The Real Deal Miami

Kolter Group buys 250-acre residential development site in SW Florida for $12.5M

The West Palm Beach-based company plans to build an age-restricted community at Lakewood Ranch, a master-planned development in Manatee and Sarasota counties
October 14, 2018 10:00AM

Lakewood Ranch

West Palm Beach-based Kolter Group paid $12.5 million for 250 acres in southwest Florida, where the company plans to build an age-restricted residential development.

Kolter plans to build 651 houses for residents 55 and older on the land at Lakewood Ranch, a master-planned community in southeastern Manatee County and northeastern Sarasota County.

In April, Manatee County commissioners approved Kolter’s plan to build the 250-acre development called Cresswind in Lakewood Ranch. Kolter has used the Cresswind brand for other developments in North Carolina, South Carolina and Georgia.

A deed restriction on Kolter’s 250-acre site at Lakewood Ranch requires construction of a 55-and-older residential community with social and recreational facilities.

A national survey by Maryland-based real estate consulting firm RCLCO found that Lakewood Ranch was among the five fastest-selling residential developments in the nation in the first half of the year.

The RCLCO survey ranked Lakewood Ranch second with 826 home sales in the January-June period, a 33 percent jump from the same period last year. [Bradenton Herald]Mike Seemuth