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BUYER: Colonial Commons LLC, Concord Ontario, Canada
SELLER: TerraCap CW Partners LP
PROPERTY: a portion of the corner of Colonial Boulevard and Winkler Avenue, Fort Myers
PRICE: $2.3 million
PREVIOUS PRICE: $12.54 million, June 2005
LAW FIRM ON DEED: Pavese Law Firm, Fort Myers
PLANS, DESCRIPTION: An investment group, primarily owned by Norstar Development USA LLC, purchased 25.73 acres west of Winkler Avenue south of Colonial Boulevard for $2.3 million.
The price equated to $89,390 per acre.
Norstar Development USA LLC plans to develop a 350-unit resort-style apartment complex it is calling Colonial Commons. The developer expects to start work on the project by the end of February and will have it completed in 16 to 18 months. The project will feature 14 buildings surrounding three ponds, a swimming pool, sand volleyball court and fitness center.
“We have experience there and have been watching the market,” says Gary Silver, president of Concord, Ontario-based Norstar. “There hasn't been anything built there in about eight years in the rental market. We felt it was time to build something really special. We love the location; it has great easy access to I-75 and the city.”
Fort Myers-based PDS Architecture Inc. designed the project.
Doug Meschko and Randy Thibaut of Land Solutions handled the transaction.
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