- January 25, 2013
BUYER: Minto Sabal Bay LLC, Coconut Creek
SELLER: CDC Land Investments Inc.
PROPERTY: between Dollar Bay and U.S. 41 East, Naples
PRICE: $68 million
LAW FIRM ON DEED: Edwards Wildman Palmer LLP, West Palm Beach
Minto Communities has closed on its 2,416-acre planned Sabal Bay Community in south Naples for $68 million.
The price equated to $28,146 per acre.
The seller, Collier Enterprises, has owned the property for decades and completed the comprehensive permitting and planning process for the more than 1,600-unit residential development prior to the sale.
The new owner/developer has started clearing the property. Site development of the first phase is expected to take a full year. The entire project is expected to take a decade to complete.
“We intend to have a welcome/preview center open in fall of 2013 and first models open to the public in early 2014,” William Bullock, vice president of West Central Florida for Minto Communities - Florida, says in an email to the Business Observer. “The community will be based on casual elegance, old Florida charm and most importantly, the incredible on site ecology.”
More than half, 1,300 acres, of the property is being left as a preserve. The development will feature miles of exercise and hiking paths along with kayaking opportunities connected to a resort-style pool and social/fitness complex.
Minto Communities is renaming the community The Isles of Collier Preserve.
Minto Sabal Bay LLC mortgaged the property to the Collier Development Corp. affiliate CDC Land Investments Inc. for $58 million.