Kitson & Partners to resume development of Tuscany Reserve

Prestigious property well positioned to meet rebounding market demand

Kitson & Partners to resume development of Tuscany ReserveNaples – Southwest Florida’s rebounding real estate market reached another milestone Monday when Kitson & Partners closed on the purchase of Naples’ highly prized Tuscany Reserve, a 450(+/-) acre high-end golf course community located on Livingston Road. The Palm Beach Gardens-based company announced plans to quickly resume development of world class club facilities and luxury homes to complement the acclaimed Tuscany Reserve golf course.

Best known to Southwest Florida residents for the sustainable new city being created at Babcock Ranch, over the past 18 years Kitson & Partners has successfully developed and managed several large-scale master planned communities both in Florida and the Northeast United States. Kitson & Partners has an investment strategy that focuses on high quality development projects located in high growth submarkets throughout the state of Florida. Last December, after 14 years of ownership, the company completed the successful turnover of Ibis Golf & Country Club in West Palm Beach when club operations were handed over to the members.

Nearly 80 percent of the infrastructure for Tuscany Reserve has been completed. 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. “We decided early on that it was important to maintain and enhance the world class characteristics of Tuscany Reserve in order to preserve the value,” said Wael Aburida, acting Chief Executive Officer of Addax Bank. “We are confident in the ability of the Kitson team to achieve the full potential of this exceptional community.”

According to Kitson & Partners, the turnkey condition of the property makes it the crown jewel of residential real estate development opportunities in one of the nation’s most premier markets.

“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 golf course, a rare collaborative effort of renowned golf course architects Pete Dye and Greg Norman, already ranks among the top courses in Florida. The 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.

“We are fortunate to be buying this project at the right time, in one of the most attractive markets in the State of Florida,” said Tom Hoban, Managing Partner and an Owner of Kitson & Partners. “The Naples market is largely built-out. There are very few projects that can offer new home construction opportunities to homebuyers in this market over the next three to five years. With entitlements for up to 799 new homes, a world class golf course and significant infrastructure already in place, Tuscany Reserve is extremely well-positioned to meet the growing demand in the marketplace and emerge from the downturn as one of premier communities in Naples.”

In addition to determining the proper product mix and price points, Hoban said lifestyle amenities are a priority. “The golf course is exceptional, and the landscaping exquisite. Once we add a world class clubhouse facility, Tuscany Reserve will deliver a lifestyle experience that is unparalleled in the marketplace.”

In addition to the Tuscany acquisition announced today, 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 presents a unique opportunity for the company to pursue large-scale mixed-use development in an infill location. In all of its real estate activities, Kitson & Partners is focused on creating phenomenal places that offer a unique lifestyle to meet the diverse needs of families, neighbors, businesses, surrounding communities, and the natural environment.

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About Kitson & Partners
Kitson & Partners was founded in 1992 and currently owns approximately 21,000 entitled residential units, 6.2 million square feet of commercial entitlements and 1.6 million square feet of existing retail shopping centers in Florida. Kitson & Partners received a substantial entity-level equity investment in 2006 which has enabled the company to continue pursuing real estate opportunities throughout the downturn. The company’s pension fund backing provides Kitson & Partners with significant financial strength and allows the company to take a long-term view of the market. 

About Addax Bank
Founded in 2003, Addax Bank is a leading financial institution based in the Kingdom of Bahrain and regulated by the Central Bank of Bahrain. Addax Bank’s principal lines of business include private equity, real estate, corporate and restructuring advisory and private placement.

Distinguished by its pioneering transactions, the Bank aims to provide its investors and shareholders with unique and attractive opportunities which generate superior returns and create long-term shareholder value.

 

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