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Stock Development buys back Lely Resort piece


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  • | 11:18 p.m. January 29, 2010
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  • Commercial Real Estate
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Stock Development buys back Lely Resort piece


BUYER: KCS Plantation LLC (principal: Kenneth Stock), Naples


SELLER: Regions Bank


PROPERTY: a portion of Lely Resort off Wildflower Way north of U.S. 41, Naples


PRICE: $3 million



PLANS, DESCRIPTION: Naples-based developer and homebuilder Stock Development purchased a 14.33-acre tract in the community for $3 million. The purchase price equated to $209,351 per acre.


Stock Development is the master developer of the Lely Resort. The previous owner of the property planned to develop it with 84 multi-family units.


Keith Gelder, development manager for Stock Development, says the company is still evaluating it plans for the property.


“We will ultimately develop and build on that piece,” Gelder says. “We have been developing there since 2001. It is a challenging market, but there is a lot opportunity out there.”


Stock Development added the property to a mortgage with Regions Bank for $42 million.

 

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