Parklands Development Buys 969-Acre Parcel for $42M

NAPLES, FL-In the largest commercial land deal in Southwest Florida so far this year, locally-based Parklands Development LP has purchased a 969-acre piece of land for $42 million. The land was sold by trustees Dewey Garguilo and Michael Procacci of Southwest Florida.It is zoned for 120,000 sf of commercial space and up to 1,290 upscale residential units in Lee County, along with 1,603 upscale residential units and an 18-hole golf course in Collier County. A Coldwell Banker spokeswoman tells GlobeSt.com that the exact use for the commercial space has not yet been determined.”This deal will have a profound and dramatic effect on the economy of Southwest Florida,” says Mike Reagen, president of the Naples Area Chamber of Commerce. “It will have a great impact on local stores, building suppliers and other businesses in the tri-county area.”Rich Sommerville of Coldwell Banker Commercial NRT’s Naples office brokered the deal. The sale is the second part of a three-phase land deal Sommerville brokered beginning in 1998. Phase one, the Palmira Golf and Country Club, is under development. It will have 72,000 sf of commercial space, 1,296 residential units and an 18-hole golf course on a 324-acre tract of land adjacent to the property recently sold.