Kitson & Partners

Kitson & Partners
Type Real estate development
Predecessor Gale, Wentworth & Dillon
Founded 1992
Founder(s) Syd Kitson and Richard Brockway
Headquarters Palm Beach Gardens, United States
Website http://kitsonpartners.com

Kitson & Partners is a real estate development and commercial management firm based in Palm Beach Gardens, Florida. The company is involved in commercial and residential projects within the United States and internationally, and places an emphasis on environmentally friendly projects, such as the proposed city of Babcock Ranch.[1] It is led by former NFL player Syd Kitson, with partners Richard Brockway, Chuck DeSanti and Tom Hoban.[2][3]

Contents

History

In 1992, Syd Kitson joined the newly formed Gale, Wentworth & Dillon, the residential division of Gale & Wentworth, one of the largest private commercial real estate companies in the New York City metropolitan area, which was then starting a residential division. With Gale, Wentworth & Dillon, Kitson worked on a number of very large development projects between 1992 and 2000, including a 5,000 unit development called The Hills in Bedminster, New Jersey and managed the master-planned community of Cherry Valley, New Jersey which includes the Cherry Valley Country Club.[4]

In November 1999, Syd Kitson founded Gale & Kitson by acquiring Gale, Wentworth & Dillon. Shortly thereafter, in 2000, Kitson made an amicable separation from Gale & Kitson and formed Kitson & Partners with co-founder Richard Brockway.[3][5] Chuck DeSanti joined Kitson & Partners as a managing partner in 2001.[6] Tom Hoban joined as a managing partner in 2003. Together, Kitson, Brockway, DeSanti and Hoban form the current board of Kitson & Partners. Kitson & Partners has more than 1,000 total employees, although the number varies depending on project activity.[3]

Overview

Kitson & Partners is made up of four divisions focused on different aspects of real estate development, including residential, commercial, international and consulting. In real estate, Kitson & Partners primarily develops large mixed-use communities, building the infrastructure for its developments, with an emphasis on environmental sustainability.[1] As of 2006, the firm no longer does the homebuilding itself.[3] Kitson & Partners' commercial division oversees 1.6 million feet of retail space.[7] Another division focuses on golf course management and development, in which it is known as a “turnaround specialist” improving the profitability of golf courses and private clubs.[5] Kitson & Partners currently manages 15 golf courses in Hawaii and throughout the continental United States.[8]

Funding for development projects undertaken by Kitson & Partners has been provided by the Morgan Stanley Real Estate Fund[5] and Evergreen Real Estate Partners, a private equity investor based in Chicago.[9] In 2008, Kitson & Partners raised US$750 million in funding from Evergreen Real Estate Partners[9] for use in residential and commercial development projects in Florida.[10]

Development projects

In 2006, Kitson & Partners acquired 17,000 acres (68.80 km2; 26.56 sq mi) of land on the 91,000-acre (368.26 km2; 142.19 sq mi) Babcock Ranch in Florida's Charlotte and Lee counties, with plans to develop it into a city of 19,500 homes and 6,000,000 square feet (560,000 m2) of commercial space.[3] To secure the purchase, Kitson & Partners agreed to buy the entire property and all Babcock Florida Company stock, to keep the company name and also pay the corporate taxes on behalf of the Babcock family.[5] The state of Florida then bought 74,000 acres (299.47 km2; 115.62 sq mi) of the ranch from Kitson & Partners, using funding from the state budget and from Lee County, planning to set aside that land for conservation.[3]

With funding from Evergreen Real Estate Partners,[10] in 2010 Kitson & Partners bought a 60-acre (0.24 km2; 0.09 sq mi) former mobile home park on Bay Pines Boulevard in Pinellas County, Florida.[11] A large-scale mixed-use development has been announced for the site.[10] According to Steve Messing, commercial division president of Kitson & Partners, the development at Bay Pines will be a mix of residential and commercial, with housing, a hotel and retail space.[1]

References

  1. ^ a b c Anne Lindberg (29 August 2010). "Big Plans Set For Bay Pines Acreage". St. Petersburg Times. http://www.tampabay.com/news/business/big-plans-set-for-acreage-across-from-bay-pines-va-hospital/1117876. Retrieved 5 October 2010. 
  2. ^ Betty Parker (1 February 2008). "Big Deal". Gulfshore Life. http://www.gulfshorelife.com/ARTICLES/Past-Issues/2008/February-2008/Big-Deal.aspx. Retrieved 5 October 2010. 
  3. ^ a b c d e f Jill Tyrer (01 January 2006). "The Man Who Would Buy Babcock". Gulfshore Business Magazine. http://www.gulfshorebusiness.com/Articles/Past-Issues/2006/January-2006/The-Man-who-would-Buy-Babcock.aspx. Retrieved 5 October 2010. 
  4. ^ Fred A. Bernstein (30 July 2006). "Betting the Ranch in Southwest Florida". New York Times. http://www.nytimes.com/2006/07/30/realestate/30national.html. Retrieved 29 September 2010. 
  5. ^ a b c d Better Parker (31 July 2005). "Intense spotlight falls on Kitson". The News Press. 
  6. ^ "Charles Desanti". Urban Land Institute. http://seflorida.uli.org/bios/DeSanti.htm. Retrieved 15 November 2010. 
  7. ^ Sean Roth (17 September 2010). "Kitson & Partners buy Bay Pines Mobile Home Park site". Gulf Coast Business Review. http://www.review.net/section/detail/kitson-partners-buy-bay-pines-mobile-home-park-sitep/. Retrieved 15 November 2010. 
  8. ^ "Current Projects". Kitson & Partners.com. http://www.kitsonpartners.com/current_projects.htm. Retrieved 15 November 2010. 
  9. ^ a b Jeff Ostrowski (11 September 2008). "Developer may invest $1 billion on tracts". The Palm Beach Post. 
  10. ^ a b c Jean Gruss (24 September 2010). "Kitson keeps kicking". Gulf Coast Business Review. http://www.review.net/section/detail/kitson-keeps-kicking/. Retrieved 5 October 2010. 
  11. ^ Michael Sasso (24 August 2010). "BRIEF: Mix-use project planned near Bay Pines VA hospital". The Tampa Tribune. http://www2.tbo.com/content/2010/aug/24/241658/mix-use-project-planned-near-bay-pines-va-hospital/news-money/. Retrieved 5 October 2010. 

External links