Kitson & Partners
Encyclopedia
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
. It is led by former NFL player Syd Kitson
, with partners Richard Brockway, Chuck DeSanti and Tom Hoban.
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.
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. Chuck DeSanti joined Kitson & Partners as a managing partner in 2001. 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.
Funding for development projects undertaken by Kitson & Partners has been provided by the Morgan Stanley
Real Estate Fund and Evergreen Real Estate Partners, a private equity investor based in Chicago
. In 2008, Kitson & Partners raised US$
750 million in funding from Evergreen Real Estate Partners for use in residential and commercial development projects in Florida.
in Florida's Charlotte
and Lee
counties, with plans to develop it into a city of 19,500 homes and 6000000 square feet (557,418.2 m²) of commercial space. 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. The state of Florida then bought 74000 acre (299.47 km²; 115.63 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.
With funding from Evergreen Real Estate Partners, in 2010 Kitson & Partners bought a 60 acre (0.2428116 km²; 0.0937500828913072 sq mi) former mobile home park on Bay Pines Boulevard in Pinellas County, Florida
. A large-scale mixed-use development has been announced for the site. 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.
Real estate development
Real estate development, or Property Development, is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of improved land or parcels to others...
and commercial management
Commercial management
Commercial management-- is a term used to describe the non-technical business disciplines within a company or organization, particularly the administration of revenue and expenses to generate a financial return...
firm based in Palm Beach Gardens, Florida
Palm Beach Gardens, Florida
Palm Beach Gardens is a city in Palm Beach County in the U.S. state of Florida. The city is in the center of a rapidly-developing area north of West Palm Beach in the northern part of the county and the South Florida metropolitan area. , the population was 48,452...
. The company is involved in commercial and residential projects within the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and internationally, and places an emphasis on environmentally friendly projects, such as the proposed city of Babcock Ranch
Babcock Ranch
Babcock Ranch is an approximately planned community under development in Southwest Floridathat was approved as part of a public-private partnership strategy with the State of Florida and local governments that established the neighboring Babcock Ranch Preserve...
. It is led by former NFL player Syd Kitson
Syd Kitson
Sydney William Kitson is a former professional American football player who played guard for four seasons for the Green Bay Packers and the Dallas Cowboys....
, with partners Richard Brockway, Chuck DeSanti and Tom Hoban.
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 CityNew York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
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.
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. Chuck DeSanti joined Kitson & Partners as a managing partner in 2001. 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.
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. As of 2006, the firm no longer does the homebuilding itself. Kitson & Partners' commercial division oversees 1.6 million feet of retail space. 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. Kitson & Partners currently manages 15 golf courses in Hawaii and throughout the continental United States.Funding for development projects undertaken by Kitson & Partners has been provided by the Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
Real Estate Fund and Evergreen Real Estate Partners, a private equity investor based in Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
. In 2008, Kitson & Partners raised US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
750 million in funding from Evergreen Real Estate Partners for use in residential and commercial development projects in Florida.
Development projects
In 2006, Kitson & Partners acquired 17000 acre (68.8 km²; 26.56 sq mi) of land on the 91000 acre (368.26 km²; 142.19 sq mi) Babcock RanchBabcock Ranch
Babcock Ranch is an approximately planned community under development in Southwest Floridathat was approved as part of a public-private partnership strategy with the State of Florida and local governments that established the neighboring Babcock Ranch Preserve...
in Florida's Charlotte
Charlotte County, Florida
Charlotte County is a county located in the U.S. state of Florida. As of 2000, the population was 141,627. In 2005, the population of the MSA was 154,030.The U.S. Census Bureau 2007 estimate for the county was 152,814...
and Lee
Lee County, Florida
Lee County is a county located in the U.S. state of Florida. Located in southwest Florida, the principal cities in the county are Fort Myers and Cape Coral...
counties, with plans to develop it into a city of 19,500 homes and 6000000 square feet (557,418.2 m²) of commercial space. 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. The state of Florida then bought 74000 acre (299.47 km²; 115.63 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.
With funding from Evergreen Real Estate Partners, in 2010 Kitson & Partners bought a 60 acre (0.2428116 km²; 0.0937500828913072 sq mi) former mobile home park on Bay Pines Boulevard in Pinellas County, Florida
Pinellas County, Florida
Pinellas County is a county located in the state of Florida. Its county seat is Clearwater, Florida, and its largest city is St. Petersburg. This county is contained entirely within the telephone area code 727, except for some sections of Oldsmar, which have the area code 813...
. A large-scale mixed-use development has been announced for the site. 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.