Minto buys Collier land

NAPLES — Canadian residential developer Minto Communities acquired 2,300 acres near Naples from Collier Enterprises where it plans to build a residential community. Terms of the deal were not disclosed.

The site, known as Sabal Bay, will have room for 1,600 homes. Minto says it plans to start developing the community next year and plans to have the first model home built by the end of 2013.

“This is an exciting acquisition for Minto Communities and this marks our third new community in the Naples market area this year,” says Michael Belmont, president Minto Communities Florida, in a statement. “Sabal Bay represents one of the finest development opportunities on the west coast of Florida and is a significant and important acquisition as part of Minto's strategic growth plan throughout the state.”