On November 8, 2016 the Murdock Village CRA and the Charlotte County Board of Commissioners approved a purchase and sale agreement with Private Equity Group LLC for 452 acres of property in the Murdock Village Community Redevelopment Area. The agreement puts in motion a development that is projected to create up to 2,400 residential units, 200,000 square feet of retail and commercial space and a 150-room hotel. Studies conducted by the county’s consultant and PEG projected nearly $92 million in annual economic impacts from jobs created and economic activity. Over a 20-year period, construction activity is projected to be $396 million and create 378 permanent jobs. Also during that period, the tax revenue to all county taxing districts is projected to be $151 million.
The agreement commits the developer to making road and infrastructure improvements to O’Donnell Boulevard, which will connect U.S. 41 to State Road 776. The agreement also requires the developer to construct multiuse paths throughout the property, which will connect to North County Regional Park, and demolish and remove degraded roadways within the parcel. With execution of the agreement the 150 day Feasibility Period will begin.
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