Lennar Homes buys Gran Paradiso, plans future development

BUYER: Lennar Homes LLC, Fort Myers
SELLER: Gran Paradiso I LLC and Gran Paradiso II LLC
PROPERTY: most of the Gran Paradiso infrastructure and phase I, (main address of entryway 7001 S. Tamiami Trail, Venice)
PRICE: $26.59 million

SELLER: Lee Wetherington Development LLC
PROPERTY: lots 63-74, 76-106, 108-110, 113, 115-120, 224-228, 230-269, 272-274, 276-338, Gran Paradiso, phase I, Venice
PRICE: $3.99 million

PLANS, DESCRIPTION: Miami-based national homebuilder Lennar Homes purchased 1,032 acres of the Gran Paradiso master-planned community for $30.58 million.

The price equated to $29,632 per acre.

Around 2006, Sam Rodgers Homes & Neighborhoods started developing the gated community with plans for a total 1,999 residential units along with several amenities, including a 40,000-square-foot clubhouse. At that time, Lee Wetherington Homes had committed to building 666 units in the development.
Because of the recession, only 23 homes were ever built in the community.

“What happens with it will depend on future market demand,” says Matt Devereaux, vice president of sales & marketing for Lennar Homes-Southwest Florida. “We aren't planning to finish it right now on a set time table. We see in Southwest Florida that the whole real estate market is continuing to rebound. The Venice market is still a strong market for us and we're nearing completion of Stoneybrook at Venice.”