Cameratta acquired the property, known as the 2 X 4 Ranch, inApril 2006 from McCarlton Partners LTD. Carlyle acquired a 50%stake in the property from Cameratta. Financial details were notdisclosed.

A project cost and scheduled groundbreaking have not yet beendetermined. "This is a rare development opportunity," says theCarlyle Group managing director and head of the US real estate teamRobert Stuckey. "Demand for planned communities is on the rise, aspeople seek out environments that combine housing, shopping andrecreation."

The companies will develop plans for the community and seeklocal and state approvals over the next two years. Preliminaryplans call for a mix of multifamily and single-family housing onthe site. In addition to the residential and commercial space,plans for the site include developing schools, houses of worship, agolf course, recreation facilities, athletic fields and walkingtrails.