Island boy

COURTESY PHOTO Joe Armenia Joe Armenia moved to Florida in 1977, when he was four. Now he's the Chief Operating Officer of Armenia group, the company his father and CEO John Armenia, started in Brooklyn, N.Y. The elder Armenia already had a successful career as a residential and commercial developer there, but moved to Florida to take advantage of the sun and sand, of course, and the growing real estate market.

Armenia's parents still live in the same house they moved to on Captiva Island in 1980.

"It was definitely a unique way to grow up," he said. "When we first moved out there there was no cable. The bus ride was two hours each way to school. We did a lot of boating, waterskiing, fishing…We spent a lot of time at South Seas Resort."

That's near where Armenia worked his first job, at the Mucky Duck on Captiva, when he was 14 and washed dishes all summer.

"Every year the same kids would come back over the summer," he said. "I still have really good friends around the country."

Armenia grew up around his father's business, too. The family's first development was on Sanibel Island, called Janthina, which is a type of seashell. Another was Sanibel Harbor.

COURTESY PHOTO The entrance to Riva Del Lago, a two-tower, 206-unit, 21-story condo in South Fort Myers. "Most of our developments were on the islands," he said.

And most of them were fairly small, 4 to 18 units, due to building codes.

Young Armenia left to get a B.S. from the University of Florida, and an MBA from Penn State. He went on after that to get some good business experience at Ernst & Young in New York City, providing consulting services for investment banks and developers

involved in investment banking. He enjoyed the restraunts, culture, and a good group of friends there, he said.

"I was next to Will Smith one time in a clothing store," he said. "I loved New York. I didn't leave because I really wanted to; I left because the growth in Lee County was really booming…and what I'd been doing translated very well into working here."

Part of moving back included working with his father.

COURTESY PHOTO A view of the pool and Lakes Park from Riva Del Lago. "We work side by side pretty much on everything," he said.

For example, they recently finished one of Armenia Groups biggest achievements, literally: a two-tower, 206-unit, 21-story condo called the Riva Del Lago. It is the first inland high rise in Fort Myers, providing a view overlooking Seven Lakes Park.

"My father purchased the land 10 years prior to moving forward on the project," he said. "We decided it was a hold for a while."

When the market was right, they developed, and when construction was completed in Nov. 2005, almost 85 percent of the 206 units had been sold out.

"We currently only have 12 out of the 206 units left," he said.

Armenia said he and his father will continue to develop in Southwest Florida, but do intend to broaden their area of development as well. He said Tampa might be next. Also, Armenia Group just joined forces with The Griffin Group to create Integrated Property Solutions, a service which will provide consulting to developers, landowners, and lenders facing challenges in a downturned real estate market.

At only 34 years old, Armenia has accomplished a lot; he also has a wife, Monet, and two sons, 3 and 1. He works long hours; but he's not keeping track.

"I hate putting hours to my work," he said. "When you have a family business, it really never leaves you. In a sense, you're kind of always working."