Investment Group buys Charlotte land for 400-lot residential development

BUYER: Edgewater Opportunity Fund II LP, Englewood
SELLER: ADC REO-FL Land LLC
PROPERTY: 4275 Placida Road, Englewood
PRICE: $2.55 million
PREVIOUS PRICE: $1.5 million, August 2001
LAW FIRM ON DEED: The Law Office of Edward G. Milgrim PA, Winter Park

PLANS, DESCRIPTION:
An investment group led by Charlotte County developer/homebuilder Ron Greenland purchased 169.5 acres of vacant land east and north of Placida Road for $2.55 million.

The price equated to $15,044 per acre.

The property features access to water and sewer provided by the Englewood Water District.

A previous owner had proposed a conceptual plan for the site known as Island Lake Estates, which called for 124 duplex units and 303 single-family lots. Greenland says the new owner will be paring that proposed project down to 400 residential lots in a mixture of single-family homes and paired villas.

“I'm a big believer in Charlotte County,” Greenland says. “I believe the water is better and less congested and that prices are more affordable. This piece is very unique because of its location and that it is on higher ground. The majority of the site is 18 inches above the flood plain, which means it will require very little fill dirt to develop. Entitling it right now is our goal.”

The new ownership plans to create a gated development built to capitalize on the 53 acres of lakes on the property with a large clubhouse, swimming pool and sports courts.

Greenland expects entitlements and permitting to take a year and that the investment group would seek to partner with a homebuilder. He says that while the Cape Haze Peninsula has several available home lots, he feels there are few lots in gated developments.

Ashley Bloom, Sperry Van Ness' national land product chairman, represented the seller, global equity investment firm. Ron Zeigler of Sperry Van Ness' Sarasota office represented the buyer.

“We're starting to see land, single-family and now multifamily activity heating up in Charlotte County,” Bloom, says in a press release. “Nearby Sarasota and Manatee counties were the hot growth areas, however, as opportunities in these counties have been fulfilled, we're seeing investors, land developers and national homebuilders becoming more interested and active in Charlotte.”