Categories
Featured News Trends

What Clients can Expect from Franklin Street’s Insurance Claims and Risk Management Services

By Eric Smith, Director of Risk Management & Claims

Through our established procedures on the oversight and management of claims, Franklin Street strives to achieve optimum results that will positively impact our clients’ portfolios. Supported by our dynamic team of professionals, our clients can feel confident their claims will be handled properly in a timely manner. 

When it comes to handling claims and risk management, here’s what clients can expect from our team:

1. Accurate, timely reporting and communication about your insurance claim. 

Our Franklin Street claims team is dedicated to monitoring and overseeing all claims reported. We provide ongoing communication throughout the life of a claim and prepare formal written reports on a quarterly basis for both property and general liability claims. We screen all incident reports to determine appropriate action with our clients’ internal team structures.

2. Specialized services for each and every insurance claim.  

Franklin Street ensures the most favorable outcomes by analyzing coverage disputes and preparing rebuttals to carriers. We collaborate with carriers to develop financial reserves on given claims. Leveraging these relationships ensures we can provide specialized resources and partners in the adjustment of the claims process. Franklin Street will also nominate a dedicated Executive General Adjuster to handle all first party property losses.

3. Tailored solutions for your unique risk profile. 

Our Risk Management Services have been established to ensure our clients are actively improving onsite protocols that reduce the number of incidents and reported claims. Each client has a unique risk profile with a set of challenges we hope to help mitigate. Franklin Street will develop a comprehensive risk management plan to mitigate or eliminate risks by providing resources and guidance. Our internal Risk Management Team provides a continual thorough ongoing analysis of both property and liability exposures by creating Loss Analysis Reports. These analytic reports will identify causes of loss drivers and allow us to develop mitigation techniques. 

4. Tools and resources to help your management staff reduce liability. 

To provide property management staff education, Franklin Street has developed a robust Risk Management Library that consists of tools and resources such as Fire Safety flyers, Hurricane Preparedness checklists, Inspection Checklists for on-site Property Managers and more. 

5. 24/7 service you can count on. 

Our team does not set limits to the amount of time we dedicate to our clients. We invest as much time that is necessary to satisfy needs and accomplish goals that have been established. Our team motto is, “when our clients are thinking about insurance, we’re not doing our job”.

For more information about Franklin Street Insurance Services, visit the Insurance page on our website. For access to our risk management library contact us at insurance@franklinst.com.

Categories
Ask The Expert Featured News

Ask The Expert: How do you keep a commercial construction project on schedule and on budget?

The commercial construction supply chain is becoming more and more global every day. Keeping your project on track and in line with your pro forma despite global pandemics, natural disasters and international transportation bottlenecks can seem like an insurmountable task. It can be done with the right planning and flexibility. Getting organized early will help you make the best decisions during due diligence and pre-construction to keep your project moving forward.

Before material gets ordered, permits get pulled or workers are on site there can be months of due diligence and pre-construction.  Major decisions are made that will eventually translate to cost and time before the project is complete. Should you use wood or metal? Pre-cast or site cast? Open web steel joist or steel I-beam? If you are flexible and organized, you can quickly react to changing supply lead times and avoid costly delays when you are ready to start purchasing material.

We recently had a ground up project in pre-construction that was being designed with open web steel joist to support the roof structure. We started to hear rumors on other projects that the lead time on this material was climbing to almost a year from date of purchase to date of delivery due to various factors. Knowing that the cost of lost income due to a delayed opening date would far exceed the cost to change to steel I-beam we quickly pivoted and adjusted the design. This saved the client months of costly delays before we even started construction and helped us avoid change orders once construction had started. There are many alternate materials and methods available and each should be selected with a view to the cost as well as lead time to keep a project moving.

Geoffrey Furey, Project Manager

Categories
Awards Awards & Recognition Featured News In the News Industry Publication

South Florida Business Journal Recognizes Franklin Street’s Greg Matus as 2021 ‘Power Broker’

Franklin Street is pleased to congratulate Greg Matus, Managing Director of Investment Sales, on being named to South Florida Business Journal’s 2021 “Power Brokers” list. This prestigious list recognizes the top 25 commercial real estate brokers in South Florida, including Miami-Dade, Broward and Palm Beach Counties.

Greg was awarded this honor for his outstanding production in 2020, ranking as a top producer within Franklin Street and the South Florida market.

“He has handled thousands of retail, multifamily, hospitality, office, industrial and land transactions valued at more than $3 billion,” SFBJ reports.

Learn more about Greg Below:

Birthplace: Johannesburg

Education: B.S.B.A., University of Florida

First property I bought/sold: A 36-unit apartment building in North Miami in 2002 for about $2 million

A deal the pandemic helped push through: The sale of a 180-unit apartment property in Lauderhill

Favorite local getaway spot: Turnberry in Aventura

Favorite vacation spot: Asheville, North Carolina

Favorite podcast: “THINK Business with Jon Dwoskin”

Title of my life story: “Four Sons and the Princess” (as a father of four boys and one daughter)

My hidden talent: Juggling

See the full list of South Florida Business Journal’s 2021 CRE “Power Brokers” here.

Categories
Awards Awards & Recognition Featured News Industry Publication

South Florida Business Journal Recognizes Franklin Street’s Dan Dratch as 2021 ‘Power Broker’

Franklin Street is pleased to congratulate Dan Dratch, Director of Multifamily Investment Sales, on being named to South Florida Business Journal’s 2021 “Power Brokers” list. This prestigious list recognizes the top 25 commercial real estate brokers in South Florida, including Miami-Dade, Broward and Palm Beach Counties.

Dan was awarded this honor for his outstanding production in 2020, ranking as a top producer within Franklin Street and the South Florida market.

“Since 2017, Dratch has exclusively listed and sold approximately $120 million worth of Class B and C multifamily assets in the South Florida market,” SFBJ reports. “Since the pandemic, transactions have included 180 units in Lauderhill and 28 units in Margate.”

Learn more about Dan Below:

Birthplace: Westchester, New York

Education: B.B.A., St. Thomas Aquinas College

First property I bought/sold: A 14-unit apartment building in Fort Lauderdale

Favorite vacation spot: Cancún, Mexico

Favorite podcast: “The Joe Rogan Experience”

I could spend an afternoon at: Brooks Brothers or Best Buy

Favorite show growing up: “The Simpsons”

Title of my life story: “Nice Guys Finish First”

See the full list of South Florida Business Journal’s 2021 CRE “Power Brokers” here.

Categories
Featured News Research Trends

Weathering the Storm Part 1: Is Your Commercial Property Prepared for Hurricane Season?

Hurricane Season officially begins on June 1, and this year, the National Oceanic and Atmospheric Administration (NOAA) is already predicting an above average year in terms of storm activity.

NOAA previously set the average number of named storms at 12. The agency has now updated that number to 14, based on new data. The average number of full-blown hurricanes is now 7, compared to the previous average of 6.

Also notably, although the official season doesn’t start until June, pre-season storms have become more common in recent years – last year, there were 2 – so it’s never too early to begin preparing.

As a commercial real estate owner or manager, preparedness is the key to mitigate damage to your property and ensure safety to your employees and tenants. In recognition of this week, May 9-15, being National Hurricane Preparedness Week, Franklin Street encourages our clients to take the following steps:

10 Steps to Prepare Your Commercial Real Estate Property

1. Consider installing impact-resistant film on your windows.

2. Trim surrounding trees to reduce potential of falling and windblown damages from branches.

3. Assess inventory on hand for all items that may be needed immediately post-storm (plywood, sandbags, flashlights, etc.)

4. Photograph and video the property, including the roof, to document its condition pre-storm. A roof inspection report can also be helpful to show hurricane damages post-loss if roofs are in good condition prior to loss.

5. Provide employees with a chain of command and list of responsibilities to undertake following the storm.

6. Post and distribute a list of all emergency numbers, including office and maintenance staff.

7. Gather a list of vendor contacts and telephone numbers that you would plan on contacting for services following a hurricane. We suggest determining which contractor you plan to hire for emergency mitigation and repair services well in advance.

8. Ensure you have updated addresses and emergency contact information for all employees. It’s also a good idea to gather information on where employees plan to evacuate if necessary. 

9. Prepare and distribute a hurricane preparedness guide to tenants.

10. Especially for multifamily properties, notify tenants of evacuation zones and the location of nearest official shelter. The Red Cross can tell you the nearest shelter to your community and explain the specific details on the accommodations and what items one should bring with them to a shelter. Have the route to the nearest shelter printed for distribution to your staff and residents.

From Insurance Services to Property Management, Franklin Street teams are available around the clock to help our clients through Hurricane Season. For access to more risk management materials, contact us at insurance@franklinst.com.

Categories
Featured Deal Featured News In the News

Tampa Bay Business Journal: Q&A with Tampa restaurateur Jeff Gigante, who’s bringing Union New American to Westshore

Franklin Street is pleased to announce the newest amenity coming to Westshore City Center, an elevated dining concept called Union New American. Learn more about the restaurant in the below Q&A with Jeff Gigante, who is partnering with Franklin Street’s Andrew Wright to bring it to life.

Tampa restaurateur Jeff Gigante has an ambitious vision for his next concept: Union New American, a 10,000-square-foot, two-story, full-service restaurant that will open in Westshore this fall.

Union New American is the first concept to debut under Gigante’s new company, Next Level Brands. It is an evolution of Gigante Hospitality, and his business partners are Joseph Guggino and Tampa real estate executive, Andrew Wright.

The restaurant is under construction at Westshore City Center, an office park owned by Wright’s Ally Capital. It’s slated to open this fall.

Gigante, who co-founded Tampa’s Ciccio Restaurant Group, spoke with the Tampa Bay Business Journal about Union New American — and why he still believes in full-service dining. This interview has been edited for brevity and clarity.

Is this concept one you’ve always had in the back of your mind? What was the inspiration? When I was at CRG, we’d had success by looking at the culinary landscape and filling in the gaps of what’s missing. And that iconic American restaurant — outside of J. Alexander’s and On Swann — I just haven’t seen that ever really executed properly, with a proper events space and rooftop lounge, so I always wanted to do that concept.

In Westshore, restaurants are supported by office workers, many of whom are still working at home. Does that concern you? I’m not worried because I know, first of all, Heritage is building their main office on the site, and that’s going to open up around the same time. [Heritage Insurance signed a big office lease last fall to move its headquarters from Clearwater to Westshore City Center.]  But when everyone is back in the office, there are like 70,000 office workers within a 3-mile radius, and I know we’ll be able to draw from that. 

Read more from Tampa Bay Business Journal.

Categories
Awards Awards & Recognition Featured News

NAIOP Names Westshore City Center ‘Best Office Project’ in Tampa Bay

Franklin Street is pleased to announce that Westshore City Center has been recognized as Tampa Bay’s “Best Office Project” by NAIOP, one of the most trusted professional organizations within the commercial real estate industry.

The NAIOP Tampa Bay chapter honored the market’s top commercial real estate projects and deals at its 27th Annual Best of the Best Awards gala on April 22 at Raymond James Stadium. Winners were selected for their outstanding contributions to the commercial real industry during a challenging 2020.

Franklin Street handles leasing, property management and project management for Westshore City Center on behalf of its owner, Ally Capital Group. Here’s what makes Westshore City Center Tampa Bay’s top office project:

“Since acquiring the 300,000-square-foot, 10-acre property, formerly known as Austin Center, in 2019, Ally Capital Group and Franklin Street have brought Westshore City Center from 35% occupancy to 85%, while implementing a $10 million renovation program, currently in progress. This project includes demolition to make way for new construction to house a First Watch cafe, significant interior improvements, exterior and structural improvements to include energy efficient windows, refreshed parking areas and new landscaping.

When the pandemic shut others down, Franklin Street and Ally Capital Group kept moving forward. Notably, Westshore City Center recently secured the relocation of the corporate headquarters of Heritage Insurance, which will occupy 88,000 square feet in a full 8-floor building.” — Excerpt from the award submission

Learn more about Westshore City Center here and view a full list of 2020 Best of the Best winners on NAIOP Tampa Bay’s website.

Categories
Awards Awards & Recognition Featured News In the News

Franklin Street’s John Tennant Recognized as Top Retail Influencer – GlobeSt.com / Real Estate Forum

Franklin Street is pleased to congratulate John Tennant on being named one of the commercial real estate industry’s top “Retail Influencers” by GlobeSt.com / Real Estate Forum. As Senior Director of Retail Investment Sales based in our Atlanta office, John is leader and top producer both within our firm and the retail market throughout the Southeast.

Despite 2020 being a challenging year for retail, he remained committed to marketing his clients’ assets and maximizing their value to achieve the best possible outcomes.

Over the course of his career, John has been involved in the development, leasing and investment sale of more than 10 million square feet of retail, primarily in the Southeast. After spending much of his career in development, John came to Franklin Street as a landlord leasing broker in 2010, as one of the first members of our Atlanta office. Since transitioning to retail investment sales in 2016, John has been able to leverage the strong relationships he built in the industry over the years. His success in 2020 was the culmination of decades of experience and relationship-building.

Congratulations, John, on this well-deserved and significant honor!

Read more from GlobeSt.com.

Categories
Featured Deal Featured News In the News

Creative Loafing: New two-story Union New American dining concept coming to Tampa’s Westshore district

Towards the end of last year, Jeff Gigante—formerly of Ciccio Restaurant Group and co-founder of Hyde Park Village’s Forbici Modern Italian restaurant—created Next Level Brands with real estate exec Andrew Wright and Gigante Hospitality co-CEO Joseph Guggino.

The group’s first concept to open is Union New American, a two-story restaurant focusing on “traditional American fare inspired by global ingredients”.

Tampa Bay Business Journal said the 9,358-square-foot restaurant will have indoor and outdoor seating with a “contemporary, upscale ambiance”. The top floor includes an outdoor terrace lounge area with room for private events and live music. It’ll be open for lunch, dinner, and weekend brunch. 

Read more about Union New America, coming soon to Westshore City Center, from Creative Loafing.

Categories
Featured Deal Featured News In the News

That’s So Tampa: Union New American, a 2-floor dining experience, will open at Westshore City Center

Union New American will be the first restaurant concept from Next Level Brands Holdings LLC, a group led by restaurateur Jeff Gigante. The concept will debut at the Westshore City Center.

Jeff Gigante, the visionary restaurateur who has delivered some of the most tantalizing and celebrated restaurants in the entire region, is ready to debut the next big thing in Tampa with Union New American at Westshore City Center.

Demolition work is set to start today at Westshore City Center to prepare the land for the restaurant build-out at 1111 N. Westshore Blvd. The brand new two-story 9,358-square-foot restaurant space will feature indoor and outdoor dining. The build-out for the restaurant will be designed by Atelier Zebulon Perron, showcasing a contemporary and upscale ambiance.

“Located in the heart of Tampa’s booming Westshore district, Westshore City Center is the perfect location for our first restaurant concept with Next Level Brands,” said Gigante. “We are thrilled to be bringing a high-quality, locally owned dining experience to the area and look forward to introducing our New American cuisine and first-class hospitality to the Tampa Bay community.

Preparing for a fall debut

Tampa-based Ally Capital Group acquired Westshore City Center in early 2019 and selected Franklin Street to oversee leasing, management and project management for the property. Franklin Street has hired VCC, LLC for demolition of the existing building.  

The demolition of the Annex B building and existing two-story structure at Westshore City Center marks a crucial step in the project’s multimillion-dollar redevelopment.

“From the very beginning, Ally Capital Group’s vision for Westshore City Center has been to create a true mixed-use destination that blends newly renovated office campus with exceptional retail, dining and entertainment options that attract a regional audience,” said Matthew Chadwick, Director of Ally Capital Group. “It’s also important to us to support local concepts born in Tampa Bay, which makes Union New American an exciting and fitting addition to this property.”

Reimagining Westshore City Center in Tampa

Built in 1975, Westshore City Center is comprised of five office buildings totaling 300,000 square feet on 10.4 acres. Under Ally Capital Group’s ownership and Franklin Street’s management, the property has received significant cosmetic and structural improvements to create a modernized aesthetic and greater focus on walkability and outdoor space. 

Read more from That’s So Tampa.