David Weekley Homes just bought about 20 acres of vacant land it’s been self-developing in Ocoee for one of its new townhome communities.
According to a recently recorded deed in Orange County the homebuilder paid $1.96 million for the parcel at 1821 N. Clarke Rd. with plans to build a 79-unit attached-home subdivision.
David Weekley will be managing the development and construction of the community and amenities, alongside its longtime Texas-based capital partner, CND, which stands for Community Neighborhood Development.
Drew Abel, land acquisition manager at David Weekley, told GrowthSpotter the company is becoming adept in pursuing self-development options because it now has a dedicated team to carry through such opportunities.
He adds the firm will be considering both options for future developments.
One of the perks, of developing its own subdivisions is that it cuts the overall cost of the project. The result is that David Weekley can price homes more affordably compared to competing similar housing product type, he said.
Once complete, Lake Meadow Landing will feature low-maintenance living in two-story attached townhomes with two-car garages, and a community pool. The gated community’s grand opening is expected in fall 2021. Pricing is not yet determined, but will match what the market is currently demanding, Abel said.
As part of the development plan the developer promised to dedicate land for public access to Lake Meadow through a nature trail.
Abel said he hopes to break ground before the end of the year.
David Weekley won approvals for its pre-construction plans from the City of Ocoee earlier this month. Around the same time, it also scored approvals for environmental permits from the water management district, Abel said.
It’s been seven years since the homebuilder has had any active developments in Ocoee. Its last project, the Westyn Bay single-family home community, sits on the eastern shore of Lake Apopka.
One of the major developments happening in the city is Richard Wohlfarth’s 70-acre master-planned community, Ocoee Village Center,that will feature a mix of apartments, townhomes and more than 150,000 square feet of commercial space, once complete.