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GreenPointe Holdings in early stage of master-planned community in NW Osceola

Lying north of Old Tampa Highway, more than 676 developable acres owned by two parties are being pursued by GreenPointe Holdings, which eyes a master-planned community to neighbor the future SunRail Poinciana station.
Lying north of Old Tampa Highway, more than 676 developable acres owned by two parties are being pursued by GreenPointe Holdings, which eyes a master-planned community to neighbor the future SunRail Poinciana station.(Osceola County Records)

Jacksonville-based GreenPointe Holdings, in partnership with IBI Group of Maitland, is pursuing up to 2,200 acres between two land owners in northwest Osceola County, with early-stage plans for an initial 676 developable acres as a master-planned community that neighbors SunRail's future Poinciana station.

The property is generally located north of Old Tampa Highway, south of Reedy Creek Canal, east of Bobroff Boulevard and west of Poinciana Boulevard. Just over 962 acres are owned by BK Ranch, L.C., for which commercial broker Gerald R. McGratty of Westhampton Realty is a court-appointed receiver, tasked with liquidating the property and distributing proceeds to its owners.

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To the east and northeast of the BK Ranch property lie another 1,200-plus acres that are part of the Frank E. Brown Estate, some or all of which are being negotiated for purchase by GreenPointe, commercial real estate sources have told GrowthSpotter.

GreenPointe Communities, a division of the holding company, began hearings in mid-August with Osceola's Development Review Committee for a large-scale Comprehensive Plan Amendment (CPA), to change the Future Land Use Element and the Future Land Use Map (FLUM) designation on BK Ranch's 962.5 acres from Industrial to Mixed-Use. 

McGratty has authorized Richard Wohlfarth of IBI Group (acting on behalf of GreenPointe Communities) to register for land use changes to the BK Ranch property, in anticipation of a sale. Attempts to contact Wohlfarth since Friday have been unsuccessful.

GreenPointe has developed master-planned communities with golf courses throughout Florida, in areas such as Stuart, Lakeland, Fort Myers, Tampa, Jacksonville, Fernandina Beach and Hillsborough County.

According to conceptual zoning proposal maps provided to the county by IBI Group, the 962.5 gross acres of BK Ranch land features 475.39 developable acres, and is neighbored to the east and south by another 201 developable acres of the Brown Estate that GreenPointe has included in its early-stage development map.

For that total 676 developable acres, the proposal map includes 124 acres for townhouses, 192 acres for single-family homes, 134.5 acres for multi-family residential, 83 acres for commercial (including mention of 56 acres for warehouse/distribution), 20 acres for a school, 18 acres for a fire station, 37 acres for a central park and lake, and 66 acres for mixed-use. The community's main entrance would be the intersection of Old Tampa Highway and Tallahassee Boulevard.

To the east of the Brown Estate land will be a mixed-use complex unrelated to GreenPointe's development, which straddles S. Poinciana Boulevard and includes the planned Poinciana SunRail station. The BK Ranch property, where most of the GreenPointe development's homes are planned, lies roughly 1.3 miles from the future SunRail station.

The Frank E. Brown Estate includes more than 1,200 acres overall, on multiple parcels to the east and northeast of the BK Ranch property. GreenPointe could pursue all of that Brown property for eventual purchase, as its conceptual map notes "Future Expansion" on Brown Estate land that lies to the north of its current early-stage development boundary.

Through a spokeswoman, GreenPointe told GrowthSpotter it is looking at several opportunities in the Orlando market, including Osceola County, but declined to comment on any specific project.

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The property's proximity to the adjacent Planned Multimodal Corridor and Poinciana SunRail station could support a mixed-use development. The proposal shows opportunity for a live-work environment that can reduce impact on roads, aided by proximity to the new SunRail station, county planning staff wrote in review notes.

Because the 962.5 gross acres of BK Ranch land is the first the developers have put through Osceola's application process for CPA and FLUM changes, details on buildout are limited to those parcels in publicly filed documents.

Of the 475.39 developable acres of BK Ranch, the CPA application indicates 399 acres for residential use and a proposed 3,875 dwelling units (with 10,811 residents projected overall), 15 acres for commercial use (228,690 square feet of commercial space), and the remaining 60.39 acres for support uses.

The filing proposes 689 single-family residential and 3,186 multi-family residential units for the BK Ranch land alone, at this time. A formal address for the BK Ranch property is 1200 Wooten Road, Davenport.

Osceola's DRC staff report notes that the anticipated Frank E. Brown CPA and zoning map amendment should follow action on the BK Ranch property.

GreenPointe and IBI Group were asked at the Aug. 19 DRC meeting to provide more information, and will have to return to DRC some time beyond the upcoming Sept. 2 meeting. Following that, GreenPointe and Osceola County would have to hold a community meeting before DRC staff issues a recommendation. Public hearings on the issue likely won't be held until the end of the year, according to a county spokesman.

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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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