DAYTONA BEACH, FL-A venture of Winter Park, FL-based NewGate Capital Partners and locally based White Challis Redevelopment have launched a new $10 million fund for the restoration of historic properties into multifamily and mixed-use projects. The fund is called the NewGate White Challis Urban Redevelopment Fund LP.
The fund will be primarily directed toward small and mid-marked historic sites throughout central and southeast Florida. The money will be used for projects such as the renovation of vacant buildings and the construction of new urban townhomes in infill locations.
Larry Walker, a founding partner at NewGate, said the fund should help as an economic stimulus, allowing local investors to join a fund dedicated to improving the region. “Our goal is to recreate existing mixed-use downtowns and revitalized communities,” he said in a statement. Walker is joined by Michael Quatrini, another partner and the fund’s general manager, as well as redevelopment experts Jack White and Chris Challis.
According to the NewGate statement, the fund has shovel ready projects lined up and ready to initiate. Construction may begin as early as the end of the month, the company said.
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