Gulf Coast Business Review

December 14-December 20, 2007

by Sean Roth

Buyer: Cypress Shadows Acquisition LLC (principal: Joe Cameratta), Fort Myers

Seller: Cypress Shadow Development LLC

Property: 13230 Corkscrew road and additional land, Estero

Price: $28 million

Previous Price: $5.8 million, December 2003

Law Firm on Deed: Bilzin Sumberg Baena Price & Axelrod LLP, Miami

Plans, Description: Cleveland-based developer Cameratta Properties purchased  500 acres (350 buildable) for the planned Cypress Shadows development in Estero from homebuilder Lennar Corp. for $28 million.

The purchase included a fully entitled home subdivision, engineering drawings and mitigation credits.

"The next step was the construction work," says Ray Blacksmith, president of Cameratta Properties, "but Lennar was looking to reduce their portfolio of undeveloped land.  The location is just fabulous.  It's just right down the street from the miromar outlets and the Town Center shopping mall.  It's a mile from [Interstate] 75.  Estero is a tremendous market."

The developer plans to revise the site plan for the development to reduce the overall unit density by 30%.  Overall, the developer plans to drop the number of multi-family units from 670 to 200 and increase the number of single-family home lots from 100 to 320. 

"We're going to do more single-family estate lots," Blacksmith says.  'We believe that is a clientele that is not impacted by the current market."

Cameratta Properties also plans to eliminate a planned 18-hole golf course from the development plans in favor of a clubhouse with gathering rooms, dinning facilities, several tennis courts, a bowling alley, a spa, pools and a meeting space.

The developer, which is also considering changing the name, plans to start construction on the project in late 2008.

Cameratta Properties' purchase entity Cypress Shadows Acquisition LLC, mortgage the property to TIB Bank for $18.2 million.