London Bay Homes has closed on a 55-acre parcel in Naples, Fla., the company announced earlier this week. The parcel – part of the Grey Oaks Planned Unit Development near downtown Naples – was priced at approximately $34 million.
Mark Wilson, president and CEO of London Bay Homes, had this to say in a company release:
“This transaction represents a significant and exciting opportunity for our company, as this parcel is one of the very last and best large-scale properties in the heart of Naples. Later this summer, we will announce plans for the project, which will include residences with spectacular lake and golf course views.”
When developed by London Bay Homes, the property will include up to 250 residences with a total projected revenue of over $300 million. “I would like to thank the due diligence team that has worked on this for over six months – it was a great team effort,” Wilson said.
London Bay Homes builds luxury custom homes priced from $1 million to more than $10 million in many of southwest Florida's most exclusive neighborhoods and communities. The company also builds private residences on individual home sites near downtown Naples, the Sarasota Keys, and along the Gulf of Mexico.