L-R: Steven J. Adamczyk, Avi S. Tryson, and John C. Goede of Goede, Adamczyk, DeBoest & Cross. Courtesy photos.

Guided by Coral Gables attorneys, residents of a 55-and-older community took control of the property this summer, first taking over the homeowner association and then buying the commercial segment.

Pelican Preserve is a sprawling, 1,100-acre development east of Interstate 75 in Fort Myers with 2,500 single-family homes and the 1.6-acre Plaza del Sol Town Center with a movie theater, amphitheater, swimming pools and arts studio.

The Pelican Preserve Community Association Inc. bought the Plaza del Sol Town Center for $38.2 million with a $41 million loan June 28.

Goede, Adamczyk, DeBoest & Cross managing partner Avi Tryson and shareholders John Goede and Steven Adamczyk worked on behalf of the association on both the loan and purchase.

The trio also represented residents in taking control of the association from developer WCI Communities Inc., a subsidiary of Miami-based homebuilder Lennar Corp., on June 3.

“It's a community that utilizes this area of land more than normal,” Tryson said of the town center. “There's restaurants, there's a fitness center, there's a recreation room, there's a movie theater, an amphitheater, a dog park. All of these features that were there are now part of the community. It's something that people who live there use a lot.”

The $2.8 million that didn't cover the acquisition went to closing costs, repairs and reserves.

Synovus Financial Corp., based in Columbus, Georgia, issued the 30-year loan with a 4.6% interest rate.

One of the hurdles the attorneys overcame was the tight deadline to close on the last weekday of the month and the quarter.

Residents who wanted to take ownership of Plaza del Sol felt they already had the attention of the other homeowners after the successful takeover of the community association. They wanted to capitalize on the first action by getting homeowners to quickly approve the Plaza del Sol acquisition.

“They felt they had the momentum of, 'OK, turnover happened. Let's accomplish this major project as soon as possible. Let's keep it on the front burner because if we wait one month, two months, six months, that could be a deterrent in us being able to get the necessary votes in order to approve the purchase and the loan,' “ Tryson said.

The acquisition was approved by over 90% of homeowners.

“We just wanted to strike while the iron is hot,” Tryson added.

Each of the attorneys focused on a specific area of the transactions with Tryson handling most of the loan negotiations, Goede working on the purchase contract and Adamczyk addressing homeowner association documents.

“We worked many hours, many times not necessarily through the whole night, but we were working weekends, long hours. John, Steve and I were dedicating most of our workweeks to solely working on this project,” Tryson said.

To meet deadline, the attorneys started working with the bank and the seller's legal team in late May before residents took over the association.

Pelican Preserve

The project, often touted for its plethora of amenities, has something for nature lovers and for those seeking commercial entertainment.

A 27-hole golf course weaves through the community, although the community association didn't buy the course. It has a 25,145-square-foot clubhouse with a spa, fitness center, dining and golf shop.

The Plaza del Sol acquisition means the Pelican Preserve Community Association now governs both the residential portion with the power to enforce assessments and compliance with guiding documents as well as the commercial portion's rental income.

The association was turned over after the developer sold a threshold number of the homes. WCI still hasn't sold up to 400 homes, which leaves it with a seat on the community association board.

The gated community boasts six lighted tennis courts, a resort-style pool, indoor lap pool, library, computer room, card room and billiard room at Plaza del Sol at the southeast corner of Colonial Boulevard and Treeline Avenue.

Pelican Preserve homes range in price depending on their design. Condo units cost from $163,999 to $185,999 while single-family homes are from the $200,000s to the $300,000s, according to Lennar's website.