PALMETTO -- Homebuilder Taylor Morrison has made its big buy-in at the Artisan Lakes development on Moccasin Wallow Road even bigger.
The company, which is building its 2,800-home Esplanade at Artisan Lakes development, purchased an additional 34 acres in the same area in mid-August, spending $3.22 million on three parcels.
The seller, Salt Lake City, Utah-based Suburban Land Reserve, carved the land out of an 11-parcel, 172-acre purchase it made in March 2013. Suburban Land Reserve bought the full acreage for $3.38 million, according to Manatee County records.
Taylor Morrison, headquartered out of Scottsdale, Ariz., made the Aug. 15 deal through its Taylor Woodrow Communities subsidiary. The company is building Esplanade at Artisan Lakes on about 800 acres, according to its website. The homes in that development sell for prices starting in the $190,000 range. Construction on the community began in spring 2013.
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The new parcels are adjacent to Esplanade.
Taylor Morrison paid a comparatively high price based on other recent residential land sales. The price was $97,700 per acre. That is about $20,000 per acre more than Neal Communities paid two weeks ago for 111 acres in the master-planned community at Lakewood Ranch in East Manatee. To the east in Parrish, local developer and builder Medallion Home bought about 71 acres in June for just more than $29,000 per acre.
At the low end of the spectrum, Tampa property investor Richard Trzcinski purchased a foreclosed, 200-acre development known as The Woods of Moccasin Wallow from Wells Fargo Bank for just $18,000 per acre in June.
Taylor Morrison officials did not respond by press time to a request to comment.
According to its listing with the Economic Development Corp. of Utah, Suburban Land Reserve is a real estate investment subsidiary of The Church of Jesus Christ of Latter-day Saints. Public records show that the company's only land holdings in Manatee County are those it purchased last August.
Carl Duke, Suburban Land Reserve's vice president, declined to comment on the sale or on his company's plans for the roughly 140 acres remaining in its Manatee County portfolio.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027 or on Twitter@MattAt Bradenton.