Modern Home Builder - Winter 2017 - 50

Geosam Capital US LLC

Building on
Vision
Geosam Capital has turned incomplete
developments into thriving communities in
the Southeast. BY TIM O'CONNOR

For a young company, Geosam Capital has thick roots in

Geosam holds 75 divisions and more than 3,500 lots. It works with homebuilders to create
communities with modern amenities and homes in a range of prices.

" The biggest challenge at any project
in the country is getting entitlements
done and working through those
agreements with local governments.

"

DAVID PETER, COO

PROFILE

the residential and community development industry. Geosam
is an outgrowth of Armco Capital. The Armoyan family founded
Armco in the early 1980s and grew it into one of the largest development firms in Atlantic Canada with numerous planned subdivisions in Nova Scotia and New Brunswick. The company began
investing in the U.S. market in late 2000s by acquiring broken
condominium projects around Florida. Following that initial foray,
Armco formed Geosam and purchased Venetian Bay, a 1,410-acre
unfinished planned unit development in New Smyrna Beach, Fla.,
designed around a village concept with a town center.
In addition to Venetian Bay, the company bought a large portfolio
of assets in Atlanta and Charlotte, N.C. In all, Geosam now holds 75
divisions and upward of 3,500 lots, most of which were purchased
out of distress. Taking over distressed properties poses a challenge
in determining where the development went wrong and how it can
get back on track. Sometimes that requires amending the original
agreements to reflect the shifts in the market. The original development agreement for Venetian Bay has been modified more than
10 times, according to Vice President of Operations Martin Pham.
Those changes were about finding efficiencies or creating better
conditions for development. When Geosam acquired Venetian Bay it
discovered that parts of how the community was developed didn't
make sense. The original developer over-promised on commercial
while housing projects lagged behind. At the time, Venetian Bay had a
commercial requirement for 350,000 square feet of retail in a community with only 1,000 rooftops, creating an imbalance between shops,
restaurants and homes that meant there weren't enough customers to
support the businesses. To improve conditions, Geosam changed the
ratio of commercial to residential in the development agreement and
focused on filling in the empty space and creating more housing. It
took time, but the project eventually hit the critical mass of people that
was needed to create a robust commercial environment.

GEOSAM CAPITAL US LLC

BUILDING ON SUCCESS
www.geosamus.com / HQ: New Smyrna, Fla. /
Specialty: Community development / Employees: 40

50

www.mhb-magazine.com Winter 2017

Geosam's effective management and willingness to make adjustments turned Venetian Bay from a struggling development into a
premier community along Florida's Atlantic coast.


http://www.mhb-magazine.com

Table of Contents for the Digital Edition of Modern Home Builder - Winter 2017

Contents
Modern Home Builder - Winter 2017 - Cover1
Modern Home Builder - Winter 2017 - Cover2
Modern Home Builder - Winter 2017 - 1
Modern Home Builder - Winter 2017 - 2
Modern Home Builder - Winter 2017 - 3
Modern Home Builder - Winter 2017 - Contents
Modern Home Builder - Winter 2017 - 5
Modern Home Builder - Winter 2017 - 6
Modern Home Builder - Winter 2017 - 7
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Modern Home Builder - Winter 2017 - Cover3
Modern Home Builder - Winter 2017 - Cover4
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http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue3b
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http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue2b
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue2a
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue1
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue1b
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http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol6issue4
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http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol6issue2
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol6issue1
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_2018winter
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http://www.nxtbook.com/nxtbooks/knighthouse/mhb_2017winter
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_2016fall
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_2016summer
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2016spring
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2016winter_v2
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2016winter
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2015fall
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2015springsummer
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http://www.nxtbook.com/nxtbooks/phoenix/mhb_2014fall
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http://www.nxtbook.com/nxtbooks/phoenix/mhb_2013fall
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