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Business Observer Sunday, Jul. 18, 2021 6 months ago

Investors acquire waterfront neighborhood for $6.35 million

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Partnership looks to change the model in a sought-after location.

In a destination such as Siesta Key, it’s not uncommon for homes to fly off the market. What’s rare is the sale of an entire neighborhood. 

But that’s exactly what happened when a few local investors purchased the last undeveloped gated community on Siesta Key. Coronas Park LLC, through the Ware Group, purchased the Coronas Park neighborhood, on Bochi Circle just off Ocean Boulevard and Givens Street, for $6.35 million. 

The neighborhood is comprised of five homes and another eight buildable lots. Four of the lots feature Gulf of Mexico views and the remaining face Lake Norma. The first home on the property was built in 2009 and the last home was built in 2015.

In the past few years, the homes have been used for vacation rentals, according to a story in the Siesta Key Observer sister paper of the Business Observer. But Coronas Park LLC now intends to sell each parcel individually to full-time or part-time residents — which has never been an option in the neighborhood.

“That’s why this is so special,” Realtor Curt Ware told the Siesta Key Observer. “It’s only ever been for sale as a development where you have to buy everything. Now, you can buy one of the homes or you can build your dream home on Siesta.” 

The neighborhood is a half-mile walk from the north end of Siesta Village, which Ware says affords potential homeowners an unusual opportunity. 

“You can’t find a gated community that is walking distance to the Village because it didn’t exist until now,” Ware says. “To be able to walk or hop on a bike and be in the Village area for a wonderful dinner in less than five minutes is a terrific opportunity.” 

The five already-built homes are all three-story structures. All of the lots would allow for similar structures in the future. 

The first home, which is 3,522 square feet and has four bedrooms and five bathrooms, is on the market for $1,949,000. It features several balconies, a multi-car garage, a pool and a spa. Two of the lots are for sale with prices starting at $600,000. 

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