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Residential
South Florida

Residential developer buys 300-acre site in Sarasota County for $18M

Neal Land Ventures paid $60,000 per acre for the land in Venice, which is zoned for about 1,500 homes

John Neal, president of Neal Land Ventures
John Neal, president of Neal Land Ventures

A residential real estate developer paid $18 million for 300 acres in Sarasota County where an affordable housing project fizzled.

The land in Venice is zoned for construction of approximately 1,500 homes, senior housing and medical facilities.

Led by John Neal, Lakewood Ranch-based Neal Land Ventures paid $60,000 per acre to acquire the land from Gulf Coast Community Foundation.

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About 10 years ago, economic recession ended the foundation’s plan to build homes at the 300-acre site to promote housing affordability in Sarasota County.

A spokesman said the foundation’s board last year decided to market the land for sale.

Three agents of Ian Black Real Estate represented the foundation in the $18 million sale: Michelle Fuller, Matt Kezar and Stacy Rosenberg.

According to its website, Neal Land Ventures owns 290 acres in Venice and more than 750 acres in Manatee County’s North River Ranch. [Business Observer]  – Mike Seemuth