Codina-Carr, Barron Collier joint venture buys land for Moorings Park at Grey Oaks

BUYER: HCC MP LLC (principal: K. Lawrence Gragg), Coral Gables
SELLER: Halstatt LLC
PROPERTY: a portion of the intersection of Airport-Pulling Road and Golden Gate Parkway, Naples also known as tract 1, Moorings Park at Grey Oaks
PRICE: $4 million

PLANS, DESCRIPTION:
Halstatt LLC sold 3.71 acres of land to a joint venture of Coral Gables-based Codina-Carr Co. and the Barron Collier Cos. for $4 million.

The price equated to $1.08 million per acre.

The land is for the first phase, 32 units, of the Moorings Park at Grey Oaks senior housing development. The new owner will develop all three phases of the residential project and sell them to the retirement community operator Moorings Park.

The first phase calls for development of four residential buildings and the 80,000-square-foot Aqua Gardens, one of three gardens to be built on the property by JRL Landscape Design Studios. The similarly sized, phase 2 of the project will start in four months followed by the final phase four months after that.

The entire project is scheduled to take 27 months to complete.

The partners kicked off the project in April with a ceremonial groundbreaking, but the most significant construction is scheduled to start now.

Moorings Park has already received 87 reservations for the 96 units in the project, according to Brian Goguen, principal of Halstatt Real Estate Partners and chief operating officer for the Barron Collier Cos.
“Moorings Park doesn't mess around,” he says. “This really comes down to the power of both the Moorings Park and Grey Oaks brands. CC Devco brings the construction expertise. They are very familiar with building products similar to this.”

Codina-Carr will be overseeing the design and construction of the project. Sotolongo Salman Henderson Architects LLC is the architect for the project.

The joint venture company, HCC MP LLC, mortgaged the property to PNC Bank National Association fir $77.7 million.