The loan is for the acquisition of a 140-acre vacant land parcel, fully entitled for 417 single family lots, and the subsequent development of the 417 lots. All 417 lots are under contract from a national homebuilder, and will be completed in two phases (222 lots, then 195 lots).
The agricultural land uses have become less prevalent, however, as the Sarasota/Bradenton market pushes north towards its inevitable meeting with the Tampa market that is pushing south, and to the St. Pete/Clearwater market expanding east across the bay.
Looking forward, Manatee County's population is projected to increase at a 1.5% annual rate from 2016-2021, equivalent to the addition of an average of 5,626 residents per year. Manatee County's growth rate is expected to exceed that of Florida, which is projected to be 1.2%.