Pat Neal Development at Full Speed in Lakewood Ranch

LAKEWOOD RANCH — A 795-unit Lakewood Ranch residential subdivision that had been in slowdown construction mode for 15 months is now moving at full speed.

In a holding pattern due to a sluggish economy since it broke ground on Aug. 7, 2008, Central Park at Lakewood Ranch is expected to have models by July, developer Pat Neal said Wednesday.

The 300-acre site, which is offering lower-priced homes, is situated between 44th Avenue on the north and Malachite Drive on the south, north of State Road 70 and off Lakewood Ranch Boulevard.

Neal said he ramped up the operation recently because he sees a window of opportunity to sell lower-priced homes.

Central Park will offer a two-bedroom, 1,028-square-foot home with a double garage, energy efficient appliances and a “through view” from the front door to the back yard in the low $100,000s, Neal said.

Neal has sold 56 cottages starting at $129,000 at Forest Creek in Parrish and 49 in River Sound on Morgan Johnson Road.

Central Park won’t have any cottages, however, Neal said.

“This is a cyclical business, and people can get their best buy at this time of the cycle when prices are low so we are rushing hard to get this on the market,” Neal said.

Neal said he wasn’t sure if other builders would follow him.

“I would say I am good with timing and good with building toward the market,” Neal said.

Two earth-moving crews were on the 300-acre site Wednesday along with two pipe crews installing water, sewer and stormwater lines.

A utility company was installing switch cabinets and road crews were building curbs.

Power has been supplied to the subdivision’s one lift station.

“We have 85 percent of the earth-work done,” said Chris Reese, vice president of land development for Neal. “Water and sewer are 60 to 66 percent completed.”

Neal, who is Manatee County’s most prolific home builder with 7,600 since 1969, said he relied on sales figures this year to make his decision.

In September, October and November of this year Neal sold 30, 24 and 24 homes, respectively.

For the same three months in 2008 he sold six, four and six homes, respectively, he said.

So far this year, Neal has been able to put roughly 249 buyers into new homes.

In 2008, his sales were 141. In 2007, he sold 118, his lowest total since 1991, he said.

“The market has returned in a number of respects,” Neal said. “Prices are low. The interest rate for consumers of primary homes is at 4 7/8, the lowest in 40 years.

“Most economic indicators are pointing upward except employment,” Neal said.

Although Manatee County has a lot of homes in inventory, most of it is at higher prices, Neal said.

The keystone of Central Park may be a huge park similar to the parks found in small hometown America in the 1940s, said Leisa Weintraub, vice president of marketing for Neal Communities.

The 10-acre park will have a softball field, two tennis courts, two dog parks, a large play area for children, a splash park, a picnic pavilion and a butterfly garden.

Central Park is close to several schools, including Gullett Elementary and Lakewood Ranch High, which is about one mile to the south.

More Central Park information is at nealcommunities.com.

Full Story here