Article published Aug 14, 2006
RESIDENTIAL REAL ESTATE
Developer sees a future in DeSoto land deal
By STEPHEN FRATER
stephen.frater@heraldtribune.com

Everyone knows about the huge Babcock Ranch development, but few realize that another smaller yet similarly ambitious project is under way 10 or so miles from the huge town-in-themaking.

Joe Cameratta figures it is a $1 billion deal -- the estimated build-out value of his plan to create a new city on a 5,860-acre ranch near Arcadia in DeSoto County.

The project will "drastically change the landscape, probably in a positive way, but also with some negatives," said Craig M. Coffey, DeSoto's county administrator.

Cameratta, chief executive of Cleveland-based Cameratta Properties, bought the former Carlton ranch and adjacent properties near 6077 2x4 Ranch Road S.E. in Arcadia in April for about $60 million, in three simultaneous transactions.

The sellers included 4C Partnership, Carlstrom Field Inc. and McCarlton Partners Ltd. The purchasing entity was Charlee LLC.

Coffey is "pleased" that a project of such a scale has emerged in DeSoto County. 

He expects 25,000 people will live there, a huge increase in the county's population of 35,000.

"I think you're going to see a new city," he said.

Cameratta Properties' founder has developed real estate for a quarter-century and is no stranger to huge projects.

With offices in Cleveland and Fort Myers, Cameratta also has two major Fort Myers projects under way in a $100 million partnership with the Carlyle Group.

The partners are building High Point Place, the tallest residential tower in the region, and First Street Village, a nearby, upscale 12.5-acre mixed-use development. Carlyle is not an investor in the DeSoto project, said Cameratta.

The 9-square-mile 2x4 ranch property is on State Road 31 and is now home to a commercial cow-calf operation, a sod business and citrus groves. It has about 4,200 acres of improved pasture, 665 acres of citrus groves and 860 acres of wetlands.

Cameratta's vision is that, by the year 2020, the site will have up to 15,000 residential units and 1.5 million square feet of
commercial space.

In June, he presented a plan to the Florida Department of Community Affairs that calls for a total potential density of six units per
acre.

A study shows that potential mining of portions of the property could provide commercial grade shell base and fill sand. Cameratta is exploring the permitting process for mining.

As part of a deal with DeSoto County, 160 acres in the southeast corner of the future town has been deeded to the county as the
future site of a waste-water treatment plant.

Although the county government has agreed to sewer and water plant siting, it does does not yet have a "fully structured plan"
with the new owner, Coffey said.

The Southwest Florida Water Management District, or Swiftmud, has issued a water-use permit for a standard annual average
quantity of more than 2.2 million gallons daily.

DeSoto County has been undergoing something of an economic and development boom in recent years, prompting government
leaders to figure out how to deal with the new growth.

Though traditionally agricultural, DeSoto is now experiencing urban development pressures for higher densities and intensities of
land use than in previous decades.

The south part of the county, toward neighboring Charlotte County, is home to the fairly recent, 900,000-square-foot Wal-Mart
Distribution Center.

The Florida Department of Transportation has been working to improve major access roads connecting Arcadia to the Interstate
75 corridor.

The county also is in the process of amending its Comprehensive Land Use Plan.

For his part, Cameratta seems unconcerned about the recent slowdown in sales of newly constructed homes.

Cameratta said he is a big believer in more inland developments, where land costs, insurance costs and hurricane risks are smaller compared to coastal areas.

The development timetable for his proposed community is so long that short-term market swings will not really affect the
development potential of the site, he said.

He does acknowledge that many developers are going to suffer in the short term.