Tavistock adjusts development program for Poitras East land as closing date nears

Bob Moser
GrowthSpotter

Tavistock Development Company has refined its development vision for the first 1,162 acres of "Poitras Property" under contract south of Orlando International Airport, and anticipates closing on the land in April -- potentially as soon as next week. 

The final draft of Tavistock's Planned Development zoning for the eastern half of the Poitras Property, now referred to as Poitras East, is set to go before Orlando's Municipal Planning Board in mid-May.

That includes a rezoning to PD to allow 2,973 residential units (down from 3,196 estimated last year), 100,000 square feet of non-residential uses, and an amendment to the Growth Managmeent Plan and Future Land Use Map. 

Back in August, Tavistock agreed to pay more than $63.745 million to the city of Orlando and Greater Orlando Aviation Authority (GOAA) for the eastern 1,162 gross acres.

The price agreement followed Orlando City Council's approval in January 2017 to sell a Phase 1 majority of the 1,800-acre Poitras Property that the city owns, through GOAA. The two sides were granted an extension of up to four months in June 2017 to complete appraisals, obtain and deliver surveys, provide title and complete a Phase 1 environmental study.

The newly updated Preliminary Development Program for the Poitras East PD shows variations from last fall in how much land has been allocated for housing and community uses. 

Of a gross 861 acres of non-conservation land in Poitras East, 777.9 gross acres are deemed developable, but only 606.8 net acres will be developed, with the balance to serve as water retention area. 

Now allocated for single-family residential are 584.1 gross acres, down from 640.9 acres last August. A neighborhood center is now at 15 acres (down from 20.6), a school site is provided 25 acres (up from 15), commercial is allocated 9.2 acres (up from 8.5), multifamily has 40.5 acres (up from 32.2), and a community park given 12.3 acres (down from 20.2). 

Another 5.6 acres are designated for a fire station, 24.3 acres for the east/west main road through the community, and 61.9 acres reserved for the Osceola Parkway Extension proposed alignment along the southern boundary of the Poitras land.

Tavistock's purchase of the Poitras East property is anticipated to close as soon as next week, according to a company spokeswoman.

Located on the north side of Boggy Creek Road in southeast Orlando, GOAA bought the land in 1989 for soil borrow material in anticipation of its constructin of a third and fourth runway at the airport, and for related wetlands mitigation. 

Development of the Poitras Property will ultimately be connected to the rest of Tavistock's master-planned Lake Nona community to the north. Extensions are proposed for Medical City Drive southward into the property, as well as Hartwell Court.

In the two sides' real estate purchase, development and management agreement, Tavistock would purchase approximately 782 acres of Poitras land east of the Jim Branch River for residential development, and another 380 acres currently subject to a conservation easement. Tavistock will hold an option to buy another 686 acres west of the river for future commercial development.

If Tavistock doesn't exercise its option to purchase the western 686 acres meant for industrial and manufacturing, the agreement allows it to act as GOAA's development manager of that land over the next 50 years. 

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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