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CAPE CORAL, FL-Grosse Point Development Co. Inc. has closed on a $29 million acquisition of the Tarpon Point Marina and an adjoining 150 acres.

The Fort Myers-based development company paid Allete Properties Inc., a subsidiary of Duluth, MN-based Allete Inc., about $193,333 an acre, or $4.44 per sf, for a site described as one of the last large pieces of undeveloped waterfront property in Southwest Florida.

In a press statement, Allete officials say the transaction enables the publicly traded company to meet its earnings objectives for this year. The subsidiary of a multibillion diversified energy services company also owns several other properties in Florida through affiliated companies–Cape Coral Holdings, Lehigh Corp. and Florida Landmark Communities.

Now that the closing is complete, Grosse Point officials expect to begin work on a planned $250 million mixed-used residential project that could include a 230-room luxury hotel, 45,000-sf of retail space and 976 upscale homes. The Allete subsidiary already secured local development and zoning approvals on the 150-acre development site.

Besides Grosse Point, the development team includes J.M. Koster of Flatbeheer, a Dutch development group, and BFV Interim Finance B.V., a Netherlands financial institution.

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