BUYER: Naples Custard LLC (manager: Mike Busalacchi), Brookfield, Wis.
SELLER: Collier Land Development Inc.
PROPERTY: 5102 Tamiami Trail E., Naples
PRICE: $1.1 million
LAW FIRM ON DEED: Cozen O'Connor, West Palm Beach
Mike and Vinnie Busalacchi purchased 1.09 acres on U.S. 41 south of Thomasson Drive/Rattlesnake Hammock Road for $1.1 million.
The price equated to $1 million per acre.
The father and son business partners purchased the land to create a second Culver's restaurant in Naples. They opened the first Culver's in Florida, at 5775 Airport-Pulling Road N., Naples, in 2013.
Construction has already started on the 4,500-square-foot, 120-seat restaurant. It will also feature a drive-thru and outdoor patio area. Build LLC is the general contractor for the project.
Mike Busalacchi says the location was particularly attractive because of the growth in east Naples.
“Just look at all the new building permits and development,” says Busalacchi. “We will be going in front of Isles of Collier Preserve. There aren't a lot of food places yet, but you can see that they're all coming.”
The new restaurant is expected to generate 60 to 70 jobs. Brian Key will be the operating partner for the restaurant.
The purchase entity, Naples Custard LLC, mortgaged the property to First Bank Financial Centre for two loans totaling $2.87 million.