Winter Haven's Cassidy Family buys 370 acres for residential development

BUYER: McGrady Road Investment LLC (manager: Albert Cassidy), Winter Haven
SELLER: Cora Long
PROPERTY: 15179 McGrady Road and additional land on McGrady Road and Heritage Trail Lane, Wimauma,
PRICE: $4.5 million
PREVIOUS PRICE: $355,000, February 2004; $52,000, June 1977; $40,200, October 1998
LAW FIRM ON DEED: Fowler White Boggs PA, Tampa

PLANS, DESCRIPTION: The Cassidy family purchased 369.5 acres of former farm land on a portion of McGrady Road east of U.S. 301 for $4.5 million.

The price equated to $12,179 per acre.

Al Cassidy Sr. and his son, Al Cassidy Jr., purchased the property to eventually develop as a residential community for homebuilders. The property could eventually house about 700 homes.

“We are probably going to hold on to the property for a year or so [before we go for permitting approvals],” says Al Cassidy Jr. “We just like the area right outside of the urban services area. It just makes sense that growth is moving that way.”

The Cassidy family will do all the infrastructure development and will sell fully engineered and developed lots to homebuilders. They already have existing relationships with Lennar and NVR Inc./Ryan Homes and developed Ayersworth Glen and two other communities nearby.

The purchase entity, McGrady Road Investment LLC, mortgaged the property to Sunfield Homes Inc. and Amberglen Development Inc. for $2.35 million.