In 2005, Art sold Transeastern to Technical Olympic USA (“TOUSA”) for a total consideration of $1.6 billion. Since 2004, Art has served as Chief Executive Officer and Chairman of Falcone Group, a vertically- integrated real estate and land development organization specializing in residential, retail and apartment assets. As the economy rebounded, this asset base fueled Transeastern’s growth, within 15 years Transeastern had become the largest private homebuilder in Florida and one of the top 25 homebuilders in the United States. Transeastern began purchasing residential and mixed-use properties from distressed and bankrupt sellers and capitalizing on foreclosures against distressed housing debt brought on by the national recession in the late 1980’s and early 1990’s. In 1988, Art formed the homebuilding and land development company Transeastern Properties, Inc. He eventually became the owner and operator of more than 100 McDonald’s, Wendy’s and other family-style restaurants throughout New York, Florida and California, and was also a Days Inn Hotel franchisee. Art started his career in development more than 35 years ago, investing in fast food restaurants, hotels and health clubs in New York, and at the age of 22 became the youngest operator of a McDonald’s franchise. Spanning more than 30 acres across nine blocks in the heart of downtown Miami, the entitled project allows for more than 15 million square feet of mixed-use development, including retail, restaurant and entertainment, hotel, residential, and office. Art is also the founder and Managing Principal of Miami Worldcenter, one of the largest master-planned urban developments in the United States. Falcone is a co-founder and Managing Principal of Encore Capital Management and sits on the Investment Committees of its three funds.
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