SOURCE: Commercial Alliance Group

February 06, 2007 15:41 ET

Commercial Alliance Group Agrees to Acquire Callalisa Creek Projects

New Smyrna Beach Waterfront Development of Condos, Luxury Homes and Deep-Water Boat Slips Planned at South Peninsula Avenue Site

SANFORD, FL -- (MARKET WIRE) -- February 6, 2007 -- Commercial Alliance Group, a Central Florida real estate development financial services firm, has contracted to purchase 6.5+/- acres along Callalisa Creek in New Smyrna Beach, including the existing development rights and deep-water boat slips

The contract includes an approved, 21-unit residential condominium project known as Callalisa Villas. Commercial Alliance Group also plans an exclusive residential project of up to six units tentatively named the The Villas at Callalisa Creek. The total value of both projects at completion is expected to exceed $20 million.

Callalisa Villas will be developed on approximately three acres. Each condominium unit will have its own limited common element -- a deep-water access boat slip. The units will be developed with high-end luxury finishes. Sales of the condominium units are expected to begin by March 1, 2007. Preconstruction prices for the 1,800 square foot, two bedroom, two bath and den condominiums, including one limited common element boat slip, will begin at $575,000.

The firm plans to develop up to six additional three-level, three-bedroom, three-bath, 2,250 square foot, detached, luxury Key West style villas with breathtaking views of the Intracoastal Waterway in a private entry waterfront, tropical resort environment on the adjoining 3.5+/- acres of land.

Tentatively named The Villas at Callalisa Creek, each of these units will be developed as two-elevator accessed residential levels over parking and storage, and will also have its own deep-water access boat slip. Preconstruction prices at The Villas at Callalisa Creek, including boat slip, are expected to begin at $1,050,000.

Both projects are planned to be complemented by community pools, spas, sun deck areas and boardwalks through a natural preserve area.

Commercial Alliance Group agreed to acquire the assets from First American Real Estate Resources-2, LLC for an undisclosed price which includes the existing development rights for the project and the existing boat slips along Callalisa Creek -- a deep-water tributary of the Indian River, forming a part of the Intracoastal Waterway leading to the Atlantic Ocean through the Ponce Inlet. The new communities will be located along South Peninsula Avenue.

"We are excited to be offering Callalisa Villas at such value pricing for a luxury condominium and deep-water boat slip," said Commercial Alliance Vice President Scott Colon. Colon added, "The Villas at Callalisa Creek will be the perfect exclusive hideaway for the discriminating boater. We are extremely pleased to be moving forward with both of these projects."

Commercial Alliance Group's core business is providing capital to qualified developers, but the Sanford-based firm also has its own development division for select projects. "These Callalisa Creek projects began as a financing opportunity for us, but soon we became so excited about the possibilities that we decided to negotiate to acquire the projects from the principals," Colon said.

About Commercial Alliance Group

Commercial Alliance Group, Inc. (www.commercialalliancegroup.com) is an integrated real-estate-development financial-services firm providing capital and consulting services to qualified developers. In addition to being a direct provider of mezzanine debt and equity capital, Commercial Alliance Group, Inc. acts as agent in the placement of senior capital and provides business, financial and strategic-planning services to its real estate developer clientele. The company's mezzanine-debt and equity-financing products form the platform for investment opportunities available to individual and institutional-accredited investors -- an innovation developed by the principals of Commercial Alliance Group. The Sanford, Fla., company serves as the bridge between the real-estate-development project concept and the capital necessary for the project's success. For more information visit www.commercialalliancegroup.com or call (407) 330-3062

Contact Information

  • For more information:
    Scott Colon
    Vice President
    Commercial Alliance Group
    Email Contact
    407-330-3062