The Real Deal Miami

Canadian builder pays $8.7M for 37 acres in Naples

Mattamy Homes paid $233,557 an acre for land across from Naples Botanical Gardens

June 11, 2016 03:00PM

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Naples Botanical Garden

Naples Botanical Garden

Canadian homebuilder Mattamy Homes paid $8.7 million for a 37.25-acre tract in Naples near a botanical garden center.

Mattamy paid $233,557 per acre for the site across from the Naples Botanical Gardens at 4580 Bayshore Drive in Naples.

The Canadian homebuilder bought the land from an affiliate of Los Angeles-based Colony Capital, a private equity fund and an active real estate investor in southwest Florida.

Mattamy’s developments in southwest Florida include Compass Landing in Naples, Enclave at Forest Lakes in Sarasota, Harmony at Lakewood Ranch and Lakeshore Preserve in Tampa.

The acquired land is the former site of an apartment building razed in 2010 for a mixed-use development that failed to unfold.

Ashley Bloom, chair of the national land and development arm of brokerage firm SVN, represented Colony Capital in the transaction, and SVN senior advisor Ron Zeigler represented Mattamy.

Earlier this year, Bloom represented Colony Capital in its $6.9 million sale of 444 acres in Manatee County to West Palm Beach-based Kolter Group. [Business Observer] — Mike Seemuth