Thursday, April 14, 2005

Parrish cattle ranch sells for $32.5M

Parrish cattle ranch sells for $32.5M

KURT D. SCHULTHEIS
Herald Staff Writer

PARRISH - In what is believed to be the largest vacant land sale in Manatee County's history, a 1,100-acre cattle ranch has been sold to a residential developer for $32.5 million.

The Cone Ranch, a cattle operation in Parrish for more than 30 years that houses 500 head of cattle, was sold March 31 to developer Reynold Glanz.

The land went for $31 million and Glanz paid an additional $1.5 million to buy out a pending contract on the property that had stalled.

"I am planning on building a little city out there," Glanz said.

The developer, under the company Florida Homebuyers and Insurance Inc., said he wants to build almost 2,000 single family homes - villas and estate homes.

"I am almost certain that it's the largest vacant land sale ever recorded in Manatee County," said Dale Friedley with the Manatee County Property Appraiser's Office. "When someone pays close to $30,000 per acre for pasture land, you better believe that some sort of housing development will soon spring up there."

The Parrish land is about a mile east of U.S. 301 North near State Road 62.

"This development is a couple of years away and Mr. Glanz plans on working hand-in-hand with the county and the town of Parrish to have something that is satisfactory for everyone," said Robert Schermer, Glanz' attorney.

Glanz has leased the ranch to William Cone for a year, with rights to extend that lease on a yearly basis at Glanz's option.

William Cone, the former owner listed on several of the property deeds, could not be reached Wednesday at his home in Bradenton.

Glanz, a resident of both Bradenton and California, bought the former Village Green Golf Course from Jack Watson and Bernard Blee for $1.8 million in 2004. He had plans to build more than 200 homes before selling the 42-acre course early this year to another developer for $5 million.

Glanz's only other Manatee County project right now is Hidden Lake Condominiums, a community of 136 condo units in 17, two-story buildings being built just south of the Fountain Court Shopping Center on Manatee Avenue West and just west of 63rd Street West.

The developer said he will pursue a partnership with Bradenton lawyer and developer Ed Vogler of Vogler Ashton, who he would like to help oversee the project.

"I would like to work hand-in-hand with Ed Vogler to create a mixed-use development project," Glanz said. "My mind is open to any and all ideas for the project."

Vogler, an attorney who represented the sale of the property, did not return messages.

"It's the biggest sale that I have ever completed," said Realtor Leslie Wells, who represented the seller. "It's a big sale and a continuing trend in northern Manatee County."

Realtor Kelley Dubovsky of Coldwell Banker represented the buyer.

Friedley, with the property appraiser's office, said the biggest request he has gotten in the last six months is for searches to see how much vacant land is left in Manatee County.

"There's a feeding frenzy in northern Manatee County for land," Friedley said. "The area in Parrish near State Road 62, I-75 and U.S. 301 will soon be a huge city."

More than 10,000 home sites have been approved in the area, with about 5,000 more pending county approval.

A slew of recently announced projects show northern Manatee is undergoing the same transformation seen along the University Parkway, State Road 70 and State Road 64 corridors, with Moccasin Wallow Road set to become a major east-west thoroughfare north of U.S. 301.

Kurt D. Schultheis, Herald business reporter, can be reached at 748-0411, ext. 2120 or at kschultheis@HeraldToday.com.

Valeo License Number: 3.120.4394436-126349

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