American plans to develop Savanna Club North at Crystal Bay, a 533-home community across from US 1 from the intercoastal waterway leading to the Atlantic Ocean. The $15.5-million purchase price equates to $59,615 per acre or about $1.37 per sf.
American Land president and chief operations officer Bob Blatz wouldn't disclose the land seller's name or the estimated development cost to GlobeSt.com. But area industrial brokers and consultants familiar with the location tell GlobeSt.com the project will probably be built for about $90,000 per unit or a total $50 million for the entire undertaking.
The new community is being named for the company's 1,054-home Savanna Club in Port St. Lucie, 50 miles away. Blatz expects Savanna Club will be sold out during 2006. Savanna Club North at Crystal Bay will break ground later this year with new home sales projected to start in 2007, Blatz says.
"The acquisition of land to develop Savanna Club North at Crystal Bay provides a great addition to our portfolio of Florida properties," Blatz says.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.