Another national homebuilder is putting down stakes in the East Narcoossee community with a $2.1 million land acquisition at the corner of Zuni and Jack Brack roads.
Jim Reinert, vice president of land for KB Home in Central Florida, told GrowthSpotter the homebuilder bought the 18-plus acres fully entitled, with permits for 75 single family homes.
The Jordan Companies assembled the properties in 2014 for a combined $1.14 million and took it through rezoning and permitting.
Reinert said KB Home would break ground in a few weeks. Homes will be priced in the $250,000 to $300,000 range, with sales anticipated in the Third Quarter. The neighborhood will feature a community pool, cabana and children’s playground.
KB named the community “Hanover Square.” It borders the 140-lot Hanover Reserve community now in active development by Royal Oak Homes.
Last month, CalAtlantic Homes paid $6.3 million for a lot takedown at Sunset Groves, located across Zuni Road from the KB Homes property. CalAtlantic’s purchase includes the entire first phase of the subdivision: 106 residential lots on 36 acres, with a mix of 50-foot and 60-foot lots.
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.