Pinnacle Development Group, partner buy Buckingham Estates land

BUYER: 11400 Orange River LLC, Fort Myers
SELLER: Beazer Homes Corp.
PROPERTY: 11270 and 11400 Orange River Blvd., Fort Myers
PRICE: $1.23 million
PREVIOUS PRICE: $2.19 million, March 2005
TITLE FIRM ON DEED: First American Title Insurance Co., Winter Park

PLANS, DESCRIPTION:
Weston-based Pinnacle Development Group LLC and an equity partner purchased 133.95 acres a mile east of Interstate 75, for $1.23 million.

The price equated to $9,183 acre.

The seller, Beazer Homes, purchased the property in 2005 with plans to create a 160-unit residential development on the site called Buckingham Estates. However, the recession halted those plans and the project was never created.

The property is currently raw land, but access to water and sewer is available.

Woody Hughes, acquisition and financial analyst for Pinnacle Development Group, says the new ownership will be finalizing the entitlements for the project and tweaking the site plan. The development will likely have a swimming pool and clubhouse. He was unsure if the project would be renamed.

“We believe that a single-family development with 160 units is really in the sweet spot for builders,” he says. “That way they can get in, get it built and move on. This was almost farm-land pricing. [The land] was inexpensive, and we knew that area was going to be ready in the next few years.”