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Minto Communities has begun to sell homes in its Perico Island development, Harbour Isle on Anna Maria Sound.
The firm always planned to restart the community heading into 2011, according to Michael Belmont, president of Minto Communities. But it helps that market conditions have improved, Belmont says.
“When we underwrote the project we had anticipated opening in 2011,” Belmont says. “Based on our research, we found a lack of new housing in the market and pent-up demand. We've also repositioned the product to be much more affordable than what was originally envisioned years ago.”
For example, Belmont says the original developer, The St. Joe Cos., started units in the high $500,000 range, but Minto will debut in the low $320,000s.
Minto plans to start with the Mangrove Walk on Harbour Isle, a gated 96-home neighborhood on the east side of the property. Home units in the first community will range in size from 1,600 to 2,500 square feet and will be two or three stories. The entire development calls for a total of 686 residential units.
The first phase will feature a pool, an outdoor recreation area and walking trails. Minto plans to develop the Grand Beach club, the main community amenities and a 119-slip marina during a later phase. Minto, which recently reopened a sales and information center at Perico Island, is currently building in Sun City Center, FishHawk Ranch and the Country Club East in Lakewood Ranch.
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