Barclay Group developing land for Muirfield Village at Honore

BUYER: BVK-Muirfield Village LLC (principals: David and Michelle Coia and Daniel and Karen Vietto), Palm Harbor
SELLER: Peach Willow LLC
PROPERTY: a portion of 59th Street south of University Parkway, west of Honore Avenue and north of Desoto Road, Sarasota
PRICE: $980,000
PREVIOUS PRICE: $650,000, April 2012
LAW FIRM ON DEED: David H. Rosenberg PL, Sarasota

PLANS, DESCRIPTION: The Barclay Group purchased 9.09 acres of vacant land on 59th Street for $980,000.

The price equated to $107,810 per acre.

Barclay Group is developing the property and infrastructure to create a 62-lot townhome community it calls Muirfield Village at Honore. The Palm Harbor company has an agreement to sell the lots to homebuilder M/I Homes.

“We believe the market is right with the aquatic rowing center and the draw of the huge retail corridor,” says Christopher Koncal, development partner at Barclay Group. “There isn't any other residential that's coming up for sale right now. We just feel it's a great opportunity as a developer and owner.”

Barclay Group is acting as its own general contractor for the project and has hired Frederick Derr & Co. as the site contractor. Infrastructure work is expected to take five months to complete.

M/I Homes expects to start marketing the project in three months with the goal of starting sales by the end of the year or early 2014.

The purchase entity BVK-Muirfield Village LLC mortgaged the property to Branch Banking and Trust Co. for $1.74 million.