Fla. group purchases Carter Grove Plantation
by Staff Report
May 11, 2011 | 2895 views | 0 0 comments | 8 8 recommendations | email to a friend | print
Carter Grove Plantation, the stalled development at Old Alabama Road and Carter Grove Boulevard, has been purchased by Avanti Investment Advisors in Winter Park, Fla.

Andrew Dubill, vice president of investments for Avanti, confirmed the purchase but declined further comment, saying it is a "general rule" that the company does not speak to the media.

Bought for a reported $7.5 million, future plans for the development are not known.

Begun in 2003, a look at a Cartersville Developments Status report shows frequent activity on the project, including the approval of construction plans, zonings and annexations. Activity in the development began to drop off in 2007 and 2008, with the last approved action in June 2010 for an approved driveway for Publix. The developments status reports simply lists "ongoing activity" for 2011. At build-out the development would have included more than 3,300 homes, commercial and public space, and green space.

According to reports, Avanti purchased the property from Mary Simpson.

Cartersville city attorney David Archer said he had no knowledge of the purchase, only what he heard through "the grapevine."

Cartersville Planning and Development Director Randy Mannino said he was aware of a purchase "about a year ago," but nothing recent.

Other aspects of the planned development remain in flux, including Carter Grove Commons, a commercial complex that was to be anchored by a Publix Super Market.

Plantation Golf Club also was purchased in March at a foreclosure auction by Bank of the Ozarks. Despite initial plans to reopen the course, the announcement was made shortly after the purchase that the bank would not reopen the golf course.

A school planned for 30 acres in Carter Grove Plantation also was affected. System leaders in December 2007 took possession of the land that had been gifted to them by developer and owner Steve Simpson for the purpose of building a new school. Simpson died in a Feb. 1, 2008, twin-engine airplane crash.

The future facility was to be Cartersville Intermediate School, with the intention of moving the district's fourth- and fifth-graders to the site. The agreement required the district to erect the school by Dec. 31, 2017, else the property would revert back to the donor. But an addendum to the agreement signed by the involved parties last April pushed that deadline to the last day of 2030.

According to Avanti's website, "Avanti Investment Advisors Inc. is one of the United States' largest investment firms exclusively dedicated to land investment, development and finance. Since 1979, Avanti entities have committed over $1 billion to residential, commercial and industrial land in more than 25 of the fastest-growing markets in the nation.

"Avanti seeks to acquire or finance land with a medium- to long-term absorption horizon. Avanti is currently investing the $238.6 million Avanti Strategic Land Investors VI fund. Investments typically range in size from $5 million to $50 million."