Lennar won approval Wednesday from Osceola County for a 95-acre expansion of its booming Storey Lake Resort in Kissimmee.
Storey Lake, located at the intersection of Osceola Parkway and Vineland Road (S.R. 535), is approved for approximately 2,000 homes. The community offers condos, townhomes, vacation homes and single-family homes. The clubhouse that opened this summer features a resort pool with lazy river, splash park, sport courts and a miniature golf course.
The new section, dubbed The Cove at Storey Lake, would add 243 vacation homes on 40-foot and 50-foot lots to the project. The bulk of those would be constructed on 73 acres that has been owned by Westgate Resorts since 1993.
GrowthSpotter reported in April that Lennar had a purchase contract for the Westgate land.
*UPDATE: The sale closed on Sept. 29 for $9.9 million.
The county’s Development Review Committee approved the Preliminary Subdivision Plan (PSP) that combines the Westgate land with about 21 acres of adjacent undeveloped land to create the new neighborhood. It provides for more than 1,300 on-street parking spaces.
The Cove would be separated from the original Storey Lake community by an extension of Natures Ridge Drive — the road that abuts the neighboring Target store. The community would be constructed in two phases and would have its own 5-acre recreation area, according to the plans drafted by Waldrop Engineering.
The community added $51 million in new construction last year, making it Osceola’s third fastest-growing development behind only Reunion and ChampionsGate. Lennar received approval earlier this summer for nearly 300 condos.
The rapid pace of growth is also drawing more developer interest in dining and retail sites within the community and immediately across from it.
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.
