CAPE CORAL — Taylor Morrison, homebuilder with operations in five states, purchased 577 home sites in Cape Coral's Sandoval community from the Bonita Bay Group late last month. Financial terms were not disclosed.
As a result of the transaction, Bonita Bay Group is fully divested from the 524-acre, 6-year-old development project.
The Bonita Bay Group opened Sandoval in 2005 as the first master-planned, gated community in Cape Coral. In 2011, the development saw more than 120 new home sales, a release says.
Steve Kempton, president of Taylor Morrison West Florida, says construction activity at the development attracted his company's interest. “Sandoval consistently accounts for about 50% of all building permits in the city of Cape Coral,” Kempton says in a release.
All Sandoval employees will retain their current positions after the transaction closes, Kempton says.
Gary Dumas, vice president of Bonita Bay Group, says the Sandoval sale will not affect his company's handling of Verandah, Bonita Bay Group's last remaining community, which is located in Fort Myers.
“Verandah is about half-sold on the real estate side, and the membership club there is thriving,” Dumas says.
Headquartered in Scottsdale, Ariz., Taylor Morrison oversees more than 130 communities in Arizona, California, Colorado, Florida and Texas. The company also operates Monarch, one of Canada's largest homebuilding companies.