Naples, Fla. – Southwest Florida’s rebounding real estate market recently reached another milestone when Kitson & Partners closed on the purchase of Naples’ highly prized Tuscany Reserve, a 450- acre high-end golf course community. 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,” Hoban added. “Once we add a world class clubhouse facility, Tuscany Reserve will deliver a lifestyle experience that is unparalleled in the marketplace.”