Posts by Lisa King

West Palm Beach, Fla. – (July 21, 2017) – West Palm Beach-based Verdex Construction has been selected from more than 500 companies to be recognized for the 2017 GrowFL “Florida Companies to Watch” award. The awards event – now in its sixth year – honors select, second-stage companies from throughout the state for developing valuable products and services, creating quality jobs, enriching communities, and broadening new industries throughout Florida. The 50 selected “Florida Companies to Watch” collectively represent $391 million in annual revenue and employ 1,948 full-time equivalent employees. Verdex is one of just two companies selected in Palm Beach County.

“When we say we are ‘Building Something Better,’ we’re not just talking about our projects, but our company’s culture and commitment to the communities where we live,” stated Rex Kirby, company president. “Our rapidly growing client list reflects their trust in this mission and our goal of exceeding expectations and delivering their projects successfully.”

Verdex began offering construction services in 2015, growing from an initial staff of 4 to 31 in 2016. Revenue has grown from just under $2 million in 2015 to an expected $100 million plus in 2017. Verdex provides general contracting services to clients including preconstruction, construction management, and design-build. Verdex is committed to ‘Building Something Better’ through exceptional service, a fundamental focus on safety and quality, agility and value to owners, customers and the community.

Verdex projects underway throughout South Florida include 1000 North, a Michael Jordan co-owned restaurant on the Loxahatchee River in Jupiter; Sabbia Beach Condominiums, a 19-story, 68 unit luxury residential tower in Pompano Beach; the Turnpike Business Park, a light industrial office/warehouse facility project in suburban West Palm Beach; an interior renovation for Aberdeen Country Club and several apartment complexes including the recently completed High Ridge Landing Apartments in Boynton Beach.

“These stand-out companies are all led by entrepreneurs, and have demonstrated their capacity and intent to grow,” said Dr. Tom O’Neal, executive director of the Florida Economic Gardening Institute and associate vice president for the University of Central Florida’s Office of Research and Commercialization. “They also all have critical intellectual property or a niche position that gives them a competitive edge in their markets,” he said.

Summary of Winner Demographics
7 Regions, 19 Counties and 27 Cities Represented
54% Women, Veteran and/or Minority‐Owned
58% Limited Liability Company; 32% S Corporations
Oldest Company Formed: 1946 Newest: 2015
19 Different Industries Represented
Largest industry representation – Manufacturing 22%
Total 2016 Revenue: $391 million | Average 2016 Revenue: $7.8 million
Total 2016 Employment: 1,948 | Average 2016 Employment: 39
Economic Impact Between 2012 and 2015: Revenue $1 billion

West Palm Beach-based Verdex Construction has been selected as a finalist in the 2017 GrowFL “Florida Companies to Watch” awards. The awards event – now in its sixth year – honors 50 select second-stage companies from throughout the state for developing valuable products and services, creating quality jobs, enriching communities, and broadening new industries throughout Florida. More than 600 companies were nominated for this year\’s award. The finalists collectively represent $598 million in annual revenue and employ 3,028 full-time equivalent employees.

“We greatly appreciate the recognition from GrowFL. Thanks to the dedication of our talented staff, we have grown our business exponentially and we have many projects in the ground and in our pipeline to continue to build on that growth,” said Verdex Construction president Rex Kirby.

Verdex began offering construction services in 2015, growing from an initial staff of eight to 31 in 2016. Revenue has grown from just under $2 million in 2015 to an expected $100 million plus in 2017. Verdex provides general contracting services to clients including preconstruction, construction management, and design-build.

Verdex projects underway throughout South Florida include 1000 North, a Michael Jordan co-owned restaurant on the Loxahatchee River in Jupiter; Sabbia Beach Condominiums, a 19-story, 68 unit luxury residential tower in Pompano Beach; the Turnpike Business Park, a light industrial office/warehouse facility project in suburban West Palm Beach; and several apartment complexes including the recently completed High Ridge Apartments in Boynton Beach.

“We applaud these first round finalists who have shown how they stand out in their regions as innovative business leaders, going to the next level to grow their companies. They are true rock stars,” says Dr. Tom O\’Neal, GrowFL executive director.

The Associated General Contractors – East Coast Chapter, presented Rex Kirby and his team with a 2017 Safety Award of Excellence today at the awards ceremony at the Kravis Center in West Palm Beach. This award was based on a company’s safety record for the past three years. Verdex’s safety record is 100% accident-free for each of the past three years.

“I want everyone going home to their families at night in the same condition they showed up in that morning,” said Kirby. “All our superintendents embrace that philosophy. They are great at ensuring compliance and keeping safety at the top of the minds of all their jobsite personnel, which can be dozens of people a day. I’m very proud of our team.”

From the C-suite to the community, region’s companies shine

Excerpt below taken from South Florida Business Journal, April 28, 2017….

Verdex Construction Start Up Honoree:

Sometimes, to succeed as a startup, you have to keep that startup drive. It seems the team at Verdex doesn’t have to be told that.

Just ask. President Rex Kirby calls the company’s rise “rocket fast” – with an increase in revenue from $1.7 million in 2015 to more than $47 million in 2016, and an anticipated $100 million-plus in 2017.

He calls the company’s rise “one of the fastest wind-ups of any South Florida construction company, ever.”

How does the company continue growing – and sustain the emotional drive? Verdex seeks to diversify its project base across several markets, including multifamily, industrial, mixed use, hospitality, special projects/interiors and offices. This will help safeguard against individual sector fluctuations.

Since the beginning, Kirby has focused on “managed but significant growth” amid its unique mission that the whole company is aware of and buys into – something Kirby calls his corporate culture of “Building Something Better.”

It’s a form of “effectiveness we’ve achieved in hiring people that are a cultural fit and are committed to our mission,” he says. The company is “riding a wonderful wave of attracting great people,” something that should be a challenge for a young, unproven company.

The company pays a fair wage for each position, and leans on its culture as something few employees find elsewhere, Kirby says. Those employees are led by a team of leaders who have been trusted in the industry for decades.

“Finding clients that were willing to take a chance on us as a new construction company was our biggest challenge,” says Kirby, who lost two $50 million-plus projects to his “newness.”

A referral from one of the companies led to a contract to build an ultra-luxury beachfront condominium.

“They cited our dedication of working with them to get to their budget as the main reason for selecting us,” Kirby says. “That became our first break and the start of our ‘Building Something Better.'”

Fast Fact: As an appreciation of the trust each client has put in the company, Verdex presents a specially made “signing pen” crafted from unique woods and a description from the artist.

Verdex Construction moves into Top 20 with $47.2 million in gross billings in just two years.

South Florida Business Journal released their 2016 Top Contractors List for 2016. Verdex Construction ranked number #18 out of the top 25 with gross billings of $47.2 million for the year. “Our growth is quick but measured,\\\” said Rex Kirby, president. \\\”I am incredibly proud of my team for helping us reach this amazing milestone and thankful to the Owners and Developers who had faith in our abilities to execute their projects.” Verdex’s portfolio features combination of multifamily (rental and boutique condominiums), industrial, commercial/office, hospitality, senior living and interiors projects.

The 124-unit Central Gardens Grand Apartment complex has broken ground in Palm Beach Gardens.

PNC Bank awarded a $26 million construction loan to Central Gardens LLC, an affiliate of Columbus, Ohio-based Schottenstein Real Estate Group. General contractor Verdex Construction recently filed notice that it started construction on the four-story project.

Central Gardens Grand will be located on the 11.3-acre site on the northeast corner of Central Boulevard and Interstate 95 – with access via Central Gardens Circle.

Units would range from one to three bedrooms. The project’s amenities would include a pool, putting green, a card room, a juice bar, a game room, a theater room and fitness center. It was designed by GliddenSpina & Partners.

According to the developer’s website, Central Gardens Grand will open in summer 2018.

Brian Bandell covers real estate, foreclosures and health care. Get the latest news with our free daily newsletter.

Source: http://www.bizjournals.com/southflorida/news/2017/03/31/developer-breaks-ground-on-124-unit-apartment.html

Verdex completes new apartments in Boynton Beach.

West Palm Beach-based Verdex Construction recently completed construction of the High Ridge Landing apartment complex in Boynton Beach. Consisting of eight, three-story apartment buildings at 3609 High Ridge Way, the project was finished within a 12-month window for owner Eastwind Development LLC.

“The market for new rental properties across South Florida is growing fast as our population increases, so completing projects on time and on budget brings extra value to developers,” Rex Kirby, president of Verdex Construction said in a statement.

John F. Weir, president of Eastwind Development, which specializes in small to medium projects, said he chose the area for its proximity to Gateway Boulevard, Military Trail, the Tri-Rail station and access to shopping and commerce in the area.

“It’s a great location,” he said. “And the complex is small enough so people can feel a part of a community.”

Rental prices begin at $1,300 per month for a one-bedroom and go up to $1,700 for a three-bedroom Class A apartment, which Weir said is a competitive price-point.

For High Ridge Landing, Verdex managed the construction of 184 walk-up, garden-style apartments on a 9-acre site. Since the complex is next to Chancellor Charter School, Verdex ensured that communication with the school and other neighbors was proactive, timely and thorough in order to mitigate any inconveniences caused by the construction.

“High Ridge Landing and Chancellor Charter School share an entrance, so we timed the installation of utilities under the roadway during the school’s holiday break in order to eliminate the impact on parent drop-off and pick-ups,” Kirby said. “We also staggered job site deliveries so as not to affect the school’s peak traffic hours. It’s this type of planning that builds community support and helped us to get the project completed on such a tight timeline.”

Mary Salas, the school’s facilities manager, said they were pleased with the cooperation with Verdex.

“They were wonderful,” she said. “They came as soon as they got the permitting and expressed an interest in working together. They didn’t want to interrupt our school day or the pickup and dismissal times.”

Salas said many parents have moved into the apartments, allowing their children to walk to school.

jengoren@tronc.com

Copyright © 2017, Sun Sentinel

Penthouses start at $5.9 million for the 19-story project.

Pompano Beach will get its first new beachfront condominium tower in nearly a decade as Sabbia Beach will break ground on May 4.

Fernbrook Florida, led by principals Danny Salvatore of Canada and Federico Fernandez of Venezuela, will lead the event starting at 10 a.m. at 730 N. Ocean Blvd., where the 19-story tower with 68 residences will rise. Prices start in the $900,000s, although the penthouses start at $5.9 million.

“The fact that Sabbia Beach is already 60 percent sold reflects that it is one of the last places in South Florida offering new construction directly on the sand, with an upscale, oceanside lifestyle,” Salvatore said.

Sabbia Beach was designed by Arquitectonica with Interiors by Steven G. as the interior designer. Amenities will include a heated pool, a fitness center, a spa, massage treatment room, steam rooms and saunas, and a 3,600-square-foot social room.

The project should be ready in the second quarter of 2018. The general contractor is Verdex Construction.

Fernbrook Florida acquired the 1.6-acre site for $10.5 million in 2014.

Brian Bandell, Senior Reporter South Florida Business Journal

McCraney Property Co. broke ground on Turnpike Business Park, which will include an indoor go-kart track among the tenants.

Verdex Construction is the general contractor for the 353,000-square-foot industrial spec project at 377 to 563 Clear Road near West Palm Beach. It will have five warehouse buildings on the east side of Florida’s Turnpike just south of Belvedere Road. It should be completed in January 2017.

“You can’t miss the business park as you drive on the Turnpike through the West Palm Beach area”, said Rex Kirby, president of Verdex Construction. “This is an important, high-profile project for new businesses in our area looking for space. We’re excited to be able to contribute to this thriving market.”

McCraney Property said the business park is 36 percent pre-lease. The tenants will include a Southern Wine & Spirits distribution center and an indoor go-kart track for Adrenalin Rush.

Turnpike Business Park can accommodate tenants seeking spaces from 29,000 to 132,000 square feet. The ceiling height will be 30 feet.

“We’re proud to continue our relationship with Rex and his team by working together to bring much needed industrial product to market,” said Steven McCraney, president and CEO, of McCraney Property. “On the heels of a year during which absorption outpaced new construction delivery in Palm Beach, we’re seeing the momentum continue from businesses seeking space strategically placed along Florida’s Turnpike, the spoke between Central and South Florida”

As reported by Brian Bandell, Senior Reporter South Florida Business Journal

http://www.bizjournals.com/southflorida/blog/morning-edition/2016/04/developer-breaks-ground-on-turnpike-business-park.html

Boynton Beach is getting more apartments.

Construction will begin this month on two buildings called Santorini – the last residential phase of Congress Avenue’s Renaissance Commons.

Santorini, which will be built by Verdex Construction, will have 226 luxury units in two 6-story buildings. Residents will have a 325-space parking garage, according to a news release from Verdex.

The apartment complex is the seventh and final residential project in Renaissance Commons, Jim Comparato, president of developer Compson Associates, told The Palm Beach Post in January 2015. It will be a “mirror image” of Compson Place apartments, he said, because those did so well.

Construction is expected to be finished in June 2017.

The area now called Santorini was originally planned to be part of the Monteverde condo development. The city approved Monteverde in 2004 as four condo towers; two on each side of an internal driveway. The two on the south side were built. But the two on the north side weren’t, until now.