BRADENTON - The Perico Island development previously known as Seven Shores has been bought by a subsidiary of a Canadian-based company.
The residential project, originally being developed by St. Joe's, has been purchased by Minto Communities LLC, a U.S. subsidiary of Canadian-based Minto Group, the company announced today. The purchase price was not disclosed.
“Over the past year, we’ve researched several West Coast properties to pinpoint the right opportunity,” states Michael Belmont, executive vice president, Minto Communities. “Using the same analytical approach we’ve used to acquire properties on the East Coast of Florida, Perico was determined to be an ideal location and opportunity to help empower our vision: To create better places to inspire life."
Minto Communities has built more than 19,000 homes in Florida. The Perico Island project is the company’s largest West Coast acquisition to date, company officials said. Previously, the company announced plans to build at Grand Hampton in Tampa and Country Club East in Lakewood Ranch.
Minto said it plans to continue the project site development sometime in 2010 based on the previously approved plans from the City of Bradenton and other regulatory agencies. Much of the project’s initial infrastructure is already installed and complete, including the excavation of a nearly one mile long, 32-acre man-made lake. But the project has sat idle for the past year as St. Joe officials waited for a turn around in the economy.
“The housing market has certainly changed since the Perico plan was created,” Belmont said. “Our goal is to make sure the housing product we develop meets the needs of today’s consumer in terms of price and livability.”
Belmont said Minto has no intention of increasing the previously approved building story height limitations or increase density to what has already been approved for the project.