Starwood, SMR form venture to develop 475 acres

LAKEWOOD RANCH — Schroeder-Manatee Ranch Inc. (SMR) and Starwood Land Ventures LLC have formed a new joint venture to acquire the remaining land in Country Club East. The deal covers roughly 475 acres, or more than 600 existing and yet-to-be-developed lots.

The new joint entity, SLV II CCE Venture LP, purchased the property from an affiliate of Schroeder-Manatee Ranch, Country Club East Investors LLC, for $23.4 million. Based on the rough acreage, the price equated to $49,263 per acre.

As part of the deal, the joint venture will help construct a new clubhouse with more than 10,000 square feet and a new driving range at the Royal Lakes golf course. The golf course itself was not part of the sale and will remain wholly owned by SMR.