Taylor Morrison of Florida developing Palmer Ranch community

BUYER: Taylor Morrison of Florida Inc., Sarasota

SELLER: Palmer Ranch Holdings Ltd.

PROPERTY: a portion of Palmer Ranch Boulevard near Interstate 75, Sarasota

PRICE: $6 million

LAW FIRM ON DEED: John F. Cook PA, Sarasota

PLANS, DESCRIPTION: Scottsdale, Ariz.-based homebuilder Taylor Morrison purchased 217 acres in Palmer Ranch near The Glenridge on Palmer Ranch retirement care facility for $6 million.

The price equated to $27,650 per acre.

The homebuilder plans to start development later this month to create a single-family community on the site called Arbor Lakes on Palmer Ranch.

Cammie Longenecker, vice president of sales and marketing for Taylor Morrison West Florida, says the community is scheduled to open for pre-sale in the third quarter. The builder is currently projected to create 267 home lots. Taylor Morrison is still evaluating amenities for the community.