A 700-acre, bank-owned residential development site in New Smyrna Beach has been acquired by Palms Land Holdings in a $8.5 million transaction. The site, on the corner of State Road 44 and Airport Road, is the next phase of the master planned 1,400-acre Venetian Bay community. The parcel of land has entitlements allowing for more than 1,000 residential units to be built. Palms Land Holding is an affilliate of Geosam Capital US, the master developer of Venetian Bay, which has additional developments in Georgia and North Carolina. Chris Butera, principal at SVN Alliance Commercial Real Estate Advisors, negotiated the transaction representing both the buyer and the seller, First National Bank of Pennsylvania.
