Rinehart Homes buys 28 acres of vacant land near I-75

BUYER: Rinehart Homes LLC (Stephen Rinehart), Bradenton

SELLER: Florida Coast Development Corp.

PROPERTY: 121 48th St. Court N.E. and 325 San Casciano Lane, Bradenton

PRICE: $2.38 million

PREVIOUS PRICE: $674,000, January 2011

LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota

PLANS, DESCRIPTION: Bradenton homebuilder Rinehart Homes purchased 27.6 acres of cleared vacant land adjacent to Interstate 75 and north of State Road 64 for $2.38 million.
The price equated to $86,159 per acre.

A former owner had started site improvements to develop the land as a residential development of 177 townhomes called The Villas at San Casciano.

Calls to Rinehart Homes for comment were not returned prior to deadline.

Rinehart Homes mortgaged the property to the seller Florida Coast Development Corp. for $3.48 million and to David McNabb as trustee of the David S. McNabb Revocable Trust 12/14/2001 for $1.5 million.