Groundbreaking has just begun on Seagate at Sands Point, the housing complex to be built on the land that was once occupied by Lands End, the home said to have inspired Daisy Buchanan's residence in F. Scott Fitzgerald's "The Great Gatsby."
When developer Bert Brodsky and his son David purchased the property seven years ago, there was talk of renovating the 21,000-square-foot, 25-room home, built in 1902. However, in April, the house was instead razed. The current plan is to construct five $10-million homes in its place, each ranging in size from 7,500 to 10,000 square feet.
Sales and marketing for the project are being managed by Sotheby's, and THINK Properties, where Brodsky's son Lee is a partner, is serving as special advisers. In a news release about the project, Think Properties said it would be using "socialnomics" to identify prospective buyers for the project. Said Shawn Vardi, president of Think Properties, "I think that when looking at homes in this price range, it's more about who you know. It's not the same as if you're selling a home in the $2- to $5 million range. We have a niche market that we're getting at."
Vardi explained socialnomics as "literally going to people" at country clubs, taking them to lunch and leveraging relationships to find the best homeowners for these unique parcels.
The first model home on the site, called the Overlook, is expected to be completed by September 2012.
Pictured: A rear view of a spec house at Seagate at Sands Point