Stock Development buys estate lots in Esplanade

BUYER: SD Esplanade LLC (manager: Brian Stock), Naples
SELLER: Taylor Morrison Esplanade Naples LLC
PROPERTY: a portion of a community north of Immokalee Road three miles east of Interstate 75 also known as lots 1000 to 1024 of Esplanade Golf and Country Club of Naples
PRICE: $6.08 million
LAW FIRM ON DEED: Gray Robinson PA, Tampa

PLANS, DESCRIPTION:
Naples-based Stock Development LLC purchased 25 lots in a private cul-de-sac in the Esplanade Golf and Country Club of Naples for $6.08 million.

The price equated to $243,000 per home lot.

The residential developer plans to use the estate lots to build homes larger than 3,000 square feet. The lots were finished with roadways and infrastructure already in place.

“This will be a complement to the existing home product that's there,” says Keith Gelder, vice president for land at Stock Development. “We will be the semi-custom builder there at a higher price point; not necessarily competing with the existing homes. We will be the only builder other than master planner Taylor Morrison.”

Stock Development expects construction to start on model homes later this month.

The purchase entity, SD Esplanade LLC, added the property to an existing mortgage with Wells Fargo Bank National Association. That mortgage included $70 million in original principal and additional future advances up to a cap of $200 million.