Private equity firm NewGate Capital Partners and its partner, White Challis Redevelopment, have launched the NewGate White Challis Urban Redevelopment Fund, the firms reported Monday. The fund is designed to enable redevelopment of underutilized historic properties in central and southeast Florida. The size of the fund was not disclosed.
Central Florida private equity firm, NewGate Capital Partners and its venture capital partner, White Challis Redevelopment, announce the launch of the “NewGate White Challis Urban Redevelopment Fund, LP.”
The Fund is intended to enable redevelopment of underutilized historic properties. The Fund will primarily be directed toward small- and mid-market historic sites throughout central and southeast Florida. This includes boutique mixed-use projects; renovation of vacant buildings for residential or mixed-uses; and construction of urban townhomes in downtown neighborhoods.
“Public-private development is a catalyst for economic stimulus for our region,” said NewGate Capital Partners’ founding partner Larry Walker. “This Fund provides immediacy for redevelopment of affordable and livable housing. Our goal is to revitalize existing mixed use downtowns to create jobs and community enhancement.”
“We provide investors with a fund solely dedicated to improving Central Florida communities,” adds NewGate’s Partner and the Fund’s General Partner, Michael Quatrini. “The Fund is positioned for rapid local stimulus. Based on their reputation, knowledge and experience, we picked an outstanding Venture Partner in White Challis Redevelopment, and their urban redevelopment concepts,” said Quatrini.
Jack White, principal of White Challis Redevelopment has extensive experience with redevelopment projects throughout Central Florida and is partnered with Chris Challis, a land use and environmental attorney licensed in Florida and North Carolina. Together, they have represented numerous developers for urban infill and redevelopment projects. “We have a proven track record of over 10 years of urban redevelopment and downtown renewal projects,” says White.
The NewGate White Challis Urban Redevelopment Fund has “Shovel Ready” projects lined up and ready to initiate. They anticipate construction could begin as early as spring 2012.
About NewGate Capital Partners
NewGate Capital Partners is a Central Florida-based private equity firm focusing on opportunities for companies in search for the ideal buyer, partner, or investor. NewGate performs targeted searches across the United States, Canada and Europe primarily for commercial, industrial, and redevelopment. Contact NewGate at (407) 647-8752 or email firstname.lastname@example.org.
About White Challis Redevelopment
White Challis specializes in renovation, additions, new construction and subdivision of residential real estate. Headquartered in Daytona Beach, Florida.