electrician in Daniel Island, SC

A Daniel Island software firm — one of South Carolina’s few publicly traded companies — has been sold for $570 million after more than a decade of accumulating hefty losses.

Voya Financial Inc. announced Jan. 24 that it finalized the all-cash buyout of Benefitfocus Inc. The $10.50 per share deal was announced Nov. 1. Most shareholders voted in favor of it last week.

The sale gave investors a 49 percent premium over the closing stock price of about $7 the day before it was announced. The acquisition includes existing debt that Voya planned to repay.

Benefitfocus sells subscriptions to a cloud-based software platform that enables workers, mostly at large employers, enroll in and manage their health care plans and other benefits.

The acquisition “allows us to increase our capabilities and insights for the benefit of our customers, while deepening the strength and breadth of our distribution reach,” said Rob Grubka, CEO of Voya’s workplace solutions business.

Combined with existing customers, the the buyer estimated it will serve about 38 million individuals after the acquisition. It said in November that Benefitfocus “will operate as a distinct business ... with continuity in the existing ... management team.”

Voya said it will provide investors and analysts with details about “the strategic and financial benefits of this transaction” during its quarterly earnings update on Feb. 8.

A spokesman would not say whether any job cuts are planned. In a statement, Voya said Benefitfocus “has long-term leases for its current offices that they will continue to maintain.”

“Having now completed the acquisition, our immediate priority is continuing to support our clients with their health and benefit needs while also advancing an extraordinary culture for our people,” the company said. “We are excited about how the combination of Benefitfocus with Voya will enable us to make meaningful progress on both fronts.”

Benefitfocus has only turned an occasional quarterly profit since Goldman Sachs took it public on the Nasdaq in 2013. Its cumulative losses over the years have exceeded $400 million, and it came under pressure from a hedge fund in late 2020 to consider a sale or take other measures to increase its lagging stock price, which at its peak topped $57.

In its final financial report as a public company, Benefitfocus said in November that its loss for the first nine months of 2022 widened to $16.5 million from $11 million while revenue declined 7 percent to $174 million,

Benefitfocus was started in Mount Pleasant in 2000 with about 15 workers. It had about 1,100 employees as of the end of 2021 at offices in Charleston, Oklahoma and Wisconsin. Most have been working remotely since the COVID-19 pandemic, and the company has been scaling back its real estate needs.

Shares of “BNFT” stopped trading Tuesday. Voya’s stock was down slightly to $68.23 by mid-afternoon.

Benefitfocus issued its final financial report in November, saying its loss for the first nine months of 2022 widened to $16.5 million from $11 million while revenue declined 7 percent to $174 million.

A $20-million-plus lodging with a restaurant, event space and guest cottages is being proposed for Daniel Island.

The city of Charleston’s Design Review Board recently signed off on plans for a 38-unit hotel at 1995 Daniel Island Drive near the planned 320-unit Nowell Creek Village Apartments.

The site is across from the former Blackbaud headquarters building, which is now a multitenant office structure called Marshside. The board suggested a few aesthetic revisions, but otherwise unanimously voted for the hotel project.

A small office structure currently occupies the site and can be moved to make way for the new project once it clears other approvals from the city.

JT Industries LLC, an affiliate of developer King and Society Real Estate of Charleston, bought the 1.5-acre parcel near Beresford Creek in 2019 for $1.25 million, according to Berkeley County land records.

“We have a unique and interesting waterfront property on Daniel Island and have been working to find the best use and need for this location,” said King and Society founder and CEO Troy Barber.

He estimated construction will take about 14 months after permits and other approvals are received and hopes the project will be completed in 2024.

Barber said a firm price had not been set on the hotel, but he believes the project will be more than $20 million.

The main 11,200-square-foot building will house guest rooms, restaurant and event space in three floors over parking. The proposal includes four guest houses of 8,500 square feet each, two 866-square-foot cottages, two 592-square-foot cabanas and 50 parking spaces.

The site plan shows the venue as a likely wedding venue, with separate suites for the bride and groom, a ballroom and an outdoor ceremony site overlooking Beresford Creek. Barber said it could also be used for corporate functions.

King and Society will be the developer and handle construction as well, Barber said.

Top sellers

At the mid-year point, South Carolina is home to three of the top-selling 50 master-planned communities in the U.S., even as sales slow from last year.

RCLCO Real Estate Consulting ranked Cane Bay Plantation in Berkeley County at No. 5 with 525 sales during the first six months of 2022. That’s down 9 percent from last year’s midpoint.

Nexton, also in Berkeley, came in at No. 22 with 308 sales, down 5 percent from the first six months of last year.

Latitude Margaritaville in Hardeeville near Hilton Head Island ranked No. 39 with 234 sales, down 29 percent from last year from January through June.

The top-selling, master-planned community continues to be The Villages, between Ocala and Orlando, Fla. It had about 1,500 sales, down 25 percent from last year at the midpoint.

Almost all of the top 50 are in the southern tier of states. Texas posted the most with 20, Florida landed 15, Nevada had four, California and Arizona saw three each, and Utah and Washington state notched one each.

Total new home sales among the 50 top-selling master-planned communities declined by 18 percent in the first half of 2022 compared to the same time period last year, according to RCLCO.

“Supply chain issues and inadequate new home inventory have continued to pose problems for developers, as price increases and interest rate hikes have begun to impact traffic from potential buyers in recent months,” RCLCO said in its mid-year report.

Nationally, the average price among all new single-family homes is up 15 percent since mid-2021.

“The results of this updated mid-year report confirm that supply chain disruptions continue to have an impact on the ability of master-planned communities to meet new home demand, though climbing interest rates and price appreciation have begun to have an impact on that demand, at least in the near-term,” said RCLCO principal Karl Pischke.

“However, it is important not to overreact to the slowing of sales seen over the last year, as these are still short-term trends,” he said.

“The long-term future of the for-sale housing industry, as evidenced by favorable demographic tailwinds, is strong,” Pischke said. “And the future of master-planned communities, particularly in their ability to capture an outsized share of buyer demand during uncertain or difficult economic times, provides another reason for optimism.”

This week there are a large number of multifamily and large residential developments coming before the various City of Charleston boards and committees. Below are those items as well as the application results for specific items to Daniel Island and the Cainhoy area.

More detailed agendas and results can be found at charleston-sc.gov/agendacenter.

Feb. 2: A major subdivision road development plan at Cainhoy Del Webb on Clements Ferry Road and Cainhoy Road for 164 single-family residences.

Feb. 9: A site plan at Mikasa Apartments (Aventon) on Clements Ferry Road for the construction of five multifamily residential buildings (320 units), clubhouse and parking lot.

Jan. 26: A site plan at 1900 Daniel Island Drive for a proposed sidewalk, plantation mix path and yard inlets. Results: Revise and resubmit to TRC.

A site plan on Clements Ferry Road for one industrial building with a stormwater detention pond. Results: Revise and resubmit to TRC.

Berkeley Co. Bd. of Education meets twice each month. Executive Committee meets at 5:30 p.m.; meeting starts at 6:30 p.m.

Berkeley Co. Council meets fourth Mon. of each month, 6 p.m., Berkeley County Admin. Blg., 1003 Hwy 52, Moncks Corner.

City of Charleston Council typically meets the second and fourth Tues. of each month, 5 p.m., City Hall, 80 Broad Street, Charleston, SC and/or virtually via Conference Call #1-929-205-6099; Access Code: 912 096 416. Exceptions: Summer Schedule - 3rd Tues. of June, July, and August; December meetings on the 1st and 3rd Tues. Dates and locations subject to change.

City of Charleston Technical Review Committee meets every Thurs. at 9 a.m.via Zoom.

City of Charleston Board of Zoning Appeals – Site Design meets the 1st Wed. of each month at 5 p.m. via Zoom.

City of Charleston Board of Zoning Appeals – Zoning meets the 1st and 3rd Tues. of each month at 5:15 p.m., except for January and July when no meeting is held on the 1st Tues.

City of Charleston Design Review Board meets the 1st and 3rd Mon. of every month at 4:30 p.m.

City of Charleston Planning Commission meets the 3rd Wed. of every month at 5 p.m.

City of Charleston Board of Architectural Review – Large projects meets the 2nd and 4th Wed. of every month at 4:30 p.m.

City of Charleston Board of Architectural Review – Small projects meets the 2nd and 4th Thurs. of every month at 4:30 p.m.

Series I federal savings bonds linked to inflation — I-bonds — were the hot investment last year when they briefly offered a 9.62 percent annualized interest rate.

At one point the flood of purchasers crashed the U.S. Treasury’s website, treasurydirect.gov, which is the only place to buy I-bonds electronically. There’s also a way to buy them on paper, and that’s to use the proceeds of a federal income tax refund.

And that brings us to today’s column. Using a federal tax refund to buy I-bonds allows people to avoid buying them online, which many find confusing, and also allows them to exceed the $10,000 per person annual cap on purchases.

Up to $5,000 in old-fashioned paper I-bonds can be purchased with an income tax refund. The minimum purchase is $50.

I-bonds are the only U.S. bonds you can buy in a form you can hold in your hands, and they can be purchased in the names of others and given as gifts.

If you’re anticipating a federal refund and want to use some of that money to buy I-bonds, just indicate that on IRS Form 8888 with your return. That’s the same form that tells the IRS where to send your refund.

I-bonds are meant to keep money from losing value to inflation, and the interest is exempt from state and local taxes (and federal taxes if used for higher education expenses).

I-bond interest rates change twice each year, in May and November. If someone were to purchase an I-bond right now, or any time before May 1, they would get the current annualized composite interest rate of 6.89 percent for six months. After that, the rate would become the rate that will be set in May, for the next six months, and so on.

I-bonds must be held at least one year before redeeming them, and if they’re redeemed in less than five years there’s a penalty equal to the last 3 months of interest. Otherwise, they gain interest for 30 years.

An important question to consider is whether I-bonds are still attractive. The gap between I-bond interest rates and bank-issued certificates of deposit has narrowed greatly since last year, and could potentially close when I-bond rates are reset in May.

Will the next rate be lower? Many people think so, because inflation has been easing. Some financial websites are predicting the May I-bond rate could be slightly north of 2 percent, which would make the 12-month interest rate a bit more than 5 percent if someone purchased an I-bond prior to the rate change.

Meanwhile, it’s become easy to find a one-year CD paying a guaranteed interest rate of 4.25 percent or more.

When I wrote about I-bonds in April, a 12-month bank CD was paying about 1 percent interest, and the annualized rate on I-bonds was 7.12 percent. That rate increased to 9.62 percent in May, and fell to 6.89 percent in November.

My takeaway is the I-bonds remain competitive with bank CDs but with less certainty about rates going forward. However, the interest on bank CDs is taxable, while I-bond interest is exempt from state income tax.

One nice thing about using an income tax refund to buy I-bonds is that you actually get the paper bond, which can be redeemed at a bank, and don’t have to worry about misplacing your password for treasurydirect.gov. Alternatively, paper bonds can be converted to the electronic version, if one prefers.

Technology is becoming a regular menu staple at restaurants across South Carolina.

Computer kiosks stand ready to take food and drink requests. Scrambled QR codes deliver menus via smartphone cameras. Small tableside devices invite diners to place their orders and pay their bills.

Restaurants have typically counted on front-end workers and wait staff to perform these routine yet critical tasks. But with an industrywide labor shortage exacerbated by the COVID-19 pandemic, finding those workers has become more difficult.

The S.C. Restaurant and Lodging Association estimated that the state needs nearly 5,000 employees to fill restaurant and hotel job vacancies.

And the hiring challenge is projected to worsen over the next couple of years.

The Charleston Metro Chamber of Commerce conducted a “Talent Demand Study” that found the need for workers will grow by 15 percent through 2025 to fill food preparation and service-related positions.

Faced with staffing shortages and hiring challenges, restaurant owners are embracing automation and robotic technology that was once limited to multinational franchises such as McDonald’s and Dunkin Donuts.

Ordering kiosks and customer-facing tabletop devices can reduce labor costs, decrease order wait times and improve accuracy. But the initial investment and upkeep of the devices can also increase restaurant operating costs and deliver a less-personal dining experience.

At the Dunkin Donuts on Dorchester Road in Summerville, an ordering screen sits at the counter with the orange and pink logo flashing, waiting for a customer to step up and use it.

Kimberly Dawn bypassed the machine, opting to place her order with Victoria White, who was running the cash register.

“I would rather talk to a human than to a computer,” Dawn said. She added, “I am old school.”

The kiosk gets minimal use, White said

“About one in every 20 customers might use it,” she said, noting most of them tend to be younger.

Hits and misses

Customer comfort with automated restaurant tools often dictates their use and restaurant owners’ decision to offer them.

For many whose idea of a dining-out experience is about consumption, the infiltration of technology at their favorite eating establishments is a welcome addition because of its time-saving convenience.

Jill Schenzel, co-owner of Bodega Todo, a quick-service restaurant on President Street in downtown Charleston, is set up with no front-end staff to speak of. She said she installed a kiosk to handle orders as a result of the pandemic.

Schenzel was first introduced to the technology when traveling the festival circuit with her food trucks — Semilla and Street Bird.

“When the pandemic happened, and labor issues started, people were coming into the restaurant to order, and we started to think about what that technology would look like,” she said.

Schenzel reached out to Toast Inc., a Boston-based restaurant management software company, for help. She said the kiosk works seamlessly for her neighborhood establishment, where about 80 percent of the clientele come in every day or three times a week and are familiar with how it works.

Schenzel said it was less successful at Rudy Royale, which she owns with brother Mcready Downer.

“We hoped to use technology there,” she said, adding that the higher-end East Bay Street restaurant is “more tourist-driven” and “we quickly realized it wouldn’t work.”

Some restaurant owners and operators are finding that customers seeking an enjoyable experience see the introduction of the type of technology they have at their fingertips in other situations as an impediment to a meaningful social engagement.

“I think that it’s a matter of listening to your customers and figuring out how to create a great experience for all,” said Steve Fredette, president of Toast.

“For some people, using digital tools like a kiosk or QR code — is hospitality to them. And that’s a better experience,” Fredette said. “Other people want to come in and say hi and talk. And that’s okay, too.”

“If restaurants can use technology to enhance their experience, which means restaurant workers can focus on higher value activities, then I think that’s a win for hospitality and a win for the guests who can get a better experience,” he said.

People pleaser

But more traditionally minded diners who are accustomed to perusing and then choosing their entrees from a conventional menu from a smiling server ready to take their order may find disconcerting the QR codes and tabletop devices.

And while the machines can take a load off of employees, the new systems don’t always get an enthusiastic response from the staff it is designed to help.

At Bahama Breeze, Rashaud Sutter, a bartender and server, pushes the tabletop device aside and directs customers to the personal touch.

“I don’t like it,” he said, pointing to the device. “I would rather engage with the customer.”

The technology was brought into the restaurant he works at on Rivers Avenue at Northwoods Mall for busy diners seeking fast service. Sutter said it takes away from the server experience he likes to provide.

“I look around and try to be at the table for whatever the customer needs,” he said.

A self-professed people pleaser, Sutter said he wants to give customers full, personable service to earn their satisfaction and his monetary reward.

Some have found that point-of-sale terminals increase the frequency and amount of tips by making it easier with preloaded options charged automatically to a card.

Sutter isn’t convinced.

“If they can order themselves and pay themselves, why do they need to tip me?” he asked.

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DANIEL ISLAND, S.C. (WCBD) – Lace up your skates! Credit One Stadium is bringing an outdoor ice-skating rink to Daniel Island for the holiday season.

“Skate the Stadium” will bring a new custom-built ice-skating rink to the entertainment venue featuring cozy fire pits, seasonal concessions, and special holiday events like holiday carolers, visits with Santa, and a Christmas tree lighting.

“Our goal is to create thoughtful, unique experiences that bring joy to the communities we serve. By building an outdoor skating rink for the holidays we hope to create another way for people to engage in a new holiday tradition that encourages movement and social connection,” said Bob Moran, President of Charleston Tennis.

Tickets will cost $10 per person including the skate rental and a one-hour skating session. Organizers say non-skaters may enter for free. Special assistive devices will be available for those who need them.

Those tickets can be purchased at creditonestadium.com/skate-the-stadium

“Children 13 and under must be accompanied by an adult. Credit One Stadium is a drop-off site for the Marine Toys for Tots Foundation,” said organizers. “Bring a toy, get $2 off a skating session.”

Guests can enjoy cookie samplers, smores kits, cinnamon sugar pretzels and other classic concessions will be available for purchase. Hot chocolate, cider, and a full bar with seasonal beer and cocktails will also be on hand.

‘Skate the Stadium’ will open Friday, December 2^nd. Dates to skate include:

Thursdays and Fridays from 5-10 p.m.

Saturdays, 10 a.m. to 9:30 p.m. & Sundays 12 – 5 p.m.

The rink will be closed on Friday, Dec. 30 and Christmas Day.

Daniel Island Tree Lighting Ceremony | Friday, December 2, Festivities begin at 5 p.m. with the tree lighting at 6 p.m.

Enjoy musical performances from Charleston Concert Band, carolers singing and activities for the children then watch the holiday magic of a 22-foot tree lighting.

Holiday Carolers Thursdays | December 8, 25 & 22, 5:30-6 p.m.

Catch the holiday spirit with vocal performances from local High School choral groups.

Ladies Night/Bubbles on Ice | Thursday, December 8, 7-10 p.m.

Nibble on hors d’oeuvres and sip on bubbles from Moet. Browse some curated holiday selection from local vendors. This is a ticketed event, $35 per person and includes food plus cash bar.

90’s Glow Night | Saturday, December 10, 7-10 p.m.

Skate to your favorite songs of the 90’s and sport your best glow gear.

Jazz Night & Bourbon Tasting | Thursday, December 15, 7-10 p.m.

Sample all-you-can-eat oysters on the half shell and a bourbon tasting with entertainment by Grammy Award winning Charlton Singleton & The Contemporary Flow Band.

Visit with Santa | Sunday, December 18, 9 a.m. – 2 p.m.

Stop by for a visit with Santa the last weekend before Christmas.