National home builder Ryan Homes (NYSE: NVR, Inc.) closed on the first phase of Avalon Crossing, a 300-lot, 75-acre subdivision in Fort Pierce, Florida.
The project, located in city of Fort Pierce just east of I-95 and immediately south of Okeechobee Road (SR 70), will be Ryan Homes’ newest community in St. Lucie County. The site will provide a combination of 50’ and 35’ lots for single family homes and villas.
The sellers have owned the site since 2008 when they bought the partially completed project from KB Homes. During that time, the site plan and zoning expired and the site sat dormant until Stigliano brought Ryan Homes to the table in late 2018. Once a purchase contract was signed, the owners renewed the site plan, finalized the plat and completed the infrastructure.
According to the owners, “Reese was instrumental in the contract negotiation, site plan approval process and coordinating the closing of the first phase of the project.”
St. Lucie County has seen an explosion of housing starts in the last couple of years. With the lack of developable land in Broward and Palm Beach County and the anti-development attitude of Martin County, the national home builders have been flocking to St. Lucie County which provides an inexpensive land base and easy access from the Florida Turnpike and I-95.
According to Stigliano, close out of the 300 residential lots will take approximately 24 months at a total sale price of $13 million.
Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 35 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Mr. Stigliano’s talent in bringing complicated commercial transactions to a close has been evident throughout his successful 35-year brokerage career.
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