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K. Hovnanian Homes bought the 26 acres market in blue last November for phase one of its Four Seasons Orlando active adult community. The homebuilder recently closed on the final 120 acres (in yellow) in the Mystic Dunes Resort.
K. Hovnanian Homes bought the 26 acres market in blue last November for phase one of its Four Seasons Orlando active adult community. The homebuilder recently closed on the final 120 acres (in yellow) in the Mystic Dunes Resort. (Osceola County)

New Jersey-based K. Hovnanian Homes paid $2.94 million on Thursday to close on the purchase of the final 120 acres for its Four Seasons luxury community near Celebration.

Mystic Dunes is located just west of the Interstate 4 and World Drive interchange, between Formosa Gardens Boulevard and Old Lake Wilson Road. The acquisition, combined with the first land buy in November 2015, brings KHov's total holdings in the golf resort to 157 acres.

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The seller, Lucille Lambert, also sold her entitlements for 2,234 resort villa/timeshare units and 44,250 square feet of commercial space. But the developer has no intention of building to that density.

The 55+ community will eventually have up to 500 single family homes in a resort-style, golf community. It will be the builder's first Four Seasons branded community in central Florida.

Last November, KHov Chief Legal Counsel Jim Vanderwood told GrowthSpotter the age-restricted, gated community will feature up to 500 fee simple, single family homes. Residents would have access to the Mystic Dunes Resort & Golf Club.

KHov is currently developing a Four Seasons community outside of Boca Raton that features amenities well beyond the typical pool and clubhouse. The "resort-at-home" community offers 18 floor plans. It will have its own spa and private cabanas, basketball, bocce, pickleball and tennis courts. The clubhouse will have virtual golf, card rooms a game room and a ballroom.

KHov filed a preliminary subdivision plan in January for the first 107 homesites in phase one, and will go before Osceola's Development Review Committee on Wednesday. The developer has also applied to SFWMD for a mass grading permit to begin site work on the first 37 acres.

LandDesign is the planner, and Poulos & Bennett are the civil engineers.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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