Sarasota's Gabbert family buys Hunter Creek Estates land

BUYER: Gabbert Investments Group LLC (principals: James and Lori Gabbert), Sarasota
SELLER: SunTrust Bank
PROPERTY: 14567 Fruitville Road, Sarasota
PRICE: $1.8 million
PREVIOUS PRICE: $6.25 million, August 2006
LAW FIRM ON DEED: Hill Ward Henderson, Tampa

PLANS, DESCRIPTION: A real estate investment entity of the Gabbert family purchased a roughly 330-acre property 10 miles east of Interstate 75 for $1.8 million.

The price equated to $5,455 per acre.

In 2007, the property was planned for a 60-home conservation subdivision called Hunter Creek Estates. However, much of the development was never completed. The property currently includes entry features, the primary roadways and fencing for a residential subdivision.

“We're evaluating our options to try and make it a nice project at some point,” says Jim Gabbert. “We have to start over. The last project was over five years ago, so this is really a clean slate. [But] its in a good area in a growing area of the county.”

Gabbert says with all the required approvals, it would require a minimum of two years to start development of the property. The new owners also plan to wait until the possible restructuring of the Sarasota 2050 Comprehensive Plan is completed.

Randy Thibaut and Matt Harden of Land Solutions Inc. represented the seller.

Earlier this year another investment group led by Jim Gabbert purchased 750 acres for the proposed Villages of Manasota Beach development at State Road 776 and Manasota Beach Road for $5.03 million.