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Allete Sells Tarpon Point Marina for $29 Mil

DULUTH, MN-Grosse Pointe Development Co. will build a hotel, retail development and more than 900 luxury condominiums on 150 acres, one of the last large remaining undeveloped sites in southwest Florida.

By Jim McCartney | Updated on April 11, 2001

DULUTH, MN-Allete says its subsidiary, ALLETE Properties has agreed to sell the Tarpon Point Marina and the surrounding 150 acres of development property in Cape Coral, FL to the Grosse Point Development Co. for $29 million. Grosse Pointe president Bob Hensley says his company plans to build an upscale hotel, two restaurants, retail shopping and over 900 luxury residences from single family homes to 20-story water-view condominiums.

“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.”

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