PARRISH -- Medallion Home has acquired another 94 acres in Parrish for new residential development.
A Medallion Home controlled-entity was the high bidder with its $800,100 offer at a foreclosure auction Wednesday for the property located at the northwest corner of Ft. Hamer and Golf Course roads in Parrish.
The site was formerly known as Wildcat Preserve.
The development will become the fourth in Parrish by Bradenton-based Medallion Home, joining Gamble Creek, Twin Rivers and River Plantation. The builder also has several active projects in Bradenton, Sarasota and North Port.
"As our local economy starts to rebound, we like the Parrish sub-market for residential development," Medallion owner and CEO Carlos Beruff said in a statement. "This project gives us a replacement for our Gamble Creek Estates project which has taken off this year."
This has been an active year of property acquisition for Medallion, which purchased a 289-acre tract of depressed property on Upper Manatee River Road for $4.7 million in February. The former owner, a group that developed property for Lennar, lost the site to a bank. Development there likely remains two to three years out, Beruff said.
The company also in May bought 122 lots and another 100 acres of land in the Twin Rivers subdivision in Parrish. Terms of the deal were not disclosed.
Medallion then announced plans in July to partner with Sarasota developer Larry Lieberman to kick-start a massive mixed-use development along Sarasota Bay in Manatee County that stalled during a six-year hiatus and brief flirt with foreclosure.
Ownership was restructured on its 523 acres of waterfront land to include Beruff as a partner on the Long Bar Pointe project -- where plans calls for 1,600 residential units, some commercial space and a resort-style hotel.
Medallion Homes is coming off a record year in 2011, when the company posted slightly more than $60 million in gross sales. The year's 142 homes sold was up from 112 in 2010, Beruff said.
Josh Salman, Herald business writer, can be reached at 941-745-7095. Follow him on Twitter@JoshSalman