The mission of FRP Development Corp./Florida Rock Properties, Inc. is to be considered by its shareholders as being a premier, well managed, and profitable full-service real estate development company; one that specializes in the design, construction, ownership, and management of office, warehouse and flex-type facilities.
We will seek opportunities that allow for the exploitation of our entitlement and land development expertise along with our construction and property management capabilities. Our focus is the accumulation of land and/or existing buildings to create a critical mass of 500,000-750,000 square feet in a given market area. This direction does not preclude diversification into other types of development such as mid-rise office, multi-family, and other "higher-end" and more valuable uses, provided these opportunities reinforce and support our core business.
In addition to maintaining and enhancing the value of our existing portfolio, we constantly investigate other sub-markets within a 1.5 hour travel time radius of our headquarters in Baltimore County, Maryland, that offer the ability to augment our existing asset base and/or enter new markets. Growth and enhanced profitability will be orchestrated by an income stream generated from our developed building portfolio, royalties and sales proceeds from our mining properties, select building sales to third parties, and the sale, lease or joint venture of horizontally developed land not applicable to our core business, while maintaining a strong capital structure and suitable returns to our stockholders.