D.R. Horton buys Rosarno land for four-plex condo project

BUYER: D.R. Horton Inc. (principals: Paul Romanowski, Donald Tomnitz, Bill Wheat, Donald Horton, Thomas Montano, Stacey Dwyer, Kathleen Shippey and Ashley Dagley), Fort Myers
SELLER: Mullock Creek II LLC
PROPERTY: a portion of Tamiami Trail in the San Carlos Park area, Fort Myers
PRICE: $2.63 million
PREVIOUS PRICE: $5.6 million, April 2005
LAW FIRM ON DEED: William G. Morris PA, Marco Island

PLANS, DESCRIPTION: Homebuilder D.R. Horton Inc. purchased 32.3 acres off U.S. 41 adjacent to the Shadow Wood Preserve Golf and Country Club for $2.63 million.

The price equated to $81,269 per acre.

The property was previously designated and entitled for a 168-unit condominium development called Rosarno. The project called for six four-story condominium buildings and 72 coach homes with attached garages overlooking a four-acre lake. However, the real estate crash and associated recession staved off any development.

D.R. Horton plans to revive the development.

According to Jessica Hansen, vice president of communications, the builder plans to construct resort-style four-plex condominium buildings with attached garages and private entries on the site. Development work has already started with the goal of having the project open for sales in the fourth quarter.

“[The Rosarno property is] in a great location close to shopping, beaches, airport and interstate,” Hansen said in an email to the Business Observer explaining the builder's attraction to the property.