EAST MANATEE -- The second phase of a subdivision building out former farmland just north of Lakewood Ranch High School is continuing to sell in multimillion-dollar blocks.
Two weeks ago, an Arizona residential property investment company and land bank became the latest large-scale buyer to snap up a block of building lots in the newest phase of the Rosedale development on 44th Avenue West near Lakewood Ranch. Coronado West, which is based in Tempe, Ariz., paid $2.74 million to Bradenton developer Newton Development for 29 building lots in the 221-lot, second-phase addition to the subdivision, according to county property records.
The selling price averages $94,482 per lot, which measure approximately two-tenths of an acre each. The purchase gives Coronado West its third block of Florida residential property. According to the company's website, it owns 38 home lots in Spring Hill, and 23 lots and 124 townhomes in Royal Palm Beach.
The sale is the latest of several since 2013 that Newton has made at Rosedale. A little over a year ago, national home builder WCI Communities made the single largest purchase at Rosedale when it paid Newton $7.39 million for 93 lots in the subdivision. WCI's per lot price was lower than Coronado
West paid at just more than $79,000.
At the time of that sale, Newton president Pat Hogan said WCI's purchase sold out the 445-lot Links at Rosedale portion of the subdivision.
Another big investor in lots in the subdivision has been Ashton Homes, which made a pair of $3 million-plus buys between 2013 and 2014 to give it control of 71 lots, records show. Other builders in Rosedale include M/I Homes and John Cannon Homes.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter @MattAtBradenton.