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Real Estate Briefs (Lee/Collier)
Texas developer plans Fort Myers condos
Today Realty Advisors, a Dallas, Texas-based developer, bought the Riverwalk apartment building at 2515 First Street in downtown Fort Myers for $8.4 million. The company plans to raze the apartment building after the last renters leave in January and will build a residential complex that will include six townhomes that will line First Street, a seven-story building with 35 condominiums and 11 attached villas that will fan out toward the Caloosahatchee River. Prices will start at $664,000 for the townhomes and reach $2.3 million for a penthouse condo.
The demolition of the old building will occur in March or April, says Lisa Green, vice president with Today Realty Advisors. The complex, which will be called Riverwalk at Sunset Condominiums, will take about a year to build and could be ready for residents in spring 2007, Green says.
Today Realty Advisors is a privately held company owned by Eric Brauss, a German businessman who started investing in U.S. real estate when he opened an office in Dallas in 1990. Since then, the company has acquired or developed $1.4 billion worth of properties, most of which has been retail and multifamily, Green says. Riverwalk is the company's third project in Florida; it has two other condo projects in Pensacola and Panama City Beach.
FM Riverwalk mortgaged the property to Wachovia Bank for $6 million.
Wal-Mart to Build Third
Supercenter in Collier
Buyer: Wal-Mart Stores ELP
Seller: Gateway Shoppes 2 LLC
Property: 6540 Collier Boulevard, Naples
Price: $14.2 million
Previous Price: $2.8 million, July 2002
Law firm on deed: Gray, Robinson PA,Tampa
Plans, description: Wal-Mart bought a parcel of land in Naples near the intersection of Collier Boulevard and U.S. 41. The company plans to build a 200,000-square-foot supercenter there next year.
"We're still in the permitting stages," says Eric Brewer, Wal-Mart's manager for community affairs for Florida. It generally takes about one year to build a supercenter, and Brewer said the company hopes to start construction next year.
Wal-Mart currently has two superstores and two older discount stores in Collier County. In addition to grocery stores, supercenters include a lawn-and-garden center, a tire store, a fast-food restaurant and an optical store.
Lennar to build
condos in Fort Myers
Buyer: Ascot Preserve LLC
Seller: Dwight S. Baird, Trustee
Property: 1560 Bass Road, Fort Myers
Price: $3.2 million
Law firm on deed: Sheppard, Brett, Stewart, Hersch & Kinsey PA, Fort Myers
Plans, description: Ascot Development of Delray Beach bought about 50 acres on Bass Road in Fort Myers and subsequently sold the land to Lennar, says Teri Gevinson, a principal with Ascot. Darin McMurray, regional vice president with Lennar, says the company is still in the preliminary planning stages for a condominium project on the property and has not yet established the number and size of the condos.
However, McMurray says prices will start in the $200,000 range, and he hopes construction will begin in the middle of 2006. Ascot is now developing the property for Lennar.
US Home buys
condo tract at Heritage Bay
Buyer: US Home Corp.
Seller: Bayvest LLC
Property: Tract B at Heritage Bay development in Naples
Price: $4.1 million
Title company on deed: North American Title Co.
Plans, description: US Home is developing Heritage Bay, a community on Immokalee Road near Collier Boulevard, and the builder is buying the land in tracts over time.
The company started building Heritage Bay this summer. When completed, Heritage Bay will have 1,350 homes and a 27-hole golf course, including both condos and single-family homes. The company is installing infrastructure now and hopes to have the first closings in the second quarter of 2006.
Condo-hotel planned
for Inn at Pelican Bay
Buyer: IPB Development LLC
Seller: Bay Inn Inc.
Property: 800 Vanderbilt Beach Road, Naples
Price: $13.3 million
Law firm on deed: Ronald W. Ritchie PA, Naples
Plans, description: Naples construction company Gates McVey has purchased the Inn at Pelican Bay and plans to turn the 12-year-old hotel into a condominium hotel. With a condo hotel, investors buy the individual rooms and rent them out as hotel rooms when they're not using them.
Scott Lodde, president of GM Hospitality, a division of Gates McVey, says rooms at the hotel will cost from about $200,000 to slightly more than $300,000. Although sales have not started, Lodde says demand is strong and most of the rooms could be sold by the end of the year.
Gates McVey is renovating the 100-room hotel and spending about $15,000 per room, or $1.5 million. It has contracted with Guest Services Inc. of Fairfax, Va., to manage the hotel. Lodde says renovations are scheduled to be completed by the end of the year.
Tampa group plans
Fort Myers Beach condos
Buyer: Vida Estero Beach Ltd.
Seller: Ecoventure Carousel Ltd.
Property: 6240 Estero Blvd., Fort Myers Beach
Price: $7.1 million
Previous Price: $4.7 million, January 2003
Law firm on deed: Foley & Lardner LLP, Tampa
Plans, description: Tampa-based developer BVG Inc. plans to develop a beachfront parcel on Fort Myers Beach into condominiums. Holly Mostoller, director of marketing for BVG, says the company has not yet determined how many condos it will build or how much they will cost. However, BVG hopes to start pre-construction sales in the spring. This is BVG's first project in the Fort Myers area.
Pulte buys 44 acres
in Fort Myers
Buyer: Pulte Home Corp.
Seller: Majestic Fountains LLC
Property: 43 acres at McGregor Boulevard and Kelly Road
Price: $2.68 million
Attorney on deed: Duncan & Tardif PA, Fort Myers
Plans, description: Homebuilder Pulte Homes has purchased 44 acres near the intersection of McGregor Boulevard and Kelly Road in Fort Myers where it plans to build 186 carriage homes and 240 condominiums in a development it calls Majestic Palms.
The carriage homes will consist of 25 two-story buildings, including 18 buildings of eight residences and seven buildings of six homes each in a neighborhood called Sabal Pointe. The 240 condos will be split among six four-story buildings in a neighborhood called Royal Pointe, says Jill Hoffman, vice president of sales and marketing for Pulte. The land plan for Majestic Palms includes four lakes and a wooded nature preserve.
Pulte hopes to start construction of Majestic Palms later this year. It has started selling carriage homes in Sabal Pointe and prices start at about $250,000. Sizes range from 1,438 to 1,797 square feet. Condo sales will begin next year; prices are not yet available.
Prime Homebuilders plan
town homes for Lee, Collier
Buyer: Portofino Falls Builder Inc.
Seller: Wolf Creek Estates LLC
Property: 20 acres of land near Vanderbilt Beach Road and Collier Boulevard
Price: $2.6 million
Previous Price: $1.3 million, April 2004
Law firm on deed: Goodlette, Coleman & Johnson PA, Naples
Plans, description: Prime Homebuilders of Fort Lauderdale bought 20 acres of land near the intersection of Vanderbilt Beach Road and Collier Boulevard in Collier County where it plans to build about 490 townhomes, says Fred Abbo, president of the company. The site, which does not yet have an address, is on the north side of Vanderbilt Beach Road near the Island Walk residential community, he says.
"We hope to start breaking ground at the end of October," Abbo says. The three- and four-bedroom townhomes at the Falls of Portofino will cost in the $300,000 range. Residents are scheduled to move in mid-2006.
Prime Homebuilders recently has acquired other parcels of land in Lee County to build townhome communities. It plans to build 400 townhomes on a tract near the intersection of Corkscrew and Alico roads called Portofino Vineyards; 300 townhomes on Colonial Boulevard near Interstate 75 called Portofino Cove; and 192 townhomes on Daniels Parkway. All will be priced below $400,000, Abbo says.
Prime Homebuilders is a family-owned company that has been building in South Florida for decades. Abbo says the company has had to expand to other parts of the state because of the lack of available land in the southeast. "We've got scouts all over Florida looking for land," he says.
Etc...
• Frank D'Alessandro and Tom Woodyard, co-trustees, purchased 11.49 acres at the northwest interchange of Interstate 75 and Martin Luther King Jr. Boulevard from Leonard Belli Trust for $2 million. Nathan Sheppard and Frank D'Alessandro of D'Alessandro & Woodyard negotiated the transaction.
• David Welsh LLC, Talan Corp. and Stephen Haywood bought a 5.22-acre lot at 10260 Metro Parkway in Fort Myers from Herd Enterprises Inc. for $650,000. Stephen W. Haywood of Tudor Villas Realty Corp. represented the buyers and Paul Sands and Mike Doyle of VIP Commercial-TCN Worldwide represented the seller.
• Florida Home Builders bought 1.39 acres in Westgate Industrial Park at 213 Wallace Ave. in Lehigh Acres from James Neel, Trustee, for $558,000. David Zorn of DR Zorn & Associates represented the buyer and Bill Shuba of D'Alessandro & Woodyard represented the seller.
• Floors Today leased 11,715 square feet of space in the Jamaica Bay Plaza at 15091 South Tamiami Trail in Fort Myers from DRW Partnership LLC. Larry Foster and Bill Young, both of CB Richard Ellis, represented the tenant. Dan Miller of ReMax Commercial represented the landlord.
• Alpha Omega Supplies leased 5,850 square feet of industrial space in the Metro Distribution Center at 4051 Warehouse Road in Fort Myers from Medsup Development/Metro Distribution Center. Stan Stouder of CB Richard Ellis negotiated the transaction.
• Flooring Decor leased 5,411 square feet of industrial space at 2900 Horseshoe Drive South in Naples from CPOC Realty LLC. Scott Dunnuck, George Atkinson and Ryan Baum, all of CB Richard Ellis, represented the landlord. George Atkinson and Ryan Baum, also of CB Richard Ellis, represented the tenant.
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