In a move that highlights the continued strength of the region's homebuilding industry, a pair of Gulf Coast builders have purchased more than 550 Sarasota County acres for new communities.
Taylor Morrison and Pulte Home Corp. bought the separate tracts late last month for a combined $63.74 million, county property records show.
The prices represent two of the largest residential land purchases in the county in the past year, according to data.
Taylor Morrison intends to use the 227 acres it acquired from McCann Holdings Ltd. to develop its fourth Esplanade community, in Palmer Ranch. Taylor Morrison bought the property for $36 million.
“We're very excited that we're starting on our next Esplanade community, to offer elevated resort-style living,” says Cammie Longenecker, director of Taylor Morrison's Southwest Florida operations.
The gated Esplanade on Palmer Ranch will ultimately contain about 500 homes, and amenities such as a wellness center, “Bahama bar” and other features, Longenecker says.
The company plans to begin work on the project, off Honore Avenue in Palmer Ranch, early next year and open the community late in 2017. Longenecker says the builder is still formulating pricing.
Previously, Taylor Morrison has developed Esplanade developments on Siesta Key; off Clark Road in Sarasota County; and in Lakewood Ranch.
Pulte Home, meanwhile, spent $27.7 million to acquire 321.5 acres in Lakewood Ranch from an affiliate of master developer Schroeder-Manatee Ranch Inc.
Under terms of the deal with SMR 2050 LLC, Pulte will build up to 246 homes, according to county property records.