ICI Homes has parted with 31-plus acres of land south of The Loopoutdoor retail center in Kissimmee for $2.8 million, selling it to a Kissimmee developer/land banker.
The property at the northeast quadrant of W. Carroll Street and N. Thacker Avenue is part of the former Flora Ridge DRI, now a mixed-use PUD that extends north to include the shopping center at the intersection of Osceola Parkway and John Young Parkway.
The MUPUD is entitled for 2,229 single family homes; 1,590 multifamily units and 1.4 million square feet of retail space. Other entitlements include 700,000 square feet of office, 400,000 square feet of industrial park space and up to 600 hotel rooms.
ICI Homes is still building and selling single family homes in the gated community of Avilla in Kissimmee. There are total 104 lots in Avilla and the projected sell-out is 2016.
ICI has been building "villa-style" townhomes at Cypress Ridge and single family homes in the adjoining Avilla community since 2014. Chief Development Officer David Haas told GrowthSpotter the 31-acre parcel is planned for approximately 140 townhomes.
The buyer is an affiliate of JTD Land Co. and is one of more than a dozen real estate investments by James Davis and Craig Harris, president and business manager of Kissimmee-based road contractor Jr. Davis Construction.
JTD previously sold 101 acres to homebuilder Jones Homes USA for $11.7 million for an active adult community near St. Cloud. The firm is also developing Whispering Pines, a 278-lot subdivision in Ocoee, which is in the final planning stage.