Canada's Scugog Development buys Siesta Lakes development site

BUYER: Rekha Nichal and Raj Kumar, Richmond Hill, Ontario
SELLER: Redus Florida Land LLC
PROPERTY: a portion of the northeast corner of northwest Sixth Avenue and northwest First Lane, Cape Coral
PRICE: $1.6 million
LAW FIRM ON DEED: Shutts & Bown LLC, Tampa

PLANS, DESCRIPTION: Scugog Development Inc. of Richmond Hill, Ontario, purchased 25.97 acres of multifamily land in Cape Coral for $1.6 million.

The price equated to $61,610 per acre.

The property included most of the horizontal construction, including roadwork, water and sewer, for the Siesta Lakes townhome project. Prior to the real estate market collapse, developer, Siesta Lakes Development LLC, had proposed creating a 415-unit community on the site of four-story buildings and a clubhouse around a central lake. A subsidiary of Wells Fargo Bank, Redus Florida Land LLC, foreclosed on the property in late 2010.

Randy Thibaut and William Rollins of Land Solutions represented the sellers.

“It was purchased as a long-term investment,” says Terry Brannon of Rejuven Capital Advisors LLC, who is managing the property for the buyer. “It will need a new site plan submitted to the city of Cape Coral,” Brannon says.