Mr Costa’s development company, Costa Properties, will build up to 50 medium-density houses on a two-hectare parcel of land known as stage 61 of the Innisfail Estate in Point Cook, south-west of Melbourne.
Costa Properties is believed to have paid about $3 million for the site, which is about 55 kilometres from Geelong, where Mr Costa lives and develops most of his real estate projects.
The off-market Point Cook sale was negotiated by Jones Lang LaSalle executive Dominic Gibson as part of a disposal of several parcels of land by developer Peet Ltd.
Also in that estate, an 8805-square-metre retail development site is believed to have been sold to developer VicLand, for about $2.6 million.
VicLand’s other property assets include a supermarket in Bairnsdale and a property at 256 Chapel Street, Prahran.
Last year, VicLand sold an office building at 422 Little Collins Street to Becton for more than $22 million.
The Innisfail Estate is between the Werribee agriculture and food technology precinct and Boardwalk Boulevard. The estate will include two schools and a retirement village, as well as shops and several public spaces. Peet Ltd is also believed to have sold part of the Brimbank Gardens, Derrimut, housing estate, about 17 kilometres west of the CBD.