A rendering of Arredondo Pointe, a mixed-use hospitality and entertainment destination slated for 17512 Toledo Blade Blvd. in Port Charlotte, Florida — Courtesy: Kennedy Funding
By Joshua Burd
A developer has acquired more than 100 acres along Florida’s Gulf Coast thanks to a newly completed, $3 million loan provided by Kennedy Funding.
The Englewood Cliffs-based lender said last week that the financing, provided to Lost Lagoon Development, will pave the way for some 2 million square feet of commercial space in the community of Port Charlotte. Plans call for a new downtown area that is years in the making, complete with 1,250 hotel rooms, retail space, restaurants and a convention center, among other features.
The borrower paid $3.755 million for the 101.46-acre site at 17512 Toledo Blade Blvd.
“A commercial real estate loan at 80 percent loan-to-cost, particularly on raw land, is quite rare in the hard money space,” said Kevin Wolfer, CEO of Kennedy Funding. “Knowing the contract contained several contingencies for rezoning and site plan approvals significantly increased this property’s value and made this an extremely unusual and attractive arrangement. Once the borrower secured the approvals, we were able to quickly close.”
The first phase of construction calls for building a hotel and retail space on the southwest corner of the property, with the water park coming in the second phase and the town center in the third phase, according to a news release. Lost Lagoon will also make infrastructure improvements around the property, including sidewalk installation, landscaping and water and sewer lines.
Originally part of a 1,100-acre tract purchased by Charlotte County in the early 2000s, the area was slotted for a mostly residential development called Murdock Village, Kennedy Funding said. The Great Recession of 2008 derailed those plans and left the area vacant for nearly 15 years, but the county has since sold parcels to private developers, including 450 acres for a 2,400-home residential community.
“For many years, Port Charlotte officials have envisioned a thriving downtown in this area,” Wolfer said. “Now, with the capital to start, the construction process can finally begin.”
Lost Lagoon’s project will be known as Arredondo Pointe and is also slated to include arts venues, cultural and historical spaces and a multilevel golfing facility. Central to the project is a Lost Lagoon-branded hotel and a 45-acre water park.
“Port Charlotte has been ready for new commerce and development for quite some time, and with the borrower’s guidance and expertise, this vision will finally come to fruition,” Wolfer said, noting that Arredondo Pointe is expected to create 500 to 800 non-seasonal jobs for area residents.