Lennar Homes was the third builder to put down stakes in St. Cloud’s Tohoqua community but just expanded its presence there in a big way.
The Miami-based homebuilder paid $19.8 million this week to lock down three future phases of the community, covering 312 acres across nine different parcels.
Lennar paid $10 million a year ago for 227 lots in Phase 2 of the community. Andre Vidrine, managing partner for Tohoqua Marketing, told GrowthSpotter the latest acquisition includes 550 homesites, of which 215 are townhomes.
“We’re excited to work with them and their staff,” Vidrine said. “They are deeply vested in seeing the residents active and fulfilled.”
Lennar currently offers two collections and 8 floorplans at Tohoqua, including some elevations that were designed specifically for the community. The Cottage Collection is composed of all two-story bungalow-style homes with detached, rear-loaded garages designed to fit on 34-foot wide lots. Prices start at $294,000 for the three-bedroom, 1,800-square-foot Autumn model.
The Estate Collection consists of one- and two-story homes ranging in size from 2,082 square feet to 3,291 square feet, with base prices in the low to high $300,000s.
Orlando Division President Brock Nicholas told GrowthSpotter that Phase 6, which has less than 100 lots, is shovel-ready, while phases 3 and 7 are still in the design phase.
“It’s a big purchase,” he said. “We like the location. There’s a couple of really good builders in the neighborhood, and we like being in there with them, so we took a large position.”
Mattamy Homes was the first in the door and is getting close to buildout on the first phase, which comprised 329 lots. Last year Pulte Homes closed on two sections, phases 4 and 5, for just under $6 million. Pulte’s acquisition included over 500 homesites, including a gated active adult community.
The 785-acre community borders Neptune Road and the Florida Turnpike. The former DRI is entitled for 2,216 homes and townhomes and 1,004 multifamily units, plus 613,000 square feet of commercial uses and 200 hotel rooms.
“There’s approximately 130 acres of land still available for single-family residential use in future phases,” Vidrine said.
The master developer recently opened the community’s 6,500-square-foot amenity center, which also includes a pool, tennis courts and sports fields. Pulte is actively developing its sections and will open for sales later this year. Tohoqua has yet to sell a multifamily or commercial site for development, but Vidrine expects that to happen soon once the Cross Prairie Parkway opens.
“We do continue to get interest in the multifamily nationwide,” he said. “We’re getting a lot of calls. With the Cross Prairie Parkway, it brings a four-lane roadway that is going to meet up with the section in Kindred, and very shortly our residents will be able to get to the turnpike in minutes. I think with the expansion of Neptune, and with development picking up with Lennar and Pulte, this summer’s going to be big. We will see a lot of rooftops come in, and that’s going to drive demand for the commercial.”
Tohoqua also has a designated K-8 site and a separate high school site.
Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
