Neal Land Ventures acquired 300 acres of raw land in North Venice, Florida, for $18m from the Gulf Coast Community Foundation. The seller was hoping to develop affordable housing on the land, but those plans were scrapped following the financial crisis. The foundation is now planning to use the proceeds from the sale to establish programs aimed at reducing homelessness, furthering financial sustainability and similar initiatives. The property is currently zoned for roughly 1,500 homes. In addition to Venice, where it owns 290 acres, Neal Land also controls more than 750 acres in North River Ranch. Ian Black Real Estate represented the foundation in the transaction.
