Neal Communities buys Venice land for future development

BUYER: Neal Communities of Southwest Florida LLC (principals: NCDG Management LLC, Michael Storey, James Schier, Priscilla Heim and Michael Greenberg), Sarasota
SELLER: Laurel Lakes Venice LLC
PROPERTY: a portion of land between Laurel Road and Border Road, Venice
PRICE: $1.6 million
PREVIOUS PRICE: $4.3 million, July 2002
LAW FIRM ON DEED: Vogler Ashton, Bradenton

PLANS, DESCRIPTION:
Neal Communities purchased 120 acres of vacant land south of Laurel Road for $1.6 million.

The price equated to $13,333 per acre.

The property is located just east of The Bridges, an approved development owned by the Gulf Coast Community Foundation.

Neal Communities purchased the land from a group of California investors who acquired the property as a part of a bank portfolio. There is no immediate timeline for development, but the purchase is the 14th property Neal has acquired since February 2013.

Pat Neal, president and CEO of Neal Communities says the property features several natural amenities, including two lakes.

“While it is too soon to say what type of community we have in mind here, we are planning for this property now and may combine it with other acreage we own nearby,” he says in a press release. “We have full confidence in the Southwest Florida market and see our presence here continuing to expand over the next five to 10 years.”

Further, he says the Venice market is particular attractive because of its central location, amenities and “proximity to some of the most beautiful beaches in the world.”

The homebuilder plans to gather community input from nearby homeowners to help it develop plans for the property.

To date, Neal Communities has built more than 9,000 homes in Southwest Florida.