The 71,000–square–foot complex is nearly 100 percent A1A, a high–end office and retail park in Melbourne. leased. MAI Design–Build was the project architect. The Innovation Center, an engineering and valued at more than $10 million and nearly Clark moved to the Space Coast from design facility for Raytheon Corp., which employs 200 people, is the anchor tenant. Other businesses include Panita Bakery & Café, Beachside Physical Therapy, Niki’s Rainbow Restaurant, MIMA, and 100 percent leased, is being talked about in Elaine M. Norton, CPA. the local market. Please see The Coy A. Clark Co., page 19 Use first–time homebuyers’ credit as a downpayment on property don’t have to wait until tax time to use it. home without emptying your bank account. spouses of a married couple must pass this By Jennifer Scott The Department of Housing and Urban Not everyone is eligible to use the test to qualify. Scripps Howard Service Development announced that it will allow federal housing tax credit. You must be a To claim the full amount of the credit, buyers who qualify for the tax credit to first–time homebuyer — meaning that you your modified adjusted gross income can be Some potential homebuyers who have “monetize” it by using it as a down have not owned a home that is your no more than $75,000 if you’re single, and been waiting to get into the market are payment or toward closing costs on a home. principal residence for at least three years now taking action, thanks to the new HUD Secretary Shaun Donovan said leading up to your home purchase. Both Please see Homebuyers’ Credit, page 16 federal housing tax credit. this new feature is intended to not only Passed in February as part of the ease the costs of homeownership but also American Recovery and Reinvestment Act boost home sales in areas where properties INC. NEWS, of 2009, also known as “the stimulus have been sitting on the market for months BUSINESS BREVARD package,” the credit gives a tax allowance or years. PAID of up to $8,000 to first–time homebuyers Figuring out how to use the credit POSTAGE US who purchase a home before Dec. 1. upfront, however, isn’t as easy as signing a STANDARD The credit itself is already well–known, form and collecting your cash. Check out PRESORTED but here’s a lesser–known fact: Buyers now our step–by–step guide for buying your BBN DIGEST Florida Tech autism–related workshop Oct. 28 at Scott Center in Melbourne Florida Institute of Technology’s School of Psychology offers free monthly workshops of particular interest to parents, educators and professionals who deal with the issues of autism. The Oct. 28 presentation is scheduled from 6:30 to 8 p.m. in the Scott Center for Autism Treat- ment Seminar Room at Florida Tech in Melbourne. Dr. Debra Sloan, a licensed staff psychologist at Florida Tech’s Counseling and Psychological Services, will co– Community Bank present “Understanding Asperger’s from a Clinical and Sensory Perspective.” pick up BBN She is also a psychologist on staff at the College Internship Program (CIP), Brevard Center, in Melbourne, 9-07-09 and provides support services to young adults with autism, Asperger’s Syndrome or learning differences who are page 7 beginning their college education or vocational training. Sloane received her master’s of science degree in 1987 and doctorate in clinical psychology in 1989 from Florida Tech. She has a son who has Asperger’s Syndrome as well as mild cerebral palsy. Karen Rathgeber will present on the “sensory issues that affect people with learning differences or have a diagnosis on the autism spectrum.” In addition, a few students who attend the residential program at CIP, Brevard Center, will share their strate- gies for success with other students and parents. The Seminar Room is located on the second floor of the Scott Center for Autism Treatment. For more information, contact the School of Psychology at 674–8104. Guiding you through the world ‘Disability Awareness Month’ art exhibit of employee benefits: In recognition of October as “Disability Awareness Health, Dental, Disability, & Life Insurance Month,” a VSA Arts of Florida–Brevard exhibit of artworks • Health Savings Accounts (HSAs) created by people with disabilities is on display in the • Section 125 Plans • Voluntary Benefits Maxwell C. King Center for the Performing Arts in • RFP Development & Scoring Melbourne through Oct. 25. Of the 22 pieces on display, 11 are original pieces created collaboratively by groups of students who participated in the VSA Arts 2009 Festival, Artemis Brombacher “Space — To Infinity and Beyond.” Eleven other pieces are photo mosaic poster prints created by students and adults pick up BB pick up BB as an inclusive project, “Changing Perceptions.” The exhibit will be available for viewing to ticket– buying 10-05-09 9-28-09 patrons before, during and after any performance held in B the auditorium. VSA Arts, formerly known as Very Special page 13 page 2 Arts, is a program of Brevard Achievement Center. For more information, contact Janice Kershaw at 752–2740, extension 5208, or send an e–mail message to her at [email protected]. 1980 North Atlantic Ave. 321.799.9401 Suite 1007 [email protected] Human resource group to gather Cocoa Beach, FL 32931 www.brombacher-insurance.com The Space Coast Human Resource Management Association will meet Oct. 20 at the Courtyard by Marriott Resort in Cocoa Beach. Attorney Thomas Foster Jr., a WAREHOUSE SPACE national spokesperson for The Hartford’s corporate FOR LEASE retirement plans, will be the guest speaker. He is an BIZ Card BIZ Card acknowledged industry expert in retirement–plan legisla- Palm Bay Industrial Center PROSPECT OFFICE CENTER tion, regulation and compliance testing. Foster travels Bayspick from 2411up toBBN 4822 sq.ft. pick up BBN extensively around the United States lecturing and has Newly Renovated been published and or quoted in a variety of publications, AGGRESSIVE DEALS SBA Approved Hub Zone including “The Wall Street Journal,” “The New York FOR QUALITY TENANTS Times,” and “Forbes.” To make a reservation to attend the Contact Randy Rauch (954) 816-9005 725-1240 event, visit http://spacecoasthr.shrm.com. BREVARD BUSINESS NEWS / 2 Call Adrienne Roth at 321-951-7777 for Advertising Information OCTOBER 19, 2009 BBN DIGEST Parrish Medical Foundation to host Masquerade Ball Oct. 30 at LaCita TITUSVILLE — The Jess Parrish Medical Foundation will host its “Midnight on Main Street” Masquerade Ball from 8 p.m. to midnight on Friday, Oct. 30, at La Cita County Club. This celebration of philanthropy honors benefactors whose gifts have helped Parrish “maintain the highest level of health–care excellence for the community.” The evening will feature the revelry of a Venetian Carnival in the 1700s, where the society patrons gathered DNA Artchitects to dance, dine and be entertained all while under the “grand illusion of mask and costume.” The Masquerade Benefit Ball will be hosted by Jason and Teresa Snodgrass, and Terry and Barbara Terhune. new ad emailed The event will mark JPMF’s 26th year of operation as the philanthropic arm of Parrish Medical Center. Monday General admission tickets to the ball may be purchased for $75 per person. Those attending the ball are encour- aged to wear masks with their black tie or formal costume attire. Venetian masks artfully created by the Titusville FULL COLOR Art League will be for sale at the Masquerade Ball. The activities will include entertainers, music, vintage photos, and a live auction with trips to the Isle of Capri; Ireland; Paris, France; Costa Rica; San Francisco wine country and Jackson Hole, Wy.