TAMPA, FL—After nearly a decade of stalled redevelopment,Sarasota's Forest Lake golf community is finally movingforward—thanks to a strategic land sale. MattamySarasota just snapped up 24 acres of land for residentialdevelopment contiguous to the proposed new golf course. The saleprice was $5.88 million.

“After eight years of not having a golf course, only to seeweeds and dirt mounds throughout the property, many of ForestLakes' homeowners in the immediate area are very excited to seeredevelopment plans moving forward,” says BillShort 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 inSarasota but the site was razed at the height of the housing bubblein 2007 to make room for luxury condominiums. The real estatemarket then collapsed, and the property went into foreclosure.