WHITNEY PROJECTS
Skyline/Trafalgar Land Project
28-acre parcel geographically located in the middle of Cape Coral, FL (2nd largest city, in land mass, in the state of Florida).
Russ originally developed a site plan for offices and commercial out parcels.
At one point Russ was thinking of building a 100,000 square foot office building for his public company, Whitney Education Group.
Purchase price for the parcel was $5,160,000
Within 5 months, Russ decided to sell the land to the Lee County School district to build a new school, even though he and his company could have made a higher profit by adding utilities to the parcel.
They sold the parcel for $8,500,000 giving Whitney a profit of $3,340,000 or $22,266 a day.
20 Acres- 4 Corners Project
In 2017 Russ bought the same parcel back from a foreclosure for $1.56/sq. foot.
He is currently in the process of due-diligence to determine the best use for the land.
Brentwood Estates ALF
A 247 Bed Assisted Living Facility with full care Alzheimer units. This is a 30 million dollar project with a 26 million dollar HUD non-recourse loan. Currently this project is under contract for sale.
Playa Bejuco - Cost Rica
Gated Oceanfront Community
487 unit Single Family homes & Hi-Rise condos
Purchase Price Apprx – $8,000,000
Project Resale Apprx – $70,000,000 @ build out
Hampton Inn Project
Russ put the parcel together and entered into a joint venture to take ownership of the hotel project. Negotiations with the JV faltered and Russ sold his interest, making over $1 Million in profit in just four months.
Burnt Store – 126 acres
Syndication Surplus
Value = $15 Million
At the market peak had an offer for $51 Million.
Orlando Hi-Rise, 17 Story Building
(Across from Orlando Courthouse- Downtown)
Bought building in a land lease foreclosure
Bought for $1,000,000
Total Rehab cost = $9,000,000, including complete re-skinning of exterior
Sold for $ 21,000,000
For a profit of $11,000,000
Rancho Monterey – Syndication
5,000 acre project in Costa Rica
Phase 1 & 2 – Paid $2,050,000
Sold for – $5,600,000
Profit, Russ and Investors – $3,500,000
Horizontal Improvements, in addition, net several millions
Enclave
Both Osprey Point and the Enclave are 5-acre parcels with 14 home sites each. The lots are arranged in a box formation that are interlinked by an eight-foot high decorative privacy fence and backed by a common area. The common area includes a built-in pool, bicycle paths, playground, Bar-B-Q area and a pavilion.
Purchased 5 Acre parcel for $35,000
Sub-divided into 14 lots for $40,000 per lot
Sold lots for $560,000
Profit = $525,000 plus profit on each home built.
