SARASOTA, FLORIDA, November 22nd, 2016 – It’s now green and go again for the Murdock Village, a multi-use development that Charlotte County initiated in 2002 but went into hibernation after several attempts to get it going failed for various reasons.
A company based in Fort Myers, Private Equity Group LLC (PEG) is now on top of this project located on 452 acres between US 41 and State Road 776 just west of the Port Charlotte Town Center. This November, PEG and the Charlotte board of county commissioners approved an agreement for sale and purchase of Murdock Village.
PEG will pay $11 million for this property which approximately lies between the golf communities of Riverwood towards south and Bobcat Trail, a short distance north. In exchange for the developer’s road-building and construction of other facilities within the Murdock Village Community Redevelopment Area, the county will repay PEG the $11 million amount in two years.
Murdock Village under PEG will be developed as an “adult lifestyle” community, but it won’t be age-restricted or age-targeted, according to the company’s president and CEO, Don Schrotenboer. The project is planned for up to 2,400 residential units consisting of single-family homes, multi-family villas and townhomes, and market-rate rental apartments.
Schrotenboer expressed optimism on PEG’s venture which should further boost the stock of Charlotte homes for sale. “The county is experiencing an uptick in first-time home ownership, in contrast with the declining national trend on home ownership,” he said. “We’re gearing up to serve that pent-up demand in Charlotte,” the top PEG executive added.
PEG’s blueprint for Murdock Village also includes commercial and retail spaces totaling 200,000 square feet. It likewise provides an area for a 150-room hotel, as company research indicates that it is viable because little or no hotel accommodations are within a three- to five-mile radius of the project. The company also envisions small neighborhood businesses, such as shops and restaurants, on the south end of the property.
The North Charlotte Regional Park, which sits at the center of Murdoch Village, would be pivotal to the development of the community’s amenities. Already, this park features baseball and soccer fields, as well as a disc golf course. Additional amenities that PEG plans to pursue at the Village include a clubhouse, tennis and pickleball courts, and an aquatic complex. Some5.2 miles of pathways will also be built, featuring 10-foot-wide multi-modal paths around the park.
PEG’s plan also calls for “spine roads” connecting the main arterial roads of SR 776 and US 41, and adding sidewalks throughout the community. When completed, all of the infrastructures, facilities, and other improvements related to the Murdoch Village project will be turned over to the county and will be open to the public. Community landscaping will remain as PEG’s responsibility in order to ensure maintenance at a higher standard.
The Murdoch Village project is expected to generate an economic impact of close to $92 million, according to studies separately conducted by PEG and the county’s consultant. Construction activity amounting to $396 million is also projected for this development over a 20-year period, in the process creating 378 permanent jobs. The tax take of all county taxing districts during that period is projected at $151 million.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>