Massachusetts developer Franchi buys half-built Island Pines

BUYER: Casa Di Fiori LLC (principals: Pasquale and Louis Franchi), Natick, Mass.

SELLER: FAB III Inc.

PROPERTY: 1051-1155 Winding Pines Circle, Cape Coral

PRICE: $5.2 million

PREVIOUS PRICE: $1.83 million, March 2004

LAW FIRM ON DEED: Henderson Franklin Starnes & Holt PA, Fort Myers

PLANS, DESCRIPTION: Natick, Mass. developer Pasquale Franchi purchased the former Island Pines development on the corner of Pine Island Road and Hancock Creek South for $5.2 million.

The price equated to $173.33 per acre.

The 30-acre property included 152 completed condominium units and land for another 152 units. The previous owners of Island Pines filed for bankruptcy and the property fell into foreclosure in 2007 before construction was completed. Franchi purchased the land and existing buildings to create a new, more affordable and family-friendly condominium community. He plans to rename Casa di Fiori.

William Noah of Re/Max Hometown Properties handled the transaction.

The community will feature a 4,500-square-foot clubhouse with fitness center, pool, tennis court and playground.

Re/Max Hometown Properties and Schooner Bay Realty have partnered to handle new home sales for the 304-unit condominium community. Prices are set to start in the low $100,000s, and Franchi plans to offer seller financing to homebuyers.

“I like to think of this as a 'second-chance' community,” Franchi says in a press release. “Not only are we transforming a bankrupt, vacant property into a resort-style, family-friendly community, but our financing program empowers people to own a home again.”