Construction Today - September/October 2012 - (Page 54)

Residential | STARWOOD LAND VENTURES Starwood bought SummerLake in 2010 and has invested about $4 million to upgrade its landscaping and amenities. « Feeling At Home E STARWOOD LAND IS HELPING TO TURN THE CENTRAL FLORIDA MARKET AROUND. BY JAMIE MORGAN ven in a tough market, there is always a sweet spot – that point where the factors converge to create enviable success against daunting odds. In Central Florida, Starwood Land Ventures has found a sweet spot. At a press conference in 2008, David Hart, vice president of legislative and governmental affairs of the Florida Home Builders Association, called the state’s declining homebuying trend the “worst housing downturn in our lifetime.” The high percentage of subprime home loans led to homeowners defaulting on mortgages, and there was a 30 percent drop in single-family home sales from just two years earlier. Statewide, the median sales price of homes fell 10 percent. Despite the grim reports, two veteran housing developers were able to see a recovery where others did not. “We saw that the residential market would have serious correction, as it has,” says Mike Moser, a founder and co-CEO of residential real estate investor Starwood Land Ventures. He founded the company in 2007 with co-CEO Mike Forsum who runs the West Coast division. “We have been reviewing assets all over the nation to get the best opportunities and have spent a quarter-of-a-billion dollars on more than 17,000 lots. We have subsequently resold 5,000 of those lots. In 2007, 2008, 2009 and 2010, we were really in gathering mode and full-blown acquisition mode. Now we are in acquisition and disposition mode.” Shining Star One of those acquired assets includes Orlando’s No. 1-selling community, Independence, located in Horizons West just north of the Walt Disney World property. In February 2010, Starwood Land Ventures acquired 5,449 residential lots and 36 model homes in bankruptcy court as the “stalking horse bidder” from developer TOUSA for $81 million. Independence was included in those assets and encompasses approximately 920 lots. In the last two years, it has sold nearly 400 lots to homebuilders. Moser cites its proximity to the Walt Disney World resort, Medical City – a 600-acre biotech park and hospital complex – and the Orlando International Airport as contributing factors to the community’s appeal. However, Starwood Land also brought new life to the community with landscape and hardscape investments including miles of walkways and neighborhood amenities such as a fitness center, pool house and an arcade that’s free for the entire community. • Revenue: $70 to $ • Headquarters: Lakew100 million ood Ranch, Fla. • Employees: 13 • Services: Residential developer “W Starwood Land Ventu res e are w n premium foillithge to npay a la can get ther best locad if we tion.” –Mike Moser, co-CEO “It had a very good base but it was severely impacted by the recession with delinquencies and foreclosures,” Moser explains. “It was not being maintained. We went in with a fresh set of eyes and tremendous capital and relaunched the community. We made a tremendous amount of investment in hardscape and landscape. We think it’s successful because of the capital infusion and because we brought in a very strong builder team led by Lennar Homes and Ryland Homes.” Independence offers townhomes by builder A&M Homes and single-family homes by 54 CONSTRUCTION-TODAY.COM SEPTEMBER/OCTOBER 2012 http://www.CONSTRUCTION-TODAY.COM

Table of Contents for the Digital Edition of Construction Today - September/October 2012

Construction Today - September/October 2012
Construction Law
Green Construction
Best Practices
Lighting Technology
HDC Development Cos.
NorthPoint Development
Cornish & Carey Commercial Newmark Knight Frank – Moffett Towers
Demar Plumbing Corp.
Howard S. Wright – Tony Nelssen Equestrian Center
Rommel Cos.
NOW Specialties Inc.
NOW Specialties Inc.
Sioux Chief Manufacturing Co.
Victor International
Starwood Land Ventures
LaValley Building Supply
Congress Construction
McCormack Baron Salazar Inc.
Related California – The Village at Santa Monica
Ricco Construction
Taisei Construction Corp.
WPM Construction
WPM Construction – WR Sage West Apartments
Flagger Force
Miami International Airport – North Terminal improvements
Graham Construction and Engineering – Wastewater Treatment Plant Upgrade
Hydrema US Inc.
CARCON Industries
Dennis’ 7 Dees
G.W. Peoples Contracting Co. Inc.
International Airport Development Co. Ltd. – Argyle International Airport
TL Wallace Construction Inc.
TL Wallace Construction Inc.
Morrison Hershfield – Newfoundland
APEX Block Corp.
Teqton Inc. U.S.
Dakota Transload
Empyrean Services
West Side Tractor Sales Co.
U.S. General Services Administration/VCC – FBI field building
Kohler Ronan LLC
Turner Construction – Martin Army Community Hospital
Last Look

Construction Today - September/October 2012