Homebuilders snatch lots in The Inlets

EAST COUNTY — Trying to serve demand for high-end real estate, two prominent East County homebuilders have partnered to buy lots in The Inlets, a master-planned community along the Manatee River.

Neal Communities, the Lakewood Ranch-based builder known for building communities from scratch, and Medallion Home spent $3.36 million in February to buy 42 lots in The Inlets, a canal-rich boating community off State Road 64.

For Neal, the “unexpected opportunity” to build in The Inlets serves as a headfirst jump into a new strategy.

“We are selling very well with our expensive home offerings,” said Pat Neal, president of Neal Communities. “(We needed) additional home sites in the higher-end market.”

The lots — 21 each for Neal and Medallion — are situated along Regatta Way and on Fore and Mast drives.

The builders bought the lots from Camlin Homes, the development company owned by the community’s master developer, Ken Keating.

Fifty-five additional homesites remain in The Inlets and its neighboring community, Bella Sole. As part of the deal, individuals in those communities in the future can purchase lots from Neal, Medallion or Camlin Homes.

The purchases in The Inlets represent Neal’s first work inside The Inlets, although Neal has a long-standing relationship with Keating and says he has admired his work there.

Medallion already controls 131 lots in The Inlets and has notched more than 30 sales since it began building there in 2012.

Neal, who developed the Woodbrook and Central Park communities, for example, usually builds mid-priced homes. For example, homes in Neal’s Woodbrook community generally cost in the high $100s and Central Park has homes priced in the $100s and $200s.

Neal Communities builds in the higher-end market, as well. For example, in The Highlands in Country Club East, its homes sell in the $400s.

Neal says his homes in The Inlets will sell from $450,000 to $2 million.

“There is nothing like The Inlets,” Neal said. “It’s a modern subdivision built on the Manatee River with direct access to the Gulf of Mexico. We want that type of product in our portfolio.”

John Neal Homes, an offshoot of Neal Communities, will build the homes in The Inlets, under three different floor plans.

The floor plans are new to Neal’s design collection.

Construction is already underway on the model home, called The Siesta Key, which will open in June.
Homes will be built to the same architectural standards those already in the community, Neal said.
Neal says the recent success of Medallion in The Inlets encouraged him to buy there.

Medallion has sold $13.3 million from its two communities inside The Inlets, The Reserve and Harbor Walk, and Bella Sole.

“As builders, we can really build anything we want,” said Carlos Beruff, president of Medallion Home. “But you need the right place to showcase your capabilities. The Inlets is that perfect vehicle for us. We are already very pleased with what we’ve done there. Now, this is a great opportunity to collaborate with Neal and finish The Inlets.”

Developed in 1957 by David Altman, The Inlets was originally called River Isles.

Neal says the community remained dormant for about 25 years before Keating purchased more than 800 lots across 300 acres in The Inlets in 1993.

In 2002, Keating traveled across the state and purchased 130,000 mangroves to plant in the community, he said.

Camlin Homes, which has built 500 homesites in The Inlets in the last 15 years, quit building in the community that year.

In February, Camlin Homes began building in The Inlets again.

“The Inlets has been my wife (Brenda) and I’s pride and joy,” Keating said. “Those were difficult times in real estate the last five or six years. It’s nice to see it back again. There’s some satisfaction to see it all the way to the end.”

Keating expects The Inlets to be built out within four years.

Contact Josh Siegel at [email protected].