The Palms of Estero site consists of 10 acres located in the heart of Estero, Florida, zoned for 32 single-family residential units. The site is located on Block Lane which is quickly accessible to Corkscrew Road and minutes away from destinations such as Coconut Point Mall and Miromar Outlets. This site, as well as the now fully developed community across the street, was previously owned by members of TerraCap Management, LLC. Palms of Estero was previously sold in June of 2007 for $3,000,000. TerraCap purchased the property back at $1,459,190, a 51 percent discount. Palms of Estero has recently entered into an infrastructure lot take-down agreement with Neal Communities. Clearing of the site and construction of horizontal infrastructure should commence in the next few months.
