Developers bought 1,745 acres of land in northwest Cape Coral for $100 million. Forestar (USA) Real Estate Group bought the property, and LSI Companies brokered the deal.
Developers say the land, spanning between Burnt Store Road and Wilmington Parkway, will provide 3,500 homes and a shopping center on Burnt Store Road.
Local realtor Sam Yaffey says that will make the area more desirable.
"It will definitely make an impact on value because of the convenience that the development will bring to neighborhoods. Being close by for shopping and things will definitely help those people out," Yaffey said.
LSI Companies said this is the largest unimproved land deal in Lee County history. They also said the project does include quite a bit of preserve area that will be protected. The Yucca Pens Preserve, located north of the project, will remain untouched.
LSI Companies was unable to give us a timeline of the project. However, they say it should fast-track the City's Utility Extension Project to connect people from well water to city water.