TAMPA, FL—After nearly a decade of stalled redevelopment, Sarasota's Forest Lake golf community is finally moving forward—thanks to a strategic land sale. Mattamy Sarasota just snapped up 24 acres of land for residential development contiguous to the proposed new golf course. The sale price was $5.88 million.
“After eight years of not having a golf course, only to see weeds and dirt mounds throughout the property, many of Forest Lakes' homeowners in the immediate area are very excited to see redevelopment plans moving forward,” says Bill Short of Southeast Land Consultants. Southeast is the firm that represented the seller, Grosvenor Square Capital.
Forest Lakes was one of the more popular 18-hole golf courses in Sarasota but the site was razed at the height of the housing bubble in 2007 to make room for luxury condominiums. The real estate market then collapsed, and the property went into foreclosure.
Located on the northeast quadrant of Beneva Road and Webber Street in Sarasota, FL, the site's zoning allows Mattamy to build up to 202 residential units. The homebuilder plans to build a mix of one- and two-story villas and two-story townhomes priced from $220,000 to $260,000.
“This was a great infill development site, and we had many exceptional developers and builders express interest in the site,” says David Berner of Southeast Land. “Mattamy was a natural fit because of its increasing presence and market share in Florida with recent sizable acquisitions, including the 9,650-acre Thomas Ranch in North Port and a large development parcel in Lakewood Ranch earlier this year.”
Mattamy expects to begin site development within four to six months. New residential units should be ready for sale within a year. At the same time, redesign and redevelopment of the Forest Lakes Golf and Country Club—which fell victim to the Great Recession in 2007 and has driven local news coverage questioning the property's future—will also move forward. Permitting and construction plans for a new golf course, aqua driving range, 8,500-square-foot clubhouse, and restaurant on the remaining 74 acres of the former golf course are underway.
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