Tavistock Development Company completed its purchase of Greater Orlando Airport Authority’s Poitras property, paying $49.35 million cash last week for the remaining 708 acres.
Last year the company paid $63.8 million for the first 1,147 acres, dubbed Poitras East. The company is already well into permitting and construction of the Poitras East Planned Development, which is approved for 2,734 residential units and 100,000 square feet of non-residential uses. The property is designated as an expansion of its Lake Nona community.
Pulte Homes paid $12 million in late 2018 for 500 homesites in Phase 1 of Poitras East, and the master developer has a buyer under contract for a 124-lot estate community north of Luminary Boulevard, according to Robert Adams, vice president of residential construction. Some multi-tenant commercial buildings are also in the works in the Village Center on Narcoossee Road.
“The focus is on Poitras East right now,” Tavistock spokeswoman Karlee Kunkle said. “We’re happy to have both pieces closed.”
The two halves of the site are divided by the Jim Branch River and a large conservation area. Conceptual plans call for the western side to have nearly 5 million square feet of industrial warehouse and manufacturing uses, along with offices and retail to support a new distribution hub south of the airport.
The master developer has not begun planning and entitlements for the Poitras West acreage, which extends to Boggy Creek Road, between Lake Nona’s Research Park and the Kissimmee Farms community. Rather, the timing of this final takedown is likely related to a pending vote on the proposed Osceola Parkway Extension.
The Central Florida Expressway Authority has been negotiating a right-of-way agreement with Tavistock for the future toll road, which would extend through the Poitras property and other lands controlled by Tavistock. The 9-mile toll road actually links Tavistock’s master-planned communities: Lake Nona and Sunbridge.
If the parties agree to terms on the right-of-way in the next few weeks, the CFX board could vote on the study findings as early as December. An affirmative vote would move the toll road project to the design phase and allow for right-of-way acquisition.