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Week of April 11, 2002 |
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| With new deal, Westbrooke positioned to re-enter Miami home-building market By Marilyn BowdenWith acquisition by a major West Coast homebuilder, a well-known South Florida firm will be refocusing on Miami-Dade, principals say. California-based Standard Pacific Corp., this week announced acquisition of Westbrooke Cos. as part of a deal with Newmark Homes. Westbrooke had been a subsidiary of Newmark since 1998 but has consistently been among the largest builders in the area, putting up about 800 homes a year. In recent years Westbrooke's large projects have been in Broward and Palm Beach. But founder and CEO Jim Carr said Pacific Standard's resources will help the company aggressively re-enter the Miami-Dade market. "We have always liked this market," he said. "Our headquarters are here and all our management lives here." Mr. Carr founded Westbrooke in 1976 in Miami. Among local communities are Corsica Place North and Three Lakes in south Miami-Dade, Sorbet and Westbrooke Patio Homes in north Miami-Dade and Hibiscus Islands in Miami Beach. "Like any builder," he said, "we are constantly replacing our land supply. Right now we are looking for work in the tri-county area." Day-to-day operations will remain in the hands of Westbrooke's team, all of whom have been retained, Mr. Carr said. "Standard Pacific has said they will rely on our knowledge of the local market," he said. The 36-year-old California firm, active in California, Texas, Arizona and Colorado, gains an East Coast foothold from the Westbrooke deal and last week's purchase of Colony Homes in Orlando. "The expansion into South Florida, which is one of the nation's largest and most dynamic housing markets," said Standard Pacific CEO Stephen Scarborough, "further diversifies our operations geographically and will provide a solid platform for further growth."
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