Homebuilder Neal Communities buys first part of Oasis Key

BUYER: Neal Communities of Southwest Florida LLC (NCDG Management LLC, Michael Storey, James Schier and Priscilla Heim), Bradenton
SELLER: Heartwood 23 LLC
PROPERTY: a portion of Winkler Road off Summerlin Road, Fort Myers known legally as lots 13-19, 46 and 47, Seminole Gardens
PRICE: $1.24 million

ATTORNEY ON DEED: Marla Neufeld, Esq., Fort Lauderdale

PLANS, DESCRIPTION: Lakewood Ranch-based homebuilder Neal Communities Inc. purchased 31 home lots and a portion of the community infrastructure in the Oasis Key community for $1.24 million.

The price equated to $40,000 per lot.

The purchase was Neal Communities' first in the 76-lot partially developed community. The homebuilder is scheduled to close on the remaining 45 lots from another seller in the next few months.

All of the lots in the platted subdivision were fully developed, but no homes were built. Neal Communities will need to develop an entry feature and some additional sewer infrastructure.

The seller, Heartwood 23 LLC, is an affiliate of lender BankAtlantic, which foreclosed on the property from CQ Twin Creek LLC in October 2011.

“The utilities still need to be repermitted, which is a little bit of a process,” says Jason Frost, land acquisition consultant for Neal Communities. “We anticipate having a model there in the summer. There is very little new single-family supply in the area, and what is there is selling well. It has great proximity to HealthPark [Medical Center] and the beaches.”