ALLETE Properties is a wholly-owned subsidiary that operates real estate companies in several Florida locations.
Real estate has been a key driver of revenue and earnings at ALLETE since 1991. From the beginning, our operating strategy has been: Acquire real estate at bulk prices, add value through entitlements and infrastructure improvements, and resell the property over time to developers, end users and investors .
Property in High-Growth Areas
Certain ALLETE real estate acquisitions have matured into valuable properties directly in the path of major growth. Flagler County -- where ALLETE Properties owns the majority of its Florida acreage -- has twice in recent years been named by the U.S. Census Bureau as the nation’s fastest growing county.
A Census Bureau report issued in March of 2008 said that Flagler County, Florida was the second fastest-growing county, percentage-wise, in the U.S. from 2000 to 2007 with a 77.4 percent growth rate. ALLETE, which first purchased land in Flagler County in 1996, owns more property there than in any other county in the Sunshine State.
Flagler County is located between Daytona Beach and Jacksonville along the Atlantic coast.
Regional Offices
ALLETE Properties has a southwest Florida regional office and its headquarters in Fort Myers, with a second regional office in Palm Coast that oversees northeast Florida operations.
Southwest Florida
Operations consist of land sales and third-party brokerage businesses, with limited land development activities. Inventory includes commercial and residential land located in Lehigh Acres and Cape Coral. The property represents the remaining properties acquired in 1991 from the Resolution Trust Corporation and in 1999 from Avatar Properties, Inc. The operation also generates rental income from a 186,000 square foot retail shopping center in Winter Haven, Florida.
Northeast Florida
Operations focus on land sales and development activities, including zoning, permitting, platting and master infrastructure construction. Development costs are financed through a combination of community development districts, bank loans, and company funds. Our three major development projects are Town Center at Palm Coast, Palm Coast Park and Ormond Crossings.
Town Center at Palm Coast
A mixed-use development with a neo-traditional downtown design. Flanked by Interstate 95 and surrounded by major arterial roads, the development was selected as the site for the City of Palm Coast's new city hall and is adjacent to the local hospital, county airport and high school. At build-out, the development is expected to include 3,200 residential units and 3.8 million square feet of various types of non-residential space. Actual build-out will depend on future market conditions.
View more information about the Town Center at Palm Coast
Palm Coast Park
A mixed-use development in northwest Palm Coast along U.S. Highway 1, one mile south of its intersection with Interstate 95, with major rail line access. At build-out, the project is expected to include 4,000 residential units, 3.2 million square feet of non-residential space and certain public facilities.
View more information about the Palm Coast Park
Ormond Crossings is a mixed-use development of a bout 6,000 acres located along Interstate 95 at its interchange with U.S. Highway 1, in northwest Ormond Beach. This property has three miles of frontage on the east and west sides of Interstate 95 and will have two main entrances, each within a mile of an existing U.S. Highway 1 and Interstate 95 interchange
Additional Properties
In addition to the major development projects, land inventories in Florida include approximately 1,600 acres of other property. Several smaller development projects are under way to plat these properties, and modify and enhance existing zonings.
Property sale prices vary depending on many factors: location, parcel size, degree of development and the status of entitlements. Development of real property in Florida entails an extensive approval process involving overlapping regulatory jurisdictions.
History
ALLETE Properties' land in Lehigh Acres and Cape Coral represents the remaining properties ALLETE acquired in 1991 from the Resolution Trust Corporatation and in 1999 from Avatar Properties, Inc. Palm Coast was established in the late 1960s by ITT Community Development Corporation. The orginal development plan encompassed 48,000 home sites on approximately 42,000 acres of the 68,000 acres owned by ITT. ALLETE first invested in Palm Coast in 1996 when it purchased developed residential lots, a portfolio of receivables and about 13,000 acres of property from ITT Development Corporation.
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