Since our (Somerset Properties Group, LLC) assemblage of the 40 acre property, other like minded investor groups have formed LLC’s and purchased 35 contiguous acres, greatly expanding the Pine Island Road frontage to 3600 lineal feet. Another owner of 10 contiguous acres has joined our group whose intention is to assemble, entitle, and place with an end user the largest remaining vacant parcel on Pine Island Road. The map on the right displays the ownership of each of the separate LLC’s. Property owned by Somerset properties Group, LLC is represented in yellow. The property highlighted in light green is owned by James Whitehead and Joe Johns who operate a fill dirt recycling company. The four remaining LLC’s shown in Light blue, red, dark blue, and brown are owned and managed by the one group.

Together, beginning in 2006, we pursued entitlements that would assign a “commercial land use” designation to all 85 acres. On February 25, 2009, we received final approval when the Lee County Board of County Commissioners adopted an amendment to the Lee County Comprehensive Plan designating “commercial land use” to all 85 acres. This designation will provide the second highest density and intensity land use possible in Lee County, Florida and greatly add to the value of all 85 acres. Development scenarios include high-density retail, commercial, office, and/or multifamily mixed-use.

 

 

The unexpected length of the entitlement process coupled with the current economic environment now requires us to hold this property longer than originally anticipated. We intend to reduce our carrying cost as low as possible to keep our cost basis at its present level. This will allow time for the economy and the commercial real estate market to stabilize and recover. To that end, we have decided to seek an equity partner or partners that will eliminate our current debt structure, the bulk of which expires in April 2010. We would prefer to leave our equity in place until we can unlock the value of this property. We continue to believe that these eighty-five acres represent the largest remaining undeveloped property on the “Pine Island Commercial Corridor”. This property is the doughnut hole in the fastest growing part of Lee County.

If you have an interest in this private equity offering please phone or e-mail me at the contact information provided under the contact tab. You will be given a password providing access to the specifics of this offering.

Thank you for your interest. We look forward to hearing from you.

 
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Total Acreage - 85. Total Pine Island Road Frontage - 3,600 lineal feet.
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