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Grosse Point Development Does $29-Mil Land Deal

FORT MYERS, FL-Locally based Grosse Point Development Co. is teaming with a Dutch developer to build a $250-million, 150-acre mixed-used project in Cape Coral, a fast-growing community 126 miles northwest of Downtown Miami.

By David R. Corder | Updated on April 11, 2001

FORT MYERS, FL-Grosse Pointe Development Co. Inc. has acquired development rights to what many consider to be one of the last large pieces of undeveloped waterfront property in Southwest Florida. The Fort Myers-based real estate developer has agreed to pay $29 million to Allete Properties for the existing Tarpon Point Marina and 150 acres of adjoining land along the Calooshatchee River in the Lee County community of Cape Coral, 126 miles northwest of Downtown Miami.

The price equates to $193,333 per acre or $4.44 per sf. When the deal closes in June, Grosse Pointe could begin work immediately on a planned $250 million mixed-used residential project that proposes a 230-room luxury hotel, 45,000-sf of retail space and 976 upscale homes.

The development plan also calls for two, 200-seat restaurants. The residential component will include a 44-unit single-family village, with homes selling at more than $1 million each, and four upscale multifamily condominium towers with 932 units.

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