Developer purchases Florida project
Kitson & Partners, a real estate development company based in Palm Beach Gardens, Fla., has announced the purchase of Tuscany Reserve, an unfinished golf course community located in southwest Florida. The company plans to quickly resume construction on the project’s clubhouse facilities and luxury homes,
Nearly 80% of the infrastructure for Tuscany Reserve has been completed, according to the announcement. WCI, the original developer, sold the property to Bahrain-based Addax Bank in 2008. While the development has largely been placed on hold since its sale in 2008, Addax has invested significant capital into the maintenance and operations of the project over the past two years.
“As the economy rebounds we believe southwest Florida’s housing market will lead the way,” said Syd Kitson, chairman and CEO of Kitson & Partners. “Real estate always comes down to location, and southwest Florida remains one of the best places to live in the country.”
The Tuscany Reserve community is approved for up to 799 residential units, but according to Kitson & Partners, the final number and mix of single-family and coach homes will be driven by the market.
In addition to the Tuscany acquisition, Kitson & Partners recently closed on the purchase of a 60-acre redevelopment tract in Florida’s most densely populated county. The Bay Pines property in Pinellas County will present an opportunity for the company to pursue large-scale mixed-use development in an infill location, the announcement said.
Kitson & Partners was founded in 1992 and currently owns approximately 21,000 entitled residential units, 6.2 million sq. ft. of commercial entitlements and 1.6 million sq. ft. of existing retail shopping centers in Florida.