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Starwood, SMR form venture to develop 475 acres


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  • | 3:47 p.m. October 1, 2013
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  • Manatee-Sarasota
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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.

LWR Communities LLC will also continue to be the project manager for the property owned by the joint venture.

Starwood Land Ventures is a Lakewood Ranch-based residential real estate firm, focused on land acquisition, development and financing, particularly for large residential master-planned communities, mixed-use projects, land entitlement and development. SMR says that the company's existing presence in Lakewood Ranch is one of the reasons it was selected for the venture.

“SLV has been headquartered here for years and is familiar with SMR's ideals and Lakewood Ranch as a community,” Rex Jensen, SMR's president and CEO, says in a press release. “They understand our commitment to quality. If anything, it's likely to speed development.”

Country Club East, one of 10 villages in 17,500-acre Lakewood Ranch, is a private, gated community built around lakes, nature preserves and an 18-hole Rick Robbins-designed golf course.

 

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