Punta Gorda, Fla. (May 25, 2022) – Mike Migone, CCIM, of SVN Commercial Advisory Group has managed the $3.2 million sale of land that will be the site of 270 multifamily units in Punta Gorda, Fla.
The property consists of 31 acres at 24750 Sandhill Blvd. Migone listed the undeveloped land for seller JBCC Sandhill, LLC, in Sarasota, Fla.
Novare Group, the buyer, plans to start development on the property in August 2022. The Atlanta-based company, which constructs mixed-use communities across the Sunbelt region, has overseen more than $3.5 billion in commercial development and investment since its founding in 1992.
“This will be a terrific location for the multifamily units,” said Migone, Senior Advisor. “The area is growing and the property is close to I-75. There are a lot of job creators nearby, too, including the Sunseeker Resort Charlotte Harbor, which will be opening in May 2023. It will be one of the largest luxury resorts in the region and a major employer.”
The property is also near a Walmart Supercenter, Publix shopping center and an array of other retail and business establishments.
Migone said that the addition of these multifamily units will help address a residential shortage exacerbated by the extensive growth in Florida during the past five years.
“There’s high demand for places to live in Florida right now,” Migone said. “Since the economic downturn in 2007 and 2008, investors started liquidating their assets, and new construction slowed down considerably. As a result, we’ve had a residential shortage for some time across the entire United States. That’s why developments like this one are so important to the community.”
A full-service commercial real estate brokerage firm, SVN Commercial Advisory Group works with large corporations, middle market businesses and individual entrepreneurial investors. The group provides advisory services for the sale, leasing and management of commercial properties. Advisors at SVN Commercial Advisory Group have deep experience working with many types of investment real estate. They serve the greater areas of Sarasota, Manatee and Charlotte counties. For more information on the SVN Commercial Advisory Group, visit suncoastsvn.com.