Newspaper article The Florida Times Union

Nassau Development Sold; Lots to Go Back on the Market

Newspaper article The Florida Times Union

Nassau Development Sold; Lots to Go Back on the Market

Article excerpt

Byline: Roger Bull

National Land Partners has purchased the 543-acre Deep Creek Plantation in Nassau County and plans to start selling the lots there again.

The project, which borders both the St. Marys River and County Road 121, was first developed in 2007. Twenty-seven of the 109 lots were sold, though no houses were built. But Florida Bank took over the property last year.

NLP just bought the land for $1.1 million with Henry Rogers and Leland Burpee handling the sale for Coldwell Banker Commercial Benchmark, and will put the lots on the market in February. Brian Patten, who runs the Massachusetts-based company's Fernandina Beach office, said the 82 remaining lots run from 2-plus acres to about 15 acres, with prices starting in the $50,000s.

That's a third to a half of what they were selling for three years ago. But Patten said that's the company's business strategy now. For years his grandfather, Harry Patten, who started the company, would do all the developing himself.

But now, they can buy distressed projects like Deep Creek - gated, fully subdivided and developed with streets, utilities and a park on the river - for less than it would cost to put those features in.

That's what they did with Tupelo Plantation, which is off U.S. 301 west of Callahan. NLP bought the 57 lots on 260 acres for $1.2 million. Last month, it started advertising packages of a 13-acre lot with a log home (dried in, but unfinished) for $94,900 or lots starting at $37,900.

All but two of those lots have sold.


37 Hogan St., foundation for precast parking garage, $6.4 million. Haskell. Total cost for the six-story, 600-space garage is estimated at $10 million, with completion August 2014.

2771 Monument Road, tear down existing Publix and replace it with a new, larger one, $3.5 million plus another $950,000 for exterior renovations to the Cobblestone Crossing shopping center, HGR Construction.

11901 Atlantic Blvd., shell for Earth Fare natural foods market in Atlantic North development at Kernan Boulevard, $1,042,500, 24,000 square feet, Target Contractors. Opening is planned for next fall. …

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