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BUYER: Lindvest Sarasota East Ltd. (principal: George Hofstedter), Toronto, Ontario, Canada
SELLER: Florida Power & Light Co.
PROPERTY: 210 Dog Kennel Road, Sarasota
PRICE: $828,000
PLANS, DESCRIPTION: Toronto-based real estate developer Lindvest Communities Inc. purchased 39.9 acres for $828,000.
The price equated to $20,741 per acre.
The acquisition was part of a trade with Florida Power & Light. Lindvest exchanged a similar parcel near Interstate 75 and existing transmission lines for the Dog Kennel Road property, according to Rolland Piccone, managing partner of GAP Engineering & Planning LLC. Lindvest received land in the middle of the company's proposed village development as part of the deal.
Lindvest Communities recently announced plans to build 1,300 to 1,400 homes on the 450-acre property at the northeast quadrant of Fruitville Road, east of I-75.
GAP, which will oversee planning for the project, expects it to be submitted to Sarasota County in the next few weeks for approvals. Construction on the village infrastructure could start in the second quarter, Piccone says.
Lindvest Sarasota East included the Dog Kennel Road property as part of a $21.65-million mortgage from IberiaBank.
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