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BUYER: Florida Gulf Coast University Board of Trustees, Fort Myers
SELLER: Towne Place UCA LLC
PROPERTY: a portion of College Club Loop west of Ben Hill Griffin Parkway, Fort Myers
PRICE: $8 million
PREVIOUS PRICE: $3.98 million, December 2005
LAW FIRM ON DEED: Conroy Conroy & Durant PA, Naples
PLANS, DESCRIPTION: Florida Gulf Coast University purchased 24.5 acres behind its West Lake Village apartment complex for $8 million.
The price equated to $326,531 per acre.
The university purchased the property, located two miles north of its campus, to eventually develop additional student housing.
“We are probably looking at doing this over the next five to 10 years,” says Dr. Joe Shepard, vice president for administrative services and finance. “Bed-wise we will probably be able to put 1,100 to 1,500 students there.”
Shepard hopes to start the first building in the next two to three years.
The Florida Gulf Coast University Board of Trustees mortgaged the property to the former owner, Town Place/UCA LLC, for $3 million.
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