Iowans buy land for Rosarno condo

February 04, 2010

Iowans buy land for Rosarno condo

BUYER: Mullock Creek II LLC (principals: Jeffry Henning and Bernard Baker), Marco Island

SELLER: Mullock Creek Development LLC

PROPERTY: Tamiami Trail in the San Carlos Park area, Fort Myers

PRICE: $2.27 million

PREVIOUS PRICE: $5.6 million, April 2005

LAW FIRM ON DEED: Cheffy Passidomo PA, Naples

PLANS, DESCRIPTION: Mullock Creek II LLC, a limited liability company run by two Iowa construction executives — Jeffry Henning and Bernard Baker — purchased 32.3 acres of land off U.S. 41 adjacent to the Shadow Wood Preserve Golf and Country Club for $2.27 million. The property had been permitted for a 168-unit condominium called Rosarno. The purchase price equated to $13,535 per approved unit or $70,400 per acre.

Excluding undevelopable areas, the remaining 23-acre site was planned as home to six four-story condominium buildings and 72 coach homes with attached garages overlooking a four-acre lake.

The development was also designed to feature a clubhouse, an adjoining exercise room, pool and deck, tennis and basketball courts and playground.

Both the site development plans and master building plans for the residential units have already been approved, and the previous developer prepaid $190,000 in impact fees for the water and sewer. The previous owner also cleared the site, preparing the lake for excavation.

Baker, who owns mechanical contractor Baker Group in Des Moines, Iowa, says the new owners will be putting together their plans for the site over the next few weeks.

A representative for Johnston, Iowa-based general contractor Henning Construction, where Henning is chairman, described the sale as a transfer, where new owners joined the development group and others dropped out.