Homebuilder Toll Brothers plans 54-acre Spanish Wells community

BUYER: Toll FL VIII Limited Partnership, Horsham, Pa.
SELLER: Lakehurst Land Investment LLC
PROPERTY: 28465 Tasca Drive, Bonita Springs
PRICE: $4.57 million
PREVIOUS PRICE: $1.95 million, July 1998 (contained additional property)
LAW FIRM ON DEED: Cherry Edgar & Smith PA, Palm Beach Gardens

PLANS, DESCRIPTION: Toll Brothers purchased 54 acres within Spanish Wells Golf & Country Club on Bonita Beach Road and Old 41 Road for $4.57 million.

The price equated to $84,537 per acre.

The national homebuilder plans to create a new community it calls Valencia at Spanish Wells with 128 single-family homes.

“We are excited to be building within an established and highly respected community,” Ken Thirtyacre, president of Toll Brothers Florida West Division, says in a press release. “Toll Brothers will be completing the final section of Spanish Wells, which will add value for the current homeowners and offer buyers the opportunity to purchase a new energy-efficient home within this beautiful community.”

Homes in the new community will range in size from 2,000 to 3,000 square feet. Amenities will include a 27-hole championship golf course, swimming pools, six Har-Tru tennis courts and a clubhouse.

Construction of a model home with an on-site sales center is scheduled to begin this summer.

Valencia at Spanish Wells will be the fifth Toll Brothers community in the area. Other Toll Brothers communities in Southwest Florida include Bonita Lakes in Bonita Springs, Belle Lago in Estero, The Reserve at Estero and Firano at Naples.

Toll Brother's purchase entity Toll FL VIII Limited Partnership mortgaged the property to the seller Lakehurst Land Investment LLC for $4.57 million.