Hovnanian, one of the nation's largest home builders, bought the first 26 acres on the golf course from Mystic Dunes Development LLC on Monday for $1.25 million. The property sale includes the entitlements for up to 634 resort villas or timeshare units.
Jim Vanderwoud, KHov's chief legal counsel for the Florida region, said the acquisition was for the first phase of the community, which will be developed under the company's Four Seasons brand.
He told GrowthSpotter the age-restricted, gated community will feature all fee simple, single family homes. The first phase will include about 140 homes plus the resort-style clubhouse. The total project comprises 77 acres, according to a preliminary site plan filed with Osceola County.
"It will be a first-class active adult community that will have state-of-the-art amenities," Vanderwoud said. "Our homeowners will have access to the golf course, although the membership to the course is not included. And while our amenity center is under construction they'll have full access to the Mystic Dunes Resort."
Mystic Dunes is located just west of the Interstate 4-World Drive interchange, between Formosa Gardens Boulevard and Old Lake Wilson Road.
KHov is currently developing a Four Seasons community outside of Boca Raton that features amenities well beyond the typical pool and clubhouse. The community, which just launched its sales office this month, 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.
The DRI was approved in 1990 under the name World Golf and Tennis. The Development Order has been amended several times and has a current build-out date of December 31, 2019.
The project has 3,950 resort villas/timeshare units, 186,250 SF of retail space, 6,000 SF for a quality restaurant, 6,000 SF for a day care, an 18-hole golf course and six tennis courts with related facilities including a 225,000 SF golf clubhouse. The total project size is approximately 606 acres.
The Lambert property currently has entitlements for 2,234 resort villa/timeshare units and 44,250 square feet of commercial space, none of which has been built. The Mystic Dunes Resort still has entitlements for more than 300 villa/timeshare units and nearly 200,000 square feet at the golf club.
The three parties agreed to retain Harlan Hanson, Inc. to advise them on whether to amend the DRI and seek an extension of the build out, or abandon the DRI altogether.