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Developer purchases old Island Pines development

By Staff | Dec 8, 2011

William J. Noah of RE/MAX Hometown Properties has reportedly brokered the sale of the former, foreclosed Island Pines development in Cape Coral, located on the corner of Pine Island Road and Hancock Creek, S. The more than 30-acre property was purchased by developer Pasquale Franchi, who plans to offer seller financing to homebuyers, one of the largest developer-financing programs in the state of Florida.

The previous owners of Island Pines filed bankruptcy and the property fell into foreclosure in 2007 before construction was completed. Franchi purchased the land and existing buildings to create a new affordable and family-friendly condominium community, according to the announcement from RE/MAX Hometown Properties.

The community has been renamed Casa di Fiori, which in Italian means “House of Flowers,” and the developer plans to visualize the new name within the community through lush landscaping throughout the property.

“Mr. Franchi’s personal investment in Casa di Fiori goes beyond the traditional participation of a developer,” said Noah. “Because he believes in supporting the community and its families, he hopes to bring new jobs to the area through the project construction as well as offer residents in Southwest Florida affected by the housing crisis with a homeownership option that may have not been available to them before.”

Once complete, the luxury condominium residences at Casa di Fiori will sit within a lush, park-like gated community with lake and preserve views. A 4,500 square-foot clubhouse with fitness center, full kitchen and meeting space will be available to residents.

Community amenities will also include a resort-style pool, tennis court, playground and more. RE/MAX Hometown Properties and Schooner Bay Realty have partnered to handle new home sales for the 304-unit condominium community, with prices starting in the low $100,000s.

“I like to think of this as a ‘second-chance’ community,” says Franchi. “Not only are we transforming a bankrupt, vacant property into a resort-style, family-friendly community, but our financing program empowers people to own a home again. With the revival of this community, we can begin to reinvigorate the Cape Coral housing market, create jobs and offer affordable, quality home options to families.”

For more information on Casa di Fiori, contact Noah at 239-841-4848 or via email at william@emoney.cc.