Neal Land Ventures sold 268 acres of land to Kolter Land Acquisitions, LLC for $6,976,040. Kolter Land Acquisitions will be developing the property for at least two national homebuilders and home sites on the parcel, which is zoned for residential use and approved for 562 single-family homes, are estimated to go on sale in the first quarter of 2018.
Neal Land Ventures acquired and entitled the property. The full-service land acquisition, entitlement, and development firm is also financing the second and third phases of the development.
“Neal Land Ventures sets itself apart by establishing a professional and responsive working relationship with clients and highlighting the terms of the deal from the beginning,” said John Neal, president of Neal Land Ventures. “Our team also quickly processes plans for future designs, allowing them to be reviewed, approved and permitted in a timely, cost-effective manner.”
The new single-family homes will be constructed in Northeast Manatee County, south of Moccasin Wallow Road and west of U.S. 301, where momentum is building in the housing market.
The site is in a prime location. It’s just a few miles south of the Hillsborough County line to the north, and not far from where Amazon built its 1.1-million-square-foot fulfillment center in Ruskin in Sept. 2014. The online retail giant now employs more than 2,500 people in the area.
To the south, the soon-to-be-opened Fort Hamer Bridge will connect Fort Hamer Road and Upper Manatee River Road to Lakewood Ranch Boulevard, linking U.S. 301 and University Parkway. This means homeowners won’t have to drive as far to popular shopping centers or jobs in the Lakewood Ranch area.
This announcement comes after the news of another nearby sale of 455 acres that is part of the up-and-coming North River Ranch master-planned development located in the northwest quadrant of the Moccasin Wallow Road and U.S. 301 intersection. Reeder Acquisition Partners, LP will develop the 1,100-unit project for DR Horton, expected to open in the first quarter of 2018.