Three homebuilders paid a combined $16.55 million on Oct. 1 for the first residential lots in Phase 1 of Crossprairie, the 1,400-acre master-planned community east of Lake Tohopekaliga in Osceola County.
Master developer BTI Partners is currently extending the Crossprairie Parkway to the community, formerly known as Edgewater, and are installing infrastructure for Phase 1. CEO Noah Breakstone told GrowthSpotter the transactions that closed last Friday involve 108 acres and 568 lots.
Meritage Homes will develop 50 acres, which it acquired for $8.25 million. Jones Homes will develop 21 acres, which it acquired for $3.7 million. M/I Homes will develop 37 acres, which it acquired for $4.6 million. The home builders will develop three sections of the first subdivision planned for phase one. The same three homebuilders are under contract for the balance of Phase 1, which comprises 504 additional lots, and are scheduled to close a year from now.
“The quality of home builders that Crossprairie has been able to attract continues to support the growing tailwinds of demand for new housing in this market area,” Breakstone said in a prepared statement. “Crossprairie is a short drive to strong employment centers such as NeoCity and Lake Nona. Families are looking to move here not only to buy homes at attainable prices but also to cut down on their daily commute as people head back to the office. We are actually getting more calls from home builders looking to buy land at Crossprairie than what we can supply.”
Crossprairie is located on the west side of the Florida Turnpike in Osceola County extending from north of Kissimmee Park Road to the Three Lakes Toll Plaza. The community is approved for 5,200 homes, townhomes and apartments.
Development of Phase 2 is scheduled to commence in 2022. While homebuilders will be developing the subdivisions in Crossprairie, BTI Partners retains control over the overall look and feel of the architecture in each community.
BTI Partners acquired Crossprairie, formerly known as Edgewater, in 2019 for $40 million. The developer paid another $4.25 million earlier this year for acreage that wasn’t included in the 2019 transaction but is in Phase 2.
The site consists of about 1,400 acres to be developed in the next four years. As the master developer, BTI Partners is currently building the site’s infrastructure, including roads, sidewalks, lighting, sewer mains, and more. The company expects to complete the construction of the Crossprairie Parkway through its property in Spring 2022.
Once a new Turnpike interchange to serve the area is completed in 2026, BTI Partners plans to begin construction of the urban center in the northern portion of the community. The urban center has an approved Preliminary Subdivision Plan allowing for 1,200 multifamily units, 1 million square feet of commercial space, 1.9 million square feet of office space and 600 hotel rooms.
Crossprairie will offer an array of amenities for residents to enjoy, including bike lanes, pedestrian trails and linear parks running the length of Crossprairie Parkway, green spaces, nature preserves all linked by an extensive hiking and pedestrian trail system.
BTI Partners is also under contract for 1,238 acres that made up the western half of the original Edgewater Development of Regional Impact. While the company hasn’t confirmed it’s the buyer, BTI filed a Concept Plan with Osceola County in July that has since been approved for 3,835 homes.
The county also has approved Concept Plans submitted earlier this summer for two more communities in the East Lake Toho district. Bella Terra, which abuts Crossprairie, would add 2,013 homes with a mix of product types, including cluster homes, townhomes, apartments and a Build-for-Rent neighborhood.
Tampa-based Metro Development Group filed the CP for the Whaley Platt property on Kissimmee Park Road, immediately west of Bella Terra. They received entitlements for 2,663 homes to be developed over six construction phases. The CP includes a Crystal Lagoon-anchored town center, but an official for Crystal Lagoons USA has said the homebuilder is not licensed to build the amenity in Osceola County.
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.
