Veteran Orlando developer Bill Canty is teaming up with Elevation Development to further the transformation of Osceola's Jones Road from its pastoral setting to a suburban corridor linking Narcoossee Road to the future Sunbridge community.
Osceola's Development Review Committee this week approved Canty's rezoning request for a 150-acre assemblage to Low Density Residential, which allows for a maximum of 8 units per acre.
Canty said its more likely the developers would seek somewhere between 600 and 700 units with a mix of different product types and lot sizes. The property is on the north side of Jones Road, a future 4-lane divided boulevard, near the Center Lake Ranch.
He's already vested in the area as a co-owner and developer of 163.5 acres on both sides of the road. Canty and his partners paid $12.6 million in 2017 for that property, which already has county-approved subdivision plans for two communities totaling 640 homes.
"We've got a list of builders that want it as soon as the water and sewer lines are installed," he said. "All those arrangements have been made, and the (utility) construction should start in the next 60 days."
Ashton Woods paid $5.4 million in 2018 for the adjacent 105 acres, which was approved for 349 homes. The builder is currently extending utilities to its property, Canty said.
Elevation Principal Owais Khanani said his firm had been eyeing the Jones Road corridor for a while when the opportunity arose to joint venture with Canty. The JV brought in Hanson Walter & Associates and Rj Whidden and Associates to begin the conceptual bubble plan.
"We're in active discussions with a number of builders, and we've had some really good feedback," he said. "In the next weeks, we should have a good idea of what we want to build, and we'll proceed forward from there."
The rezoning case goes to the Osceola Planning Commission and the Board of County Commissioners in April. Canty said he hops to have a Preliminary Subdivision Plan ready to submit in six months.
Pineloch Management, owner of the 2,016-acre Center Lake Ranch, has refiled its annexation request and DRI rescission with the City of St. Cloud, and it's scheduled to go to City Council on Feb. 28.
The ranch property, just east of Narcoossee and south of Jones, was entitled by the county for 2,201 single-family homes, 1,172 multifamily units, 170,000 square feet of retail use, 70,000 square feet of office space plus civic and community uses. The owners are seeking Mixed-Use zoning for the master-planned community.