Jerman said construction would start soon on the amenity center, which should open around September. The deal with CalAtlantic comprises 216 finished lots, a mix of 50-foot and 60-foot lots. The builder paid $52,000 per lot regardless of the size.
"They've been very successful at Esprit," Jerman said. "They've owned that project for a long time, and they're experienced in the first-time homebuyer market."
The two partnered on another Sun Terra project -- Eagle Bay in Kissimmee. Jerman said he expects CalAtlantic will build new models at Whaley's Creek.
With horizontal construction well underway at Osceola County's new active adult community The Lakes at Harmony, master developer Starwood Land Ventures has sold the first 43 lots to CalAtlantic Group for $2 million.
CalAtlantic, formed by the merger of Standard Pacific and Ryland Homes, currently offers eight floorplans at Esprit starting in the low $200s. The builder has 52 active communities in Central Florida, including six in Osceola County.
The builder has been introducing new home designs over the last several months at communities in Florida, Indiana and Arizona.
Officials with the company declined to comment for this article because the corporation is in an SEC quiet period leading up to its Fourth Quarter earnings report next month.
Jerman said the final two phases of Whaley's Creek are entitled but have not been platted yet. Sun Terra likely wouldn't begin construction on Phase 3 until 2018 at the earliest.