Starwood Land Pays $27M for 557-Acre Summerlake
February 1, 2011 - BRADENTON, Fla. - Starwood Land Ventures, ponying up more than $27 million, has acquired the 1,500-unit Summerlake in Orange County. The acquisition includes about 450 developed lots and 13 finished dwellings.
This year, Starwood will break ground on Summerlake's resort-style amenities as well as undertake other improvements for the 557-acre development. The amenities will be ready to use in 2012. The community is located 1.5 miles north of Disney's property and 17 miles northwest of the Orlando International Airport.
"We are investing in high quality real estate in the best submarket in Central Florida. We plan to strategically select top builders that will enhance the community's lifestyle and charm and provide high quality residences for our future homeowners," said Mike Moser, east region president for the Bradenton, Fla.-based company.
Summerlake has more than 1,500 home sites approved for development, of which 450 are fullky developed, and 30 completed homes.