Multi-Family Developer, Davis Development, Closes on Purchase of 26.9 Ac. Westwood/I-Drive Property
An affiliate of Davis Development, DD Intl Drive 26.9 LLC, closed on its purchase of development property last Friday, September 18, 2020. The deed relating to the sale was recorded today.
The buyer paid $9,800,000.00 for the 26.9 acre site, which was owned by VSE Vistana Villages (formerly SVO Vistana Villages), a timeshare developer, and subsidiary of Marriott Vacations Worldwide.
In addition to the $9,800,000 purchase price, Davis Development paid the seller an additional $1,009,600.00 for $2,017,167.93 in transportation impact fee credits owned by the seller.
At closing, the buyer and seller entered into a Deferred Purchase Price Agreement that would require the buyer to pay the seller $22,000.00 (up to a maximum of $1,000,000) for each residential property unit, in excess of 400, that is approved by governmental officials.
The property is zoned P-D, commercial vacant condo, and is presently unimproved, according to county records. According to public records, the P-D presently allows for construction of up to 100 hotel guestrooms, 400 residential property units, and 1800 timeshare units.
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Chirag B. Kabrawala, Esq.
Kabrawala Law Group PLLC