$75M South Florida development deal reached

Mountain Real Estate Capital, a Charlotte, N.C.-based equity investment group, has teamed up with South Florida home builder GL Homes to develop 6,500 home sites in towns across the southern portion of the state, including West Palm Beach and Naples. The $75 million joint venture will affect over 8,300 acres across South Florida over the course of eight to 10 years. The two companies said they expect the project to have a sellout value of around $1.8 billion after all the sites find buyers. Despite the unfortunate hits that the Florida real estate market has taken since the financial downturn, Peter Fioretti, chief executive with Mountain, said that he’s confident in the joint venture. “We have always admired [GL Homes’] ability to identify and meet the changing needs of homeowners, especially during challenging times such as these,” Fioretti said. [SFBJ]