Developer buys 268-acre site for $7M

MANATEE COUNTY — Neal Land Ventures, a full-service land acquisition, entitlement and development firm, recently sold 268 acres in northeast Manatee County to Kolter Land Acquisitions LLC for $6.97 million.

Kolter Land Acquisitions will develop the property for at least two national homebuilders and home sites on the parcel, which is zoned for residential use and approved for 562 single-family homes, according to a statement. Homes are estimated to go on sale in the first quarter of 2018.

Neal Land Ventures, run by John Neal, son of prolific regional homebuilder Pat Neal, acquired and entitled the property. Neal Land Ventures is also financing the second and third phases of the development, the release adds.