Boca Raton developer buys, restarting Portofino Springs Townhomes

BUYER: Portofino Springs Townhomes LLC (principals: Jeffrey E. Sobel Revocable Living Trust and Samuel R. Sobel Revocable Living Trust), Boca Raton
SELLER: Beach Park Investments LLC
PROPERTY: south of Park Royal Drive and east of Bass Road, Fort Myers
PRICE: $6.7 million
PREVIOUS PRICE: $6.11 million, August 2005
LAW FIRM ON DEED: Greenberg Traurig PA, Miami

PLANS, DESCRIPTION: Boca Raton-based Sobel Co. purchased the 17-acre Portofino Springs Townhomes property for $6.7 million.

The price equated to $394,832 per acre.

The property features 26 completed townhome units and land and approvals for another 174 units. Many of the existing townhome units are currently being used as rentals.

Sobel plans to build the remaining townhomes and then sell off all the units. The company is scheduled to start construction on the proposed townhome units in the last quarter of the year. Sobel will convert one of the existing units into a sales office and start selling future units in 120 days.

“We plan to come to market with new townhomes from the high $160s to $199,000,” says Tirso San Jose, vice president of residential development for Sobel. “We expect it to be one of the first to the marketplace with a fully developed site. We're also within a couple yards of Lee Memorial Hospital and all the facilites that support it.”

Founded in 1970 as a custom homebuilder, Sobel Co. is a developer of commercial and residential projects. It has interests in Michigan, Ohio, New Jersey, Delaware, South Carolina and Florida.