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The Kolter Group buys Bonita Bay's Verandah


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  • | 2:48 p.m. October 19, 2012
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West Palm Beach-based real estate investment company/homebuilder The Kolter Group has completed its purchase of the Verandah community in Fort Myers from Bonita Bay Group. The purchase includes Verandah Club and all unsold developer-owned real estate. Kolter will serve as master developer for the community.

Verandah, located on 1,456 acres along a 1.75-mile stretch of the Orange River, is a gated community with a private club, 36-hole championship golf course, river house and golf pro shop. The property also features a fitness and tennis center, community pool, dog park and nine miles of fitness paths and trails. Of the 1,700 total residences planned for the community, nearly half of the home sites were never built on.

“We couldn't have been more impressed with the level of amenities and the overall quality of the community development at Verandah,” Jim Harvey, president of Kolter Land Partners, says in a press release. “The community is active and vibrant, the club and HOA are strong and the remaining land is a great fit for our homebuilding division and a local custom-builder program. We look forward to continuing the high level of development detail that Bonita Bay Group has brought to this community.”

Kolter says it will support ongoing sales by other builders who already own home sites or neighborhoods in the community and Kolter plans to introduce its own homes by the end of the year.

 

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