BRADENTON -- It's official. Neal Communities is building on the Manatee River in The Inlets.
The Lakewood Ranch-based developer inked a $3.36 million purchase agreement Feb. 18 for 42 lots in the venerable riverfront development, according to Manatee County records. Neal made the purchase as Inlets Management LLC, a company managed by Michael Storey, Neal Communities' president of building.
The seller was Camlin Homes, the development company owned by the area's master developer, Ken Keating.
According to records, the lots are located along Regatta Way on the Manatee River, and on Fore and Mast drives. The latter two streets are along two of the development's canals.
The homes to be built on the lots fall under Neal's luxury branding, Neal Signature Homes.
Neal said he considers The Inlets to be "waterfront offered at moderate prices." Riverfront homes in the development that are currently on the market list between $2 million and $3 million. Canal homes in the development sell for just under $500,000.
Neal said his company will work with Bradenton-based Medallion Home to market homes in The Inlets. Medallion controls more than 130 lots in The Inlets and has registered more than 30 sales there in the past two years.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter@MattAtBradenton.