LAKEWOOD RANCH — Schroeder-Manatee Ranch Inc. (SMR) and Starwood Land Ventures LLC have formed a new joint venture to acquire the remaining land in Country Club East.
The deal covers roughly 475 acres, or more than 600 existing and yet-to-be-developed lots.
The new joint entity, SLV II CCE Venture LP, purchased the property Schroeder-Manatee Ranch affiliate, Country Club East Investors LLC, for $23.4 million.
LWR Communities LLC will continue to be the project manager for the property owned by the joint venture.
As part of the joint venture, the partnership will help with the construction of a more than 10,000-square-foot clubhouse and driving range at the at Lakewood Ranch Golf and Country Club’s Royal Lakes Golf Course.
The golf course itself was not part of the sale, and SMR will retain ownership of it.
In August, SMR announced a list of new projects, including the addition of a doubled-ended driving range and practice area at Royal Lakes Golf Course.
Those improvements will be followed by the construction of a permanent 10,000- to 12,000-square-foot clubhouse with a golf shop and bar and grill, as well as a paved parking lot.
SMR previously said construction on the driving range would occur in 2014. Construction of the clubhouse will start in 2014 and finish in 2015.
Starwood Land Ventures is a Lakewood Ranch-based residential real-estate firm, focused on land acquisition, development and financing, particularly for large residential master-planned communities, mixed-use projects, land entitlement and development.
“SLV has been headquartered here for years and is familiar with SMR’s ideals and Lakewood Ranch as a community,” saud SMR President and CEO Rex Jensen said. “They understand our commitment to quality.”
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