American Land Lease Announces Acquisition of Land to Develop a New Florida Community
08 February 2005 - 7:05AM
PR Newswire (US)
American Land Lease Announces Acquisition of Land to Develop a New
Florida Community CLEARWATER, Fla., Feb. 7 /PRNewswire-FirstCall/
-- American Land Lease, Inc. (NYSE:ANL) today announced the
acquisition of a 260 acre tract of land in Micco, Florida, south of
Melbourne, for an aggregate price of $15.5 million. The land will
be used to develop a new senior community for the company --
Savanna Club North at Crystal Bay. Savanna Club North at Crystal
Bay will be a 533 home site community incorporating high value
homes and the country club style living that is characteristic of
the company's Savanna Club and Riverside Club communities. Situated
across US-1 from the inter-coastal waterway leading to the Atlantic
Ocean, the purchase includes frontage on US-1 where a new home
information and sales center will be located, and a small tract of
land on the inter-coastal that will be used by community residents
for access to boating and other water activities. The new community
will be named for the company's 1,054 home Savanna Club located in
Port St. Lucie, 50 miles away. The company expects that Savanna
Club will be sold out during 2006. The company intends to use the
Savanna Club sales and community development team at Savanna Club
North at Crystal Bay where development is expected to begin this
year and new home sales are projected for 2007. "The acquisition of
land to develop Savanna Club North at Crystal Bay provides a great
addition to our portfolio of Florida properties. The community will
enable the company to build on its growing competence in land
development, home sales and community management," said Bob Blatz,
ANL's President and COO. He added, "This acquisition allows us to
grow using the outstanding community development and sales team
that we have developed at Savanna Club as we continue to build
value for ANL shareholders." American Land Lease, Inc. is a real
estate investment trust (REIT) that, as of September 30, 2005, held
interests in 29 manufactured home communities with 6,815
operational home sites, 950 developed expansion sites, 1,219
undeveloped expansion sites and 129 recreational vehicle sites.
DATASOURCE: American Land Lease, Inc. CONTACT: Robert G. Blatz,
President and COO, or Shannon E. Smith, CFO, of American Land
Lease, +1-727-726-8868 Web site: http://www.americanlandlease.com/
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