SARASOTA, FLORIDA, July 26th, 2016 – Major real estate projects planned in southwest Bradenton are poised to dramatically alter the residential property market in this area largely dominated at present by the sprawling waterfront communities of Coral Shores and San Remo Shores off the westernmost stretch of Cortez Road.
Just west of San Remo, a new master-planned community called Peninsula Bay has been lined up for final approval by the Manatee County commissioners after gaining the nod of the county’s planning commission July 2016. This project is another venture cooked up by Whiting Preston that should further widen the choices for Bradenton homes for sale. In 2015, Preston secured county approval for the mixed-use Lake Flores development in a 3,000-acre former gladiolus farm his family owns on the southern flank of Cortez Road.
This time, Peninsula Bay will replace the plant nurseries and greenhouses on a 359-acre site owned by the Prestons’ Manatee Fruit Co. north of Cortez Road. The project calls for 1,950 residences, 90,000 square feet for office and commercial uses, a bed-and-breakfast inn, a boat ramp, and dry storage marina for 200 boats. The residences will be developed as a mix of single family homes and apartments catering to households with varying income levels.
Like its sister development Lake Flores, Peninsula Bay will be New Urbanist in design and is regarded as “infill development.” Walkability is also a common theme for both communities. Most Peninsula Bay home sites are set to be a quarter mile or a five-minute walk from a commercial hub with a bus stop.
As its accent, the eastern side of Peninsula Bay will feature a 67-acre lake with a linear park and walking trail. Neighborhoods would also be connected by walking trails to the community’s marina, Palma Sola Bay and internal lakes. The community will likewise feature pocket playgrounds which would be located about one-eighth mile from any home.
Anticipating concerns on the added traffic this new community will generate, Preston pointed out that Peninsula Bay’s roads will be public and link with adjacent neighborhoods. With this development, residents of neighboring communities will have access to Cortez Road via 115th Street West, 119th Street West, and a new street to the east.
A short distance east on Cortez, the Prestons’ 1,291-acre Lake Flores is set to add 6,500 residences in southwest Bradenton. It is also programmed for 3 million square feet of office and retail space, and 500 hotel rooms.
The home stock in this locality will likewise get a substantial boost from Aqua by the Bay, a development scaled-down from the controversial Long Bar Pointe which met strong opposition from environmentalists. The county nonetheless approved Aqua by the Bay’s first phase consisting of 200 homes on about 62 acres off El Conquistador Parkway and now ready to move forward.
Altogether, these developments’ market entry look quite timely as demand for waterfront southwest Bradenton homes for sale appear lively and inventory rather slim. Currently, there are only three sales listings each at Coral Shores and San Remo Shores, both with choices of available homes priced in the $300s. Some 15 homes were sold in these two communities during the past six months, with some deals sealed just within a week or so of the properties’ market listing.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>