Last Wednesday, the Canadian-based builder â€” which last month announced plans for a large development in East Naples â€” closed on more than 85 acres off Old 41 Road near Bernwood Parkway.
Plans call for 220 single-family homes and paired villas. The purchase price was $4.25 million, according to the team from Land Solutions in Fort Myers that handled the deal.
The seller was VOBN Land Investment LLC, which has ties to the McArdle family that developed Spanish Wells and Villages of Bonita. The market value of the land was estimated at about $1.43 million by the Lee County property appraiser. It has been used as a pasture for grazing cattle.
"This is going to be one of the few new home opportunities within the last five years in the Bonita area, at least west of I-75," said Bill Bullock, a vice president for Minto in Florida. "All the other developments are all farther out east."
The builder recently announced its plans to purchase Sabal Bay, a much larger residential project in East Naples spanning 2,300 acres. Minto has the undeveloped property under contract and the multimillion-dollar sale is expected to close by the end of this year. The purchase price hasn't been announced.
Minto's project in south Lee County will be named Bonita Isles. It will be a gated community with two large lakes and preserves, Bullock said.
"So we're not going in and clearing 80 acres," he said.
Development approvals are already in place and construction will get under way in the next month, with the first models completed by early next year, Bullock said.
"We're getting ready to start up our marketing program in anticipation of the upcoming selling season," he said.
Prices will start in the low $200,000s and will top out at about $350,000 for the largest single-family homes, Bullock said.
The community will offer two- and three-bedroom homes, ranging from 1,600 to 2,200 square feet. If the demand is there larger homes up to 2,400 square feet could be added to the mix, Bullock said.
Homes will be energy efficient and include high ceilings, granite counter tops and other value-added features, such as tile roofs and brick paver driveways, that other builders might treat as upgrades and charge extra for, he said.
He anticipates the community will be built and sold out within four years, based on the increasing demand for new homes in Southwest Florida as the market slowly recovers from a housing bust that started in 2006.
The new community will include such amenities as a fitness center, a pool, cabanas and tennis courts.
One of the reasons the location is so attractive is because it's so close to the popular Coconut Point mall, off U.S. 41 in Estero, Bullock said.
"We really like Bonita Springs and we really can't wait to get going and bring our product to the market," he said.
Earlier this year, Toll Brothers launched Bonita Lakes, a single-family home community off Imperial Parkway in Bonita Springs, near Interstate 75. The community will have 268 homes on about 120 acres, with a projected buildout of about four years.
D.R. Horton recently took over Mirasol, another new home community near Coconut Point mall, and Toll Brothers is expected to build out the rest of Spanish Wells, off Bonita Beach Road. Other communities in Bonita still offering new homes include Hawthorne and VillageWalk.
"We see demand all the time for new development," Pisa said.
information provided by Naples News
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