The Carlyle Group and Cameratta Properties to Develop 5,700-Acre Planned Community in DeSoto County, Florida
Fort Myers, FL - Global private equity firm The Carlyle Group and real estate development firm Cameratta Properties L.P. announced today that they will develop a 5,700-acre master-planned community in DeSoto County, Florida. The proposed 9-square-mile parcel, known as the 2 x 4 Ranch, is expected to consist of more than 10,000 homes, a town center, government offices, retail stores, commercial office space, schools, houses of worship, a golf course, recreation facilities, athletic fields and walking trails. The property is located south of Arcadia, along two miles of State Road 31 frontage. Financial details were not disclosed.
“This is a rare development opportunity that is made possible by our proven relationship with Cameratta. Demand for planned communities is on the rise, as people seek out environments that combine housing, shopping and recreation. We are confident this development will be well received by the community,” said Robert G. Stuckey, Managing Director of The Carlyle Group and head of the U.S. Real Estate team.
Cameratta purchased the 5,700-acre tract in April 2006 from McCarlton Partners, LTD. Carlyle recently closed on its purchase from Cameratta of a 50% stake in the property. During the next 24 months, Cameratta and Carlyle will plan the development and work with state and local government officials for necessary approvals prior to the groundbreaking.
“Since first partnering with Carlyle in 2003 on Southwest Florida’s tallest building -- High Point Place, a 32-story luxury high rise condominium project in downtown Fort Myers -- we have enjoyed an excellent working relationship,” said Joe Cameratta, Chief Executive Officer and Founder of Cameratta Properties. “We expect to work together on significant real estate projects in Florida for years to come.”
Carlyle and Cameratta expect to deploy significant investment dollars in the acquisition and development of Florida real estate in the next three to five years.
Cameratta Properties has 28 years experience developing raw land into master-planned communities that include a blend of single family and multi-family residential, commercial retail and office, along with golf courses. In addition to High Point Place ( www.highpointplace.com ), Cameratta Properties is also developing the First Street Village ( www.firststreetvillage.com ) mixed-use community.
First Street Village Phase One, currently under construction, includes downtown Fort Myers’ only grocery store, Publix Supermarket, adjacent retail (including Starbucks and First Watch Restaurant), and a limited number of townhomes.
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