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