D.R. Horton buys proposed 95-lot subdivision on Boggy Creek Road

Homebuilder D.R. Horton paid $2.7 million last week for a 19-acre assemblage on Boggy Creek Road just south of the Orange County line.

GrowthSpotter reported in January that Floriday Properties had contracts to buy the 5 parcels, which lie just south of the Orlando International Airport's Poitras Property.

The Orlando City Council has approved the sale of a majority of the 1,800-acre Poitras tract to Tavistock Development Company, developer of neighboring Lake Nona, though a closing was delayed in early June to give both sides more time to complete appraisals and agree on a sale price.

Tavistock is seeking to rezone the Poitras Property as a Planned Development to allow 3,196 residential units, a neighborhood center and school.

Floriday President Randy June held a pre-application meeting with Osceola County planning staff in May 2016, shortly after county commissioners approved a rezoning from Rural and Estate Residential to Low-Density Residential.

He filed a conceptual plan for a 95-lot subdivision to be called Osprey Ridge. There has been no permitting activity since that meeting.

June purchased the five parcels last week for a combined $2 million and sold them to D.R. Horton a few days later for $2.7 million. The site is just south of the proposed Osceola Parkway Extension, but the toll road design includes a bridge near Osprey Ridge that would give drivers access to the Poitras Property. 

D.R. Horton, which trades on the New York Stock Exchange, has been the nation's largest homebuilder consistently since 2002. It has dozens of communities in active development now, including Kindred on the eastern shore of Lake Tohopekaliga.

Horton is also under contract to buy a 350-lot subdivision in Osceola on Westside Boulevard. 

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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