Business

Medallion buys home sites in Parrish

PARRISH — Medallion Home has purchased 122 lots and another 100 acres of land in the Twin Rivers subdivision between Gamble Creek and the Manatee River in Parrish.

Terms of the deal were not disclosed.

The Bradenton builder plans to continue development of half-acre home sites, which now represents about two-thirds of the total lot inventory available from the original developer Gamble Creek LLC.

Medallion already is building homes on site, with no timetable for when the company expects to reach full build-out.

“It’s a beautiful neighborhood and a great opportunity for us,” Medallion Home President Carlos Beruff said. “The original developer made a decision to sell a substantial amount to us. We’ll just help Twin Rivers move along a little faster.”

The land deal becomes the second large transaction this year by Medallion, which also recently purchased 289 acres of foreclosed property on Upper Manatee River Road for $3.7 million.

That project isn’t expected to begin construction until 2014 or 2015 because most of the land still is not permitted, Beruff said.He attributes the recent land positioning to strong interest from new home buyers.

The company had its best first-quarter on record this year, notching 72 new home sales between Jan. 1 and March 31 that netted $23.3 million gross. Medallion reported the most sales in March over any single month in its history.

“We think the economy slowly but surely is starting to build confidence,” Beruff said.

“Part of it is we want to position ourselves for the future while the prices are reasonable.”

Twin Rivers joins a roster of developments where Medallion now is building in Manatee including Gamble Creek Estates, River Plantation, Country Meadows, Harbour Walk, The Reserve, Bella Sole and Hillcrest Place.

The company also has developments in Sarasota, Venice, North Port and Mount Dora, near Orlando.

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