Taylor Morrison pays $11.3 million for Palmer Ranch land in Sarasota, FL
By Michael Braga , Herald-Tribune
Wynnstay Hunt Inc., a Sarasota company managed by Hugh F. Culverhouse and Justin Powell, sold 59 acres of commercial land in the Palmer Park of Commerce to Taylor Morrison of Florida for $11.3 million, or $191,500 per acre.
Culverhouse paid $8.3 million for the land in August 1997.
In May of this year, another Culverhouse company sold 33 acres of commercial land in Palmer Ranch to Divosta Homes for $8.1 million, or $245,000 per acre.
Taylor Morrison already owns 213 acres in Palmer Ranch that it bought in March 2013. It is developing a 267-home subdivision dubbed Arbor Lakes on Palmer Ranch.