Lennar puts down stake in Narcoossee corridor with $1.7M lot takedown

Lennar Homes paid $1.68 million this week to put down stakes in St. Cloud's booming Narcoossee corridor.

The homebuilder purchased 24 lots in Preserve at Turtle Creek, a 268-lot subdivision on Narcoossee Road just north of U.S. 192 in St. Cloud.

"It's a small position, but we really like the project," Orlando Division President Brock Nicholas told GrowthSpotter. "They're all estate lots, and we're going to build single-story homes with three-car garages in the $300,000 to $400,000 range."

Nicholas said the acquisition represented the full balance of 70-foot lots in the subdivision. The homebuilder will offer some executive home floorplans that are currently available in other Lennar communities, including Reflections at Storey Lake. 

The closest Lennar community is Harmony, but Nicholas said the homebuilder is almost sold out of its lot inventory there. 

Boca Raton-based Equity Investments, master developer of Preserve at Turtle Creek, replatted the subdivision earlier this year to create a fifth phase, all of which was sold to K. Hovnanian Homes in July.

Dream Finder Homes is the third builder active in Preserve at Turtle Creek. The Jacksonville-based builder originally paid $2.6 million in 2015 for 44 lots in the first two phases, and has been steadily buying lots this year on a monthly basis since August. 

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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