, Newburyport, MA

Local News

March 13, 2008

Biography of Stephen R. Karp

Stephen R. Karp

Residences: Weston; Nantucket

Age: 67

Business: Chairman, CEO and founder of New England Development

Net Worth: $1 billion (Ranked #891 in Forbes Magazine's 2007 list of world's billionaires)

Ten things to know about Karp:

1. Entered shopping mall business in late 1960s. Founded New England Development in 1978.

2. Member of the Greater Boston Real Estate Board and Urban Land Institute.

3. Worked his way through Boston University working construction before convincing his employer, a developer, to partner with him on mall development in Danvers. The Liberty Tree Mall was the first of 20 he built.

4. In 1999, sold those 14 malls to the Simon company for $1.7 billion.

5. Serves on Board of Directors of Not Your Average Joe's.

6. Had a hand in several high-end hotel and retail projects, such as Nantucket Island Resorts and the pending Pier Four project in Boston. He owns much of downtown Nantucket.

7. Helped create planned communities, such as the 3,000-acre Pinehills development and the Pinehills Golf Course in Plymouth; has built smaller shopping centers throughout Massachusetts.

8. In 2001, partnered with Joseph O'Donnell to make an unsuccessful bid for the Red Sox. He and O'Donnell successfully built the Westin Boston Waterfront hotel.

9. Through several different limited liability corporations, invested at least $36 million buying up property in Newburyport. Much of that investment came when Karp bought the property holdings of longtime Newburyporters Chuck and Ann Lagasse.

10. In May 2004, donated $15 million to Children's Hospital Boston, a gift to help build the hospital's 12-story research center. The building now bears his family's name, Karp Family Research Laboratories. He is also chairman of the board for Children's Hospital.

Source: Forbes Magazine, Boston Magazine

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