Intercontinental Exchange Inc. to expand in Brooklyn

[thelakelander]

JAXUSA, executives to unveil code-named Project Paper Company's $173 million expansion plan. Intercontinental Exchange Inc. bought Black Knight for $11.9 billion in 2023. It owns the Black Knight building at 601 Riverside Ave. in the Brooklyn area of Downtown Jacksonville.

The JAX Chamber of Commerce's economic development arm, JAXUSA Partnership, will announce details of a financial service company's $173 million-plus expansion in Jacksonville during a media event Dec. 17.

The announcement, scheduled for 11:15 a.m. at the chamber's offices at 3 Independent Drive, involves a company code-named Project Paper Company in city documents related to a $21 million incentive package for the expansion. The chamber said Dec. 16 that company executives would be on hand for the event along with Mayor Donna Deegan and JAXUSA Partnership President Aundra Wallace.

The city's description of the company matches Intercontinental Exchange Inc.

In a Sept. 30 memo, city staff called Project Paper Company an existing financial services provider seeking to expand and establish the national headquarters for its Mortgage/Technology Division in Jacksonville. The memo stated that the company planned a capital investment of $173 million to $216 million over five years in construction, equipment and building improvements, it says.

Full article: https://www.jaxdailyrecord.com/news/2024/dec/16/jaxusa-executives-to-unveil-code-named-project-paper-companys-173-million-expansion-plan/

[WarDamJagFan]

This is really exciting to see as someone who's switched from financial services to the fintech world. The most important line for me was regarding the jobs they anticipate bringing with the expansion: "...front office and C-suite jobs".  Not that many years ago, companies were only expanding their back office roles here. Fintech is doing pretty well overall in Jax and this is a pretty big step in the right direction. Yay good news!

[Ken_FSU]

Was there any confirmation at the event today that the expansion/headquarters would be in Brooklyn, specifically? Deerwood is still what I was hearing as recently as three or four weeks ago.

[Steve]

Agreed-nice for the city but the location still seems grey.

[Ken_FSU]

Per the Biz Journal:

ICE anticipates spending $216 million over five years in construction, equipment and building improvements to its headquarters, which does not yet have a location. The location of a headquarters and whether it will be newly constructed is fluid, but an announcement should be made in the coming weeks.

Hope it's Brooklyn, weird that we're talking REV grants with no firm location, but still gonna stick to my original prediction: Deerwood + Residential Conversion for the former Black Knight HQ.

[jaxlongtimer]

Could it go in the former District development on the Southbank?

[Jagsdrew]

Heard they would occupy the top 15 floors of this building https://www.jacksonville.com/story/news/2013/12/13/1000-foot-high-observation-tower-envisioned-help-develop-shipyards/15805799007/

[Ken_FSU]

Heard they would occupy the top 15 floors of this building https://www.jacksonville.com/story/news/2013/12/13/1000-foot-high-observation-tower-envisioned-help-develop-shipyards/15805799007/

Quick! Put it in the pipeline! 

[Captain Zissou]

Heard they would occupy the top 15 floors of this building https://www.jacksonville.com/story/news/2013/12/13/1000-foot-high-observation-tower-envisioned-help-develop-shipyards/15805799007/

Best line of that article is "Visit Jacksonville, the organization in charge of promoting Jacksonville tourism, favors building a new convention center on city-owned property that currently is the site of the City Hall Annex next to the Hyatt Regency Riverfront."  We've known where to put the exhibit space for 11 years and yet we toy with the jail site while this parcel grows weeds.

[Ken_FSU]

For what it's worth, this was the exact spot I heard mentioned a while back from multiple sources.

https://www.jaxdailyrecord.com/news/2024/dec/17/no-bull-merrill-relocating-its-statue-from-deerwood-park-north-to-the-bank-of-america-campus/

No bull: Merrill relocating its statue from Deerwood Park North to the Bank of America campus

The move sparks questions whether the investment operations buildings might be of interest to ICE.

You don't move a bull – or a statue of one – for no good reason.

The pending move of a Merrill Lynch bull statue signals that the Deerwood Park North campus the company occupies could be available for other use if any operations are relocated.

If so, that availability could be an option for Intercontinental Exchange Inc., which is establishing the headquarters of its mortgage technology division in Jacksonville.

ICE, the operator of the New York Stock Exchange, bought Jacksonville-based Black Knight, a software, data and analytics company that serves the housing finance market, for $11.9 billion in 2023.

[jaxlongtimer]

I know people working for Merrill and by the Spring or so, I am told they will have totally vacated their Deerwood campus and completed their move to the Avenues BofA+Aetna+ HD Supply+++ office park (Now called Gramercy Woods but originally built to handle all operations for Barnett Banks, then the largest bank in Florida, before Nationsbank/BofA bought them).

Seems the abandoned campus would be ready made for this ICE project... Class A buildings, handles the # of employees projected, room for expansion, central suburban office park location...

Before ICE, someone told me it might be sold for another apartment development... I think we are approaching overbuilt in that regard for at least a little while  .

If they move everyone over from Brooklyn, I wonder who takes their current building there.  Would Fidelity National or FIS have an expansion need for it?  Recruit another big catch to locate here?

[Ken_FSU]

If they move everyone over from Brooklyn, I wonder who takes their current building there.  Would Fidelity National or FIS have an expansion need for it?  Recruit another big catch to locate here?

Residential conversion is Plan A, with a buyer potentially already lined up.

[jaxlongtimer]

^ I could see that... But, if Haskell moves across the river, is that even more apartments?  Could demand keep up?  Maybe when UF builds out but that could take awhile I would think. 

I think the impact of the Emerald Trail on residential demand in the urban core is already transformative so that could be another driver, I suppose. 

Will be fun to watch, regardless.

[Jagsdrew]

Something to note, ICE's HQ in Atlanta is in a suburban office park so it may replicate that same template here.

[Jax_Developer]

If they move everyone over from Brooklyn, I wonder who takes their current building there.  Would Fidelity National or FIS have an expansion need for it?  Recruit another big catch to locate here?

Residential conversion is Plan A, with a buyer potentially already lined up.

Really??