Partnering to create a new community, and a great return
EGRET LANDING
Opportunity:
Assemble parcels by creating a partnership with owners, annex the parcels into the Town of Jupiter, and plat the property into 654 single-family lots on new paved roads with storm water drainage, central water and sewer, central cable and natural gas. Construct lakes and a central recreational parcel with clubhouse, swimming pool, tennis courts, and a prestigious entry with signage and landscaping. Establish covenants and restrictions to protect the new residential community.
Revisioning:
A limited partnership was created with all the landowners as limited partners and Midgard's James Goldstein as the General Partner. All owners were promised 3 new platted improved lots for each previously owned 1.5 acres. A pod of extra lots was created to pay for the other common area improvements like the clubhouse.
The partnership accomplished all improvements by obtaining State legislation to expand the powers of the drainage district to include paving roads, installing water and sewer and other utilities. Bonds were floated by the district to pay for these improvements and paid back with annual real estate taxes over 20 years.
Result:
James Goldstein persuaded all original owners to sell or contribute their lots at market prices to the partnership in hopes of higher return than owning them separately. The Partnership annexed and platted the land and authorized their planning and engineering team to complete the subdivision's design. The SIRWCD was empowered by the State of Florida to sell the improvement bonds and under the direction of the partnership, to bid and construct the improvements. The partnership created a marketing program, brought in several national and regional builders and pre-sold the lots necessary to construct the amenity package.
The land was brought up to current standards, improving environment, health and safety and quality of life. Egret Landing is an outstanding example of a cooperative revisioning with a winning result for all.
Not only did each original 1.5 acre lot yield the new lots, but each new lot was ultimately sold for more than the original lot's value, yielding substantial returns for the partners.
