Taylor Morrison buys land for Esplanade at Lakewood Ranch

BUYER: Taylor Morrison of Florida Inc., Sarasota

SELLER: SMR North 70 LLC

PROPERTY: 4810 Lorraine Road, Bradenton,

PRICE: $10.12 million

LAW FIRM ON DEED: Daniel J. Perka Esq. for Schroeder-Manatee Ranch Inc., Lakewood Ranch

PLANS, DESCRIPTION: Taylor Morrison of Florida Inc. purchased 207 acres of former grove land north of State Road 70 near Center Ice Parkway and Pope Road for $10.12 million.

The price equated to $48,902 per acre.

The homebuilding giant plans to develop the Esplanade at Lakewood Ranch, a gated, 450-unit community of single-family homes and villas. The project will feature a heated lagoon-style pool and spa, outdoor barbeque space, dog park, pickleball courts and walking trails. Its clubhouse will include a fitness center, card and media room, catering kitchen, billiard room and private library.

Presales are scheduled to start this fall and home models are set to open in early 2012.

“Lakewood Ranch is one of the top 20 bestselling master-planned communities in America and No. 2 in the state of Florida,” says Steve Kempton, president of Taylor Morrison West Florida. “We've seen what is happening there. The supply and demand curve for home sales there is starting to work in our favor. Foreclosures are trending down and resales and new home sales are trending up. Buyers have really shown that that's where they want to be the last 18 months.”

One of the key selling points of the new community for Taylor Morrison is its lifestyle and activities. The development will employ a full-time lifestyle director to help direct residents to social and recreational events and classes.

Taylor Morrison mortgaged the property to the former owner Schroeder-Manatee Ranch for $7.65 million.