Wednesday January 9, 2013
Wheelock Street Capital announced today residential land acquisition of approximately 1,080 acres from the Starkey Family in the Tampa Bay area marking the first closing of a multi-year contract to purchase the 2,500-acre Starkey Ranch.
The Starkey acquisition represents the initial phase of a large-scale master-planned community development on the family’s cattle ranch located on State Road 54 in Pasco County, Florida. Pasco County recently approved the project allowing for the development of 5,050 residential units, 450,000 square feet of retail, office, and medical uses, 300,000 square feet of light industrial uses and 220 hotel rooms. Numerous amenities are planned, including a community center, new elementary and middle schools, and a regional sports facility. The location also offers convenient access to the 18,000-acre Jay B. Starkey Wilderness Park, Tampa International Airport, Pinellas County beaches and the Westshore employment district. The project will be managed by Reed Berlinsky of Florida-based Gentry Land Company.
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About Wheelock Street Capital
Wheelock was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 20 years of broad real estate transaction experience across all major asset classes. Wheelock is currently investing its third fund and its first multi-investor discretionary opportunity fund, which consists of $525mm of committed capital. Wheelock’s first two funds were primarily funded by a single private institutional investor. Wheelock will invest in a broad range of real estate assets throughout the United States. The fund may invest directly or with high quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations.
Wheelock has been an active investor in the residential land market having closed on properties containing over 16,000 residential lots during the last 36 months. Today, Wheelock is actively developing “best in class” master planned communities in Austin, Dallas, and San Antonio, Texas, and in Colorado, Florida and North Carolina. In addition, Wheelock purchased the assets of Atlanta-based John Wieland Homes in joint venture with the Wieland family in November, 2012 and is now actively building homes in Atlanta, Charleston, Charlotte, Nashville, and Raleigh.
For more information, visit the Company's website at www.wheelockst.com.