South Florida-based Ballarena Group is selling its remaining Poinciana property in Polk County’s Tuscany Preserve Community in pieces instead of as one portfolio as it has tried to do.
Under its Tuscany Real Estate Investments LLC unit, Ballarena is marketing 261 acres along Lake Marion through The Firm Real Estate Advisors, part of Miami-based The Z Group.
“Our developer has granted us permission to market the development out in PODs.,” Zandra Mederos, broker and principal, told GrowthSpotter. The 3 pods – A, B and C – each has its own entitlements and approved but expired site plans, she said.
Ballarena controls the association with the Tuscany Preserve community, Mederos said., and the pods fall into different planned phases of the community. Poinciana, located in Osceola and Polk counties, is the second largest unincorporated master-planned community in the United States at 47,000 acres.
POD A, 147 acres located on Lake Marion Creek Drive next to Stanley Martine Homes, is part of Phases 4B, 8,9, with 4B having an approved site plan for 285 multi-family and 24 single-family attached units. Phase 8 requires a site plan but is entitled for 275 single-family attached units. Phase 9 also requires a site plan and is entitled for 500 multi-family with access to the lake.
POD B, 102 acres located across Lake Marion from Pods A and C near Lake Hatchineha Road, is part of Phases 5 & 6. Phase 5 has approved site plan for 268 single-family attached units. Phase 6 also has an approved site plan with 173 single-family detached units approved, with the ability to increase unit count to 224 single-family detached, Mederos said.
POD C, 12 acres in Phase 7 is located on the corner of Marigold Avenue and Bayberry Drive. This pod, located near a Dollar General store, is entitled for 250 multi-family units or 100,-00 square feet of commercial.
Two years ago, Ballarena had a deal to sell all the property but that fell through, Mederos said. Since then, there hasn’t been a lot of interest for the entire portfolio, but now that Ballarena has agreed to sell it by pod, “we’re getting a lot of traction.” Mostly local developers, she said.
Mederos sees single family or townhomes in Pod A, selling to developers “at maybe site-plan approved $20,000 per unit per town.” Multi-family or commercial would work in Pod C, “It has massive exposure on a corner,” she said. (Poinciana) needs commercial. You need services.”
With land uses already approved, buyers can submit their own site plans or Ballarena can resubmit the initial site plans. “We can move the unit counts around,” to fit the developers’ products, Mederos said. “We have all the entitlements.”
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