Developments

Village Green sells for $5 million
by Tilde Herrera
Hearld Staff Write

BRADENTON --- The former Village Green Golf Course has been sold again. Just three months after a real estate developer paid $1.8 million for the golf course to build more than 200 single family homes, Lagoinvest Florida LLC purchased the 42-acre property for $5 million, according to a company official.

Lagoinvest Florida, a newly formed subsidiary of Lagoinvest, an international real estate investment group, plans to build fewer than 200 detached single family homes on the property, as opposed to the 216 attached-home plan the company inherited with the sale, said Marshall Gobuty, a Lagoinvest principle.

"By bringing the number down, we’re going to detached (single family homes) because it’s very consistent with the area," Gobuty said. "We’ll be very happy with the lower number of detached (homes)."

The units are estimated to start in the $275,000 to $300,000  price range, in line with home values in the area, Gobuty said.

He estimates the company will invest about $38 million to develop the property.

The company expects to begin the approval and permitting process between March and April. Gobuty estimates that groundbreaking will take place in late fall, around the same time the development’s selling season begins. Gobuty expects the 1,500- to 1,900- square foot homes to sell in stages.

Owners could begin moving into the homes as early as the summer of 2006, Gobuty said.

Reynold Glanz, who bought the property from course owners Jack Watson and Bernard Blee in October, said the price offered by Lagoinvest prompted the fast sale, not because of any problems developing a building plan with the local community and Village Green Homeowners Association.

"The numbers were just too good." Glanz said. "They gave me an offer I couldn’t refuse."

He added, "I still have remorse. They’re really nice people (the association) to work with. But it was just an unbelievable deal."

Gobuty said that he will continue working with the association throughout the planning process to achieve a look that pleases everyone.

"We want it to look like a newer community within a community." Gobuty said. "We don’t want it to look like a sore thumb. The integrity of Village Green will be kept."

Gobuty believes that florida’s population and business growth makes the area an arrractive place for real estate development --- especially since Bradenton.

"Bradenton is one of the fastest-growing communities in the country," said Gobuty, who has spent a lot of time in the country recently because his daughter attends IMG Academy.

Lagoinvest was founded in 2003 and has offices in Hong Kong, Tel Aviv and Berlin. The company is currently developing properties in Thailand and China. The Florida subsidiary is close to securing additional property in Manatee and Reed countries, Gobuty said.

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Author Contact Info: Tilde Herrera
Hearld Staff Write
http://www.bradenton.com


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