EAST MANATEE -- Neal Communities has closed a $2.3 million deal with Insignia Bank for property on the south side of State Road 64 East, about a mile east of Lakewood Ranch Boulevard.
The property, the site of a former mango grove, already has a final site plan approval for 180 paired and single-family homes, said developer Pat Neal.
It's anticipated that construction will start March 1 on the property, which has a working title of Eagle Trace.
Home prices are expected to start at about $170,000, Neal said.
Neal and his father, Paul, started the company in 1970, and have since built more than 8,000 homes, primarily in Manatee and Sarasota counties. Before turning his attention full-time to home-building, Neal was a Florida state senator.
Among Neal's many notable projects are University Park, Central Park and Country Club West at Lakewood Ranch.
Neal Communities recently put its 8,600-square-foot headquarters up for sale or lease, and moved into the 27,000-square-foot Dooley Mack building, also on Lakewood Ranch Boulevard. Neal cited the need for more space in making the move.
Neal also has offices on Lakewood Ranch Main Street.