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Talk of the bay: Builder reveals cash partner in Home lot grab
By Times Staff Writer
St. Petersburg Times
Published: Jan 23, 2008

Metro Development Group of Tampa has been buying thousands of home lots in Central Florida from the likes of Lennar Homes. But few knew where Metro was getting cash for the multimillion-dollar purchases - until now. The D.E. Shaw group, a New York investment firm, announced it has committed $250-million to buy and develop land throughout Central Florida and the Southeast. The joint venture between Metro and Shaw operates on the assumption of a 2010 housing recovery. "This infusion of capital will allow us to fulfill our short- and long-range goals of acquiring land worth from $500-million to $700-million in great locations that can produce large numbers of home sites quickly once the housing market rebounds," said Metro chief John Ryan.



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