Pulte's $13M makes room for Mallory Park in Lakewood Ranch
LAKEWOOD RANCH -- In one of Manatee County's largest land-only transactions this year, developer Schroeder-Manatee Ranch sold a $13 million property slated to be the site of the newest family-oriented Lakewood Ranch community.
Months after announcing that it would build a "multigenerational" subdivision in Lakewood Ranch, DiVosta Homes has purchased 179 acres from SMR for a community it has named Mallory Park. The development was previously known as DiVosta at Lakewood Center. The company changed the name in August.
The Sept. 29 sale puts the project just north of Lakewood Ranch's Central Park, a subdivision that has catered to family home buyers since it opened in 2010.
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With fewer than 30 home lots left for sale, Central Park is expected to sell out in the near future. At full build out, it will have 826 homes within its boundaries.
Mallory Park is expected to bring 436 more single-family homes to the area, according to county planning documents. Located east of Lakewood Ranch Blvd., north of 44th Ave. E. and west of White Eagle Blvd., the community will be adjacent to Gullett Elementary School and a few blocks north of Lakewood Ranch High School. Its builder, DiVosta, is a subsidiary of Atlanta builder Pulte Group.
According to DiVosta's website, Mallory Park homes will sell starting around $250,000. Some homes will be priced at more than $600,000. One- and two-story homes in the gated subdivision will range in size from 1,542 to 3,600 square feet.
Homes in the subdivision are expected to be ready for sale in the spring of 2016, said Pulte spokeswoman Jacque Petroulakis.
On a per lot basis, Mallory Park comes to the market at a higher price than some nearby developments currently under construction. Just to the east, Manatee County builder Neal Communities is building its 500-home Indigo subdivision on 111 acres it purchased from SMR in 2014 for $8.29 million. Indigo is also being built to attract a mixture of home buyers, from young families to adults over the age of 55. Home prices in that subdivision start at $260,000.
In addition to Mallory Park, Pulte is building its 1,500-home Del Webb subdivision south of State Road 70 near Lorraine Road. The homes will be built on 643 acres the company purchased from SMR. The $24 million purchase price for the acreage was the largest land-only deal in Manatee County in 2014.
The priciest land sale this year came in July when an agricultural real estate investment company paid $15.8 million for 2,000 acres in Myakka City.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027 or on Twitter@MattAtBradenton.