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Charlotte-Lee-Collier
Business Observer Friday, Sep. 9, 2005 13 years ago

Real Estate Briefs (Lee/Collier)

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444 Condos Planned in Cape CoralSchool Board buys 28 acres in Cape CoralLand bought forhotel siteCondos and offices planned near Page FieldCape Coral land bought for condos
by: Adam Hughes Staff Writer

Real Estate Briefs (Lee/Collier)

444 Condos Planned in Cape Coral

Buyer: Harbour Development Group

Seller: Simon Offenberg

Property: 3951 Porta Vista Parkway, Cape Coral

Purchase price: $23 million

Law firm on deed: Bolanos, Truxton, PA, Fort Myers

Plans, description: Harbour Development Group plans to build 444 condominiums on 38 acres within the Entrada community in Cape Coral, near the intersection of Del Prado Boulevard and U.S. Highway 41. It will be called the Isles of Porto Vista and will contain 37 three-story buildings. The two-bedroom condos will range in size from 1,200 square feet to 1,400 square feet and cost about $200,000 each. The first residents will start moving in next summer.

The company recently completed the construction of Porto Vista, another condo project near Chiquita Boulevard and S.W. 50th Street in Cape Coral. That development contained 144 units in 12 buildings and sold out in 14 months three years ago.

School Board buys

28 acres in Cape Coral

Buyer: Lee County School Board

Seller: Skyline Trafalgar

Property: 28 acres in Cape Coral

Purchase price: $8.5 million

Law firm on deed: Truman Costello, PA, Fort Myers

Plans, description: The Lee County School Board bought about 28 acres at the southeast corner of Skyline Boulevard and Trafalgar Parkway, Cape Coral, for a middle school and an elementary school. The elementary school is scheduled to open in August 2007 and the middle school in August 2008, said Kathy Babcock, a long-range planner with the school board. The elementary school will accommodate 1,000 students and the middle school will have 1,200 students.

Land bought for

hotel site

Buyer: Wisdom Properties of Florida

Seller: Tamiami Trail Partnership

Property: 14 acres on South Tamiami Trail, Fort Myers

Purchase price: $4 million

Law firm on deed: Henderson, Franklin, Starnes & Holt, Fort Myers

Plans, description: Bonita Springs-based builder Mahmoud Gohari plans to rezone 14 acres on South Tamiami Trail in Fort Myers for a hotel. The property is located 1.4 miles south of Alico Road and is currently zoned for commercial use. Gohari said he hopes the property's proximity to Southwest Florida International Airport will help him market the property for a hotel if the rezoning is approved.

Gohari, who built homes in Potomac, Va., before moving to Fort Myers three years ago, has invested in real estate in the Naples area since 1992.

Condos and offices

planned near Page Field

Buyer: Villages on Gladiolus LLC

Seller: Waldo Roth, Trustee

Property: 10501 Metro Parkway, 10601 Metro Parkway, Fort Myers

Purchase price: $6.6 million

Law firm on deed: Michael K. Feldman, Bay Harbor Islands

Plans, description: Gulf Coast Consulting Group of Fort Myers plans to build 250 to 300 condominiums, most of them with commercial space on the bottom floor on about 25 acres on Metro Parkway near Paige Field. The two- and three-bedroom condos will be in buildings two and three stories high with 1,000 to 2,500 square feet of commercial space on the bottom floor. The condos over commercial space will start at about $500,000. The condos without commercial space range from $229,000 to $259,000.

Gulf Coast Consulting is targeting architects, lawyers, dentists and other professionals who want to live above their workplaces, says Richard Byrd, president of the company. Byrd said he hopes to break ground on the project in the spring 2006.

Villages on Gladiolus mortgaged the property to Old Florida Bank for $5.3 million.

Cape Coral land

bought for condos

Buyer: Bella Tuscany of Cape Coral LLC

Seller: RKR Development LLC

Property: 2320 SW 21st Ave., Cape Coral

Purchase price: $7.5 million

Title firm on deed: Paradise Title Services

Plans, description: Cape Coral developer Jerry Peterson plans to build condominiums on about 23 acres in Cape Coral. Peterson says he has not yet drawn up the plans for the project and could not say how many condos will be permitted on the property. Obtaining the necessary development approvals will take about a year, he says.

Peterson is currently developing Tuscany Court in Cape Coral; he says plans for the new property will probably be similar. Tuscany Court, which will be completed in spring 2006, will have 60 condos. The condos average 1,600 square feet and sold for $300,000 to $350,000. The condos sold out in six months over one year ago, Peterson said. The community is one mile west of Chiquita Boulevard and one mile north of Cape Coral Parkway.

Bella Tuscany of Cape Coral mortgaged the property to AmSouth Bank for $5.6 million.

Etc...

• Jerry Kuhn purchased a 50,000-square-foot industrial building known as the Shamrock Building at 905 S.E. 9th Terrace, Cape Coral, from Alvis Realty Investments, Inc., for $2.9 million. Kuhn is planning to divide the building into smaller spaces for tenants who need 5,000 square feet or less. Gary Tasman of VIP Commercial-TCN Worldwide represented the seller and Van Deems of Phil Deems Real Estate represented the buyer in the transaction.

• Assissi Nadayil purchased Lee Executive Center, a 37,743-square-foot office complex at 3049 Cleveland Ave., Fort Myers, from Gerard Pizzuti for $3.2 million. Steve Wood and Tom Woodyard of D'Alessandro & Woodyard negotiated the transaction.

• Francisco Batista bought a 12,640-square-foot building at 9150 Galleria Court, Naples, from Petro Realty Florida LLC, for $2.4 million. Larry Foster and Bill Young, both of CB Richard Ellis, represented the buyer. The seller was represented by Weichert Realtors-Internet Realty Group.

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