Tavistock Development Company is preparing key steps in new infrastructure and residential development for its Laureate Park neighborhood in Lake Nona, following a record year for home sales there in 2017.
Laureate Park is Lake Nona's largest and fastest growing neighborhood, and should have close to 2,650 homes at full buildout. Since opening to development in 2011, more than 1,500 homes have been sold and about 1,200 are occupied as of now, said Rob Adams, vice president of residential development for Tavistock.
The neighborhood had its biggest sales year in 2017 with 360 homes, he added.
"As the community grows in this traditional neighborhood development the sales typically grow as the lifestyle becomes evident, a lot of our residents are repeat buyers," Adams said. "Our average price last year was about $510,000 in Laureate Park, an (approximate) 10 percent gain year over year."
The newest area of expansion is Phase 4, which will extend the southern boundary of Laureate Park. Planned for 194 single-family and townhome lots over 84.23 acres, it will be located south of the Walcott Avenue dead-end at Canetti Street, and directly east of the planned Nona Adventure Park with two water sports amenities and a climbing tower.
Lot widths there will range from 30 feet for townhomes to 45-, 50- and 55-foot lots for single-family homes, developed over two phases.
Tavistock expects to begin construction on Phase 4 in the second quarter of this year. A plat to subdivide it has already gone through city review, and a Specific Parcel Master Plan (SPMP) goes before the city's Southeast Town Design Review Committee this Thursday.
And north of Tavistock Lakes Boulevard in the northeast quadrant of Laureate Park, a final major subdivision plat for Phase 9, with 194 single-family lots over 78.46 acres, should be approved by City Council on Monday. It is the last piece of that development network.
North-adjacent to that, Taylor Morrison is now building out the third and final phase of its gated subdivision The Preserve (151 lots total) in the northeast corner of Laureate Park.
The extension of Nemours Parkway is now in its Phase 5, with work underway to connect at Upper Harden Avenue and Dausset Street that should be complete in the next few months, Adams said.
Phase 6 of Nemours Parkway, which would extend it eastward to Narcoossee Road via Weller Boulevard, was recently permitted and is also now under construction.
The final portion (Phase 7) will connect westward, from a stub at Grander Avenue to its dead-end on the west south of Nemours Children's Hospital, opening up more than 500 acres of semi-landlocked property. Permit applications for this have not been filed yet, Adams said.
Plans for Phase 10 housing, which would lie directly north of that Phase 7 Nemours Parkway segment, have not been put on the 2018 timeline by Tavistock.
The company expects to design and pursue permitting for Phase 2 of its Laureate Park Neighborhood Center potentially as soon as Q2, on about 25 acres directly west of Canvas restaurant and the neighborhood's aquatic center.
The commercial and residential product mix there is still being hashed out, but it will be a more urban parcel with higher density than the rest of Laureate Park, Adams said.
In Laureate Park's Village Center, the first commercial project for Amazing Explorers Academy has been built and opened, and a multi-tenant building of roughly 6,000 square feet is now under construction. Ashton Woods and Pulte are also actively building 20-foot townhome lots in the Phase 1 area.
Tavistock has a broad program of approved builders for Laureate Park, where it purposely sells only individual lots to mix up builders along the streetscape.
Beazer Homes and Dream Finders Homes were brought in as new appoved builders in 2017, joining a lineup of David Weekley Homes, Ashton Woods, Craft Homes, Minto Communities and Taylor Morrison.