SVN Florida completes sale of Tucker’s Grade residential development site for $6.5M
563-acre tract is approved for up to 999 residential units, which will rapidly accelerate growth, economy in Charlotte County
SARASOTA, Fla. – SVN Florida’s Ashley Barrett Bloom completed the sale of Tucker’s Grade development site in Punta Gorda for $6.5 million. The 563-acre tract was recently approved for up to 999 residential units and 22 acres of commercial, which will accelerate growth in Charlotte County, said Bloom, who is the National Land & Development Services Product Council Chairman for SVN.
The buyer was Tucker’s Point One LP, a newly created subsidiary of Florida developer Lely Development Corp. based in Naples. Lely has completed developments across Florida, including Barefoot Beach near Bonita Springs and Lely Resort just outside Naples, among several others.
“Lely executives recognized the tremendous potential at Tucker’s Grade, and it fits perfectly into their business model,” Bloom said. “This development will be a boon to Charlotte County.”
Joseph Boff, president of Tucker’s Point One and Lely Development, said his company was interested in Tucker’s Grade as soon as it became available.
“This property caught our eyes because we believe development is headed that way,” said Boff, among the earliest property developers in Naples and Collier County. “We envision this as one of the largest developments in the Punta Gorda area as we plan to redesign the site to as many as 2,400 units with 50 acres of commercial.”
The site is centrally located between Sarasota and Fort Myers at exit 158, and the area is widely regarded as a top destination for retiring baby boomers. The tract is bounded by Interstate 75 and the Tamiami Trail, the major north-south roadways in the area.
Boff said the first order of business for Tucker’s Grade is to add utilities, which could take up to a year to complete. He also said it could be up to a year before that work begins.
According to data released by the U.S. Census Bureau in March, Charlotte County was among the top five Florida communities in growth rate. In the past year, the county added 5,271 residents and grew 3 percent, the census reported.
Meanwhile, Bloom issued a call for offers on another Charlotte County property, this one in Port Charlotte. The 126-acre Biscayne Planned Development site is on State Road 776, across from the Charlotte Sports Park and adjacent to the recently contracted Murdock Village property.
“This is a unique opportunity to build a gated community in a platted lot area,” said Bloom, adding that the property is approved by the South Florida Water Management District and permitting with the Army Corp. of Engineers is in progress.
The site is approved for up to 400 units and infrastructure is available to the tract. The call for offers ends May 12.
For more information, visit svnflorida.com.
SVN, a commercial real estate brokerage firm headquartered in Boston, is one of the industry’s most recognized brands based on the annual Lipsey Top Brand Survey. With more than 190 locations in 500 markets, SVN Commercial Real Estate Advisors provide sales, leasing and property management services to more than 5,550 clients worldwide. The Florida team consists of more than 90 advisors serving locations across the state. SVN advisors represent clients in office, multifamily, retail, industrial, self-storage, hospitality, marina, mobile home park and land transactions. All SVN offices are independently owned and operated. For more information on SVN Florida, visit www.svnflorida.com. For the latest news, trends and issues related to the commercial real estate market, visit SVN Florida’s blog http://svnflorida.com/real-estate-blog.
Ashley Barrett Bloom LLC, National Land & Development Services Product Council Chairman, SVN Florida, 941-366-1136 / firstname.lastname@example.org
Joseph Boff, President, Lely Development, 239-777-9652
Ken Zeszutko, Zeszutko Corp.-PR on behalf of SVN Florida, 321-213-1818 /