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BUYER: Minto Communities LLC (principals: Michael Belmont, John Carter, William Bullock and Steven Svopa), Tampa
SELLER: VOBN Land Investment LLC
PROPERTY: 25401 Old 41 Road, Bonita Springs
PRICE: $4.25 million
LAW FIRM ON DEED: Bolaños Truxton PA, Fort Myers
PLANS, DESCRIPTION: Coconut Creek-based Minto Communities LLC purchased the 85-acre Villages of Bonita North for $4.25 million.
The price equated to $50,000 per acre.
Minto Communities plans to develop the property into a community called Bonita Isles. The gated community will feature 220 residential homes with a pool and walking trails. Homes will range from the low $200,000s to more than $300,000.
“It's a real nice infill community that hasn't seen new-home construction in a while,” says Michael Belmont, Florida president for Minto Communities. “It's a great location.”
Randy Thibaut and William Rollins of Land Solutions Inc. handled the transaction.
Thibaut says the sale further validates that land values from Estero to Naples have stabilized and grown substantially over the past 36 months. Homebuilders have been particularly focused on buying infill and prime locations over the past 12 months, he says.
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