Developer Puts 1,500 Acres Under Contract

(Read more on the multifamily market.)

LAGUNA VISTA, TX-Landmark Land Co. Inc. of Upper Marlboro, MD has contracted to purchase a 1,500-acre tract adjacent to its South Padre Island Golf Club on the Texas Gulf Coast. When the deal closes in about four months, Landmark will pay $4.5 million cash or $3,000 per acre to Dixie South Texas Holdings Ltd.

A representative for Landmark CEO Gerald G. Barton tells GlobeSt.com that the company’s expansion plans for its only asset in Texas calls for a mix of residential product to be developed on 700 developable acres and retail projects going up on about 20 acres. The remaining 800 acres, adjacent to the 700 acres, consist of wetlands and other environmentally sensitive acreage that aren’t suitable for development.