Fort Lauderdale-based BTI Partners expands land portfolio in Florida with $85M purchase south of Jacksonville
FORT LAUDERDALE, FL, USA, January 4, 2023 /EINPresswire.com/ — Fort Lauderdale-based BTI Partners, one of Florida’s largest master-planned community developers, continues to expand its footprint in Florida with the acquisition of approximately 3,300 acres of Governors Park for $85 million in Southern Clay County.
BTI Partners acquired the development site from The Davis family and The PARC Group. Cushman Wakefield acted as the broker.
BTI Partners closed the transaction on Friday, December 16, with plans to build 4,000 single-family homes and 2,000 multi-family units on the newly acquired site in the Green Cove Springs area. Further plans include using 840,000 square feet for commercial/retail space, 700,000 square feet of office space, 400 hotel rooms, 2 million square feet of light industrial, and an 18-hole golf course.
â€œThis transaction highlights BTI Partnersâ€™ strategy of acquiring large tracts of land to develop mixed-use communities in Floridaâ€™s high-growth markets,â€� said BTI Partners CEO Noah Breakstone. â€œOur next step is to put the infrastructure in place and partner with home builders who will be looking to grow their housing inventory south of Jacksonville in the next two to four years.â€�
While Florida has an adequate amount of rural land positioned for development to accommodate the continued demographic growth, the lack of infrastructure needed to support new residential communities is a big challenge for homebuilders. It can take two to four years to prepare land for vertical development. BTI Partners buys the land, builds the infrastructure, and gets it ready for home builders, which need to access ready-to-build land. BTI Partners continue to be bullish in the Florida housing market in the short- and long terms.
BTI Partners, one of the stateâ€™s leading real estate and land developers, already has a large presence in Floridaâ€‹. This projectâ€™s development will cater to Floridaâ€™s strong demographic growth and demand for land, which has accelerated during the post-pandemic period. BTI Partners is also active in Central Florida, where it is building the infrastructure of 1,400-acre Crossprairie and 1,200-acre Edgewater West. It also owns 1,100 acres in the Lake Wales area of Polk County for future homes and a town center.
About BTI Partners:
BTI Partners is one of Floridaâ€™s leading real estate and land developers. The company is reshaping cities across Florida by master-planning vibrant mixed-use communities, building luxury residential projects in strategic locations, re-activating marinas, and revitalizing neighborhoods with highly amenitized commercial and residential developments in urban areas. Core values of integrity, passion, excellence, selflessness and purpose are central to the companyâ€™s ethos. Its successful track record has established BTI Partners as an industry leader in creating urban enclaves that attract and sustain local business and family life. By seamlessly integrating residential, commercial, retail, hospitality, entertainment, education, and recreational uses, BTI Partners designs highly desirable â€˜live, work, play communities to meet the needs of today and tomorrow. A forward-looking company, BTI Partners remains ever mindful of evolving trends and continuously seeks opportunities to develop transformational and inspirational mixed-use projects through-out the sunbelt states. For more information, visit https://btipartners.com