Destiny Florida

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Sunday, April 2, 2006

Top research may reach Destiny

Top research may reach Destiny
Orlando Sentinel - Orlando, Fla.
Author: Daphne Sashin, Sentinel Staff Writer
Date: Apr 2, 2006
Section: LOCAL & STATE {ZONE} FLORIDA


DELRAY BEACH -- The developer of the 27,400-acre Destiny project in south Osceola County wants to create a scientific research compound with several universities represented on its campus, he said last week.
In his first interview about the project since buying the massive tract at Yeehaw Junction, Anthony V. Pugliese III said he envisions setting aside 200 to 300 acres and inviting a half-dozen universities to establish centers devoted to biomedical technology, energy and other cutting-edge research.

"We want to create a Mecca for research and education that will spawn the different commercial, industrial and, of course, residential . . . developments around it," Pugliese said, speaking at the downtown Delray Beach headquarters of his real-estate company.
Destiny, which could someday be the home of 75,000 to 100,000 people, will be the biggest and most ambitious project yet for Pugliese, a developer best known for mixed-use projects in South Florida. His financial partner in the deal is Subway Restaurants founder Fred DeLuca, who was listed in Forbes magazine this year with a net worth of $1.5 billion, making him the world's 512th- richest person.
The partners bought the property from the Latt Maxcy Corp. last year for about $137 million, or $5,000 an acre, Pugliese confirmed. The relatively low cost of land -- which is 30 miles from the ocean -- combined with the project's access to Florida's Turnpike, State Road 60 and U.S. Highway 441 was "like the aligning of the stars," Pugliese said.

"The more we work on it, the more realize what a great site it is -- what great access we have," he said. "We know over the next 10 to 15 years, we're going to have the biggest movement of people ever in the United States because of the baby boomers all retiring, and let's face it -- Florida is one of the . . . states that they're going to be retiring to."
Construction is likely three to five years away, he said, but the project has drawn the attention of developers across the country who want a piece of the deal. Pugliese has met with more than a dozen so far.

"D.R. Horton, Del Webb, Lowell Homes, Lennar, Beazer Homes, we have companies as far away as Italy, Canada and Hawaii -- developers that do major projects and whole communities -- that are extremely interested in this property," Pugliese said. "Not one of them didn't say, `Gee, we love it, and we'd love to be a part of it.' . . . They all think that it's just exactly what we're saying -- it's right in the middle of everywhere, not in the middle of nowhere."

Office and industrial parks, stores, schools, hospitals, public- safety facilities and other amenities also are planned. The project faces rigorous review at the state and county levels before it can go forward.
Other investors have tried to entice Pugliese with offers to buy pieces of the property for much more than he paid. But he has rebuffed them, saying he is excited about creating a whole new city.

"You're starting on a clean canvas," Pugliese said. "You come down here to Delray, you can't find 27 acres."
Pugliese said he sees the project as a "convergence of new urbanism and new ruralism," with a mixture of dense housing clusters and a large conservation component. He is proposing to preserve the southern half of the property, where it abuts 35,000 acres owned by the state.
Homes will come first, with as many as 40,000 units over the 25- to 50-year build-out period. The low price of land will allow the developers to offer homes at lower prices than families can find in surrounding counties, he said.

"We'll be able to offer much more affordable living environments, yet with all amenities that people have in places like Indian River and St. Lucie County and Martin County, at a much lower price, with access that is basically second to none," Pugliese said.
The new city's slogan is "Come to Your Destiny." For now, a team of consultants is feverishly studying the property's potential to figure out how that destiny can be shaped.

"Right now, it's a huge endeavor to have it surveyed. Where is it wet? Where is it dry? Where would development be appropriate? Where would it not be appropriate?" said Julie Kendig-Schrader, an attorney working on the project. "We're really trying to get a handle on what's on the ground . . . so when we go through the public-hearing process, we can tell people, `This is what's there.' "

---- For more information please visit www.destinyflorida.com

Top research may reach Destiny

Top research may reach Destiny
Orlando Sentinel - Orlando, Fla.
Author: Daphne Sashin, Sentinel Staff Writer
Date: Apr 2, 2006
Section: LOCAL & STATE {ZONE} FLORIDA


DELRAY BEACH -- The developer of the 27,400-acre Destiny project in south Osceola County wants to create a scientific research compound with several universities represented on its campus, he said last week.
In his first interview about the project since buying the massive tract at Yeehaw Junction, Anthony V. Pugliese III said he envisions setting aside 200 to 300 acres and inviting a half-dozen universities to establish centers devoted to biomedical technology, energy and other cutting-edge research.

"We want to create a Mecca for research and education that will spawn the different commercial, industrial and, of course, residential . . . developments around it," Pugliese said, speaking at the downtown Delray Beach headquarters of his real-estate company.
Destiny, which could someday be the home of 75,000 to 100,000 people, will be the biggest and most ambitious project yet for Pugliese, a developer best known for mixed-use projects in South Florida. His financial partner in the deal is Subway Restaurants founder Fred DeLuca, who was listed in Forbes magazine this year with a net worth of $1.5 billion, making him the world's 512th- richest person.
The partners bought the property from the Latt Maxcy Corp. last year for about $137 million, or $5,000 an acre, Pugliese confirmed. The relatively low cost of land -- which is 30 miles from the ocean -- combined with the project's access to Florida's Turnpike, State Road 60 and U.S. Highway 441 was "like the aligning of the stars," Pugliese said.

"The more we work on it, the more realize what a great site it is -- what great access we have," he said. "We know over the next 10 to 15 years, we're going to have the biggest movement of people ever in the United States because of the baby boomers all retiring, and let's face it -- Florida is one of the . . . states that they're going to be retiring to."
Construction is likely three to five years away, he said, but the project has drawn the attention of developers across the country who want a piece of the deal. Pugliese has met with more than a dozen so far.

"D.R. Horton, Del Webb, Lowell Homes, Lennar, Beazer Homes, we have companies as far away as Italy, Canada and Hawaii -- developers that do major projects and whole communities -- that are extremely interested in this property," Pugliese said. "Not one of them didn't say, `Gee, we love it, and we'd love to be a part of it.' . . . They all think that it's just exactly what we're saying -- it's right in the middle of everywhere, not in the middle of nowhere."

Office and industrial parks, stores, schools, hospitals, public- safety facilities and other amenities also are planned. The project faces rigorous review at the state and county levels before it can go forward.
Other investors have tried to entice Pugliese with offers to buy pieces of the property for much more than he paid. But he has rebuffed them, saying he is excited about creating a whole new city.

"You're starting on a clean canvas," Pugliese said. "You come down here to Delray, you can't find 27 acres."
Pugliese said he sees the project as a "convergence of new urbanism and new ruralism," with a mixture of dense housing clusters and a large conservation component. He is proposing to preserve the southern half of the property, where it abuts 35,000 acres owned by the state.
Homes will come first, with as many as 40,000 units over the 25- to 50-year build-out period. The low price of land will allow the developers to offer homes at lower prices than families can find in surrounding counties, he said.

"We'll be able to offer much more affordable living environments, yet with all amenities that people have in places like Indian River and St. Lucie County and Martin County, at a much lower price, with access that is basically second to none," Pugliese said.
The new city's slogan is "Come to Your Destiny." For now, a team of consultants is feverishly studying the property's potential to figure out how that destiny can be shaped.

"Right now, it's a huge endeavor to have it surveyed. Where is it wet? Where is it dry? Where would development be appropriate? Where would it not be appropriate?" said Julie Kendig-Schrader, an attorney working on the project. "We're really trying to get a handle on what's on the ground . . . so when we go through the public-hearing process, we can tell people, `This is what's there.' "

---- For more information please visit www.destinyflorida.com

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