Pulte Home buys first phase of 130-acre Tidewater by Dell Webb

BUYER: Pulte Home Corp., Bonita Springs
SELLER: University Highland Limited Partnership
PROPERTY: a portion of Ben Hill Griffin Parkway north of Corkscrew Road, Estero
PRICE: $10.2 million
PREVIOUS PRICE: $6.5 million, February 1999 (contains additional land)
LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples

PLANS, DESCRIPTION:
Pulte Home Corp. purchased 73.04 acres located adjacent to Germain Arena and bounded by Estero Parkway, Interstate 75 and Miromar Outlets for $10.2 million.

The price equated to $139,650 per acre.

The national homebuilder acquired the property as the first of three phases to acquire a total of 130 acres for a community called Tidewater by Dell Webb. Pulte Home's Del Webb brand plans to develop 377 single-family homes on the first portion in the age-restricted community. It will also contain a clubhouse, swimming pool and bocce and tennis courts.

Home sales in the community are scheduled to start before the end of the year.

The parcel was previously owned by an affiliate of the real estate development and advisory firm NM Development Group. The company still owns 30 developable acres in the nearby area entitled for residential, hospitality, office, retail, student housing and senior housing uses.