Seminole County Property Appraiser
After acquiring property just south of its 95-lot Cadence Park subdivision earlier this year in the midst of a record-breaking first quarter, M/I Homes is poised to add to its single family housing inventory in Sanford.
The Ohio-based company is behind plans currently under review by Seminole County staff that would expand the footprint of Cadence Park by roughly 100 homes, according to Thomas Daly, owner of Daly Design Group, the architect and land planning firm assigned to the project.
Located less than a mile from Seminole State College and Seminole County’s Five Points Government Complex, the 26.7-acre plot of land has changed hands twice in as many years. Most recently, MCI Homes of Orlando LLC purchased it for $6.2 million in January, quickly revising an earlier development plan the land’s previous owner had pursued.
M/I bought the property from an entity named Troon Creek 2 LLC, which had acquired the parcel just two months earlier —in November of 2021— for $2.4 million, property records show.
According to the Florida Division of Corporations, that entity is affiliated with Arizona-based Troon Properties. The company, according to its website, manages and operates golf courses, providing services to more than 655 worldwide.
Troon, led by Craig Rouhier Jr., had planned to build a subdivision on the Sanford assemblage titled Horizon Oaks with 109 single-family lots ranging in width sizes of 50 feet and 75 feet, GrowthSpotter reported.
When M/I snagged the property, they shifted to another plan. “They are extending the Cadence Park project into a second phase formally known as Hidden Oaks,” Daly told GrowthSpotter, adding that the change requires multiple approvals from Seminole County.
The developer has to amend the Cadence Park PD as well as the Hidden Oaks PD while seeking approval for the new preliminary subdivision plan titled “Cadence Park Two.” The project is slated for discussion at the May 25 Seminole County development review committee meeting.
M/I Homes could not be reached for comment.
The land sits in a largely residential community. M/I’s Cadence Park subdivision, just west of Thomas Stable Road, has 95 homes. All of them have either been sold or are under contract, according to M/I’s website.
Northeast to that, Park Square Homes competed a 66-unit townhome community along Ronald Reagan, called Windsor Square, in 2018.
If completed, the next phase of Cadence Park would be located next to the Midway Park mobile home community established in 1926 and the Midway Commerce Center industrial park that was developed in the 1980s.
Based out of Columbus, Ohio, with an office in Orlando, MI Homes saw a record-breaking quarter for the first part of 2022 in terms of revenue, earning $860.8 million. Net income for the company also reached record levels for the first quarter, increasing 8% to $91.8 million ($3.16 per diluted share) from 2021’s first quarter total of $84.9 million, according to the company’s website.
The company delivered 1,823 homes in the first quarter of 2022, at an average sale price of $457,000, according to its website.
As of March 31, the company had 1.3 million homes under construction, including several in the Orlando-metro area.
In Sanford the company is building a 150-lot townhome community called Towns at Lake Monroe Commons on the northwest corner of Marbella Lane and Sanford’s West First Street (S.R. 46). Townhomes here would start out at $318,990 and range in size from 1,379 to 1,769 square-foot. It’s next to another M/I Homes townhome neighborhood called Towns at White Cedar.
Elsewhere in Seminole County, near Oviedo, the company is currently constructing its 95-home subdivision Red Ember Estates on 50 acres of land south of Lockwood Boulevard and east of Old Lockwood Road. Homes here would start at $641,990 and range in size from 2,317 to 4,956 square-foot.
Within the 75-acre mixed-use site Tyson Ranch — on the outskirts of the master-planned Lake Nona community —the company is under contract to build 20, two-story townhomes, starting at $400,000, on about 36 acres of land.
Singleton Development paid $5.15 million for the property in 2012. In addition to housing, the project features entitlements for up to 250 hotel rooms and more than 187,000 square feet of commercial, storage and office space. Recently, the developer has sought approval to expand the boundaries of the project to accommodate a second apartment community.
Have a tip about Central Florida development? Contact me at (407)-800-1161 or dwyatt@GrowthSpotter.com, or tweet me at @DustinWyattGS. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.