Developer buys 268-acre site for $7M

MANATEE COUNTY — Neal Land Ventures, a full-service land acquisition, entitlement and development firm, recently sold 268 acres in northeast Manatee County to Kolter Land Acquisitions LLC for $6.97 million.

Kolter Land Acquisitions will develop the property for at least two national homebuilders and home sites on the parcel, which is zoned for residential use and approved for 562 single-family homes, according to a statement. Homes are estimated to go on sale in the first quarter of 2018.

Neal Land Ventures, run by John Neal, son of prolific regional homebuilder Pat Neal, acquired and entitled the property. Neal Land Ventures is also financing the second and third phases of the development, the release adds.

“Neal Land Ventures sets itself apart by establishing a professional and responsive working relationship with clients and highlighting the terms of the deal from the beginning,” says John Neal, president of Neal Land Ventures, in the release. “Our team also quickly processes plans for future designs, allowing them to be reviewed, approved and permitted in a timely, cost-effective manner.”

The site of the development is south of Moccasin Wallow Road and west of U.S. 301. It's a few miles south of the Hillsborough County line to the north, and near the 1.1-million- square-foot Amazon fulfillment center in Ruskin.

Neal Land Ventures is a full-service land acquisition, entitlement and development firm, with more than 5,500 blanks or lots available for residential and mixed-use development. John Neal has also worked for Neal Communities, the homebuilding firm his father, Pat Neal co-founded in 1970.

Kolter Land, a privately owned affiliate of The Kolter Group, is a West Palm Beach-based land acquisition and development firm. The firm and its affiliates have invested in over $6 billion of developments comprising over 12,000 units since 1993, according to its website. It currently holds land for more than 9,000 residences.