The Fort Myers-based development company paid Allete Properties Inc., a subsidiary of Duluth, MN-based Allete Inc., about $193,333 an acre, or $4.44 per sf, for a site described as one of the last large pieces of undeveloped waterfront property in Southwest Florida.

In a press statement, Allete officials say the transaction enables the publicly traded company to meet its earnings objectives for this year. The subsidiary of a multibillion diversified energy services company also owns several other properties in Florida through affiliated companies--Cape Coral Holdings, Lehigh Corp. and Florida Landmark Communities.

Now that the closing is complete, Grosse Point officials expect to begin work on a planned $250 million mixed-used residential project that could include a 230-room luxury hotel, 45,000-sf of retail space and 976 upscale homes. The Allete subsidiary already secured local development and zoning approvals on the 150-acre development site.