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NAPLES — Stock Development acquired 234 lots at Quail West from Quail West Development Co., a North Naples luxury development that was launched during the boom by failed Orlando developer Ginn Co. Terms of the deal were not disclosed.
Fort Myers commercial developer and luxury homebuilder John McGarvey and three partners — William Price, Dan Gerner and Alan Freeman — acquired Quail West's 262 lots along with the country club and two golf courses at a bankruptcy auction of Ginn-LA for $13.5 million at the depth of the real estate bust in 2009. That equates to a price just less than $52,000 per lot.
Naples-based Stock Development now plans to sell homes priced at more than $1 million at Quail West. Two models there now under construction will cost about $1.5 million each.
Privately held Stock Development has been acquiring lots over the past year in various communities in Collier County to take advantage of the economic recovery. It has developed communities such as Lely Resort and Olde Cypress in Naples and Grandezza in south Lee County.
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