Pulte Homes, one of Orlando’s most active homebuilders, is bringing more of its single-family product to Dr. Phillips — this time with less expensive options.
After buying 35 acres along Daryl Carter Parkway late last year for $14 million, the Atlanta-based company recently set aside another 21 acres of adjacent property to the north.
Sun Terra Companies, on Dec. 7, closed on the $10 million transaction as part of a land-banking agreement between the two parties.
In total, Pulte now controls 56 acres between S. Apopka Vineland Road and Palm Parkway, near Dr. Phillips Community Park and O-Town West, for its future 191-lot Parkview Reserve subdivision project.
Phase one — on the land acquired last December — is currently under construction and will include 124 homes. This will consist of mostly 40-foot and 50-foot lots.
Phase two — on property banked by Sun Terra — is expected to begin taking shape early next year with the remaining 67 lots. This phase will consist of the smaller 40 and 50-foot lots, as well as larger lots of 60 and 70 feet.
Located next to Lake Buena Vista High School, Parkview Reserve sits just to the east of Pulte’s 228-lot Phillips Grove subdivision, which is nearing completion and almost sold out, according to the website.
Phillips Grove offers a higher-end product line with homes on 60- and 70-foot lots starting in the mid $800,000s. While some of the homes within Parkview Reserve will be similarly priced, most of them will be less expensive options, said Max Perlman, Pulte’s VP of land acquisition.
“You have buyers out there who want a huge house with a lot of square footage,” he said. “But there’s certainly a lot of demand in that area for more affordable price points, with the 40- and 50-foot lots. The 60- and 70-foot lots would be targeting a more luxury-geared buyer.”
According to site plans, the community would feature 44 lots of 40 feet, 99 lots of 50 feet, 34 lots of 60 feet and 14 lots of 70 feet.
The subdivision site sits just north of where Unicorp National Developments is building out its $1 billion, 365-acre mixed-use project called O-Town West. Here, a number of retailers have already opened for business — such as a World of Beer, Portillo’s, and the nation’s largest White Castle — and three luxury apartment communities totaling 1,500 units are in some stage of development.
It was announced in November that London-based Tao Group Hospitality— known for providing entertainment experiences through its worldwide portfolio of restaurants, nightclubs, lounges, and day clubs — would be opening its first-ever hotel in O-Town West’s city center.
The 220-room Tao Hotel would rise five stories with a TAO Asian Bistro, rooftop bar, meeting space, and fitness facility.
With just shy of 28,900 closings in 2021, Pulte is the third largest homebuilder in the country, according to Builder 100.
The company continues to add to its already robust presence in the Orlando market.
GrowthSpotter reported recently that Pulte is part of a surge of residential development activity happening along Hancock Lone Oak Road near Waterford Lakes in Orlando.
Pulte is under contract to take over 31 acres of agricultural land at the southeastern intersection of Roper Road and County Road 535 in Winter Garden.
According to a permit application submitted recently to the St. John’s River Water Management District, Pulte is planning to build an 87-lot subdivision here called Winter Groves.
Most of the homes, 41 of them, will be built on 50-foot lots while ten of the homes will go on sprawling 80-foot lots.
A short drive east of this Winter Garden site, Pulte is building out one of its Del Webb-branded 55-plus communities on roughly 200 acres within Village I of Horizon West. With 422 single-family lots, including 156 townhome units, Del Webb Oasis is under construction on Lake Gifford Way, south of the Hartzog Road extension and north of Orange Lake Resort.
Homes are available for pre-sell within the Del Webb Oasis community starting at $419,990, according to its website.
Recently, Pulte entered into a contract to buy 838 acres on the northwest tip of Lake Tohopekaliga in Kissimmee. Hilliard Isle calls for a commercial marina on the lake and would rival the city’s largest master-planned communities in size and scope.
The proposed development program includes 2,448 residential units; 180,000 square feet of retail/office uses, and a commercial marina with up to 10,000 square feet of restaurant and neighborhood retail uses. Of the residential units, 1,828 are proposed to be single-family attached and detached units and 620 are proposed as multifamily units.
Pulte is also the exclusive homebuilder for Orange County’s first agrihood, The Grow, with 2,078 residential lots and more than 100,000 square feet of commercial space centered around a nine-acre working farm.
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.
