Mattamy Homes buys development land in Forest Lakes Golf and Country Club

BUYER: Mattamy Sarasota LLC, Valrico
SELLER: Grosvenor Square Capital LLC
PROPERTY: a portion of 2401 S. Beneva Road, Sarasota
PRICE: $5.88 million
PREVIOUS PRICE: $4.2 million, March 2004
LAW FIRM ON DEED: Godbold Downing & Bill PA, Winter Park

PLANS, DESCRIPTION:
Mattamy Homes purchased 24 acres near the northeast corner of Beneva Road and Webber Street for $5.88 million.

The price equated to $245,000 per acre.

David Berner and Bill Short of Southeast Land Consultants Inc. represented the seller, Grosvenor Square Capital LLC, in the transaction.

Located next to a proposed new golf course development, the land is zoned for up to 202 residential units.

“We are still doing our market research,” says Rick Stevens, Tampa and Sarasota division vice president for Mattamy Homes. “What we had thought originally is we would do one- and two-story villas there and townhomes.”

Berner says Mattamy Homes was a natural fit for the site because of its growing presence in the region, including its acquisition of 9,650-acre Thomas Ranch in North Port and a large development parcel in Lakewood Ranch earlier this year.

Site development is scheduled to begin within four to six months, with the expectation that new residential units will be ready for sale within a year. Homes will range in price from $220,000 to $260,000.

At the same time, Grosvenor Square Capital is moving forward with plans to redevelop the remaining 74 acres of the 18-hole Forest Lakes Golf and Country Club. Just prior to the real estate collapse and recession, a developer had proposed creating 189 condominium units on the property. The property was eventually foreclosed upon before anything could be built.

The new owner is working on its permitting and construction plans for a new golf course, aqua driving range, 8,500-square-foot clubhouse and restaurant on the site.