Homebuilder Neal bets on the ranch

Homebuilder Neal bets on the ranch

Pat Neal is betting even more than before that we're in the midst of a residential recovery. Neal, operating under the limited liability company of Stirling Equity Group LLC, purchased 63.8 acres in Lakewood Ranch's Country Club East from Schroeder-Manatee Ranch's subsidiary LWR Communities LLC for $4.81 million. The purchase price is $75,356 per acre.

Neal Communities has started work on revising the final site plan covering the property, but expects to develop 173 to 181 maintenance-free and single-family homes. The homebuilder is scheduled to start infrastructure work in late 2010. Neal Communities will be the exclusive homebuilder for the property.

The neighborhood, located on Players Drive north of Robert E. Willis Elementary School and east of Lorraine Road, will likely share the name of a famous golf course following the example of the other neighborhoods in Country Club East.

LWR Communities has committed to building a resort-style pool and spa area at the entrance to the new neighborhood. Construction on the recreational center amenity is scheduled to begin early next year.

“Sales in Lakewood Ranch point to the viability of this market,” Neal said in a press release. “I have a continued confidence in both Lakewood Ranch and Country Club East based on our positive sales results over the last few months. We are anxious to move forward with the development and construction of 181 new homes in this section of Country Club East.”

The gated Country Club East features lakes, nature preserves and an 18-hole Rick Robbins-designed golf course. Another golf course and clubhouse are planned for the village in the future.