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Business Observer Wednesday, May 25, 2022 4 months ago

Georgia developer buys Punta Gorda land with plans to build apartments

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Novare Group will build a 270-unit complex on Sandhill Road in Charlotte County.
by: Louis Llovio Commercial Real Estate Editor

A 31-acre parcel of property in Punta Gorda has been sold to an Atlanta developer that plans to build 270 apartments on the site.

The Novare Group, which paid $3.2 million for the property at 24750 Sandhill Blvd., is expected to begin construction on the complex in August.  

Mike Migone, who handled the sale of the land for SVN Advisory Group, says in a statement that the complex will help address a growing need for housing in the area, a problem made worse by fast growth.

“Since the economic downturn in 2007 and 2008, investors started liquidating their assets, and new construction slowed down considerably,” he says. “As a result, we’ve had a residential shortage for some time across the entire U.S. That’s why developments like this one are so important to the community.”

Novare was founded in 1992. The company originally specialized in mixed-used development but delivered its first high-rise apartment tower in 2002. Today, it owns more than 18,000 multifamily units in more than 60 cities, including Orlando, Tallahassee and Tampa, with projects ranging from towers to garden apartments.

According to its website, it has managed more than $3.5 billion of development and investment since it opened its doors.

Mingone says the neighborhood, which is close to several major retailers, is ripe for a multifamily development. “The area is growing, and the property is close to I-75. There are a lot of job creators nearby, too, including the Sunseeker Resort Charlotte Harbor, which will be opening in May 2023.”

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