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Business Observer Monday, Apr. 29, 2013 7 years ago

Developer buys 2,400-acre community

WCI Communities acquires Venice golf course community.

BONITA SPRINGS — WCI Communities says it has acquired Sarasota National, a 2,400-acre golf course community in Venice. Terms of the deal were not disclosed.

Bonita Springs-based WCI emerged from bankruptcy reorganization in 2009, rebounding from the improving housing market in Florida. Last summer, the company raised $175 million in debt and equity in part to make acquisitions.

Sarasota National, located in Venice 20 miles south of downtown Sarasota, has room for 1,584 homes, including 800 homes surrounding the golf and country club. So far, the community has just completed 30 homes. Naples golf architect Gordon Lewis designed the 18-hole golf course.

WCI anticipates starting sales late this year and pricing has not yet been established. The company sells homes from $160,000 to more than $1 million.

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