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South Florida

Company pays $25 million for Sumter County land

The Villages
The Villages

The company behind The Villages, a master-planned, age-restricted community in north-central Florida with more than 100,000 residents, paid $25 million for land in Sumter County.

The Villages Land Co. paid $11,389 per acre for the 2,195-acre tract.

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Previous owners had won approvals from the city of Wildwood to build 1,214 single-family homes on the land, plus 1,525 townhouses, apartments and condos.

The previously planned development, called Southern Oaks, also was approved for construction of 190,000 square feet of commercial building space and a 300-bed adult care residence.

Mellanie Peavy, development services director of the city of Wildwood told the Daily Commercial that The Villages Land Co. had not submitted plans for the land. [Daily Commercial] – Mike Seemuth