BUYER: HCC MP LLC (principal: K. Lawrence Gragg), Coral Gables
SELLER: Halstatt LLC
PROPERTY: a portion of the intersection of Airport-Pulling Road and Golden Gate Parkway, Naples also known as tract 3 and 4 of Moorings Park at Grey Oaks
PRICE: $4 million
HCC MP LLC, a joint venture of Coral Gables-based Codina-Carr Co. and Naples-based Barron Collier Cos., purchased 8.86 acres of vacant land for $4 million.
The price equated to $451,467 per acre.
The two tracts will be used as the third and final phase of the Moorings Park at Grey Oaks senior housing development. HCC MP is developing the residential project for retirement community operator Moorings Park.
As with the other two phases, the third phase will feature 32 residential units in four buildings over parking. Units are about 3,000 square feet, and prices range from $1.2 million to more than $1.5 million.
“Moorings Park already has reservations on 94 of the 96 units,” says Brian Goguen, principal of Halstatt Real Estate Partners and chief operating officer for the Barron Collier Cos. “They've given us the go-ahead to start construction on the third phase.”
Construction on the first two phases started earlier this year and site work is already underway on the final phase. Vertical work on the third phase is expected to start in about three months.
The first phase of the development is set for completion in the late fall, followed by the second in the first quarter of 2016 and the third in the second quarter of 2016.
Goguen attributed the early sales success of the project to its quality, the general affluence of the Naples market and the strength of the Moorings Park and Grey Oaks brands.
Codina-Carr will be overseeing the design and construction of the project and Sotolongo Salman Henderson Architects LLC is its architect.