LAKEWOOD RANCH -- One of the nation's largest home builders has purchased 172 acres in Lakewood Ranch for a future development.
Lennar Homes plans to build 281 single-family houses on the site, which it acquired from Lakewood Ranch developer Schroeder Manatee Ranch for $6.6 million, court records show.
Dubbed Bridgewater, the community will feature models from three to six bedrooms, with sizes ranging from 1,861 to 3,800 square feet. Prices also will vary from the $200,000s upwards of $500,000.
Construction will likely start in early 2013, according the SMR.
The 172-acre site sits near the corner of State Road 70 and Pope Road, just south of the Esplanade.
Many of the 281 home sites are lake-front lots. The subdivision will be similar to Lennar's Harbor and Estate product at Heritage Harbour in Bradenton, said Jimmy Stewart, vice president of sales for Lakewood Ranch Communities.
"We were in the beginning process of development when we made the determination to sell the parcel," Stewart said. "We had taken it to the point where we were ready to put bids out to contractors."
Based in Miami, Lennar is one of the largest residential developers in America, with property in 18 states.
The builder now has three active communities in the Manatee-Sarasota market including River Strand in Bradenton, Stoneybrook in Venice and Cypress Falls in North Port.
In its latest quarterly filing for the period that ended Aug. 31, Lennar reported $1.1 billion in revenue and net earnings of $74.1 million, a 200 percent surge from the same three months a year ago.
Officials at the company could not be reached for comment.
Josh Salman, Herald business writer, can be reached at 941-745-7095. Follow him on Twitter @JoshSalman.