- September 12, 2024
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Shop & save: Lee County Commissioners agreed last week to buy 40.56 acers in Fort Myers and two other parcels for conservation. The biggest piece of land is east of Moody Road on the Caloosahatchee River. The county is paying $7.9 million plus closing costs. The purchase was for the county’s Conservation 20/20 Land Acquisition program. The program, approved by voters in 1996 and reaffirmed with 86% of the vote in 2016, was created to buy land for “resource-based opportunities” including hiking, birdwatching and nature studies. It also helps the county to protect drinking water, protect areas from flooding and provide wildlife habitats. The program currently has 31,444 acres. This particular 40.56-acre parcel has some frontage on Hancock Creek along with a known bald eagle nest, as well as deer and rabbits on the site, the county says in a statement. Commissioners also agreed to buy two other parcels totaling 7.5 acres in the Corkscrew Regional Ecosystem Watershed for $11,400. Lee’s Conservation Land Acquisition and Stewardship Advisory Committee recommend all the buys.
More FMB sales: Another piece of property has changed hands on Fort Myers Beach. The buyer this time is Sanibel Captiva Community Bank, which bought a combined gulf-side parcel at 2670 and 2680 Estero Blvd. The bank did not disclose the sale price, but Lee County property record show it paid $1.79 million. This deal comes on the heels of the sale of the former Plaka restaurant building at 1001 Estero Blvd. It sold last month to a Dania Beach LLC for $3.65 million. A few days later, two other parcels — 1021 Estero Blvd. and 1010 Estero Blvd. — were listed for a combined $17.5 million. The property the bank bought is south of the other two, which are in the barrier island’s commercial center. The previous owners paid $600,000 for it in 2007. Sanibel Captiva is planning to build a new branch on 0.34-acre site and is already working with town officials. Construction is expected to begin early next year and for the branch to open in 2026. As it prepares to build this branch, the bank is also working to replace its branches at 15975 McGregor Blvd. in Fort Myers and 1019 Periwinkle Way in Sanibel. Both suffered significant damage during Hurricane Ian. It currently has five branches open.
California dreaming: Los Angeles homebuilder KB Home has bought 265-acres in Pasco County and plans to build about 255 homes on the property. The builder paid $6.55 million for the land on Hays Road north of State Road 52, says Michael Strahan of Eshenbaugh Land Co. It is just south of the Word of Life RV park, a self-described “Christian community” in Hudson. Strahan represented the seller, Sanctuary Farms, for the Tampa land brokerage firm. He says KB is planning to build the homes on up to 80 acres of the property, which is near two subdivisions it already owns. KB is one of the largest homebuilders in the United States, with more than 670,000 homes built in 47 markets nationwide. Among those are communities along the Gulf Coast including in Estero, Parrish, Palmetto and Land O’Lakes.
Senior living: Construction has started on a $30 million affordable housing project in St. Petersburg. Developer Green Mills Group is building the second phase of the Burlington Post community, which will include 75 units, a parking garage for both phases and amenity spaces. The first units should be ready for occupancy in late 2025 and the property is reserved for low-income seniors. The first property, Burlington Post, is made up of 86 units. The mid-rise community, being built at 3295 Burlington Ave. N., is being financed through public and private sources, Green Mills says in a statement. That includes state sales tax subsidies and about $8 million from the city of St. Petersburg and Pinellas. Construction financing is coming from Fifth Third Bank and Neighborhood Lending Partners of Florida. Green Mills Group contributed more than $1 million “to balance the development budget.”
Good eating: A just-built Chipotle Mexican Grill in Polk County has been sold. The commercial real estate firm SRS Real Estate Partners says the property at 35654 U.S. Highway 27 in Haines City brought $3.67 million. The fast-casual chain has a 15-year corporate-backed lease in place. SRS says the unnamed buyer was an investor from Spain. The 2,493-square-foot property sits on a fast-developing stretch about nine miles southeast of Interstate 4 already littered with gas stations, fast food restaurants and retailers. Connor Barton, a Florida associate with SRS, says properties leased to Chipotle are “attractive investments for buyers as the restaurant chain has been thriving and continues to grow.” He should know. The firm says it has sold more than 50% of the Florida Chipotle-occupied properties in the past 12 months. (According to the chain’s website, it has 242 restaurants in the state.) The previous owner was an LLC whose address matches a Miami area real estate broker. Property records show it bought the property in 2022 for $2.4 million. Before that, it was owned by a discount tire shop. SRS’ Patrick Nutt and William Wamble represented the seller along with Barton.
Deluxe apartment: Trevesta Place Apartments, a 256-unit complex in Palmetto, north Manatee County, has been sold. The buyer was Houston based Venterra Realty. According to Manatee County records it paid $55.3 million. The seller, a San Francisco LLC named CRP/TBR Trevesta Place Owner, paid $3.1 million in 2021 for the then vacant land. The 10.3-acre property is made up of six four-story apartment buildings and a clubhouse. According to the community’s website, units range from a 707-square-foot one bedroom starting at $1,680 per month to a 1,248-square-foot three bedroom starting at $2,495 per month. Venterra manages 90 communities and 26,000 apartments, according to a statement. Its multifamily portfolio is valued at $5.5 billion. Its other local properties include Valencia at Westchase and Citrus Run in Tampa; The Retreat at Lakeland; and Gateway North in Clearwater.
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