Here's another 750 million reasons why Florida's not a has-been of the real estate world.

Palm Beach developer Kitson & Partners, backed by $750-million in pension fund money from a Chicago private equity firm, is going on a shopping spree in the Tampa Bay area.

Chief executive Syd Kitson's preference is to buy developed and undeveloped land large enough for 500 to 1,000 homes and medium-sized shopping centers anchored by supermarkets. He's looking at several Tampa deals worth tens of millions of dollars.

"We're looking for great locations that would be a good long-term investment," Kitson told the Times Tuesday. "We're patient. We're not out bargain hunting."

Kitson's name might sound familiar. The 6 foot-4-inch Wake Forest University graduate played offensive guard for the National Football League's Green Bay Packers and Dallas Cowboys from 1980-85.

In the business world, Kitson's best known for the massive Babcock Ranch project, approved for 19,000 homes and $6-million-square-feet of commercial development on 17,000 acres in Charlotte and Lee counties. He paid $700-million for the property 3 years ago and set aside most of the land for preservation.

"We're real bullish on Florida," Kitson said. "We're making a billion dollar investment in Florida in addition to the billion dollars we already have here."

Kitson said his company's latest injection of $750-million, courtesy of Chicago's Evergreen Real Estate Partners, allows him to pay cash and bypass the shaky credit market.

Unlike investors who will duck into and dive out of a market in a matter of a couple years, Kitson's views himself as a keeper. When it comes to residential lots, he wants to buy now and develop the land in time for an expected real estate turnaround in 2011.

"We're hoping to become the developer of choice for the builders when they'll need those lots again," he said.