Neal Communities of Southwest Florida buys Border Road land for Villages of Milano

BUYER: Neal Communities of Southwest Florida LLC, Lakewood Ranch
SELLER: CNLBank
PROPERTY: 2662 Border Road and additional land on Border Road, Nokomis
PRICE: $12 million
PREVIOUS PRICE: $15.95 million, October 2005
LAW FIRM ON DEED: Lightsey & Associates PA, Winter Park

PLANS, DESCRIPTION: Neal Communities of Southwest Florida purchased 400 acres between Laurel and Boarder roads for $12 million.

The price equated to $30,000 per acre.

The property, which is located east of Interstate 75 and south of Venetian Golf & River Club, is planned as a single-family community called Villages of Milano.

Neal Communities plans to rezone the property from 200 multifamily units to 688 single-family homes.

“We believe that makes more sense for the property and the surrounding areas,” says Leisa Weintraub, vice president of marketing and creative director for Neal Communities. “We are still in the planning stages, but we expect to introduce our plans to the surrounding neighborhoods soon.”

If all the needed approvals occur as expected, the homebuilder would break ground sometime next year.

The community will also feature a swimming pool with spa, dog park and bocce ball court.