A check for $11.6 million is a big deal. So it was fitting that Private Equity Group (PEG), a Fort Myers investment firm, presented a check 3-feet tall and 5-feet wide to the citizens of Charlotte County on August 12th. The funds will purchase 453 acres in the county-owned Murdock Village Community Redevelopment Agency. PEG shall construct infrastructure to support their planned development of a mixed-use commercial and residential community. The development when completed will offer 250,000 sq. ft. of commercial space, 2,400 residential units and a hotel with up to 200 rooms. According to Charlotte County’s economic development office, more than 80% of Murdock Village is sold or under contract with 600 acres of commercial and residential development added to county tax rolls.
“Murdock Village is a job creator,” said Dave Gammon, director of Charlotte County Economic Development Office. “This is a tremendous community asset. It’s the culmination of a vision that began 15 years ago, when county leaders bought 870 acres in the middle of the community, knowing only that someday, a future generation could build something exceptional. Well, today is someday. We are proud and excited to help make that vision come true.”
The check presentation ceremony was attended by Gammon and four of the Charlotte County’s five elected Commissioners, Christopher Constance, Bill Truex, Stephen R. Deutsch and Joe Tiseo. Commissioner Deutsch offered, “The signing of these papers is truly an exciting event for Charlotte County, because this is really the beginning of the future for us.”
Don Schrotenboer, president and CEO of Private Equity Group, told attendees that, “There is a very pro-business mindset here. Charlotte County truly understands the importance of public-private partnership.” Private Equity Group is a major player in Southwest Florida real estate and business development. The company has handled more than $2 billion in transactions since it began in 1985, with over half that in real estate.
The firm directs equity investments in land development, business operations, commercial property and residential master-planned communities. Private Equity Group has steered acquisition of some of the largest real estate portfolios in Florida. Ever heard of Fort Myers communities Briar Crest and Emerald Point? Meadow Brook and Eagle Lakes Estates? Or the Landings Yacht, Golf and Tennis Club? Private Equity Group was behind all of them. As Charlotte County economic development continues to boom, we will continue to work with major players and big projects. These are exciting times!