Stock Development buys Emerson Village land

BUYER: SD Emerson LLC (manager: Brian Stock), Naples
SELLER: Emerson Village LLC
PROPERTY: west of Tamiami Trail between Hidden Gateway Boulevard and Emerson Square Boulevard, Fort Myers
PRICE: $3 million
PREVIOUS PRICE: $1.7 million, March 2011
LAW FIRM ON DEED: Kevin A. Denti PA, Naples

PLANS, DESCRIPTION:
Naples-based Stock Development purchased 26.31 acres of vacant land north of Emerson Square Boulevard for $4 million.

The price equated to $114,025 per acre.

The Naples-based developer plans to create a 300-unit apartment project on the site. RDL Architects is designing the project.

A Stock Development spokesperson says the company was attracted to the property based on its location, access and market demand.

The seller, Bonita Springs-based TerraCap Partners, purchased the multifamily property in 2011 as an investment. The site, located near the intersection of Alico Road and U.S. 41, is approved for a multifamily development called Emerson Village.