Royal Oak Homes paid $1.33 million last week to buy all 28 undeveloped lots in Magic Landings, a gated community right next door to the Florida Advanced Manufacturing Research Center at NeoCity.
President Stephen Orosz told GrowthSpotter that Royal Oak zeroed in on the neighborhood because of its access to employment centers and major roadways. The community’s entrance is less than a mile from the U.S. 192 – FL Turnpike interchange.
“We haven’t set prices or decided on which floorplans we’re going to offer yet. It’s too preliminary,” Orosz said.
Because the community is so well established, Orosz said it’s unlikely that Royal Oak would build models or open a sales center. “We’ll probably sell from another location,” he said. “We expect to break ground within the next three months on our first spec home.”
Ron Howse, an engineer and one-time St. Cloud commissioner, orginally developed the 152-lot subdivision and sold the remaining inventory for $47,500 per lot.
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