Homebuilder buys land for new community

SARASOTA — M/I Homes of Sarasota closed on a transaction to purchase land that will be developed as a new community in Sarasota. Financial terms of the purchase weren't disclosed.

The community, named Hidden Creek, will be a community of single-family detached homes and attached villas. It's three miles east of Interstate 75 off Fruitville Road.

According to a press release, plans for the 90-acre site include 170 homes and villas. The release also says a “significant portion” will be earmarked as “attainable housing,” as defined by Sarasota County. Prices will range from the mid $200,000s to the high $300,000s.

“We are proud to bring attainable housing to the area and will, based on the county's affordable guidelines, offer home ownership with monthly payments similar to, or even less than rents in comparable sized homes,” says Sales and Marketing Manager John Sackett in the statement.

The Hidden Creek land acquisition marks the second of five communities M/I Homes plans to open in 2018.

M/I Homes was founded in 1976 by Melvin and Irving Schottenstein. It opened a homebuilding division for Sarasota and Manatee counties in July 2016.