KB Home is poised to expand its presence in Davenport with another 246 homesites in the U.S. 27 corridor.
Orlando developer Jim Mehta’s Benner Land Corp. bought 40 acre tract just northwest of Sand Mine Road at the height of the real estate bubble in 2005 for $1.2 million in 2005. Realizing the property would be a long-term hold, he promptly planted timber and secured an agricultural tax exemption.
“Once we buy property, we plant it immediately,” Mehta explained. He said he plans to harvest the timber before selling the land to KB. The land value has tripled in the last two years, according to the Polk County Property Appraiser.
“We’ve had a lot of interest from different builders,” Mehta said. “We chose KB because we like their product and we’ve done business with them before.”
The property had an approved Planned Development for 426 multifamily short-term rental units, but Mehta said he worked with KB and its civil engineer, Kimley-Horn, to reposition it as a primary residential neighborhood. The new site plan calls for 106 single-family 40-foot lots and 140 townhome lots. The community, dubbed Mirabella, would have a fully amenitized pool and cabana. Polk County’s Development Review Committee on Thursday approved KB’s application for a major modification to the PD.
The community would be accessed from the south via a road connection to Jack’s Road.
Mirabella is largely surrounded by residential uses. About a half-mile east of the project, Pulte Homes is building Phase 1 of Windsor Ridge, a nearly 600-home resort community on Sand Mine Road. Pulte filed plans in late June for the infrastructure to serve the community’s second phase.
KB is already active in the Four Corners submarket with sales underway at Magnolia at Westside, Tivoli Reserve and Sawgrass Bay. The company’s Preservation Pointe community in Davenport recently opened and offers single-family homes ranging from 1,350 to 2,800 square feet with up to five bedrooms and three baths. Prices start in the low-$200,000s.
The Los Angeles-based production builder has acquired 1,000 lots recently in popular Central Florida submarkets, including St. Cloud, Kissimmee and Davenport. The company sees potential for long-term growth due to the region’s “dynamic economy,” said Orlando division president Fred Wyborski.
“Our strategic pursuit of new opportunities to expand our footprint has positioned us well to meet rising demand for new homes,” Wyborski said in a statement.
Earlier this month KB closed on Canoe Creek Crossings, a 50-lot subdivision in St. Cloud, for $2.83 million.
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.
