The site Neal Communities purchased is entitled for up to 900 residential units and a town center.
SARASOTA — Neal Communities of Southwest Florida purchased a roughly 450-acre multifamily property in Sarasota for $21.55 million.
The site is entitled for up to 900 residential units and a town center, according to a statement. The property is at the northwest corner of Fruitville Road and Lorraine Road, just south of Lakewood Ranch Golf and Country Club, Esplanade at Lakewood Ranch and University Park, the release adds. Neal Communities purchased the property from Lindvest Sarasota East Ltd. and Lindvest Fruitville Ltd.
Fort Myers-based LSI Companies Inc., a real estate brokerage and development firm, brokered the first closing of the property.