As consultants to Palm Beach County, CIDC arranged the financing for the Jupiter Courtyard Marriot project.

Jupiter Courtyard Marriott breaks ground

Posted: 8:52 p.m. Wednesday, April 24, 2013

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Construction for the new Jupiter Courtyard Marriott is under way in Abacoa across from Roger Dean Stadium in Jupiter.

Richard Finvarb, principal in The Finvarb Group, attended the Jupiter Courtyard Marriott Kickoff event in Jupiter on Wednesday. His company is developing the site for the new hotel.

By Emily Roach – Palm Beach Post Staff Writer

JUPITER —

The science, academic and tourism cluster around Jupiter’s Abacoa development has spurred the construction of a hotel beside Roger Dean Stadium.

A groundbreaking ceremony Wednesday for the $20 million Courtyard Marriott project demonstrated the partnerships that brought the project to fruition. Nearby, the earth-moving equipment went silent for the ceremony, but the 128-room hotel was clearly under way with walls shaping up and trenches dug.

“We think it’s a prime location,” said Ron Finvarb, principal of the Miami-area Finvarb Group he runs with father Richard Finvarb, originally from Colombia. The pair frequently develop hotels for Marriott as a minority-owned builder.

When the hotel opens early next year, it will feature a fitness center, outdoor lounge area and event space. It will accommodate business travelers for the Scripps Florida and Max Planck biomedical cluster as well as Florida Atlantic University visitors and leisure travelers like spring training fans.

The Abacoa development was always intended to have a hotel, Jupiter Mayor Karen Golonka said. But ultimately it was important for government to get involved to make it happen, she said.

The hotel application was brought to the Abacoa community architect in 2008, Abacoa board President Peter Lippman said. But while Scripps and Max Planck were getting built, the hotel plan lingered in a real estate market and economy that was brutal to commercial development.

Funding has to be creative to get development like the Jupiter Courtyard Marriott built, Golonka said.

Ultimately, the county provided $2.3 million in working capital through a Housing and Urban Development Agency loan program, said Sherry Howard, deputy director of the county’s Department of Economic Sustainability. Finvarb will pay back the money. Its lender Coral Gables-based Ocean Bank was also at the ceremony.

To qualify for the federally supported financing, the project has to fill more than half of its jobs from low-to-moderate income households. The hotel is expected to create 68 full-time jobs, and many leisure and hospitality jobs fall into that income category.

During the planning and construction phases, it will also mean about 175 temporary jobs.

“The return on a little investment is usually pretty good,” County Commissioner Hal Valeche said, who represents the north county district.

The hotel will bring more business to Abacoa’s Main Street area and even its golf course. More business activity boosts property values and employment, he said.

The Hilton hotel chain also built a Homewood Suites across Donald Ross Road from Abacoa about four years ago.

Mayor Vaughn D. Spencer helped cut the ceremonial ribbon Monday on the new American Barber Academy, 110 Morgantown Road, financed with a $35,000.00 loan from the city’s Department of Community Development’s microloan program.

The school is owned by George Ortiz Jr., who currently owns and operates New Style Barber Studio on Lancaster Avenue.

The American Barber Academy will provide 1,250 hours of classroom and clinical instruction to prepare students for the state barbering exam.

The Board of County Commissioners, through the Department of Economic Sustainability (DES) has approved $455,000 in funding assistance from the U.S. Department of Housing and Urban Development (HUD) Section 108 Loan Program for Schomburg Latin America, LLC. The company plans to manufacture and distribute construction chemical products at its newly renovated facility on West 13th Street in Riviera Beach.

Schomburg Latin America, LLC, a Florida company, is a division of The Schomburg Group, which is based in Detmold, Germany. The company manufactures and distributes chemicals worldwide, operating 15 plants on four continents with approximately 900 employees. The new local plant in Riviera Beach will produce grouts, tile adhesives and repair mortars for distribution to Latin American, Caribbean and U.S. markets.

At a total cost of $1.6 million, the project will generate additional tax revenue and employment opportunities in the steadily-growing 13th Street industrial area. The county was selected as the preferred location over sites in Costa Rica and Mexico. DES negotiated financing to provide working capital. This is the first foreign-based company to receive assistance through Palm Beach County’s Section 108 Loan Program.

The program was developed to create a source of funding to implement business ventures that will create new jobs for low- to moderate-income persons and help revitalize communities. Since 2010, the program has created 898 full-time jobs in Palm Beach County.

An analysis performed by DES estimates this project will create 209 direct and indirect jobs and have an economic impact of $11.2 million over a five-year period. Schomburg plans to celebrate its grand opening on June 15.

Persons interested in employment opportunities may contact the company at 561-227-9065.

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