With a completed $1-billion development portfolio of 11,000 condominiums and apartment units, Lane is looking to expand active operations in Tampa, Gainesville and South Miami. "We have already been extremely successful in Florida and we expect that adding (Kornman) to our team will further increase the deal flow," says Lane Investment & Development Corp. president Marc Pollack. "While we are doing one deal a year there now, we hope that Grant's skills will help us increase that amount to at least three or four (per year)."
Kornman is the founder/owner of Flagstone Holdings which previously partnered with Lane as Lane/Flagstone Ventures LLC in student housing ventures. He plans to aggressively pursue "new development opportunities" in Orlando, Jacksonville, Tampa/St. Pete, Palm Beach, Boca Raton, Hollywood, Fort Lauderdale and Miami.
Kornman says "secondary markets may also present appealing opportunities." He expects to develop both affordable and luxury rental communities, as well as entry-level condos and townhomes.
Lane's acquisitions director Scott Levitt is also scouting for acquisition and condo conversion deals throughout Florida.
Prior to founding Flagstone Holdings, Kornman was an associate at Baltimore-based Sterling Partners where he helped form the firm's $150-million venture capital fund and its investment strategy in 1998. He was also an active entrepreneur in the enterprise software industry and a former senior management executive at Isadra which was later acquired by VerticalNet. Kornman holds a bachelor of science degree in finance from Georgetown University's McDonough School of Business.
In Florida, Lane's recent projects include SummerWalk at Westshore, a 240-unit luxury apartment community in Tampa; the Valencia Apartment Homes, a 294-unit apartment community in South Miami; and the Lexington Crossing I and II student housing communities in Gainesville.
In the metro area, Lane is building up to 2,000 apartments and townhomes at the 138-acre, $2-billion Atlantic Station mixed-use development in Midtown. In 2003, Lane closed Georgia's largest multifamily deal with the $89 million acquisition of two apartment communities in the Perimeter Center area of the city.
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