Private Equity Group presents $11.6 million check to the citizens of Charlotte County
August 12th, 2019
By Dave Gammon
Dave.Gammon@charlottecountyfl.gov | (941) 764-4942
In a ceremony today at the Charlotte County Administration Building, Private Equity Group (PEG), a Fort Myers private equity fund, presented a check for $11.6 million to the citizens of Charlotte County, Florida. The funds are for the purchase of 453 acres in the county-owned Murdock Village Community Redevelopment Agency. PEG will construct infrastructure to support their planned development of a mixed-use commercial and residential community. Development includes 200,000 sq. ft. of commercial space, 2,400 residential units and a hotel with up to 150 rooms. PEG’s development will connect Tamiami Trail/US-41 to State Road 776, with a loop around North Charlotte Regional Park.
Private Equity Group was represented by president and CEO, Don Schrotenboer, who said, “There is a very pro-business mindset here. Charlotte County truly understands the importance of public-private partnership.” The company has handled more than $2 billion in transactions since its inception in 1985, with over half that in real estate. Private Equity Group directs equity investments in land development, business operations, commercial property and residential master-planned communities. The firm has guided the acquisition of some of the largest real estate portfolios in Florida. Recent transactions in the Fort Myers area include Briar Crest; Emerald Pines; Meadow Brook; Eagle Lakes Estates and the Landings Yacht, Golf and Tennis Club.
The concept for Murdock Village began 15 years ago when Charlotte County leaders envisioned a grand plan for future development. According to Dave Gammon, the county’s director of the Economic Development Office, “This is the culmination of a dream that began long ago, to build something exceptional for Charlotte County residents right in the middle of town. Murdock Village will be a tremendous community asset and a job generator. We are proud and excited that the vision of leaders from a generation ago is now coming into focus.”
Along with Gammon, Charlotte County was represented at the ceremony by three of the five elected Commissioners, including Commissioner Bill Truex (District 3); Commissioner Stephen R. Deutsch (District 4); and Commissioner Joe Tiseo (District 5). Commissioner Christopher Constance (District 2) and Chairman Ken Doherty (District 1) had previous commitments and unfortunately could not attend. Said Commissioner Truex, “I’d like to say thanks to the community for allowing us to get to this point. With such a substantial investment, they should be turning dirt within about six weeks, and this will transform the entire Murdock Village area.”
“The signing of these papers is truly an exciting event for Charlotte County, because this is really the beginning of the future for us,” concluded Commissioner Deutsch.
For more information on this story and economic development activities in Charlotte County, Florida, contact the Charlotte County Economic Development Office. Their website is www.Cleared4Takeoff.com.
