Baldwin Park – Real Estate For Sale

Baldwin Park new era began Nov. 16, 2007. That was the day the purchase of Baldwin Park Development Company by New Broad Street Investments LLC from the original developers, the Pritzker family of Chicago, was finalized.

“We see it as a natural transition for a community developer to move on when all or most of the land has been sold to residential and commercial builders,” Penny Pritzker, president and chairman of Pritzker Realty Group, said in announcing the deal.

David Pace, the Celebration veteran who had been managing director of Baldwin Park Development when it had been part of the Pritzker portfolio, became CEO of New Broad Street Companies. He brought along John Classe, another longtime colleague, as his new chief operating officer, as well as a number of others from the original development team.

“It was a great way for the old ownership to exit gracefully,” Classe said. “David [Pace] and his company bought the whole project — not just the land. He formed this new company that has all the expertise of the original team that created the project. We’re still here [continuing to oversee Baldwin Park], but we’re also looking for new projects.”

“Landowners and town planners from throughout the country have come to study our ‘secrets,’ and now they can partner with us to achieve their own goals of building similar great places,” David Pace said as the purchase from the Pritzkers was finalized.

Pace, Classe and the others will help maintain the new urbanist vision of the neighborhood as properties begin to turn over within it. New buyers coming in may not have been exposed to that vision the way original owners were, Classe suggested, and so New Broad Street Realty will “tell that story to the second buyer.”

“This team wants to finish what it started,” Pace said.