Pulte executes large land deal in Collier

Homebuilder sentiment remains high throughout the Gulf Coast, and one of the nation's largest residential builders appears to be equally confident in the future.

Pulte Homes last month spent $17.05 million to acquire 105.65 acres in the Three Oaks master-planned community in Lee County, one of the largest land deals there in 2016.

Equally notable was the seller, Chico's Retail Services Inc.

Pulte plans to develop as many as 332 homes in a new community to be called Westbrook, where sales are scheduled to begin this summer.

“Pulte has experienced great success in Lee County, and this land purchase is an incredible opportunity to bring a new residential community to a location that is both lacking new construction and also high in consumer demand,” says Rick McCormick, president of Pulte's Southwest Florida division.

Pulte was represented in the transaction by Land Solutions Inc.'s CEO Randy Thibaut and broker associate Doug Meschko.

Pulte plans to incorporate a resort-style swimming pool, fitness center, tot lot and playground into Westbrook, where homes will range from 1,565 square feet to 4,389 square feet.

Pulte plan comes amid projections for massive population growth in Lee County. Between 2015 and 2050, the county is expected to be the fastest growing in Florida.

But while the Pulte deal was among the largest land sales in Southwest Florida last year, it may be dwarfed by the likely disposition of Edison Farms.

There, owner Investors Warranty of America has begun shopping its 3,996-acre tract in Bonita Springs, which has more than two miles of frontage on Interstate 75.

Land Solutions, which is marketing the property, notes the site could support as many as 5,300 residences.

Although no price has been attached to Edison Farms, the property is expected to sell for tens of millions of dollars. Stay tuned.