"We intend to develop Tarpon Point into the crown jewel of Cape Coral," Hensley says. The property is one of the last remaining large, waterfront parcels in southwest Florida.
"The Cape Coral community will benefit by gaining a high-end waterfront development with commercial uses," says Donnie Crandell, executive vice president of Allete and president of Allete Properties. "Allete will benefit as this transaction is a key element in executing the company's business plan for 2001. This is our largest sale ever and will be a significant contributor to net income."
Allete is a diversified services company and has interests in 43 states and eight Canadian provinces including, in addition to investments, electric utility operations, automotive services and water and wastewater businesses. ALLETE Properties' real estate portfolio is a part of Allete's investment business.
Participating with Grosse Pointe in the transaction are J.M. Koster of Flatbeheer (a Dutch Development group) and Bouwfonds Financiering Vastgoed (a Dutch financial institution). The deal is expected to close in June.
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