"We did this deal in just three weeks," says Hensley, who says he prevailed in a bidding process that he estimates attracted nearly 50 potential buyers.

Because of the scope of the project, Hensley is joining in a partnership to develop the site with J.M. Koster of Flatbeheer, a development company based in Amsterdam, The Netherlands. The venture has arranged financing through Bouwfonds Financiering Vastgoed, one of the largest property funds in The Netherlands.

Hensley acknowledges he is paying top dollar for the dirt. "The Cape Coral area is just the hottest market going right now," says Hensley, a veteran Southwest Florida real estate developer. "Property values have increased significantly over the past three years. It is easily the largest piece of undeveloped waterfront property between Sarasota and Marco Island."

Well ensconced in the Southwest Florida market, Hensley also is developing the Gulf Palmas del Sol, a 110-unit luxury condominium project he started in 1998 in Fort Myers.

Prior to that venture, he spent three years with Bonita Springs-based WCI Communities Inc. developing the 547-acre Gulf Harbour Yacht & Country Club in Fort Myers--a project chosen last year as the Best Residential Development over 501 Acres by the National Association of Home Builders.