TAMPA, FL—Thomas Ranch, a large-scale development site in Sarasota County, FL, has sold for $82.35 million. Thomas Enterprises sold the 9,650-acre site that sits in both the City of North Port and unincorporated Sarasota County.
“The site will be able to host nearly every property type and is the largest undeveloped tract of land located between the Gulf of Mexico and Interstate 75 on the coast of Florida,” says JLL executive vice president Scott Cullen. “Thomas Ranch's location within the growing Sarasota market and proximity to the Gulf of Mexico and other natural amenities presents Mattamy Homes and Vanguard Land a unique opportunity to develop a large scale project.”
Mattamy Homes and Vanguard Land purchased the property. Cullen, along with JLL vice president Justin Bates, senior vice president John C. Dunphy, and senior associate Maria Giesemann represented the seller.
“Tracts of land that are this size are extremely rare, they don't come to the market very often,” Peter Gilgan, Mattamy's founder and CEO. “What was compelling about the deal was that the property has development timelines that are almost generational in length.”
The property spans more than 15 square miles and is zoned for multifamily, office, retail, and industrial properties. JLL calls it a unique opportunity to develop a new major area for residents to live, work and play. The balance of the property in unincorporated Sarasota County has been marked for future growth and represents an opportunity for longer term development.
“Our plans at this point are still being formulated, but we anticipate taking this very large and well positioned piece of land and creating a series of large communities that would be developed by Mattamy and select builders who share our vision for the property,” Brian Johnston, Mattamy's COO. Mattamy expects to start development on the site in 2016.
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