KB Home paid $3.2 million on Wednesday for Phase 1 of a 245-home approved subdivision on the Westside Boulevard corridor.
Jim Reinert, vice president of land, told GrowthSpotter that KB will start horizontal construction immediately on the first 123 lots, and expects to open sales and start building models within six months.
"We're calling it Magnolia at Westside," he said.
The homebuilder was attracted to the project because of its proximity to Disney, and easy access via the S.R. 429 Beltway to shopping and employment centers in Orlando. The highly rated Westside K-8 School is another selling point, Reinart added.
Last year, JTD Land Co. paid $5.55 million in July for the 72-acre tract known as "Parcel H" of the former Westside DRI. An approved site plan shows the project being constructed in two phases with road connections to the south and east.
Reinert said KB has a contract with JTD to buy the second phase, and the builder/developer could potentially open the community to other builders.
The Westside Boulevard-Goodman Road intersection is a hot corner now. GrowthSpotterreported last month that D.R. Horton is under contract to buy the adjacent 72-acre parcel and plans to build 350 single family homes and townhomes. Keewin Real Property Co. is the developer-partner on that community.
Reinert said Magnolia would be a primary residential, all 50-foot lot community with a pool, cabana and playground combo similar to the builder's Orchard Park amenity package. Home prices will start in the mid-$200,000s.
"It's a good value-alternative to Orange County," Reinert said. "The same house in Horizon West would be in the low $300,000s."