On a land-cost basis, the buyer paid approximately $1.2 million per acre, or about $27.06 per sf, for the 39.7-acre parcel. The transaction also gives St. Lucie West 26 Holdings additional acreage at the site, according to the law firm that represented the buyer.
The firm is Greenspoon, Marder, Hirschfeld, Rafkin, Ross & Berger. Rebecca Henderson of the firm's West Palm Beach office and Gerard Greenspoon and Leonard Lubart of the lawyers' Fort Lauderdale office negotiated the deal for the buyer.
The first phase of the project, already under way, involves the conversion of the 230 existing apartment units. The second phase consists of 214 newly developed condo units. When completed, the condo development will be called the Belmont at St. Lucie West.
Ohio Savings Bank handled the financing of $32.8 million. Vehadar Management Corp. will manage the project.
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