BUYER: KE Tuscany Reserve Properties LLC (Kitson & Partners), Palm Beach Gardens
SELLER: AB Naples LLC, AB Pistoia LLC, AB Toscana 802 LLC and AB Toscana 804 LLC
PROPERTY: Tuscany Reserve, between Immokalee and Bonita Beach roads, North Naples
PRICE: $31 million
PREVIOUS PRICE: $65 million, May 2008
LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples
PLANS, DESCRIPTION: Palm Beach Gardens-based Kitson & Partners purchased the 450-acre Tuscany Reserve golf course community from Addax Bank for $31 million.
The price equated to $68,889 per acre.
The prominent developer previously announced plans to resume development of the club facilities and homes. Nearly 80% of the infrastructure in Tuscany Reserve is complete.
WCI, the original developer, sold the property to Bahrain-based Addax Bank in 2008. The development has largely been on hold since then. But Kitson & Partners officials say the property is in good shape.
“As the economy rebounds we believe Southwest Florida's housing market will lead the way,” Syd Kitson, chairman and CEO of Kitson & Partners, says in a press release. “Real estate always comes down to location — and Southwest Florida remains one of the best places to live in the country.”
The community is approved for up to 799 residential units, but Kitson & Partners says the market will drive the final number and mix of homes. Pete Dye and Greg Norman designed the Tuscany Reserve golf course.
“We are fortunate to be buying this project at the right time, in one of the most attractive markets in the state of Florida,” Tom Hoban, managing partner and an owner of Kitson & Partners, says in the release. “The Naples market is largely built out.”
In addition to the Tuscany property, Kitson & Partners recently closed on the purchase of the 60-acre redevelopment Bay Pines property in Pinellas County.
Best known for its Babcock Ranch development, Kitson & Partners has developed and managed several large-scale master planned communities in Florida and the northeast United States. Founded in 1992, Kitson & Partners owns 21,000-entitled residential units, 6.2 million square feet of commercial entitlements and 1.6 million square feet of existing retail shopping centers in Florida.