Sale of Sanctuary Cove property gives new life to stalled project
The WCI banners were flying Wednesday at the entrance to Sanctuary Cove, announcing that new homes starting at $280,000 were coming soon to the long-stalled development.
WCI Communities LLC, a Lennar company, purchased 56 lots in the 211-acre property at 1918 6th Ave. E. for $4,579,155.62 on Sept. 25, according to the Manatee County Clerk of Circuit Court’s Office.
The property, located along the Manatee River next to Feld Entertainment, was going into foreclosure in 2010 when Sanctuary Cove (Bradenton) ASLI, VI, LLLP stepped in and acquired it. The purchase price was not disclosed. The purchased resolved a $57 million foreclosure lawsuit filed by three lenders.
“It’s going to be exciting,” Palmetto Mayor Shirley Groover Bryant said Wednesday. “The property has sat there for a long time. It’s in a nice area and it’s a nice project, located across the street from where the new Detwilers Farm Market will be located.”
The property has sat there for a long time. It’s in a nice area, and it’s a nice project, located across the street from where the new Detwilers Farm Market will be located.
Palmetto Mayor Shirley Groover Bryant
Bjorn Svenson, who was partnering with property owner Avanti Properties Group, told the Bradenton Herald in March that development of the project was about to get underway.
“Basically, the plan right now is to finish up those infrastructure improvements that need to be done in anticipation of building homes,” Svenson said. “We’ve actually already started some road improvements along U.S. 301.”
The original plans for Sanctuary Cove allowed between 950 and 1,100 residential units, including a 12-story condominium, four-story townhouses and 266 single-family homes. Also planned was 200,000 square feet of commercial space fronting U.S. 301. It was not clear what the plans are for the remaining property at Sanctuary Cove.
Lennar did not immediately respond to a request for information about plans and phasing for Sanctuary Cove. A representative of Avanti Properties Group declined comment on the sale, saying it was his company’s policy not to comment on any property transaction.
Bradenton Herald reporter Mark Young contributed to this story.
James A. Jones Jr.: 941-745-7053, @jajones1
This story was originally published October 4, 2017 at 3:32 PM with the headline "Sale of Sanctuary Cove property gives new life to stalled project."