GL Homes sets sights on Bonita

BUYER: GL Homes (Bonita Springs Associates I LLLP), Sunrise
SELLER: ACF 10-A Bonita LLC
PROPERTY: a portion of land south of Bonita Beach Road, east of Village Walk of Bonita Springs and west of Bonita National Golf & Country Club, Bonita Springs
PRICE: $56 million
PREVIOUS PRICE: $60.76 million, October 2005

Sunrise-based GL Homes has made a large investment for its future development in Bonita Springs. The homebuilder, already known for buying real estate aggressively in Southwest Florida, purchased 346.9 acres on Bonita Beach Road for $56 million.

An affiliate of The Ronto Group entitled the property in 2005, under the development name Bonita Beach Road Estates, for 1,200 residential units. The original development sought to create a highly amenitized lake frontage residential community on the site. Meritage Homes' financial backer, Acacia Capital Corp., purchased the property from the Ronto affiliate in 2005. But the vacant land has sat undeveloped.