The Real Deal Miami

Builder pays $33.7M for land near Naples golf course

Naples-based London Bay Homes paid $612,727 per acre and plans up to 250 homes

June 19, 2016 03:45PM

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Mark Wilson, president and CEO of London Bay Homes in Naples

Mark Wilson, president and CEO of London Bay Homes in Naples

London Bay Homes, a luxury home builder, bought 55 vacant acres next to a Naples golf course for $33.7 million.

Naples-based London Bay bought the land at 7450 Golden Gate Parkway, next to the Naples Grande Golf Club, where the company plans to build as many as 250 homes and generate more than $300 million of project revenue.

Mark Wilson, president and chief executive officer of London Bay, told the Naples Daily News the land purchase followed more than six months of discussion and negotiation. The $33.7 million sale price equals $612,727 per acre.

Wilson also said his company’s Naples development will include residences with “spectacular lake and golf course views.”

The 55 acres, which includes a lake, is zoned for residential construction and is part of the Grey Oaks Planned Unit Development near downtown Naples.

The seller is Naples Grande Holdings,  limited liability company, and the seller’s representatives in the deal were Randy Thibaut, CEO of Land Solutions Inc. in Fort Myers, and Douglas Meschko, a broker associate of the firm.

Meschko told the Naples Daily News, “We had a lot of suitable buyers.”

The land last sold in 2006 for $36 million, according to Collier County property records. [Naples Daily News] — Mike Seemuth