EXECUTIVE SUMMARY:
The Highway 17 Charlotte Parcels present a unique opportunity for developers and investors alike. These properties allow a buyer to purchase future development tracts and then design and build a community to their preferences. These properties are a blank slate waiting to be sculpted into the next successful community in Southwest Florida.
Property History: The parcels were purchased in 2004 for investment purposes. At the time, the parcels performed as an active producing citrus grove. However, due to disease and market decline, the citrus operations became no longer viable. The land was restored to open land and the parcels were rezoned to a high density Multi-Family zoning in an effort to add value to the property. Although the zoning is in place, the surrounding area is not currently in a position to support a high density multi-family project. After consulting with our market research department, land use attorneys, and engineers, we have identified the highest and best use for these parcels based on todays market conditions.
Property A - RV/Motorcoach Concept: With a rezone, this parcel has the potential to become a future RV/Motorcoach Resort. The parcel is roughly 60± acres and features many natural amenities such as mature landscaping and a 5 acre-natural lake. Central water and sewer are in close proximity to the site and have additional capacity for service. The access road currently only allows for a right-in/right-out access. However, the property sits adjacent to a median cut with deceleration lanes. Buyers can reconstruct the access road to be aligned with the median cut for right-in/right-out and left-in/left-out access. Waldrop Engineering was engaged by the seller to plan and illustrate a conceptual site plan showing expected density yields and community designs. The concept plan yielded 198 RV pads and can be reviewed on Page 6 of the offering memorandum. This property is in close proximity to the Thornton Creek Motorcoach Resort, an upscale 99-unit RV community. Thornton Creek began selling lots in mid-2015 and sold out of all inventory 4.5 years later.
Property B - Manufactured Housing Community Concept: This property is roughly 216± acres and has the potential to be developed as a future manufactured housing community. Central Water and sewer are also in close proximity to this site and available capacity has been confirmed by the County. The property has been cleared and access is derived via SW Liverpool Rd. The property is located 1,000± feet from the Live Oak RV Resort, a rental manufactured house and RV park consisting of 399 pads. It is estimated that 33% of these lots are manufactured homes, with the remainder reserved for RV pads. Waldrop Engineering was engaged to design a conceptual site plan to illustrate likely density yields based on a potential rezoning. The concept plan yielded a potential 33,400 linear feet of developable area. This would equate to a potential for 742 manufactured housing pads if using a 45’ wide lot product. The concept plan can be reviewed on Page 8 of the offering memorandum memorandum.
Summary: Obtaining approvals for RV and manufactured housing parks in Southwest Florida is extremely difficult and has become more challenging in the last several years. Many municipalities in the surrounding area are no longer willing to issue entitlements despite the tremendous demand for new projects within this asset class. Fortunately, DeSoto County remains one of the only counties in the SWFL submarket that still permits these developments when planned and designed correctly. This is evident from a new manufactured home community that was approved in 2019, known as The Preserve, which was approved for 999 manufactured homes and is currently under construction. The Highway 17 Charlotte Parcels present very rare opportunities that are nearly impossible to find today.
