London Bay Homes buys Estero Bay development site

BUYER: LB WBB LLC (principals: John Gleeson and Mark and Stephen Wilson), Naples
SELLER: Waterside Manatee Bay Holdings LLC
PROPERTY: the southern portion of Estero Island, Fort Myers Beach
PRICE: $2.88 million
PREVIOUS PRICE: $7.35 million, December 2011
LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples

PLANS, DESCRIPTION:
Naples-based London Bay Homes purchased a 2.05-acre parcel of vacant land in the Waterside at Bay Beach community overlooking Estero Bay for $2.88 million.

The price equated to $1.4 million per acre.

The property is approved for 58 residential units and has infrastructure and utilities in place.

The gated Waterside at Bay Beach community features seven high-rise buildings with a mile of frontage on Estero Bay.

Jonathan Richards and Dan Guoan of CRE Consultants Multi-Housing and Land Group represented the seller.

“The luxury high-rise sector is equally as strong as the single-family market in Southwest Florida, driving robust developer interest in entitled waterfront parcels such as this one in Waterside at Bay Beach,” Richards says in a press release. “The combination of an extremely low unit inventory and the continued migration of baby boomers to the region is supporting a steady improvement in the overall luxury high-rise market in Southwest Florida.”