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The conceptual plan for Overstreet 535's Winter Park housing development
The conceptual plan for Overstreet 535's Winter Park housing development

Nearly two dozen homes priced at an intermediate level for Winter Park are planned for the city's Howell Branch area.

Jim Mehta, chief executive of developer Overstreet 535, said the 23 residences, which will range from the low $300,000s to the high $300,000s, are priced "so I might pleasantly be surprised" by higher offers.

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The residences will sit on a 10.18 acre parcel located west of Howell Branch Road and north of Dockside Street that Mehta has under contract.

The owner of record is the William C. and Debra L. Stauffer Family Trust, property records show. Mehta declined to say what he is paying for the parcel.

He did say the project will cost around $9 million and he will build as demand dictates.

Seminole County planners are currently reviewing his proposal to rezone the land to planned development from agricultural.

If things go well, Mehta hopes to break ground in September and begin building the homes in January 2017. He is aiming to sell the last house by the first quarter of 2018.

But Mehta, who has been building homes for over 35 years, including 27 in Florida, said he is not taking anything for granted.

"We've been having a very good run," he said. "But there are always ups and downs in this business and small recessions always happen."

Have a tip about Central Florida development? Contact me at ktalley@growthspotter.com or (407) 420-5176. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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