1. Benderson Development in Florida

Managing director: Randy Benderson

Established in Sarasota-Manatee in 1995; national headquarters moved to Sarasota in 2003; about 150 employees in Florida; 8441 Cooper Creek Blvd., University Park, FL 34201; (941) 359-8303; www.benderson.com

Current projects: A $183 million retail/residential development University Town Center on 130 acres at University Parkway and I-75 (Phase One's SuperTarget opened last summer), with an expected $500 million in annual retail sales.

Siesta Pointe, an upscale, mixed-use project with a hotel, retail and housing on 25 acres at the corner of Stickney Point Road and U.S. 41, the former site of the Pine Shores Trailer Park.

Renovation of the 131,000-square-foot Ellis Building, 1605 Main St. in downtown Sarasota, with a second tower for a 337-room hotel, 168 residential units, retail and a restaurant. Construction should begin fall 2007.

Sarasota-Bradenton Commerce Center, Whitfield Avenue and 15th Street East. Its 679,900 square feet of office/warehouse and light industrial space is 98 percent leased.

North Port Consumer Square, developed in partnership with Pat Neal, at Toledo Blade Boulevard and I-75, will include 339,000 square feet of retail, 2,388 residential units, medical park, and elementary and middle school sites. Phase One residential units are under construction.

In brief: Natural beauty drew company founder Nathan Benderson to live here, but population growth and the consumer demographic drove the retail giant to relocate its headquarters to Sarasota in 2003. Benderson plans to construct up to 6 million square feet of office parks and retail/residential mixed use from Ellenton to North Port. In 2004, the firm sold 110 of its retail properties to Cleveland's Developers Diversified Realty Corp for $2.25 billion while retaining ownership of 650 retail and commercial properties encompassing 35 million square feet, making it one of the largest privately owned development companies in North America.

Media-shy Randy Benderson, Nathan's son, is described as an unassuming, hard-working dealmaker whose "word is solid gold," says partner Pat Neal. Sarasota County Commissioner Shannon Staub, who has witnessed Benderson's amicable approach to county requests and changes, says he's not your flashy Florida developer. "When he gets up at the dais, he's almost humble," says Staub.

2. Corvus International

CEO: Tim Morris

Established in 1995; 10 employees; 1401 Manatee Ave. W., Suite 500, Bradenton, FL 34205; (941) 708-9220; www.corvusint.com

Signature projects: Positano on the Gulf, 29 condominiums priced from $2.5 million to $3.5 million on the site of the former Holiday Inn on north Longboat Key, and Bel Mare at Riviera Dunes, a $120-million waterfront condominium project in Palmetto with three 15-story towers and an average price near $1 million.

Current projects: Sanctuary Cove, a $1.5-billion mixed-use development on 255 acres with 1.5 miles along the Manatee River; includes nine, 12-story towers ranging from $450,000 to $2 million and 250,000 square feet of commercial space. The five-year project is expected to break ground in early 2007.

Avalon at the former Hibbs Farm and Garden center on Fruitville Road and Lemon Avenue, a $75-million commercial project with potential for up to 300,000 square feet. It was redesigned in late 2006 to include a bank branch, office condos, apartments and a boutique hotel.

In brief: For a man with $2 billion to $3 billion in projects under development, Tim Morris is refreshingly candid and accessible. A graduate of West Point, Morris founded an industrial real estate brokerage in the Midwest, which evolved into a real estate service firm, the Manhattan Company, to handle planning and transactions for business clients, mostly in the automotive industry. In 1995, Morris founded Corvus International, which has specialized in luxury residential and mixed-use projects in Florida since 2000.

Key to success in this market: "We've had a reasonable basis to control construction costs. We also have good staying power to let the market settle," Morris says. "We run a lean operation with 10 employees and can make decisions and move quickly."

Commercial market watch: "People flipped until the music stopped, and then their projects wouldn't work because of land costs," he says. "There's going to be some fallout over the next 10 to 12 months and a number of opportunities where people just want to get out."

Biggest challenge: "Finding good subcontractors and managing the schedule," says Morris. With the rise in building costs, "subcontractors were dictating the terms to developers. That pendulum is starting to swing back as costs come down."

3. Fourth Quarter Properties - Thomas Ranch

Founder and CEO: Stan Thomas, Thomas Enterprises

45 Ansley Drive, Newnan, GA, 30263; (678) 423-5445; www.thomasent.com

Current project: Thomas Ranch, a 15,000-acre property in South County, extending beyond the city of North Port. Thomas purchased the 28-square-mile property for $78 million from the Taylor family in 2001. It is expected to take 20 years to build out and will include 15,000 homes within eight villages, three million-plus square feet of commercial and retail, three fire stations, a police station, a city hall annex and 196 acres of public parks. The roads, utilities and other infrastructures are being built by the West Villages Improvement District, a special taxing district created by the Florida legislature. DiVosta Homes began building the first 1,869-residence village, called Island Walk, in 2006.