EDUCATION:
May, 1980 BSBA, University of Southern Mississippi, Economics and Finance.
Dean's List
President's List
Omicron Delta Epsilon (Economics Honorary)
December, 1982 J.D., University of Mississippi Law Center.
Moot Court Board
Space Law Journal
American Jurisprudence Award - Criminal Law
District Attorney Intern - Lauderdale, Clarke and Wayne Counties (Summer 1982)
PROFESSIONAL CAREER:
Mr. Wright started his professional career as an attorney 27 years ago as a solo practitioner in Lucedale, Mississippi, and then in the Legal Department of Southern Farm Bureau Life Insurance Company (1982 – 1990) advising their Commercial Real Estate Investment Department, in loans, acquisitions, workouts and property management issues and sales.
He continued his commercial real estate career, as an Associate at Akerman Senterfitt, P.A., and Of Counsel at Smith Mackinnon, P.A. in Orlando, and as Partner at Gray Robinson, P.A. (1996 – 2002).
During this 20 year period he handled well over two billion dollars ($2,000,000,000) of commercial real estate transactions, primarily in the field of finance (institutional, construction and ground leasing), land use and development, and title insurance claims defense for several national title insurers.
He established MMI Development in 1998. The firm was formed for the purpose of acquiring, investing, developing and managing commercial real estate properties, either through land assemblage or purchasing of existing income producing properties: multifamily, office, and retail. His strategy is to buy, improve, operate and sell the properties. Since its inception, MMI Development has closed every acquisition under contract.
22 years as an Instrument rated, Private Pilot with 1,000+ hours.
CURRENT MULTIFAMILY PROJECTS
Emerson Point Apartments
This 42-acre project is located at the northeast corner of Maitland Boulevard (SR-414) and Western Beltway (SR-429) in Orlando. It is zoned for 352 apartment units over 35.5 acres and final site plan approval, and is being rezoned for 532 units (to be split into two independent multifamily parcels), and has a 6-acre commercial site fronting the intersection of Maitland Blvd (Hwy 414 and the Western Beltway). Closed all cash.
Maitland Boulevard Apartments
This 25-acre project is located at the southeast corner of Maitland Boulevard (SR-414) and Forrest City Road (SR-434) in Orlando. It is assembled, rezoned and planned for a proposed mixed use project of retail, hospitality, office and 500+ apartment units. Closed all cash.
Sago Cay Apartments
This 47-acre project is located immediately adjacent to the main entrance for the 62,000 employees of Disney World Theme Park in Orlando. Mr. Wright purchased the property from Centex and had it rezoned and planned for proposed 504 apartment units. Closed all cash. Currently working with Orange County, FL Senior Staff and County Commission to use the site as a pilot project Work Force Housing Facility for Disney employees.
SIGNIFICANT MULTIFAMILY ACCOMPLISHMENTS
1. First developer in Orange County, FL to negotiate and enter into a Capacity Enhancement Agreement (”CEA”) with Orange County Public Schools to permit rezoning of a group of parcels of land from Agriculture to Multi-Family in 2002. CEA’s were required by Orange County government, as part of their implementation of school capacity requirement under the Martinez Doctrine.
2. First Developer to gain initial approval of 100% of deferral of impact fees for a period of three (3) years from date of last Certificate of Occupancy, thereby saving up to $5,300,000 from the development budget on new construction.
3. First developer in Orange County, FL to gain vested rights against school concurrency. School concurrency was adopted state wide in 2008, but implemented in Orange County, FL in October 2008. Essentially saying that you cannot rezone property to multi-family and/or get a building permit, unless public schools serving your property have “capacity” for new students. Most schools in Orange County, FL are over capacity.
PROJECTS AS SOLE MANAGING PARTNER
Valencia Lane Apartments
Mr. Wright acquired the land, rezoned (twice), obtained all entitlements, and then constructed and operated this 240-unit apartment complex in Orlando. The project broke ground in October 2003. The project had a total all in cost of $14,000,000. After lease up, was sold to a condominium converter for $24,000,000
Dean Road Apartments
Mr. Wright assembled five (5) contiguous parcels for approximately $900,000, consisting of a total of 18 acres and rezoned the property for multi-family. The property is at the Dean Road Exit of the East/West Expressway (SR-408) in Orlando and north of Lake Underhill Road. The goal was to develop a 288-unit, garden style, Class A apartment complex. Project was purchased by Cornerstone for condominium development for $3,500,000.
Golden Glades Office Park
A 191,000 square foot office park located immediately west of the Golden Glades Interchange in north Miami-Dade County, in the newly formed City of Miami Gardens. This office park consists of eight low and mid-rise office buildings. It was approximately 77% leased at the time of acquisition in August 2003 and was purchased for approximately $11,000,000. Under Mr. Wright’s management, it achieved 97% occupancy by March 2004. The property was sold in 2008 for $21,000,000.
PRC Plaza
This is a 139,000 square foot, single-tenant, office building located on a 20+ acre parcel immediately west of the Golden Glades Interchange in north Miami-Dade County, which was purchased for $9,500,000. The building was fully leased to Precision Response Corp. Mr. Wright elected not to renew the PRC lease and sold the property in October, 2007 for $16,500,000.
2103 Coral Way
This is a 65,000 square foot, single-tenant, office building in Miami. It was approximately 40% leased at the time of acquisition. The present occupancy is in excess of 90%.
2153 Coral Way
This is a 32,000 sf, single-tenant, office buildings in Miami purchased in 1999 for $2,500,000. Since he had control of the ownership and operation, Mr. Wright successfully extended and renewed the existing lease, as result; this property has been fully leased with substantial increase in rental income. The property was sold summer of 2008 to an all cash buyer for $4,250,000.
Shoppes at Ives Dairy Road
Opened in 2006, this is a 26,000 square foot shopping center located in Miami. National tenants include Starbucks, Chili’s, Footlocker, Radio Shack, GameStop, Subway and Wireless Toyz. The existing partners bought Mr. Wright out of the project in 2006 at a substantial profit.